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Anyone trading with a Prop firm 6 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

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I know a profitable futures prop trader who had a 70:1 RRR in one year, so his profits was 70 times bigger than his max DD in one year on a non-remote prop trading firm. One of his strategies I have seen he was trading live by looking over his shoulder several years ago but this strategy already stopped working. So in conclusion a 6:1 RRR per month is possible to translate this further that makes it possible to make a 1:1 in ca. 3 trading days which is the requirement of most prop firms phase 1 challenge. But it is NOT possible to do this in average only by 1 trade, then you (usually) only got lucky. So with a bit of luck passing in 1 day is possible with not to far from being unrealistic but not only with 1 trade. That is why the number of trades in a challenge are much more important than the trading days. I am also thinking of traders waiting for high probability setups or special situations that does not occur on every (second) trading within one month.
Quoting Masterrmind
{quote} The Prop Firm's usually have a few elements that may not be to the liking of the trader and some DD methods used can restrict the compounding effect of the trading account. Absolute drawdown (a fixed amount that a trader can lose from initial account balance such that higher profit levels do not impact the loss limit, which is great for the trader offering up more flexibility to compound the account by increasing lot sizes); Relative drawdown (as equity/balance increases the same DD limit applies to the larger balance which restricts the...
I mean i could just use a max lot size and leave it at that too. more than one way to skin a cat
Quoting Capablanca
{quote} That's quite disappointing because it's the one that The Funded Trader has chosen to replace Purple Trading (and Purple Trading was already a replacement of Nash). Are you very active in number of trades ? I'm in a TFT challenge with 8cap but didn't experience any problems so far. But I only have 2 or 3 trades a day so not enough to say anything conclusive.
I do 1-2 trades a day like you--manually and with set SL/TP levels.

To be fair, FundedNext has very responsive customer support. I just wish I did not have to go on live chat to report MT4 issues with 8Cap as often as I find myself doing lately.
Amor Fati--F. Nietzsche
Quoting franz
{quote} If I'm not wrong, you are Mario Hennenberger , the boss of Enfoid from Singapore - https://www.enfoid.com/prop?jur=us How's your Prop Firm? {image}
Mario is committing suicide, one cigarette at a time. His cats watch daily.
In the days of old when sailors were bold, and seldom if ever contented.
Quoting pt49
{quote} Mario is committing suicide, one cigarette at a time. His cats watch daily.
Really ? I am sorry
So, he is no longer the ENFOID Ceo ?
Quoting doji
{quote} I do 1-2 trades a day like you--manually and with set SL/TP levels. To be fair, FundedNext has very responsive customer support. I just wish I did not have to go on live chat to report MT4 issues with 8Cap as often as I find myself doing lately.
I started having several server related problems with 8Cap on the MT4 funded real account.

Was unable to close out of a profitable trade on GJ due to no close price error.

TP had been set from the start and eventually the trade was closed out for a slight positive slip in my favor just beyond TP level.

Now the funded account has been moved to an 8Cap Demo server which I have added to a TE.

These types of events could be rather nasty if large relative volume was open at the time and then the headaches involved in getting it sorted out later.

Let's see how the demo server performs.

Masterrmind .............
Master your Mind then Master your Trades
Quoting mayr
For your weekend amusement: Buoytrade has a new standard program with a 3-step evaluation: 8% "evaluation", 10% "challenge", and finally a 5% "verification". Then you have to complete a 20% "junior trader" step to get to a 50% split and a fee refund. So in reality a 4-step process to make a mere 43% in profit, while having a constant 10% DD. All this for a 10k account with a 70% split. In times when all prop firms are competing to relax the rules, Buoytrade takes the path least traveled.
Bin it !

Masterrmind...............
Master your Mind then Master your Trades
Anyone else having trouble with My Forex funds website?

I am just getting: "There has been a critical error on this website."
Quoting Mtinifx
Anyone else having trouble with My Forex funds website? I am just getting: "There has been a critical error on this website."
Just signed on here with no problems.
Pride always comes before destruction.... -Proverbs 16:18
Quoting Expo33
{quote} Just signed on here with no problems.

That's weird! Have you actually tried logging in to your account page? Because when you do that you get an error page. I've tried all browsers and on my VPS server with Chrome browser!
Attached Image (click to enlarge)
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Quoting Mtinifx
{quote} That's weird! Have you actually tried logging in to your account page? Because when you do that you get an error page. I've tried all browsers and on my VPS server with Chrome browser! {image}
All good here without errors.
Both the page myforexfunds.com, the signin and the link account analyzer which gives access to the accounts details.
Hi guys. I just went through the two phases at trueforexfunds and received the funded trade account(10k). The big surprise was when I discovered that the account is on a DEMO server! I expected it to be on a real server. What happens to you and, if you have made a profit, what is the logic behind the fact that you receive the money?
Quoting Mtinifx
Anyone else having trouble with My Forex funds website? I am just getting: "There has been a critical error on this website."
no issues
Intraday only.
Quoting Booghie
Hi guys. I just went through the two phases at trueforexfunds and received the funded trade account(10k). The big surprise was when I discovered that the account is on a DEMO server! I expected it to be on a real server. What happens to you and, if you have made a profit, what is the logic behind the fact that you receive the money?
That's not uncommon in some props.

They say that they have demos to avoid financial regulations and that they copy trades from the demo into their real pool.

In the shady world of prop world we believe what we believe, who knows what's behind doors (having something saying "live" in a server owned by the prop itself is not a guarantee of anything either).
Quoting Capablanca
{quote} That's not uncommon in some props. They say that they have demos to avoid financial regulations and that they copy trades from the demo into their real pool. In the shady world of prop world we believe what we believe, who knows what's behind doors (having something saying "live" in a server owned by the prop itself is not a guarantee of anything either).
Yep.this is how US traders can legally trade CFD's because its a demo server. im not really "trading" and they're not "offering"? it to me, now are they?
Quoting Mtinifx
{quote} That's weird! Have you actually tried logging in to your account page? Because when you do that you get an error page. I've tried all browsers and on my VPS server with Chrome browser! {image}
No problems
Pride always comes before destruction.... -Proverbs 16:18
Quoting Mtinifx
Guys, I came across this video and found it intensely interesting. It's about the odds of casino gambling but if you equate it to forex trading which, lets face it, is a gamble too especially if you take a lot of trades in an attempt to win more then you lose. A lot of people feel that is the best way to trade especially with prop trading and that 5% max daily loss problem. But is that sound reasoning? Watch the video, essentially the first 5 minutes or so - you'll be stunned and will understand why it is that so few traders succeed. https://www.youtube.com/watch?v=eHgbkeaRkEQ...
In trading, when done properly, you're the one who's the casino.
Quoting EnoFX
{quote} In trading, when done properly, you're the one who's the casino.
I doubt that mate. The bank always wins!

It is a sad fact that 92% - 95% of small traders are failing, especially the challenges. I posted that video to try an isolate a problem which I believe may be a contributing cause for failure and that is the assumption that many have that many small wins will eventually add up to a pass. Seeing that the odds are so heavily stacked against that strategy, it's no wonder that so many are falling by the wayside.
Quoting Mtinifx
{quote} I doubt that mate. The bank always wins! It is a sad fact that 92% - 95% of small traders are failing, especially the challenges. I posted that video to try an isolate a problem which I believe may be a contributing cause for failure and that is the assumption that many have that many small wins will eventually add up to a pass. Seeing that the odds are so heavily stacked against that strategy, it's no wonder that so many are falling by the wayside.
It is because a RRR of 1:1 is required on 1 month. Most working average strategies have 2:1 or 3:1 or maybe 4:1 RRR per year, so they are not good enough to pass any Phase 1 challenge for sure. That is a really reason so many are failing because they have no excellent strategy. To say it in other words, a required Phase 1 of RRR 1:1 is like having a strategy that can do 50% per month with a 50% max. Drawdown e.g., how difficult is that ? If you compund over a few years you are on the limit of your trading size with a few thousand lots per trade (if you do 5 to 10 pips per trade, if you are swinging with 50 pips avg trade e.g. then you can go in with yards per trade) and making at least USD 100 millions per year. I hope you understand it better now. One needs to work on his strategy before to join otherwise it is only a waste in my eyes. You need to be damn good to pass for sure. If one can pass Phase 1 for sure for an extended period over a few years every month one is not far away from being a billionaire. You must count that when you hear the failing rate of over 90%. How many of the ca. 10 million forex traders worldwide are billionaires ?
Maybe 1000 or more ? That would be 0.01% of all FX traders, so any failing rate lower than 99.9% is surprising, because you know already the better traders are trying those challenges, otherwise the failing rate would be much higher than now. So quite many traders are passing surprisingly, but of course no one knows how long his strategy will continue perform that good to pass Phase 1 or 2 (for sure). But if your strategy has not shown that it can pass Phase 1 then there is no way (to pass without pure luck).
Let me tell you why there is no really good strategy on youtube, because it would be already arbitraged away. SMC and ICT believers are many on youtube, it is full of them and it seems the actual trend. First of all, it is just a kind of relabelling of very old concepts of trading, nothing new at all. Second, it is highly subjective, so you need to hard code it in your own way and backtest it, otherwise you are just fooling yourself with the hindsight bias when looking at charts and price action only. It cannot be objective, because a few of those smart money traders would already arbitraged away any 10 pips average trade net profit with some thousand lots or a few yards in total. And when it is arbitraged away you cannot do any profit in the long run because it is already captured by others. So the name of 'smart money concept' is totally misleading because it cannot be the way smart money is trading. Therefore it is much too subjective. Also if you do swing trading then it could be easily arbitraged away when it would be objective if smart money are hedge funds with billions behind and trading many yards. I tried those concepts more than a year ago with a lot of coding it does not work any good out-of-sample as I can state for myself. It can be profitable for a few months only if you are lucky and have a good time period, but that's it. Maybe you have more luck with your backtesting, but you need to code it, otherwise it just too easy you are fooling yourself. One needs to go at least 500 trades and look how it has performed. And there are no such videos at all on youtube when it comes to SMC or ICT. That is why it is hard work to have a very good strategy that can really pass phase 1. Do not wonder why the failing rate is high. Most of them have no ready strategy I assume. But of course anyone can have just bad luck in phase 1 of the challenge but then he will pass on his second try usually. I also would say there is no real room for part-time traders (they would need even more years) because it is just too much work to have such a strategy and you do not find on any youtube.
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