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prop firm new model - my trading journey 871 replies

Anyone trading with a Prop firm 2 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 Cryptosurf
They need to make that permanent.
-Yes. A temporary offer is kind of insulting when you think about it. It seems that they are letting us know that they can provide better conditions if they really wanted to, but that they just choose not to.
Nasdaq right now -0.8%

let's see if arrive before the open some news, or will be funny night
US500 and VIX All Time Return: 42.4%
Quoting forexbali
Nasdaq right now -0.8% let's see if arrive before the open some news, or will be funny night
Could be quite the show this week.
Trade with confidence, trade without fear.
Quoting Cryptosurf
{quote} Could be quite the show this week.
in less of 12H we will know, if they buy them, or gone forever. Bitcoin +5% so something is on the air, but I would not trust rally of crypto because trend is bearish.
US500 and VIX All Time Return: 42.4%
a little bird told me that brokers are starting to get notices to not do any new business with prop firms.

I am assuming metaquotes got a similar notice.

Metaquotes would sell a mt5 server to an animal so I doubt it will change much but it could be problematic if the lower cost LP's are not handing out connections to risk hedging.
Quoting Takisd
brokers are starting to get notices to not do any new business with prop firms.
-This is a curious choice of words. Instead of ceasing all current business, they are being advised to not take on new business? I wonder what this is about. Do you have any more information about this?
Quoting Nsak3y
{quote}-This is a curious choice of words. Instead of ceasing all current business, they are being advised to not take on new business? I wonder what this is about. Do you have any more information about this?
Back when the US in particular (although i haven't heard much of the SEC in this case) stopped the brokers accepting US citizens, they asked the brokers first to freeze the onboarding of new customers in order to evaluate just what is going on and where.

As a result, they realized a blanket ban (or in this case they sued them all to stop) would suffice.

You can't take an action without knowing what the consequences of your actions will be. Its a measuring apparatus.

It might amount to nothing because the majority of prop firms are isolated to one broker, that being 8cap.
an important demo I have for my EA with capitalise.ai is down...

server? eightcap-demo2 ....

this happened in the opening of EU exchanges

Solved the issue: they let expire the demos now after 30 days, even if you use it.. before was not like this. This created me big issue on a capitalise.ai EA active in demo. We will see if they will enable or not... very bad. Probably they changed the rules for too many stress on their demos with servers demo2
US500 and VIX All Time Return: 42.4%
Quoting forexbali
{quote} I don't see any difference from spot or CFDs, forex is not regulated market where every provider will offer you different price. CFD or SPOT provider would be the same, will give always the same non regulated market with different prices and quotes... the same for the Swaps, every provider will give you different swaps. So let's say you want to compare any CFD MT5 platform with InteractiveBrokers, will be again the same market where both MT5 CFD or IB "SPOT" will offer you again the same unregulated product with different pricing... the...
My apologies for not being more specific. In my religion the scholars have stated that trading CFDs is not permissible because there is no physical exchange of currency. The only way trading would become permissible is if there is a physical or digital exchange of currencies and so thus that is why I am specifically looking for spot fx prop firms.

PS I know that the Trading Pit offered spot FX pairs but they discontinued that on March 1
Quoting Nsak3y
{quote}-Yes. A temporary offer is kind of insulting when you think about it. It seems that they are letting us know that they can provide better conditions if they really wanted to, but that they just choose not to.
Totally agree. I also got the email. Are they saying that they don't expect new customers to be around for more then a month? They are probably correct but it's insulting none the less!
I see that Prop Firms Reviews telegram group got 87658 members. Taking the figure of perhaps 1% will succeed that is 86781 failure fees into Prop Firm pockets. Let's say that each one spend average $500 (some will spend out on multiple attempts) that is over 43 million dollars. I'm sure the real figure is much higher.

Who said starting a new prop firm ain't lucrative?
Quoting Bizziebee
I see that Prop Firms Reviews telegram group got 87658 members. Taking the figure of perhaps 1% will succeed that is 86781 failure fees into Prop Firm pockets. Let's say that each one spend average $500 (some will spend out on multiple attempts) that is over 43 million dollars. I'm sure the real figure is much higher. Who said starting a new prop firm ain't lucrative?
I think you will find there is a net of about 80$ per account for most prop firms if you factor in refunds bonuses etc.

if you think of 43 million dollars as a baseline figure, there are only two companies making that much in the industry. The real figure is much lower than what you are expecting per account because the most popular accounts of all the firms are the smaller ones.
Quoting hfarooqui48
{quote} My apologies for not being more specific. In my religion the scholars have stated that trading CFDs is not permissible because there is no physical exchange of currency. The only way trading would become permissible is if there is a physical or digital exchange of currencies and so thus that is why I am specifically looking for spot fx prop firms. PS I know that the Trading Pit offered spot FX pairs but they discontinued that on March 1
Interesting! Understood! I will think if I remember some of them!
US500 and VIX All Time Return: 42.4%
Quoting Takisd
It might amount to nothing because the majority of prop firms are isolated to one broker, that being 8cap.
-Thanks. So much can be said about this, but it is too upsetting to even try to put into words.

Time may tell which firms decide to fold or hold their ground. I wonder if the revenue that they see from specific countries would even be worth it for them to consider setting up in some jurisdictional safe-haven.

As always, the joke continues...
Quoting Takisd
a little bird told me that brokers are starting to get notices to not do any new business with prop firms. I am assuming metaquotes got a similar notice. Metaquotes would sell a mt5 server to an animal so I doubt it will change much but it could be problematic if the lower cost LP's are not handing out connections to risk hedging.
Is this something related to what you said ? I read a question in the prop group and the answer from the ceo of my funded fx funds:

Q: will myfundedfx ever have its own broker? i have several concerns over 8cap whitelabels

A: Tricky thing right now with your own broker is the licensing. Metaquotes who controls the licensing is cracking down on them because of a wide variety of pressures from external sources
Quoting Takisd
{quote} I think you will find there is a net of about 80$ per account for most prop firms if you factor in refunds bonuses etc. if you think of 43 million dollars as a baseline figure, there are only two companies making that much in the industry. The real figure is much lower than what you are expecting per account because the most popular accounts of all the firms are the smaller ones.
Mmm I think you are way out on that figure. Remember that the vast majority of challenges are failed so there is no refund and no bonus.
They must be making a reasonable profit otherwise they could not stay in business.

Anyway it would be great to know the real truth!
The guy of MyFundedFxFunds replied a while ago that 4 to 6% of traders purchasing a challenge achieve a payout. It's his words, not mine.
I would like to give a stab to a less "qualified" prop, from all these new ones around.

I was reading a lot of FAQs and rules in several of them. Most of them are a disgrace with a lot of omissions or very ambiguous rules.

The best one I found is Alpha Capital. I was pretty impressed, I must say. Pretty simple rules or, when forbidden things (like martingale), they have a clear example. They don't allow as well to complete 5 days with 0.01 lot but they state it clearly and provide an example of allowed lot reduction.
I may not like some of the rules (don't bother me, in fact), but in what regards to transparency in the site I think they excel.

I was looking in Trust Pilot and there's nothing concerning in the 1 stars reviews. Most of the claims are things stated in the site (that people didn't care reading), forbidden countries, bad fills during news, etc. Nothing that worries me.

Any experience with them ? Any warnings that you heard around ? This will be anyway an high risk bet. Just wanted to bet in something less probable to be scammed.
Quoting Capablanca
The guy of MyFundedFxFunds replied a while ago that 4 to 6% of traders purchasing a challenge achieve a payout. It's his words, not mine.
MFF november 2021 statistics stated that "4% of traders who pass phase 2
 reach profit split". Since 10% succeed at phase 1, and "24% of traders who passed phase 1" succeed at phase 2, it means that 24%x10%x4% = 0.096% of traders buying challenges reach profit split. (1 of 1041)

Let's say they only sell the affordable 10K challenge at $84. Revenue = 1041x84 = $87,444.
The average payout is $500. There is almost no trader with 8+ month account, so take an average of 4 months of payout to be fair. Expenses = 1x$500x4 = $2,000.

Seems like a good business model
Quoting qtrader.co
{quote} MFF november 2021 statistics stated that "4% of traders who pass phase 2
 reach profit split". Since 10% succeed at phase 1, and "24% of traders who passed phase 1" succeed at phase 2, it means that 24%x10%x4% = 0.096% of traders buying challenges reach profit split. (1 of 1041) Let's say they only sell the affordable 10K challenge at $84. Revenue = 1041x84 = $87,444. The average payout is $500. There is almost no trader with...
we should make a painting with this statement or NFT, and keep it on the wall above your trading desk
US500 and VIX All Time Return: 42.4%
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