prop firm new model - my trading journey

You still got plenty of time. You can do it

You know what I see! I see a trend line and you coming into some structure. You got this

Oh great! Good news from Myff and on your new account.

Good luck bro

No because as long as you start off the way you are going to continue, you'll be OK!

One thing is there is the 4 days a week to trade minimum. I don't mind this, but sometimes our brain needs a break when the black swan day arrive. Like having to rest one week etc etc with that rule we can't do that. Work around is trade small, but then they might notice you with the consistency rule.

Another example, the doldrums month, sometimes there are days when it's not tradeable, and staying on the side is better. Those days probably scaling in is fine. But then again, they might hit you with the consistency rule. I am just mentioning them for awareness.

To me, it won't hurt as I only invested $75. We will find out all these in coming days/weeks.

Guys this is my first week with myforexfund.. Lets see what happen when comes to biweekly payout..will let u know

That looks good chiku - well done so far!

What day did you start?

I had misunderstood this rule of consistency. Because honestly, I had not carefully read the rules page in forextipos101 website. So I thought that the trader who violated this rule would not get paid for the profits and would still be eliminated from the program.

The punishment is actually that the talent bonus will not be paid out bi-weekly, but added to the real account earnings.

They say there is no punishment for violating this rule, but for me it is a form of punishment.

After the consistency rule they talk about "Trading Behaviour"
"If we notice any large increases in lot sizes or other changes that result in substantial risk we reserve the right to suspend payout."

In the image below I show how easily I could have a large increase in lot size, although the% risk is the same.

A little curiosity ...

Well spotted

Hah hah made me curious as well. What does this mean, are these prop firms owned by the same group?

I think she was once an FTMO funded trader and decided to have her own prop firm.

Well spotted yes!

Anyway I've decided to trade exactly the same lot sizes from now on - then hopefully I should have no problem!

I finished analyzing the rules of ForexTips101/Funding Talent Program.

The consistency rule is what bothers me most. Not being able to use EA's and scripts is also a disadvantage. I also couldn't do swing trading because of the minimum trading days rule.

I believe ForexTips101 is much more reliable than MyForexFunds. Because its owner goes public and shows her face and name.

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25k Demo Account fees:

$155 - registration

$75 - monthly fee (make a 3% profit just to pay the monthly fee)

$35 - account Top Up

$100 - Violate Daily DD 5% and want to stay on the program

$125 - Violate DD 10% and want to stay on the program

100k Demo Account:

$610 - registration
$250 - monthly fee (make a 2.5% profit just to pay the monthly fee)
$140 - account Top Up
$400 - Violate Daily DD 5% and want to stay on the program

$500 - Violate DD 10% and want to stay on the program

You can have up to 3 accounts and you can also merge the accounts.

Payment:

Talent Bonus (Bi-Weekly): 10% of the profit in the demo account. Example: 25k account > 10% profit (2,500) > Payment $250

This payment can be suspended if you violate rules

Funding monthly earnings: Up to 5% of the original account balance. Example: 25k account > 2500 profit > $1,250 added to real account

You will have access to a real account after the balance reaches 3750 (25k plan) or 15k (100k plan)

The balance of the real account is not reset if you violate rules, as long as you remain a member

The balance of the real account can never be withdrawn, only the profits (75%)

You can withdraw all the profits (75%) from the real account at any time and as often as you wish.

You can continue to trade your demo account and earn your talent bonus, even after accessing your real account.

If you violate the 10% drawdown rule, you will temporarily lose access to the real account. You can access your real account again after accumulating the balance to the initial deposit amount

Payment methods: Paypal, WorldRemit, Bitcoin

Maximum drawdown (calculation method: balance to equity)

Daily: 1,250 for a 25k account and 5,000 for a 100k account

General: 2,500 for a 25k account and 10,000 for a 100k account

Note: Notice that the rules page does not mention DD of 5% and 10%.

Perhaps, if you increase your balance to 120k, your DD limit will not be 6k and 12k.

EAs and Bots

Members are not allowed to use expert advisors or bots in the demo account they are using to trade in the program.

Insert at least 1 trade per day for 12 days of each month and 3 days per week.

A new trading day begins at 12:00 a.m. in the time zone associated with your broker.

If you sign up in the middle of the week, you don't need to make 3 trades on that specific week. This rule applies only in the FULL weeks you are enrolled.

Note: A swing strategy may not be adequate.

If the 12-day trading minimum is not reached, you will have no profit distributed at the end of your trading cycle.

And your account will also be reset to the starting balance.

Your account will not be reset to the starting balance if you did not make a profit at the end of the trading cycle.

That is, if for example at the end of the cycle if you had a loss of 7%. In the next cycle, the account continues with this drawdown, it is not reset to the opening balance.

Note: You can pay a fee to reload the account.

Consistency rule

This rule does not apply to the real account, only the demo account.

Rule violation: you will not receive the fortnightly payment of the talent bonus. This amount will be added to the funding of the real account.

Note 1: This rule can be used as an excuse for not paying you every two weeks.

Note 2: You should not count on paying the talent bonus to pay the monthly fees and stay active in the program. Make sure you also have the money to pay monthly fees and any reload fees and drawdown violations

Note 3: The balance of the real account can never be withdrawn by you.

Trading Behavior

If we notice large increases in batch sizes or other changes that result in substantial risk, we reserve the right to suspend payment.

Note: Another rule that can be used as an excuse for not paying you

Trading options

You are allowed to trade currency pairs, indices, metals and cryptography

Payment will be suspended if you negotiate anything outside of that list

Login Details

You should not change your login details for any reason. If you change your password or any other details for this account, it will result in immediate account termination.

Adding Funds

You may not, at any time, update your account balance. This will not be tolerated under ANY circumstances. This will be flagged and your account with us will be terminated.

Monitoring

We do not monitor each trader's account 24 hours a day, 7 days a week. If you break a rule, our system automatically signals us and, at the end of the trading month, we complete a manual review.
Note: Contact them every week to find out the status of your account

I agree with you. I signed up for MFF, but the consistency rule still bothers me. But I think it's worth testing the waters for $75. On Forextips, I wouldn't go there because of the monthly fee. The measley 10% I will make from the profit is easily going to get eaten by the monthly fee. The only chance of making real profit is the real account you will accumulate. But this will take time to build. Same goes with MFF, if there was a monthly fee, I wouldn't touch MFF either.

Long list of rules for these two. Again, MFF is worth testing the waters right now.

That's just my option.

Agree with you. But I went for the $100K account because of the drawdown. I just wouldn't be comfortable with anything less then 5 grand - my style of trading!

If everything is fine. I would upgrade to the $100 Sometime I would like to ask them in the future like around December. Are we allowed to take a vacation? There's the 3 day a week minimum. Wow I feel like being employed again asking for a day off And who do I call for making a sick call?

Just messing around

I'm sure that they'll allow us a break after a few months! Everyone closes around the christmas period. It would be great if you could join me on the $100k but I don't blame you for testing the waters first

I'm already finished for today - reached my target without any problem. No good worrying about trading the NY session today because they're on holiday

My first MFF trade. Short EURNZD, counter trend. Currently up 12 pips... Thinking of moving it to BE. My target is 53 pips will I get it? Depends on the trailing stop. Well see.