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Incubating FX Traders

  • #1
  • First Post: Edited Feb 1, 2018 5:45am Jan 29, 2018 9:46pm | Edited Feb 1, 2018 5:45am
PsyQuation together with its strategic partner is actively looking for trading talent to incubate.

Take a look at the AxiSelect program and receive capital if you qualify.

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  • #2
  • Jan 30, 2018 4:40am Jan 30, 2018 4:40am
FWIW, the real deal.
surprised there is no comments.

with easy to start out, a 1000$ equity, and no upfront fees to pay like most fake prop shop deal, plus an ASIC/FCA regulated broker to deal with, and not some Vanuatu or Belize one...
anyway, those who can trade, and plan to find funding, i think this is the current best opportunity out there.
there is always, always another trade!!
  • #3
  • Jan 30, 2018 7:24am Jan 30, 2018 7:24am
I was thinking to put a test capital >1k and see if I like to trade with this broker. I already have an account with them, I only needed to send the money and start trading ... looking now in the account I see a restriction for the cc withdraws ... annoying, get the money back only via bank transfer ... really annoying!

Surprising is the low number of traders on the psyquation leader board - 99 only!?! is true that the account can stay offline but still ... or maybe there aren't that many successful traders.
Or maybe staying on the investor side could be much wiser ... supposing one has 10k savings ... why risking to trade when some professional traders can do better for a %?
  • #4
  • Jan 30, 2018 2:55pm Jan 30, 2018 2:55pm
Quoting Neptun
I was thinking to put a test capital >1k and see if I like to trade with this broker. I already have an account with them, I only needed to send the money and start trading ... looking now in the account I see a restriction for the cc withdraws ... annoying, get the money back only via bank transfer ... really annoying! Surprising is the low number of traders on the psyquation leader board - 99 only!?! is true that the account can stay offline but still ... or maybe there aren't that many successful traders. Or maybe staying on the investor side...
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there is always, always another trade!!
  • #5
  • Jan 30, 2018 4:17pm Jan 30, 2018 4:17pm
Quoting profitfarmer
{quote} {image}
Ladderboard -> 10 pages with 10 acc / page.
Sort by max dd -> <30 are under 10%

Not that I care much about those numbers, ... my only restrain is over the withdraw policy.
The deal is interesting more like having an additional account attached to a main one, acc that one day (9mo later) might produce some extra. This is why some competitors have functionalities like 'import track record from other account' or less track record duration, or ...
I don't see this offer as a 1y main trading goal.
Having a trading style compliant with the requirements to get founded (low dd): YES.
  • #6
  • Jan 30, 2018 4:45pm Jan 30, 2018 4:45pm
Hi Neptun,

We do offer the facility of importing your track history from any other MT4 broker with it contributing to our 9 month minimum track record requirement.

Shoot any questions over here so others can benefit and we can clarify any uncertainty.

Regards

Mike
  • #7
  • Jan 30, 2018 4:56pm Jan 30, 2018 4:56pm
This is how it will look on your account the importing of history.

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  • #8
  • Edited 6:25am Jul 7, 2018 6:09am | Edited 6:25am
Quoting mickson
This is how it will look on your account the importing of history. {image}
I really like your platform ( PsyQuation) , it is miles better the FF Trade Explorer and much better then MyFxbook because it shows real gaines ( FF doesn't show realistic % gains if a trader withdraws, only $$$ gain is accurate which is big minus) and non of your competitors shows realistic intraday max DD ( only end of day max DD) which makes big difference in evaluating performance in the right way.

Regarding incubating talented traders I see many flaws and I know I could have emailed you but I would like to point out potencial disadvantages as I see them because maybe you can offer solutions. Here they are:

1. First and most important for me and also most probably for other traders ( at least USA and EU region) Is a must open account with AxiTrader and new ESMA rule for regulated brokers. One of my accounts that is listed on your platform is traded at Pepperstone London office and they gave me a status of Professional client so I can keep the leverage as is and 1:30 leverage does not apply for me. For this reason alone I cannot see myself open account at AxiTrader anytime soon. Then there are MT4 Apps like Trading Terminal that gives you many great money management tools ( partial close, close all, price alarms, equity alarms, equity TPs or SLs etc etc... many many) . I'm sure you are familiar with them. Does AxiTrader offer this?

2. There is also spread( higher costs in general) disadvantage at Axitrader compared to ICMarkets and Pepperstone both as we could see on scalper's example ....his expirience posted in his journal here at FF and a stunning 30% less profits performance at his AxiTrader account compared to his ICMarkets account in one month time period. I know scalpers are affected most, but there are many traders out there that use scalping at least as one of their trading methods.
IMHO if AxiTrader is serious about this incubation programm all qualified traders should get special trading conditions to be able to change a broker or open additional account at AxiTrader when they qualify for incubation otherwise the offer is not attractive at all. After all- AxiTrader is getting 10% of profits fee from traders performance and this should be their many income from incubated traders, not regular spread and comission as from any other newbie that opens $100 account there!

I already qualified for incubation couple of months ago but I had to turn the offer down. There were just too many disadvantages before. Now when no skype interview needed anymore and when you shortened track recoord to 6 months it may sound a bit better then earlier, but the main problem with leverage and much higher costs remains which is still a no-no for me. The question is what is AxiTrader prepared to do to come near the best brokers in this field? If nothing, then for me this incubation programm is just a fancy way of marketing and getting new clients to improve broker's revenue. But if they are serious about searching for consistent traders to link them with potencial investors then trading conditions for consistent traders should be even better then what we can currently get at other competitors!
PVSRA
  • #9
  • Jul 7, 2018 6:54pm Jul 7, 2018 6:54pm
Hi @fisher755

Firstly thanks for the positive feedback on the platform.

On the 3 other points I value your feedback let me give you this quick response and hopefully I can spend some more time delving into and solving them in more detail.
The remark about some of those money management features like equity alarms and other money management tools we hope to release our own "better" version in the coming months. I am keen to really step things up on our product features. We have a first rate data science team who are now fully up to speed with the complexities of trader performance analysis and enhancement. So expect to see some cool tools soon, some have already been built we just need to stitch them to our platform, they are currently in our backlog.

The issue on Axi pricing competitiveness I will revisit as we will be doing our best to ensure that they are at least as competitive as the best. I can assure you Axi are committed to this program and want it not to only thrive but become the most prominent well respected incubation program in the market place. You mention Axi make 10% profit which should be enough, but let me tell you Axi are risking their capital and as you know in trading even traders recognised with potential trading talent don't all make money.

Let me ask you and the FF community to please share over here what they believe our program is currently lacking. I am committed to making this hugely successful so please let me hear thoughts. All comments are appreciated.

Regards
Mike
  • #10
  • Jul 8, 2018 3:22am Jul 8, 2018 3:22am
Quoting mickson
Hi @fisher755 Firstly thanks for the positive feedback on the platform. I can assure you Axi are committed to this program and want it not to only thrive but become the most prominent well respected incubation program in the market place. You mention Axi make 10% profit which should be enough, but let me tell you Axi are risking their capital and as you know in trading even traders recognised with potential trading talent don't all make money. Let me ask you and the FF community to please share over here what they believe our program is currently...
Thank you for professional response.
Since I qualified just recently for the second time with my second account I will this time open Live account at Axi but only small at the start to be able to show you comparison of trading conditions on 3 live accounts at 3 different brokers ( Axi, PS and ICM) which will hopefully result in better trading conditions offer from Axi . If this happens I am prepared to deposit and trade much bigger account there. I know changes are not easy, but also not overcomplicated. If there is interest and seriousness from Axi they will react. No doubt there is interest on my side and I am sure on the side of other traders that qualified.
You can believe me that without this step needed from the side of Axi the programm cannot have as much success as you want it to have. Since you are well educated in math you know that it doesn+t help anyone to get 20% cut from prop side if trader+s own account performance is 20% less then at other brokers with much better trading conditions. It is effort without reward. Speaking from a full time trader point of view. Trading my own accounts is my only income, I have no other , so I cannot waste my time with the broker that is not compatible with the best.

I believe there are other traders out there that feel the same way as I do so I will update on both good and bad side of the development. Hopefully I will be able to report about changes for the better.

EDIT:
For the record- I never doubted you or PsyQuation, my only doubts are on the side of AxiTrader
PVSRA
  • #11
  • Jul 8, 2018 3:27am Jul 8, 2018 3:27am
Thanks a ton, and yes keep an eye out I will do all I can for our trading community.
  • #12
  • Jul 8, 2018 6:24pm Jul 8, 2018 6:24pm
I recently announced that we have changed one of the filters to enter the AxiSelect program. It is 6 months now instead of 9 months. Some of the reason for your information was that the overall longevity of FX traders is a lot lower than say equity traders. We felt that we were missing out on some of our trading talents best trading months with our original 9 months with our data supporting a drop to 6 months.

Come join the PsyQuation platform and see if you qualify.
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  • #13
  • Edited 3:45pm Jul 10, 2018 3:02pm | Edited 3:45pm
Quoting mickson
Thanks a ton, and yes keep an eye out I will do all I can for our trading community.
I got first comparison on two subjects between 3 brokers:

1.) LEVERAGE
ICM 1:500, ASIC regulated so no problem after 22nd of July for EU traders
PS 1:500, FCA regulated ( a must for EU traders, no AU server available) only for traders with approved "professional client" status
AXI 1:400, ASIC regulated , AU server available for EU traders

Acceptable - no important differences....

2.) DEPOSIT/WITHDRAWAL OPTIONS

Here I came to my first hurdle....
so I was told in chat that yes I can use Skrill for deposit, but I can only use wire ( bank transfer) withdrawal at AXI ( totally weird and unnecessaary high cost and time delay ) . I cannot use Skrill for withdrawal if I deposit with Skrill. What?

Both ICM and PS offer Skrill deposit and withdrawal. No complication and very fast. Deposit takes 1 minute, withdrawal up to 24 hours . Had multiple withdrawal cases at both ICM and PS so far.


I hope you can talk to someone responsible at Axi and come up with some improvements on this field. It is against all logic to not be able to use the same method for deposit and withdrawal. Skrill account has to be validated and linked to my bank account otherwise it cannot be used so I hope Axi will not come up with some money laundery excuse.

EDIT:
Since I got to Axi Product scedule I can easily make another comparison. Hope you don't mind extra work:

3.) ECN ACCOUNT COMMISSION:

ICM- EUR 4 round lot
PS- EUR 3 round lot
AXI - EUR 6.5 round lot

Both ICM and PS commission I pay are my personal special deals, normal commission without any special deal is EUR 5.5 at both brokers which is EUR 1 less then at Axi. This means around 15 % higher trading cost at Axi even if a trader has no special deal at competition. And we didn't even come to spread yet...

Attached the screanshot of Axi commissions table....
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Here is the thing:
If PS was able to offer me 43% instant rebate on trading commission and I trade no prop money for them, I am just a valued client and nothing else, no other connection to PS whatsoever...then I would think that Axi can at least offer the same to ALL traders that qualified for AxiSelect programm. After all, Axi should value them , right? If they are serious about the programm as you mentioned earlier...
PVSRA
  • #14
  • Jul 10, 2018 11:27pm Jul 10, 2018 11:27pm
Ok I have some great news thanks to @fisher755 for his detective work and effort.

Here is what I can report back.

point 2: Deposit / Withdrawals - this is acknowledged as a problem that has some legacy origins. It is currently being addressed and while they cannot commit to a specific date when this will be rectified I can say from senior management it will happen pretty soon.

point 3: Pricing - all participants in the AxiSelect program new and current will be changed to a EUR 4 a lot pricing.

I am so excited that I was able to make something happen. I will continue doing my best for the PsyQuation community, and I ask in return you guys spread the word that people should join PsyQuation.

A new feature coming will blow traders away, we are close to releasing an indicator that will bring something very few in the institutional space have to our community. Stay tuned.

Mike
  • #15
  • Jul 11, 2018 1:01am Jul 11, 2018 1:01am
Quoting mickson
Ok I have some great news thanks to @fisher755 for his detective work and effort. Here is what I can report back. point 2: Deposit / Withdrawals - this is acknowledged as a problem that has some legacy origins. It is currently being addressed and while they cannot commit to a specific date when this will be rectified I can say from senior management it will happen pretty soon. point 3: Pricing - all participants in the AxiSelect program new and current will be changed to a EUR 4 a lot pricing. I...
That's great news Mike and important step forward regarding commission for Axi!

No worries, both good and bad news are spreading like fire in trading world and in our case we spread the changes for the better!!!
PVSRA
  • #16
  • Jan 12, 2019 2:24am Jan 12, 2019 2:24am
.

Regarding the "flash crash" on Jan 3:

a move of 747pips on EURNZD at Axitrader; compared to 260 at the broker I currently use
a move of 498pips on AUDNZD at Axitrader; compared to 292 at the broker I currently use
a move of 842pips on GBPAUD at Axitrader; compared to 663 at the broker I currently use

Jan 3 is an extreme example. Nevertheless it highlights the importance of liquidity (&sprds) when selecting a broker.

If liquidity and sprds are not optimised, the trader is disadvantaged.

.
  • #17
  • Jan 12, 2019 9:14pm Jan 12, 2019 9:14pm
Quoting PeterE
. Regarding the "flash crash" on Jan 3: a move of 747pips on EURNZD at Axitrader; compared to 260 at the broker I currently use a move of 498pips on AUDNZD at Axitrader; compared to 292 at the broker I currently use a move of 842pips on GBPAUD at Axitrader; compared to 663 at the broker I currently use Jan 3 is an extreme example. Nevertheless it highlights the importance of liquidity (&sprds) when selecting a broker. If liquidity and sprds are not optimised, the trader is disadvantaged. .
Hi Pete E

I am not up to-date on how different brokers performed relative to one another. I would be interested to see such a report. I would also like to know the name of your broker so I can ask Axi to explain their difference.

Thanks
Mike
  • #18
  • Edited 2:35am Jan 13, 2019 12:15am | Edited 2:35am
Quoting mickson
{quote} Hi Pete E I am not up to-date on how different brokers performed relative to one another. I would be interested to see such a report. I would also like to know the name of your broker so I can ask Axi to explain their difference. Thanks Mike
Hi Mike,

i made for you a quick comparison, and this is only to include Axi's local competition, ICMarkets and Pepperstone.
(Oanda did terrible for example, but then it isnt advertising to be a true ECN).

for quick search only, using their pepperstone's webtrader, and my own charts for axi and icm for prices to pull.
6 pairs only, they are some of the higher effected, Aud and Jpy pairs, should be enough to get the overall picture.
the price indicated is the MT4 chart extreme price, the + is the difference compare to the best available quote between the 3.

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i think this is clearly demonstrate that brokers with very similar offer and sales pitch show wide range of price discrepancy, one very correctly may argue that even 100 pips is a lot, 3-400 pips difference is huge....of course as i said the likes as Oanda on EurAud posted some +1800 pips vs ICM...but that is most certainly the highway robbery category already.
hope this little Sunday research helps you some
happy weekend!
Zoltan

PS. chenged the numbers to image, for better visuality (cos the forum keeps ignoring spaces left).
there is always, always another trade!!
  • #19
  • Jan 13, 2019 4:39am Jan 13, 2019 4:39am
Quoting mickson
{quote} Hi Pete E I am not up to-date on how different brokers performed relative to one another. I would be interested to see such a report. I would also like to know the name of your broker so I can ask Axi to explain their difference. Thanks Mike

Hi Mike, Global Prime. I believe you have had an association with them in the past.
  • #20
  • Edited 2:12pm Jan 13, 2019 2:00pm | Edited 2:12pm
Hi Mike, the image shows traders in the "pro phase", the DD looks high.
How does a trader maintain such a high DD, and yet continue to be included in the program?
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