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prop firm new model - my trading journey

  • #21
  • Aug 12, 2020 1:04am Aug 12, 2020 1:04am
This is encouraging:


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  • #22
  • Aug 12, 2020 1:55am Aug 12, 2020 1:55am
Quoting Mtinifx
{quote} Thanks mate some good advice
There are a bunch of free risk manager utilities out there. I have one that I had a coder make for me. It starts with "thank you for your interest in" but I'm not selling anything. I had only put it on MQL5 to get back the 50 dollars I paid someone to make it, and I already have. But I think it could help you a lot if you struggle with risk ratios. I'll post a link for it here and if you think it'll help you, I'll just message you over a dropbox link and you can download it and put it on your charts.

If you're not computer savvy, I have an excel sheet that does the same thing, just not so quickly. You have to manually input the numbers into it.

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The best strategy is a profitable one.
  • #23
  • Aug 12, 2020 7:49am Aug 12, 2020 7:49am
Guys if anyone has joined one of these (forextips or myforexfunds) please do post your experience here.
  • #24
  • Aug 12, 2020 10:47pm Aug 12, 2020 10:47pm
There should be some forum similar to the Forex Peace Army to gather experiences about these funding traders companies.

Many are just scam schemes, we realize this when we see an excess of stupid rules that only serve to exclude us. "2% margin, do not open positions at night, No trades held over weekend, No news trades. All positions must be taken atleast 3 hours of any major news and after ..."


Some companies I found in a quick search:
ABELLISCAPITAL
BLUFX
CITY TRADERS IMPERIUM
EARN2TRADE
ENFOID
FIDELCREST
FTMO
FUNDEDTRADER
FUNISUS
KICKSTART TRADING
LEELOO
LIBERTY MARKET INVESTMENT
ONEUPTRADER
SAVIUS
SPEEDUPTRADER
THE5ERS
TOPSTEPFX
TOPSTEPTRADER
TRADERS DESTINY
TRADERS4TRADERS
  • #25
  • Aug 13, 2020 8:21pm Aug 13, 2020 8:21pm
Haven't joined myforexfunds yet. Will do that next week--when the moon is new and Saturn trines with Mars.

But from his TE it looks like JsCave has. Maybe we can ask him?

I did see a post showing Paypal payments on their IG, so...
Amor Fati--F. Nietzsche
  • #26
  • Aug 14, 2020 3:05am Aug 14, 2020 3:05am
Well I have joined up. I'm sure they are legit

100k account - will post my results daily from Monday
  • #27
  • Aug 14, 2020 7:59am Aug 14, 2020 7:59am
Quoting Mtinifx
Well I have joined up. I'm sure they are legit 100k account - will post my results daily from Monday
I like the rule #9 where you can reset your account balance if you are not profitable in 1 month. https://myforexfunds.com/program/

In rule #8, did I understand it correctly that you get 10% of the "challenge/verification/demo" account? then once you passed, you will be given a funded live account wherein you will get 50%/65%/80% profit sharing? But they mentioned it takes "minimum" 3 months to get your funded account which is in rule 6.

FTMO is still on top because of this tho. Don't you want to try again in FTMO? I mean it has basically almost the same rules and price. If let's say you are profitable for 3 months in myforexfunds you get your first funded account but you only need 1 more month to increase your FTMO capital by 25% (assuming you are profitable 2/4 months).
adapt or be killed
  • #28
  • Aug 14, 2020 10:14am Aug 14, 2020 10:14am
Quoting Mtinifx
Well I have joined up. I'm sure they are legit 100k account - will post my results daily from Monday
All the best Mt.

Is this the same model as 101? Where they give you a percentage of your profits, and the rest is put into a real account for you, and you will have to build it up?
  • #29
  • Aug 14, 2020 10:23am Aug 14, 2020 10:23am
Quoting slappymove
{quote} I like the rule #9 where you can reset your account balance if you are not profitable in 1 month. https://myforexfunds.com/program/ In rule #8, did I understand it correctly that you get 10% of the "challenge/verification/demo" account? then once you passed, you will be given a funded live account wherein you will get 50%/65%/80% profit sharing? But they mentioned it takes "minimum" 3 months to get your funded account which is in rule 6. FTMO is still on top because of this tho. Don't you want to try again in FTMO? I mean it has...
Just had a chat with them. They give you 10% of your demo profits, and then up to 3.5% of your profits are put into a real account for you each month, which you get access to when it reaches 10k.

This means that if you remain profitable, it would take you just about 29 months to get a 100k account. However, in the meantime, you will keep getting your profit share from the demo account. This is 10% in month 1, 12.5% in month 2, and 15% month 3 onwards, according to their web-chat representative. Hope this helps.
  • #30
  • Aug 14, 2020 9:45pm Aug 14, 2020 9:45pm
Founder/Owner of ForexTips101
instagram.com/investingjessica

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  • #31
  • Aug 15, 2020 1:49am Aug 15, 2020 1:49am
Quoting Nathan.Fx
Founder/Owner of ForexTips101 instagram.com/investingjessica {image}

Wow nice babe!! Wish I'd gone with them now!
  • #32
  • Aug 17, 2020 3:45am Aug 17, 2020 3:45am
Quoting Nathan.Fx
Founder/Owner of ForexTips101 instagram.com/investingjessica {image}
Seriously this is good business model. Almost risk free and not much capital needed. Probably just pay $100 to make a website. I shoulda thought of this long time ago and started one.
  • #33
  • Edited 4:11am Aug 17, 2020 3:58am | Edited 4:11am
Quoting Mtinifx
Hi guys Well I exceeded daily and max loss on that 25k account yesterday. However on looking at the history, I actually blew the account 5 days ago. Exceeded the daily loss limit at least twice In my view, anything less then a $5000 daily drawdown limit is dangerous. Anyway will reset and try again!!
Try this script just drop it to the chart (M15/M30 at least) (Long/Short) maybe this is going to help you not exceed the daily draw down. Play with SL factor and TP factor first before using. Only thing, missing on this script (which I hope it's got it) is a moveable buy stop/sell stop pending order. I got this script somewhere here in FF long time ago.
Attached File(s)
File Type: mq4 Manual_Trade_Long_ATR.mq4   33 KB | 397 downloads
File Type: mq4 Manual_Trade_Short_ATR.mq4   33 KB | 478 downloads
  • #34
  • Edited 6:09am Aug 17, 2020 4:22am | Edited 6:09am
Quoting maflip
{quote} Try this script just drop it to the chart (M15/M30 at least) (Long/Short) maybe this is going to help you not exceed the daily draw down. Play with SL factor and TP factor first before using. Only thing, missing on this script (which I hope it's got it) is a moveable buy stop/sell stop pending order. I got this script somewhere here in FF long time ago. {file} {file}
Here's an example where to use the script. This is not a good example as daily is in range mode and it bounced up from support. (Just giving an example}. Risk reward is 4:1.

Hope the script helps you with money management bud.

Edit: And almost two hours later this sucker got stopped out due to spread. While it's supposed to still be working and at least re-test the low of the day. This is why I say FTMO is not for me. Not to bash them but their spread is huge you can get stopped out silly like this. It's a bucket shop spread. This one is on Admiral Markets chart but their spread with FTMO is almost similar.

Oh well, no harm done on this trade it's just a demo. But ICMarket/Pepperstone spread if this was taken there it's .70 pips this trade would still be alive. At the retest, if it was real trade, stop at BE.

Hope I did not bother you with this post
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  • #35
  • Aug 17, 2020 6:30am Aug 17, 2020 6:30am
Quoting maflip
{quote} Try this script just drop it to the chart (M15/M30 at least) (Long/Short) maybe this is going to help you not exceed the daily draw down. Play with SL factor and TP factor first before using. Only thing, missing on this script (which I hope it's got it) is a moveable buy stop/sell stop pending order. I got this script somewhere here in FF long time ago. {file} {file}

Thanks bro. Looks very useful!
  • #36
  • Aug 17, 2020 9:13am Aug 17, 2020 9:13am
Quoting Mtinifx
{quote} Thanks bro. Looks very useful!
Can't believe that trade above worked bro. Actually hit the first one's TP Too bad
  • #37
  • Aug 18, 2020 3:08am Aug 18, 2020 3:08am
Quoting maflip
{quote} Can't believe that trade above worked bro. Actually hit the first one's TP Too bad
Are you with any prop firm bro or just trading your own account?

I'm hoping for a reasonably nice payout next week!
  • #38
  • Aug 18, 2020 3:09am Aug 18, 2020 3:09am
Quoting Mtinifx
{quote} Are you with any prop firm bro or just trading your own account? I'm hoping for a reasonably nice payout next week!
Nah im on my own. I tested FTMO free trial. But I dont like their spread.
  • #39
  • Aug 18, 2020 3:24am Aug 18, 2020 3:24am
Quoting maflip
{quote} Nah im on my own. I tested FTMO free trial. But I dont like their spread.
You're right, the spreads are terrible especially on exotics. I'm using Tickmill on this MyFF 100k account challenge. Spreads are OK. Believe it or not, I have 500:1 leverage! I must say that it's so much easier trading a 100k acccount. The drawdown rule is not bad, don't think I'll have any problem with it.

Anyway the proof of the pudding will be on my first payday!
  • #40
  • Aug 18, 2020 5:49am Aug 18, 2020 5:49am
Guys a couple of pointers to those considering trading a prop account.

Firstly, after trying and failing various account sizes, my advice is that one has to go for the big one where the max drawdown permissable which is $5000. I actually think that one can go for two accounts and merge them which brings the DD up to 10% but I'm not sure if that is in fact possible - will have to check! In my opinion it's almost impossible to succeed with less then 5k drawdown. Over the long term it's highly likely that one is going to experience a two or three grand drawdown so if you're playing with one of the smaller accounts you're unlikely to succeed - in the longer term especially.

Also once you're trading, one has to forget the max drawdown and rather have the rule that it's only $2500 in other words never allow the account to go under half of the drawdown - that will allow sufficient "breathing room" and make sure one is never caught out.

Lastly, in my view, it's better to concentrate on one or two trading pairs. It's impossible to concentrate on multiple pairs!
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