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Anyone trading with a Prop firm 2 replies

prop firm new model - my trading journey 869 replies

So I accepted a Prop Trading job in South Beach Miami 43 replies

Attachments: Prop Firm Hub
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Prop Firm Hub

Quoting Masterrmind
{quote} I would not necessarily call them biased. For those that have traded with them, used their trading platform(s) and have real experience then it's reasonable for them to state their like for a particular Prop Firm since their experience has been good. If their experience changes then I would hope they report this here so all other traders can benefit. I stay in tune with the MFF discord very regularly. I see very little complaints about spread widening, stop hunting although there have been a few from time to time. I offered you a more involved...


really appriciate ur effort. no matter what point or logic presented. ull come up with same output. still ull claim unbiased. thats ok go ahead. honesty is not cheap.
Quoting inversio
{quote} really appriciate ur effort. no matter what point or logic presented. ull come up with same output. still ull claim unbiased. thats ok go ahead. honesty is not cheap.
Not necessarily the same output.

If I get some time I will run a spread profile across the big moving symbols using MFF, FTMO and a few brokers I use on a regular basis just before, during and after rollover.

This is the approach I would recommend taking.

Masterrmind .............
Master your Mind then Master your Trades
Quoting qazaq
I tried to search here for any info regarding The Funded Trader program, but my search yielded several generic off-topic results due to the terms used, obviously. Any insight, opinion etc. would be greatly appreciated. Thanks!
I wrote a short review a while ago. Everything fine so far.
https://www.forexfactory.com/thread/...8#post13848168

In the meantime I also received a payout from True Forex. I'll try to write something about them later today or tomorrow.
Quoting Capablanca
{quote} I wrote a short review a while ago. Everything fine so far. https://www.forexfactory.com/thread/...8#post13848168 In the meantime I also received a payout from True Forex. I'll try to write something about them later today or tomorrow.
Thanks a lot! I see your review is quite recent so there's no reason to ask for an update(but please do if you notice anything). I would welcome anyone else having anything to add regarding the funded trader to do so here. I see there is an imminent new broker update as well in February, don't know what this move may entail, good things I hope. I may wait till then before entering.

Spreads could be better tbh..:-)

I would steer clear of True forex funds for the time being, at least until they make up their minds with regards to their rules and generally take their own project a bit more seriously.
Anyone with trader central firm, plz share ur experience with them. Thier offerings looks good and also having 30% of now on every program.

Tia
Quoting inversio
Anyone with trader central firm, plz share ur experience with them. Thier offerings looks good and also having 30% of now on every program. Tia
I am not going to personally comment as I do not want to appear biased. However, if you type traders central in search box on this thread, should provide you a good starting point. I have never used them.
Quoting pipmaster77
{quote} I am not going to personally comment as I do not want to appear biased. However, if you type traders central in search box on this thread, should provide you a good starting point. I have never used them.

Thanks ill check those
Hi @mastermind

I note with pride that the previous company I founded PsyQuation which I sold is listed on your opening post to this thread.
I have just launched a new broker with capital allocation available to traders who have an exceptional track record as well as an accelerator program I call The Hub.

We are just getting going we have signed up 6 Pro's that will become available to the general public to copy https://ditto.trade/pro

We are right at the beginning of Ditto's journey but I have been a capital allocator for more than a decade and have seeded close to 200 traders with more than $100m. I am open for discussion to help cater for this segment of the market. I know how hard the journey of a professional trader is and for those who display the right stuff I am willing to help fight with you.

Regards
Mike

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Quoting inversio
Anyone with trader central firm, plz share ur experience with them. Thier offerings looks good and also having 30% of now on every program. Tia
The main issue with them seemed to be a "risk department" which refused to fund traders, despite they achieved targets and respected all the rules in the challenges phase 1 and 2. The refusal was something related with "style of trading not acceptable".

After being flogged in foruns and FB groups their CEO wrote in Medium saying that they eliminated that risk analysis and replaced it by a simples martingale rule that says this:
"Martingale trading is the only prohibited strategy. Martingale to us is defined as opening a position while first position opened is in drawdown, and following positions added in the same direction and same symbol are opened in multipliers of first position size. E.g. For a 1 lot sell position, a multiplier in this case starts from 1.01, so 1 and below is not classified as martingale"

The Medium article can be read here:
https://medium.com/traders-central-e...y-b49241f1d89a

Not sure how they are working now. The only thing I can say is:
1. Their customer portal is horrible IMO. Really difficult to navigate through it and understand all that stuff
2. When you purchase a challenge they say: "You will receive your Client Portal login details within 24 business hours of filling in the form that was sent to you in the welcome email. If you fill it in during the weekend you are going to have to wait until the following Monday. ".

24 business hours is 3 working days. This was said to me in chat:
"it takes within 24 business hours for details to be sent which is equivalent to 3 business days please.
Risk team work 8 hours a day, so 24 business hours is equivalent to 3 business days"

Three days to setup a demo challenge account is ridiculous nowadays.
Quoting Capablanca
{quote} The main issue with them seemed to be a "risk department" which refused to fund traders, despite they achieved targets and respected all the rules in the challenges phase 1 and 2. The refusal was something related with "style of trading not acceptable". After being flogged in foruns and FB groups their CEO wrote in Medium saying that they eliminated that risk analysis and replaced it by a simples martingale rule that says this: "Martingale trading is the only prohibited strategy. Martingale to us is defined as opening a position while first...

yes , saw thats issue with consistancy trading method. many complained about it and now they replace with martingle one. thats why looking for a current trader who is working with them at this momnet to know how is going at this moment with all t&c + trading enviroment.


thanks for ur sharingh. ill search more will sahre if find any new infos.
Quoting ditto.trade
Hi @mastermind I note with pride that the previous company I founded PsyQuation which I sold is listed on your opening post to this thread. I have just launched a new broker with capital allocation available to traders who have an exceptional track record as well as an accelerator program I call The Hub. We are just getting going we have signed up 6 Pro's that will become available to the general public to copy https://ditto.trade/pro We are right at the beginning of Ditto's journey but I have been a capital allocator for more than a...
I will be sure to check out your site.

Thanks for posting here, traders will likely check it out as well.

Best of good fortune with your new endevor.

Good trading,

Masterrmind .........
Master your Mind then Master your Trades
Quoting Capablanca
{quote} The main issue with them seemed to be a "risk department" which refused to fund traders, despite they achieved targets and respected all the rules in the challenges phase 1 and 2. The refusal was something related with "style of trading not acceptable". After being flogged in foruns and FB groups their CEO wrote in Medium saying that they eliminated that risk analysis and replaced it by a simples martingale rule that says this: "Martingale trading is the only prohibited strategy. Martingale to us is defined as opening a position while first...
Yes, that was my experience with a firm where they were the funding source. I hit my targets and then traded with smaller lots to complete the minimum trading days. I traded very conservatively. They still refused me a funded account with that lame excuse. I disputed the fee with my bank and they got me a refund. I would not go near any firm that used Traders Central Capital as a funding source(Traders Central Firm uses them).
Quoting MoxFulder
{quote} Yes, that was my experience with a firm where they were the funding source. I hit my targets and then traded with smaller lots to complete the minimum trading days. I traded very conservatively. They still refused me a funded account with that lame excuse. I disputed the fee with my bank and they got me a refund. I would not go near any firm that used Traders Central Capital as a funding source(Traders Central Firm uses them).
I agree. Just wanted someone else to say it. Don't want to appear biased to FTMO and MFF.
Quoting MoxFulder
They still refused me a funded account with that lame excuse. I disputed the fee with my bank and they got me a refund.
-It was my understanding that they would still refund you so long as you passed the challenge...even if their risk team determined that you were not what they are looking for. Some firms even pay an additional 10% for your time, but I do not remember if TCF offered that or not.

I have not looked at them since they decided to change the review process.
  • Post #6,455
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  • Edited Jan 28, 2022 12:03pm Jan 27, 2022 11:38pm | Edited Jan 28, 2022 12:03pm
Hey gang I thought I'd pop in and give props to MFF.

As most of you know I've been critical of them in the past in regards to their account creation process so I thought I should say publicly that their new instant account creation process works perfectly well. Credit where credit is due.

In addition, I passed phase II on a 20k account this morning and got my credentials verified and live funded account in 6 hours. That's impressive. Well done MFF!

On a different note, for those still looking for quality info on the "real" prop firms.................
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"Pride always comes before destruction...." -Proverbs 16:18
Quoting Expo33
Hey gang I thought I'd pop in and give props to MFF. As most of you know I've been critical of them in the past in regards to their account creation process so I thought should say publicly that their new instant account creation process works perfectly well. Credit where credit is due. In addition, I passed phase II on a 20k account this morning and got my credentials verified and live funded account in 6 hours. That's impressive. Well done MFF! On a different note, for those still looking for quality info on the "real" prop firms....................
Well done on passing the 20K to live status.

Nice work indeed.

Masterrmind .........
Master your Mind then Master your Trades
Quoting MoxFulder
{quote} Yes, that was my experience with a firm where they were the funding source. I hit my targets and then traded with smaller lots to complete the minimum trading days. I traded very conservatively. They still refused me a funded account with that lame excuse. I disputed the fee with my bank and they got me a refund. I would not go near any firm that used Traders Central Capital as a funding source(Traders Central Firm uses them).
Thanks for the feedback Mox

I had a deeper look into them again as I hate companies that have hidden rules and arbitrary decision. This is what they have in their FAQ:

Prohibited strategies:
Martingale trading is the only prohibited strategy. Martingale to us is defined as opening a position while first position opened is in drawdown, and following positions added in the same direction and same symbol are opened in multipliers of first position size. E.g. For a 1 lot sell position, a multiplier in this case starts from 1.01, so 1 and below is not classified as martingale"

Consistency or achieving target before the 10 days:
You can reduce your lot size for up to 75% of the average lot size used on all of your challenge trades until now. You can’t use 0.01 lot sizes or any amount lower than one fourth the average lot size used till now on your challenge.

At least this is clear now. Probably none of these where there when you had the problem ?
does anybody use an ea to help protect their account from the FTMO daily max loss rule. Its caught me out a few times (on their free trial accounts at least anyway) especially when it resets at midnight CE(S)T time.
ZTJQL Return This Year: -12.6%
Quoting Capablanca
{quote} Thanks for the feedback Mox I had a deeper look into them again as I hate companies that have hidden rules and arbitrary decision. This is what they have in their FAQ: Prohibited strategies: Martingale trading is the only prohibited strategy. Martingale to us is defined as opening a position while first position opened is in drawdown, and following positions added in the same direction and same symbol are opened in multipliers of first position size. E.g. For a 1 lot sell position, a multiplier in this case starts from 1.01, so 1 and below...
Thanks for pointing that out. I was using (April 2021) a company called MyFXSeed who was funded by Traders Central Fund. Traders Central also funds companies who want to start their own prop firm and they are the ones who make the final decisions regarding accepting a trader. As of last year the funding source (Traders Central Fund) and the company Traders Central Capital were kept seperate, it looks now there is one website for both. The company I was using MyFxSeed was totally whacked and is no longer in business. If you do use Traders Central, please post your experiences here to help us make wise choices.


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As promised, I’m sharing my experience with True Forex where I got my first payout (4 figures low).

I had a couple of challenges. Credentials for phase 1 are very fast upon payment (about 15 minutes).

After passing phase 1 the login credentials for phase 2 come automatically, although not immediately. I think it took one day, which is not bad.

After phase 2 an automatic email is sent asking the usual docs for funded accounts (ID and address proof). A selfie with the ID doc is also requested. The trader agreement has to be printed in paper, signed and scanned back. They could improve this. Many props already have this online.

Credentials for funded came very fast as well. About 1 day.

Their broker is ICMarkets. Spreads (raw) are one of the best, if not the best, that I saw. During the European session most liquid pairs like EURUSD, GBPUSD or AUDUSD have often 0.1 to 0.3 pips. Commissions are not the lowest, though (7 USD per lot).

Payout is 80% and payments are biweekly, from the beginning which is good (min 5 trading days).

They pay in cryptos or bank wire. In cryptos they only use TRC20 network which is a pity (no ERC20 network). I got mine through Revolut without any hassle. The day after the payout I also got the Challenge fee refund. Didn’t need to ask.

We need to have all positions closed by 23:59 the day before the profit split. And then they provide credentials for a new funded account. That means basically that we can’t trade during the payout day.

Their dashboard is fine, not equal but very similar to The Funded Trader and The Prop Trading.

A small detail I didn’t like is the names of the accounts in MT4. Some companies have some description and not just the account number (example: 12345 Challenge phase 1 or 12345 Funded account). They only have the account number. If we have a funded account and a challenge, we need to be careful not to mess it.

Not sure if this is any relevant to anyone but they’re registered in Hungary.


Overall I was very satisfied with them. I hope they will be able to grow because they seem to be doing the things properly.

All was fast in payment, credentials, going from phase 1 to 2 and 2 to funded. Spreads are pretty good. Payout was promptly paid and new credentials provided fast.
They could improve having the trader agreement online instead of paper, lower commissions and Paypal payment (they had that before and don’t have it now – this could be a drawback for a new company looking to build trust). ERC20 in crytpo payments would be nice too.
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