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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 Nsak3y
I will never trade with ditto.trade. Sometimes, the way that people treat you matters more than money. Fortunately for me, I would rather pay 1K that I know that I will get back, just so that I can start getting paid much sooner. Good luck.
never is a long time. Happy trading.
Quoting Basill
{quote} If you can match tentoptraders with a 50% performance pay-out, then I'm all in. If not. No way. 20% is not worth the bother. tentoptraders offer the following. Which is quite generous considering they have no charges. OK you gotta be better than the average bear in the woods. But free is free. Enjoy 50% profit share. Scale up to $300k Exceptional traders are offered additional accounts with 60% profit share. Exceptional traders may consider our initial account offerings as stepping stones to 100k and 200k starting accounts.
Basill thanks for the input. I hear you from the traders perspective. 60% profit share, not even Jim Simmons earns more than 45% I need to get my head around this. I will need to lookup their definition of exceptional traders.

Let me throw a wild idea out there.

What if we provided a modest salary say $2k a month plus 20% performance fee. Naturally our biggest concern is the disincentive for the trader to then take any risk. When we ran RAPA we paid a 1% management fee on top of performance fees and some managers simply cruised. Just throwing this idea out into wild.
Quoting Basill
{quote} If you can match tentoptraders with a 50% performance pay-out, then I'm all in. If not. No way. 20% is not worth the bother. tentoptraders offer the following. Which is quite generous considering they have no charges. OK you gotta be better than the average bear in the woods. But free is free. Enjoy 50% profit share. Scale up to $300k Exceptional traders are offered additional accounts with 60% profit share. Exceptional traders may consider our initial account offerings as stepping stones to 100k and 200k starting accounts.
Do you trade with these guys? Just looked them up and I don't think I'd last 24 hours..
Quoting ditto.trade
{quote} Basill thanks for the input. I hear you from the traders perspective. 60% profit share, not even Jim Simmons earns more than 45% I need to get my head around this. I will need to lookup their definition of exceptional traders. Let me throw a wild idea out there. What if we provided a modest salary say $2k a month plus 20% performance fee. Naturally our biggest concern is the disincentive for the trader to then take any risk. When we ran RAPA we paid a 1% management fee on top of performance fees and some managers simply cruised. Just throwing...
Not for me, I like the freedom to trade with whomever and whenever I want, a salary sounds too much like a job with strings attached.... but I'm sure some others would rip your right arm off...!
@fagin
Quoting ditto.trade
never is a long time. Happy trading.
-Good thing I have plenty of other options, then.
"Let me throw a wild idea out there.

What if we provided a modest salary say $2k a month plus 20% performance fee. Naturally our biggest concern is the disincentive for the trader to then take any risk. When we ran RAPA we paid a 1% management fee on top of performance fees and some managers simply cruised. Just throwing this idea out into wild."


Hi, Mike.

How about giving traders a choice between:
a) a salary plus performance fee
b) no salary but a bigger profit-share?
Amor Fati--F. Nietzsche
Quoting navk
An issue which happened with MFF , I would like to highlight here. I had an evaluation 100 k account with them and was running smoothly. Last Friday, I had open trades 6.5 lots in GBPUSD. I opened long trades around 1.3375 ( Average price ). Until Monday tokyo open, the mt4 was running smoothly and all my long trades were in nice profit. Suddenly mt4 stopped working. I sent emails and had chat session with 2 guys. One lady in chat said she saw my dashboard and were running in good profit. Later she said she sent a report to concerned team. Now.......
Just wishing you an eventual outcome that turns out good.

From what you've said it would appear that crediting your new account would be the right thing to do.

I'm about to start a new challenge with MFF but might hold off a little to make sure any server issues have been ironed out.

I can imagine how you feel with making such great progress only to be given what could only be described as a free repeat which is hardly adequate in your case.

Have you tried DM'g a moderator on MFF discord ?

I would certainly push harder because it appears they have not tried at all to solve your problem, simply washed over it.

Keep us posted mate.

Masterrmind .........
Master your Mind then Master your Trades
Quoting doji
"Let me throw a wild idea out there. What if we provided a modest salary say $2k a month plus 20% performance fee. Naturally our biggest concern is the disincentive for the trader to then take any risk. When we ran RAPA we paid a 1% management fee on top of performance fees and some managers simply cruised. Just throwing this idea out into wild." Hi, Mike. How about giving traders a choice between: a) a salary plus performance fee b) no salary but a bigger profit-share?
in that regards,
AxiSelect until a couple months ago didn't include a performance incentive to scale up.
this summer they included at the "pro" stage a +0.5% profit necessary in turn to receive the next installment of extra equity.
less than that, zero performance, or being in a dd, automatically meant no scaling up, until after those swing to positive, sort of.

clearly a salary of XYZ dollar is great, bcos if anything, trading is full of uncertainty, and life is full of periodic bills to pay!

but take the example of a 2k pm salary at 1% management fee Mike used, that is 24k pa, or an asset of 2.4 million.
nowhere near the ballpark of a 100-500k proposed equity size, where the 1% management fee would be only 85-420$ a month, not quite enough to make a real difference, where the trader would be less inclined not to jump occasionally into a riskier setup for the reason that he still need to make ends meet.

perhaps if the upper limit of such scaling up wouldn't fade out at 500k, but would in theory be an ongoing affair, up to 2-5 million, long it is hwm + 0.5% month (or more) achieved, that would put a pathway front of a trader for a medium to longer term.
as in an earlier post i said, such doesn't exist in the market currently, or not available for the retail side.

when it comes to that, at 2 million AUM, 0.5%+ would mean a 2000$+ income for the trader at @20% incentive, thus 1% average month could just about equal to a living income of 4000$, a good amount most part of the world, especially along with some personal capital traded for extra income. ( either in the form of a master acct).

make that to a 5M AUM, and the numbers are higher middle class living, worldwide!
if one thing the forum members will agree, that 0.5-1% a month is a doable number...judging the prop crowd 10% a month is too, even if only 0.2% succeed to get a payout at MFF in the end. not to mention the popular threads, with 100% months or more, if EA just the better. doing the job old school isn't a fashionable thing.

the real question, if chasing the one time jackpot, or have a pathway to a longer-term partnership with a defined growth potential. not a maybe we do this, but clear goal posts, simple rules. you do this, you are guaranteed that in turn.
in the end, the higher performance fee easily and gladly interchangeable with a higher AUM, and the lessened performance pressure of a high monthly return.
example, 80% performance fee on 200k, trying to make 5% pm = 20% performance fee on 5M, trying to make 1% a month.

but this is just how i see it.

happy trading!
Z

ah, forgot: the toptentraders...a good example...50% cut...yay, but wait....2% dd, 20:1 leverage....and a maybe if we think you are good for us we up the funds?
not something that i would define as a clear growth pathway! a no go for me! disclaimer: personal opinion!
there is always, always another trade!!
Quoting Masterrmind
{quote} Just wishing you an eventual outcome that turns out good. From what you've said it would appear that crediting your new account would be the right thing to do. I'm about to start a new challenge with MFF but might hold off a little to make sure any server issues have been ironed out. I can imagine how you feel with making such great progress only to be given what could only be described as a free repeat which is hardly adequate in your case. Have you tried DM'g a moderator on MFF discord ? I would certainly push harder because it appears...
Yes, I sent message to Igor Alves in Discord and explained the situation. Let us see.
Intraday only.
Waiting to know the response.
@profitfarmer
ah, forgot: the toptentraders...a good example...50% cut...yay, but wait....2% dd, 20:1 leverage....and a maybe if we think you are good for us we up the funds?
not something that i would define as a clear growth pathway! a no go for me! disclaimer: personal opinion!

That's a 2% accumulated SL. Not DD
Equity DD is 6%
Max' Loss is 4%
Nothing wrong with 20:1 leverage. I manage it just fine & now that I have my MM in order, I never go beyond 3% DD.
Look Left Trade Right
Quoting Basill
@profitfarmer ah, forgot: the toptentraders...a good example...50% cut...yay, but wait....2% dd, 20:1 leverage....and a maybe if we think you are good for us we up the funds? not something that i would define as a clear growth pathway! a no go for me! disclaimer: personal opinion! That's a 2% accumulated SL. Not DD Equity DD is 6% Max' Loss is 4% Nothing wrong with 20:1 leverage. I manage it just fine & now that I have my MM in order, I never go beyond 3% DD.
Duly noted it works for your liking.

Mind to comment also on the discretionary choices of traders vs a defined transparent set of rules?
there is always, always another trade!!
Quoting navk
An issue which happened with MFF , I would like to highlight here.
The transfer of some accounts from the old server has not been without a few issues.

The obvious thing to do was to make the move when an account update is inevitably going to happen: phase 1 -> 2, 2 -> live, or payout. I don't know why in some cases like yours they didn't follow that plan.

If the only thing you can do is to abruptly cancel an account in order to move it, I guess you would have to be based on balance and not equity. Although unfair to swing traders that were in floating profits you could as well have been running losing trades.

Still, in my opinion, since none of this is any fault of yours, it would be fair to be issued your open profits and for the traders with open losing trades to be based on balance and not account them. This is of course open for debate.

In a similar situation that I followed, the user was 200 dollar negative on phase 1 10k account with 4 remaining days before expiration and with some floating profits as well when she lost access to her account. She was worried that she couldn't make the profits needed to break even and be a little positive for a free retake.
Initially she was promised a new account with her current balance(9800) and the 4 remaining days, but in the end they gave her a brand new 30 days account starting from 10k. That in my opinion was a fair arrangement.
Quoting navk
An issue which happened with MFF
-Really sorry that this has happened to you. I hope that you are able to get something resolved soon.

As an aside, if MFF were still having issues with traders exploiting unrealistic conditions on the old server, then I wonder how cooperative they will be with this. And if that is the case, then I wonder if they would be willing to at least offer you a free account since they do not seem to be willing to credit you your profits. It would not cost them anything at all to do that, and it would be a lot better than nothing. Anyway, maybe I am wrong about it, since I do not know the full details of the matter. Please keep us posted.
Quoting navk
An issue which happened with MFF , I would like to highlight here. I had an evaluation 100 k account with them and was running smoothly. Last Friday, I had open trades 6.5 lots in GBPUSD. I opened long trades around 1.3375 ( Average price ). Until Monday tokyo open, the mt4 was running smoothly and all my long trades were in nice profit. Suddenly mt4 stopped working. I sent emails and had chat session with 2 guys. One lady in chat said she saw my dashboard and were running in good profit. Later she said she sent a report to concerned team. Now.......
Even after MFF has made quite a wave among the prop firms, i think they still have quite a lot to improve. Or they should start from increasing stuff instead of making traders to dig on their answers. There is always a huge queue on the chat, ie you discover a DISCORD channel so you can speak to kind of stuff but you need to be very active so the admin will notice your question. I have to say they seem have a clumsy work flow. After all my first expression is under-performance compare to another popular prop firm. in terms pf the scaling plan, they are not as competitive as they say.

I paid a challenge 48 hours ago and without a feed back I have to chase after them by emails. All of these are very time consuming and distracting from trading.

Anyway, if MFF is not improving their customer service I will not stay with them.
Quoting learningbird
{quote} Even after MFF has made quite a wave among the prop firms, i think they still have quite a lot to improve. Or they should start from increasing stuff instead of making traders to dig on their answers. There is always a huge queue on the chat, ie you discover a DISCORD channel so you can speak to kind of stuff but you need to be very active so the admin will notice your question. I have to say they seem have a clumsy work flow. After all my first expression is under-performance compare to another popular prop firm. in terms pf the scaling...
I completely agree.

Their support staff have gone nuts.

The quality of support too has gone down drastically in the last 6 months or so.

I hope they do not follow Funding talent way.

I would still rate FTMO is the best in the business.
Intraday only.
prop firms like FTMO aren't really prop firms in a true sense. they're mostly there for the subscription fees and to educate you on your money management.
Quoting navk
{quote} I completely agree. Their support staff have gone nuts. The quality of support too has gone down drastically in the last 6 months or so. I hope they do not follow Funding talent way. I would still rate FTMO is the best in the business.
Still no resolution hey ?

Masterrmind .........
Master your Mind then Master your Trades
MFF

I've been following the discord very closely and there are a few traders with complaints about not receiving payments and how less than impressive the customer service has become over the past 6 months.

Company growing pains more than likely.

Let's hope it improves soon.

Of course some people will complain relentlessly only to find out later that it was their fault or they gave the wrong account details.

I notice many traders starting off with new accounts have given incorrect email addresses and wondered why they hadn't received their account login details ...

Always 2 sides (maybe 3) to every story.

Certainly worth watching this space but I'm going to come out and say that it's more than likely just a minority having some issues.

Masterrmind ............
Master your Mind then Master your Trades
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