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  • #61
  • Aug 28, 2020 7:31am Aug 28, 2020 7:31am
Quoting maflip
{quote} I was able to add an extra $100 to this challenge. I was gunning for more but the half got hit at BE. I am in again. Stop at BE again. Risk reward originally 5:1. GO GJ GO GO GO Go down babeeee However, that's a possible triple top. Possible reversal if price goes above that red line. Hopefully it hit my TP first {image} {image}
Crap +10 and then BE. Hit at BE again . Ignore that long setup there. This pair is still on bear mode. Now I wait after Pit session. But dunno maybe wifey might really pull me to watch the movie now lol.
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  • #62
  • Aug 28, 2020 10:19am Aug 28, 2020 10:19am
Quoting Mtinifx
{quote} Yes I agree too. That rule is very unclear!! I agree that in the final analysis FTMO is the only option. I checked out 5'ers but didn't compare favourably IMHO

What have you seen the worst in The5%ers?
The maximum stop loss rule of 1.5% and maximum exposure of 0.30 lots? Or something else?
  • #63
  • Edited 11:56am Aug 28, 2020 11:38am | Edited 11:56am
Quoting Nathan.Fx
{quote} What have you seen the worst in The5%ers? The maximum stop loss rule of 1.5% and maximum exposure of 0.30 lots? Or something else?
I took a quick peek at the5%ers. Here it is, for $550 you get funded (AKA $52,000 buying power). Maximum loss allowed $520.... There is a lot size limit similar to trading a $500 account. This $52,000 buying power is for the naive people only looking at the big number but not thinking. Basically, you are funding your own account for $550 and then if you pass they get a cut out of it. So signing up with them does not make sense. It's similar to depositing the $550 to a broker and you are not chained to a rule and all profit are yours. It's a scam similar to Fidelcrest. Wow all these prop firms popping up. I bet in two years there maybe a lot of them. I guess too many suckers falling into this scheme. This is another prop firm to avoid in my opinion. Their other sales pitch, challenge 6 months. Well heck if you deposit the $550 to a broker you are not limited to 6 months it's your own money. Well others may argue that after they pass the challenge they do get deposits. But heck with all the rules it's similar to making your own deposit to a broker.

IMHO FTMO is still better. However, I still suspect no one is really getting funded there too. The passers money from profit is I bet from all the suckers that keeps failing the challenge and retrying. It's not a scam as long as someone is still getting paid. Until everything starts to fall (not enough challengers to fail trial) and some may not get paid heh heh. This is just my guess but I suspect they do not fund anyone there. The profit they use to pay is from the loosers of the challenge. Again, this is just my suspicion and it's not a scam as long as someone is still getting paid think Bernard Madoff

And, I might still try a challenge at FTMO after I take these free trial. Why? Because I think there are too many naive people out there that will still keep on paying for the challenge and fail. So I won't worry yet not getting paid if I pass hah hah
  • #64
  • Aug 28, 2020 12:54pm Aug 28, 2020 12:54pm
Quoting maflip
{quote} I took a quick peek at the5%ers. Here it is, for $550 you get funded (AKA $52,000 buying power). Maximum loss allowed $520.... There is a lot size limit similar to trading a $500 account. This $52,000 buying power is for the naive people only looking at the big number but not thinking. Basically, you are funding your own account for $550 and then if you pass they get a cut out of it. So signing up with them does not make sense. It's similar to depositing the $550 to a broker and you are not chained to a rule and all profit are yours. It's...

Yes. Large account numbers are an illusion. It is not possible to use them without violating the risk management rules. That goes for all of these companies. I believe that the business model of all these companies is to pay the winners with the money of those who fail in the challenges. What we have to do is be the winners. Carefully review all rules and have a strategy tailored to those rules.

My reasoning is that your true capital is just what you can lose. There is no point in saying that they are giving you 100k to trade, but if you lose 10k you are disqualified. You cannot use the potential of a 100k account without breaking the rules. So the challenge is not to earn 10%, but 100%. That's why most fail.

The5% ers, "qualify for 40,000 of our capital."
Start with a 10,000 trial account
Earn $ 600, only 6%.
Don't miss $ 400, only 4%.
Do not take any stop loss greater than 1.5%.
Do not open more than 0.50 lots (5: 1 leverage)

What's the point of having an account of 10,000 with purchasing power of 100: 1 (1,000,000 / 10 lots) or 500: 1 (5,000,000 / 50 lots) if you won't be able to use that firepower without violating the rules . It is pure illusion.

If you can only lose a maximum of 400, and 150 for each position (SL 1.5% of 10,000) you will only open positions of a few microlots if you are a responsible and intelligent trader.
They don't even need to create a maximum exposure rule of 0.50.
If you open a 1-lot position on EURUSD, your SL will only be 15 pips ($ 150) you would easily violate the rules.
  • #65
  • Aug 28, 2020 11:38pm Aug 28, 2020 11:38pm
I'm doing bad this week as well. Cloed all trades last thursday to take a break. Currently at -4.5% dd.

The5%ers actually answered queries posted here. You can go to their thread.

Goodluck with your challenges! Hope everyone of us get funded.
adapt or be killed
  • #66
  • Aug 29, 2020 10:24pm Aug 29, 2020 10:24pm
Quoting maflip
{quote} I took a quick peek at the5%ers. Here it is, for $550 you get funded (AKA $52,000 buying power). Maximum loss allowed $520.... There is a lot size limit similar to trading a $500 account. This $52,000 buying power is for the naive people only looking at the big number but not thinking. Basically, you are funding your own account for $550 and then if you pass they get a cut out of it. So signing up with them does not make sense. It's similar to depositing the $550 to a broker and you are not chained to a rule and all profit are yours. It's...
I am a funded trader in FTMO. I received 70% profit split for the past 3 months.... now i am doing research on myforexfunds if they are legit... not much review on the net so far.
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  • #67
  • Aug 30, 2020 12:24pm Aug 30, 2020 12:24pm
Well done there!

Yes I agree that FTMO is probably got some sort of a track record when it comes to payouts - and people actually getting that far along of course!

And one has a better chance with FTMO because there are not so many hurdles to jump over and hoops to jump through which is the problem with most of the other players.
  • #68
  • Aug 30, 2020 11:08pm Aug 30, 2020 11:08pm
I registered Myforexfunds 50k account. Not receive trading account details yet. Service is slower than FTMO. Hope its legit.... else, money burned!

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  • #69
  • Aug 30, 2020 11:19pm Aug 30, 2020 11:19pm
Quoting Nathan.Fx
{quote} Yes. Large account numbers are an illusion. It is not possible to use them without violating the risk management rules. That goes for all of these companies. I believe that the business model of all these companies is to pay the winners with the money of those who fail in the challenges. What we have to do is be the winners. Carefully review all rules and have a strategy tailored to those rules. My reasoning is that your true capital is just what you can lose. There is no point in saying that they are giving you 100k to trade, but if you...
Yeah don't do it. It's a very bad deal. $52,000 account with a $520 Max draw down? If that was FTMO max draw down would be $5,200. People who signs up for this deserved to be scammed. There are suckers born everyday I guess.

And yes max loss is real capital being funded to you. But in real life situation any real/live account should not loose more than 10-20% anyway. But I agree with you, I have noticed that a long time ago.
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  • #70
  • Aug 30, 2020 11:24pm Aug 30, 2020 11:24pm
Quoting hello966
I registered Myforexfunds 50k account. Not receive trading account details yet. Service is slower than FTMO. Hope its legit.... else, money burned! {image}
Good luck. Me still testing on free trial with FTMO. Hoping to pass it this week....
  • #71
  • Aug 30, 2020 11:48pm Aug 30, 2020 11:48pm
Quoting maflip
{quote} Yeah don't do it. It's a very bad deal. $52,000 account with a $520 Max draw down? If that was FTMO max draw down would be $5,200. People who signs up for this deserved to be scammed. There are suckers born everyday I guess. And yes max loss is real capital being funded to you. But in real life situation any real/live account should not loose more than 10-20% anyway. But I agree with you, I have noticed that a long time ago. {image}

You got it wrong.
You pay a $ 550 fee to qualify for 52,000 capital
There is an evaluation / challenge stage.
You start with 13,000 balance
The goal is to earn 7% ($ 910)
The maximum drawdown is 4% ($ 520)
You have up to 6 months to reach the goal. And I think that is The5% ers biggest advantage over its competitors.
After being approved in this qualification step you will receive 50% of the profit: $ 455
And then finally you will become a portfolio manager with a 52,000 account and your maximum drawdown will be $ 2080 (4%).


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At 10% profit your account doubles to $ 1,280,000
  • #72
  • Aug 31, 2020 12:32am Aug 31, 2020 12:32am
Quoting hello966
I registered Myforexfunds 50k account. Not receive trading account details yet. Service is slower than FTMO. Hope its legit.... else, money burned! {image}

They will get back to you with your account details. But did you send them an email with the broker you want and whether you want ECN/standard spreads and what leverage you want? You have to do that
  • #73
  • Aug 31, 2020 12:36am Aug 31, 2020 12:36am
Quoting Nathan.Fx
{quote} You got it wrong. You pay a $ 550 fee to qualify for 52,000 capital There is an evaluation / challenge stage. You start with 13,000 balance The goal is to earn 7% ($ 910) The maximum drawdown is 4% ($ 520) You have up to 6 months to reach the goal. And I think that is The5% ers biggest advantage over its competitors. After being approved in this qualification step you will receive 50% of the profit: $ 455 And then finally you will become a portfolio manager with a 52,000 account and your maximum drawdown will be $ 2080 (4%). {image} At 10%...
Are you going with them? Good luck on those micro daily loss and margin limits! I really don't think anything less then 5k daily drawdown limit is feasable. Thats just my opinion anyway
  • #74
  • Aug 31, 2020 12:43am Aug 31, 2020 12:43am
Quoting Nathan.Fx
{quote} You got it wrong. You pay a $ 550 fee to qualify for 52,000 capital There is an evaluation / challenge stage. You start with 13,000 balance The goal is to earn 7% ($ 910) The maximum drawdown is 4% ($ 520) You have up to 6 months to reach the goal. And I think that is The5% ers biggest advantage over its competitors. After being approved in this qualification step you will receive 50% of the profit: $ 455 And then finally you will become a portfolio manager with a 52,000 account and your maximum drawdown will be $ 2080 (4%). {image} At 10%...
So they start you with $13,000 balance but with a limited lot size of .65 lot? Do you know .65 lot is just $168.13 margin on GU? Sign up with them, let me know how you do?

All that growth schedule means nothing. Just look at the margin limit they are giving you. Why stop at $1.1 million? I'll create a company with the same rule and I'll put a 1 billion number there. I bet I will get more challengers. Oh and since it's 1 billion I'll charge more.... I'll make it $1,000 for a $52,000 account with a margin limit of $168 but hey it's got a potential to make 1 billion. Any takers?
  • #75
  • Aug 31, 2020 12:49am Aug 31, 2020 12:49am
Quoting maflip
{quote} So they start you with $13,000 balance but with a limited lot size of .65 lot? Do you know .65 lot is just $168.13 margin on GU? Sign up with them, let me know how you do? All that growth schedule means nothing. Just look at the margin limit they are giving you. Why stop at $1.1 million? I'll create a company with the same rule and I'll put a 1 billion number there. I bet I will get more challengers. Oh and since it's 1 billion I'll charge more.... I'll make it $1,000 for a $52,000 account with a margin limit of $168 ...
lol
  • #76
  • Edited 2:46am Aug 31, 2020 2:23am | Edited 2:46am
Quoting Mtinifx
{quote} Are you going with them? Good luck on those micro daily loss and margin limits! I really don't think anything less then 5k daily drawdown limit is feasable. Thats just my opinion anyway
Ei bro, myforexfunds.com this one mentioned by hello966 seems a good deal. No challenge you earn right away. I'm trying to find out how much is the percentage cut. Their website is slow I'm still waiting for it to load. Have you talked to them yet? Problem is, this seems too good to be true. This is what worries me lol.

And things like, margin limit etc etc. Won't help if they place a .01 lot size limit there. Still waiting on chat support to reply.

Edit: ok so payout is 10% to 15%... No challenge.
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  • #77
  • Aug 31, 2020 3:34am Aug 31, 2020 3:34am
Quoting maflip
{quote} Ei bro, myforexfunds.com this one mentioned by hello966 seems a good deal. No challenge you earn right away. I'm trying to find out how much is the percentage cut. Their website is slow I'm still waiting for it to load. Have you talked to them yet? Problem is, this seems too good to be true. This is what worries me lol. And things like, margin limit etc etc. Won't help if they place a .01 lot size limit there. Still waiting on chat support to reply. Edit: ok so payout is 10% to 15%... No challenge. {image}
RULE # 7 – PROFIT SHARING
On the account you sign up for – you will make 10% profits you make. There is no profit sharing in this case. (i.e. If you make $5,000 on your $100,000 account, you will be eligible for a $500 pay out). This is bi-weekly payout and does not reset after end of 2 weeks. (If you make another 5,000 in the following two weeks, you will be 10% of 10,000 = $1,000 , as the account does not reset between pay cycles in the same month)
On funded account – you will receive 50% of the profits you will make the first month. This goes up to 65% during your second month and 80% during third month onwards. Keep in mind, you will not be allowed to withdraw the capital on this account as that will be funded by our firm and those funds are considered our invested capital.
A video explaining can be found here. (coming soon
  • #78
  • Aug 31, 2020 3:36am Aug 31, 2020 3:36am
Quoting hello966
I registered Myforexfunds 50k account. Not receive trading account details yet. Service is slower than FTMO. Hope its legit.... else, money burned! {image}
You will update us on your progress
  • #79
  • Aug 31, 2020 3:52am Aug 31, 2020 3:52am
Quoting Mtinifx
{quote} They will get back to you with your account details. But did you send them an email with the broker you want and whether you want ECN/standard spreads and what leverage you want? You have to do that
Nope... they haven't send me anything yet... it has been 6 hours since i paid it... There is a staff in facebook mentioned it took up to 12 hrs to get the trading account.

OMG...
  • #80
  • Aug 31, 2020 4:01am Aug 31, 2020 4:01am
Quoting Phronesis24
{quote} RULE # 7 – PROFIT SHARING On the account you sign up for – you will make 10% profits you make. There is no profit sharing in this case. (i.e. If you make $5,000 on your $100,000 account, you will be eligible for a $500 pay out). This is bi-weekly payout and does not reset after end of 2 weeks. (If you make another 5,000 in the following two weeks, you will be 10% of 10,000 = $1,000 , as the account does not reset between pay cycles in the same month) On funded account – you will receive 50% of the profits you will make the first month. This...
Yeah I was asking them how to be in funded account which gives 50-80% payout, the 10% payout is not worth my time. Kinda unclear right now. They haven't replied yet. It's been hours now. Also, their website is too slow.
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