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prop firm new model - my trading journey

  • #441
  • Oct 19, 2020 3:03am Oct 19, 2020 3:03am
Quoting Ede10
I also joined last week but now I find their consistency rule to be really bothersome. It forces me to take more trades in a busy day. Then there is the monthly subscription fee. Also take into account very low profit share during the first 3 months. {image}
Exactly why i do not understand why anyone bothers with them at all. People complain about funding firms like 5ers, enfoid or FTMO for having challenges that last 20 days minimum and 50-70% profit split immediately from following month, but would settle for FT who don't actually fund you, but trick you into accepting 20% of your profits on the so called 100k accounts for 3 months while YOU ARE STILL THE ONE TO USE YOUR PROFITS TO FUND YOUR "REAL ACCOUNT" with $5000 per month until it reaches $15000 before you can then trade it for a larger profit share.

so where exactly is the 25k or 100k funding promised with the large profit split? lol smh
  • #442
  • Oct 19, 2020 3:09am Oct 19, 2020 3:09am
Quoting ForexTT
{quote} Yeah, it is kinda annoying. But I find their business model much more interesting than that of many prop firms out there. The fact that there is no challenge to take is attractive. I will give them a trial run and see what happens
Manipulating people into thinking receiving biweekly payments is a better arrangement while steering people away from the fact that you would actually be doing some sort of challenge for 3 months where you have to earn "untradeable" $5000 monthly in order to build up your real account to $15000 before it becomes tradeable, all while earning only 10-20% of your profits on the so called funded demo accounts for 3 MONTHS..

and you think this business model is interesting?
  • #443
  • Oct 19, 2020 4:36am Oct 19, 2020 4:36am
Quoting Koop
{quote} Manipulating people into thinking receiving biweekly payments is a better arrangement while steering people away from the fact that you would actually be doing some sort of challenge for 3 months where you have to earn "untradeable" $5000 monthly in order to build up your real account to $15000 before it becomes tradeable, all while earning only 10-20% of your profits on the so called funded demo accounts for 3 MONTHS.. and you think this business model is interesting?
A total joke.
Without despair & distraught, focus on Patience to FRESH MOTiVES.
  • #444
  • Oct 19, 2020 8:16am Oct 19, 2020 8:16am
Quoting maflip
{quote} Setup in circles... After a new lower low candle bar. Oh look Maflip giving away his system . It's just fractal and AO and some price action. {image}
Well you either like MFF or not it's up to the trader. As for me, I tried it since I got the no monthly fee promo. But like I said earlier, only go with MFF if you are consistent. You don't want to turn into a cash cow paying monthly fees every month.

Now back to trading. Remember I mentioned this last weekend? Took a trade just couple minutes ago and it gave something really quick, and partial profit +10 pips. Letting the rest run. No profit target just trailing stop.

Stop now at BE and risk free.
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  • #445
  • Oct 19, 2020 8:24am Oct 19, 2020 8:24am
Quoting maflip
{quote} Well you either like MFF or not it's up to the trader. As for me, I tried it since I got the no monthly fee promo. But like I said earlier, only go with MFF if you are consistent. You don't want to turn into a cash cow paying monthly fees every month. Now back to trading. Remember I mentioned this last weekend? Took a trade just couple minutes ago and it gave something really quick, and partial profit +10 pips. Letting the rest run. No profit target just trailing stop. Stop now at BE and risk free. {image}
Well done mate and I totally agree with you.

Myff may not be for everyone but I'm happy with the model.

I've gone for another account - smaller this time but trading within strict limits
  • #446
  • Oct 19, 2020 8:29am Oct 19, 2020 8:29am
Must say that I'm still totally confused with the consistency rules so I'm just trying to stick with the same amount of trades and the same amount of lots each day.

Today I've opened 4 trades, totalling 3.5 lots

So tomorrow I do the the same and keep sticking to 4 trades for say 4 lots each day - can't be accused of being inconsistent right?

If I make my target with 2 lots, then all I do is I open and close 2 quick scalps for the other 2 lots to remain consistent. OK?
  • #447
  • Oct 19, 2020 8:47am Oct 19, 2020 8:47am
I don't clearly understand what they mean here.
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  • #448
  • Oct 19, 2020 8:59am Oct 19, 2020 8:59am
Quoting Ede10
I don't clearly understand what they mean here. {image}
It means opened trades, even if not yet closed, it will count as 1, and the minimum trade per day is up to the trader whatever the traders weekly average up to -2, +2 deviation. In my case my minimum trade per day required is 2 trades.
  • #449
  • Oct 19, 2020 9:06am Oct 19, 2020 9:06am
Quoting Mtinifx
Must say that I'm still totally confused with the consistency rules so I'm just trying to stick with the same amount of trades and the same amount of lots each day. Today I've opened 4 trades, totalling 3.5 lots So tomorrow I do the the same and keep sticking to 4 trades for say 4 lots each day - can't be accused of being inconsistent right? If I make my target with 2 lots, then all I do is I open and close 2 quick scalps for the other 2 lots to remain consistent. OK?
Then if you trade the same way for 3 days. Your minimum lot to trade on day 4 is 1.75, max lot 7. Your minimum trade is 2, maximum trade is 8. Here is the Excel sheet bud. Just punch your trades in here. . If you did not trade on a certain day just leave it blank.

I filled day 1 to 3 for you already.

If I make my target with 2 lots, then all I do is I open and close 2 quick scalps for the other 2 lots to remain consistent. OK? - YES
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File Type: xlsx MFF Consistency Check FFShare.xlsx   16 KB | 270 downloads
  • #450
  • Oct 19, 2020 1:02pm Oct 19, 2020 1:02pm
Quoting Koop
{quote} Manipulating people into thinking receiving biweekly payments is a better arrangement while steering people away from the fact that you would actually be doing some sort of challenge for 3 months where you have to earn "untradeable" $5000 monthly in order to build up your real account to $15000 before it becomes tradeable, all while earning only 10-20% of your profits on the so called funded demo accounts for 3 MONTHS.. and you think this business model is interesting?
It might not be interesting to you, but what intrigues me is the fact that I will be paid profits during the process of building my account. FTMO and others have a target and a time limit, which to me is pressure I do not like.
  • #451
  • Oct 19, 2020 1:11pm Oct 19, 2020 1:11pm
Quoting maflip
{quote} Well you either like MFF or not it's up to the trader. As for me, I tried it since I got the no monthly fee promo. But like I said earlier, only go with MFF if you are consistent. You don't want to turn into a cash cow paying monthly fees every month. Now back to trading. Remember I mentioned this last weekend? Took a trade just couple minutes ago and it gave something really quick, and partial profit +10 pips. Letting the rest run. No profit target just trailing stop. Stop now at BE and risk free. {image}
True, it all comes down to individual preference. For me FTMO model (and company) kinda puts the trader under a lot of pressure to hit 10% in a month, something most professionals make in a year. So, in essence, you have two problems to worry about. Risk and target. What if you apply the best RM and fail to reach the target? You will be back to square one... But with MFF model, you only worry about RM, and get paid in the process. I mean, isn't that awesome?
  • #452
  • Oct 19, 2020 2:15pm Oct 19, 2020 2:15pm
Quoting ForexTT
{quote} True, it all comes down to individual preference. For me FTMO model (and company) kinda puts the trader under a lot of pressure to hit 10% in a month, something most professionals make in a year. So, in essence, you have two problems to worry about. Risk and target. What if you apply the best RM and fail to reach the target? You will be back to square one... But with MFF model, you only worry about RM, and get paid in the process. I mean, isn't that awesome?
the 10% profit is just for the challenge and 5% for verification.... and no target afterwards yeah the challenge, and thats what I call a challenge ! Remember, as long as youre in profit after the challenge, even just 1$, you can take do it again for free, again and again, as long as you end up in profit. Not a bad idea.

https://ftmo.com/en/
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #453
  • Oct 19, 2020 2:22pm Oct 19, 2020 2:22pm
Quoting ForexTT
{quote} True, it all comes down to individual preference. For me FTMO model (and company) kinda puts the trader under a lot of pressure to hit 10% in a month, something most professionals make in a year. So, in essence, you have two problems to worry about. Risk and target. What if you apply the best RM and fail to reach the target? You will be back to square one... But with MFF model, you only worry about RM, and get paid in the process. I mean, isn't that awesome?
I mean, if awesome means you would rather try your best and make profits of say about $3000 0r $5000 in a month only to get to keep 20% of it which is $600 or $1000 respectively, ON A 100K ACCOUNT, then fine.

FTMO puts the trader under pressure to earn 10% for just 1 month. It's a CHALLENGE brother!!.. Verification is 5% in 60 days...get through that and you can earn only 50 dollars a month if you want. However, if you manage to make the same $3000 0r $5000 you made on MFF, you get to keep $2100 or $3500 respectively. Lmao It's a no brainer, i mean, in one month you would be keeping profits that 3 months with MFF won't give you.

oh, monthly subs lol, none of which are refundable, with ambiguous conditions like "strategy and position size consistency".

But hey, if that's what you prefer, great.

i'll probably give them a try too when i'm able to run through all the more profitable options.
  • #454
  • Oct 19, 2020 9:31pm Oct 19, 2020 9:31pm
No offense, guys. You do you, as they say.

But it just seems to me like MFF requires you to jump through so many hoops (e.g., minimum number of trades per week or that crazy consistency rule)...for sooo little little to make it worthwhile. And paying them a monthly subscription fee to boot!

Same thing with FT, of which MFF is obviously a copycat. At least, to their credit you know the person behind the former.

Btw, can anyone give feedback about the prop firm City Traders Imperium?
Amor Fati--F. Nietzsche
  • #455
  • Oct 19, 2020 9:44pm Oct 19, 2020 9:44pm
Quoting doji
No offense, guys. You do you, as they say. But it just seems to me like MFF requires you to jump through so many hoops (e.g., minimum number of trades per week or that crazy consistency rule)...for sooo little little to make it worthwhile. And paying them a monthly subscription fee to boot! Same thing with FT, of which MFF is obviously a copycat. At least, to their credit you know the person behind the former. Btw, can anyone give feedback about the prop firm City Traders Imperium?
I've been thinking about doing a youtube series just going though the prop firms. Their pros, cons, what type of strategies might benefit or not work. And the fine print of it. But from a completely unbias position. Not promoting or negatively of them. Some of these are crazy but people like them.

I've been going through the list one by one just making notes for myself, then getting to the point where I'm just crossing them out. City traders imperium is basically another the5ers, just get to 2 million in capital quicker. For me personally, the5ers and CTI are going to best long term. It's as simple as just focus on risk, that's it.

Risk management is something I can try and teach, recommend they add, make free risk managers for people, but its just the part of trading they have to overcome themselves to do. Cause anyone can risk 1% on a trade but it's useless if they still move or delete their stops afterwards. So they tend to look at others with higher risk but then very interesting conditions.
The best strategy is a profitable one.
  • #456
  • Oct 19, 2020 9:53pm Oct 19, 2020 9:53pm
Good idea, Anran.

You could start the Forex Peace Army for prop firms!
Amor Fati--F. Nietzsche
  • #457
  • Oct 19, 2020 10:51pm Oct 19, 2020 10:51pm
Quoting doji
Good idea, Anran. You could start the Forex Peace Army for prop firms!
Could help me pass the time. Though I've never done anything like that before. Any recommended software?

I think an unbiased perspective is good. Cause on one side you have these people who think everything is negative but selling something or secretly taking the challenges themselves. On the other end, more specifically on forums, you have people who are so attached to the idea of actually getting capital they ignore the most obvious things. Just with all the technical issues FTMO has you see it on their thread a lot, they go crazy excusing it even when they're already in and paid up. imagine how much people ignore on these other firms before they even start them
The best strategy is a profitable one.
  • #458
  • Oct 20, 2020 12:51am Oct 20, 2020 12:51am
I think that an UNBIASED review site (or you tube channel) specifically devoted to prop firms is much-needed given their popularity at this time.

Just make sure that you make a full disclosure about the firm/s that you're affiliated with as a trader so your credibility is not compromised.

As for software reco, you'd be better off asking the kids around the forum rather than a Luddite like myself.
Amor Fati--F. Nietzsche
  • #459
  • Oct 20, 2020 3:12pm Oct 20, 2020 3:12pm
Quoting AnRan
{quote} Could help me pass the time. Though I've never done anything like that before. Any recommended software? I think an unbiased perspective is good. Cause on one side you have these people who think everything is negative but selling something or secretly taking the challenges themselves. On the other end, more specifically on forums, you have people who are so attached to the idea of actually getting capital they ignore the most obvious things. Just with all the technical issues FTMO has you see it on their thread a lot, they go crazy excusing...
fun projects !

If you want more of a forum, my best suggestion is discourse.org It is 100% free and really amazing. Of course you would need to learn how to host it, etc. They themselves have hosting and great support but that is $$$$$.

If you want more of a blog for this, then there are countless great free blog themes, for wordpress, or just simple html and css, or easy bootstrap, or if you know a bit more, gatsby. For these google is a great friend.



If you want more of a forum, my suggestion is discourse.org It is 100% free and really amazing. Of course you would need to learn how to host it, etc. Or they themselves have hosting and great support but that is $$$$$.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #460
  • Oct 21, 2020 12:08am Oct 21, 2020 12:08am
Quoting AnRan
{quote} I've been thinking about doing a youtube series just going though the prop firms. Their pros, cons, what type of strategies might benefit or not work. And the fine print of it. But from a completely unbias position. Not promoting or negatively of them. Some of these are crazy but people like them. I've been going through the list one by one just making notes for myself, then getting to the point where I'm just crossing them out. City traders imperium is basically another the5ers, just get to 2 million in capital quicker. For me personally,...
Something like this but more detailed right?

Inserted Video

Inserted Video



Btw he addresses the sneaky Funding talent/MFF model too.
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