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prop firm new model - my trading journey

  • #561
  • Nov 15, 2020 3:35am Nov 15, 2020 3:35am
Quoting maflip
{quote} They analyze account manually this is why they are slow to pay sometimes. I'm sure you will get paid. Hopefully, there is no consistency rule violation. That rule is actually getting annoying. I hope they remove it and just stick to daily drawdown. There are days when the market is good but I cant trade anymore. Or there are days when market is bad but I am forced to trade that day. Anyway, keep us updated if you got paid or not.
There is no consistency or other violation i keep track everything on real time averages from day 1 of the account matches the weekly's etc , but either way its kinda worrying when you have to spend so many hours per week working for them (the fact that they do not allow you to copy trades from non MFF accounts make it necessary to dedicate extra hours just to manage their accounts) and the fact that they are a new company and i honestly got paid only once and an insignificant amount plus the fact that i couldn't manage to find a real person behind the company their a founder or any of the employee's linked in . and the Star Global Group brings up several companies mostly in India and nothing forex related plus the fact that they post " Payouts has been initiated " without having received a notification.

I was i think their biggest advocate online especially after receiving exceptional fast and on point support in the first couple of weeks but i am going to ask them if this is the way it going to be from now on i dont think i am going to stick with them. I understand that they work on weekend in order to provide support to their increasingly demand etc but on the other hand if you cant handle your current workload why expand and have your traders wait for a payout or a reply or their account credentials ? That is stressful and not productive for both parties.

In around 12 hours Asian sessions starts and i haven't received the payout neither the credential for the new accounts in order to set them up (with the copiers)and be ready. I cant see how this is going to work if this remain as an ongoing issue.

I ll update if and when i get a reply.
  • #562
  • Nov 16, 2020 4:57am Nov 16, 2020 4:57am
Quoting Brokewaplan
{quote} There is no consistency or other violation i keep track everything on real time averages from day 1 of the account matches the weekly's etc , but either way its kinda worrying when you have to spend so many hours per week working for them (the fact that they do not allow you to copy trades from non MFF accounts make it necessary to dedicate extra hours just to manage their accounts) and the fact that they are a new company and i honestly got paid only once and an insignificant amount plus the fact that i couldn't manage to find a real person...
You still haven't been paid? There are others as well complaining not getting paid right now.
  • #563
  • Nov 16, 2020 5:08am Nov 16, 2020 5:08am
Quoting maflip
{quote} You still haven't been paid? There are others as well complaining not getting paid right now.
Lond story short , after a couple of back and forth emails , because of a consistency-based flag, My trades per day and my lots per day was fine but on the 2 last days i ve made a couple of scale in trades where instead of using my average opener volume i broke down the position in 5 or 10 parts when instead for example
to open 10 lots i placed 1x 10 orders that raised a flag their risk department cleared those "scale-in" trades and as a result that left my averages short according to their consistency rules since they were around 13% percent of my overall trade(orders)volume of the the last 10 days.
I ve got mixed feelings about this , i added that parameter to my management rules and i will wait until the next payout in order to give an updated review of my overall experience so far.
  • #564
  • Nov 16, 2020 5:16am Nov 16, 2020 5:16am
Quoting Brokewaplan
{quote} Lond story short , after a couple of back and forth emails , because of a consistency-based flag, My trades per day and my lots per day was fine but on the 2 last days i ve made a couple of scale in trades where instead of using my average opener volume i broke down the position in 5 or 10 parts when instead for example to open 10 lots i placed 1x 10 orders that raised a flag their risk department cleared those "scale-in" trades and as a result that left my averages short according to their consistency rules since they were around 13% percent...
Yeah, that consistency rule is getting to me too. Right now, I'm in profit in a trade. But profit is small. However, I can't trade anymore as I am already at my daily trade average and lot size average. I am getting annoyed. They really should remove it.
  • #565
  • Nov 17, 2020 5:59am Nov 17, 2020 5:59am
Quoting Brokewaplan
{quote} Lond story short , after a couple of back and forth emails , because of a consistency-based flag, My trades per day and my lots per day was fine but on the 2 last days i ve made a couple of scale in trades where instead of using my average opener volume i broke down the position in 5 or 10 parts when instead for example to open 10 lots i placed 1x 10 orders that raised a flag their risk department cleared those "scale-in" trades and as a result that left my averages short according to their consistency rules since they were around 13% percent...
Are you saying you never got paid because of that?
  • #566
  • Nov 18, 2020 2:19am Nov 18, 2020 2:19am
Quoting Mtinifx
{quote} Are you saying you never got paid because of that?
Yes. This time i am using same trade s/day and lots per/day averages (and watch this ) exactly the same lots / order every day.
  • #567
  • Nov 18, 2020 3:08am Nov 18, 2020 3:08am
Quoting Brokewaplan
{quote} Yes. This time i am using same trade s/day and lots per/day averages (and watch this ) exactly the same lots / order every day.
Wow that's very disappointing for you! The consistency rule is a huge stumbling block and also a great excuse to not pay people out!
  • #568
  • Nov 18, 2020 3:16am Nov 18, 2020 3:16am
Quoting Mtinifx
{quote} Wow that's very disappointing for you! The consistency rule is a huge stumbling block and also a great excuse to not pay people out!
I don't find the consistency rule wrong if your think about it from their perspective and based on their business model it is necessary and totally understandable , also its something that a trader with a positive expectancy could easily adjust. The problem with my situation wasn't in the model they demonstrate in their rules (average +/-100% Trades/day average +/-100% lots/day ) that was ok , within the individual orders (lot sizing) i had big deviations thing that i do not recall have read anywhere in their rules but i can understand that it makes sense based on their claim.
We ll find out next week if that was the case tho and not the amount of the payout...
  • #569
  • Nov 18, 2020 3:43pm Nov 18, 2020 3:43pm
(Fingers crossed that I won't get dragged over hot coal just because this is my first post.)

I just wanted to say thanks to everyone for taking the time to post about their experiences. I can now confidently cross myforexfunds out. I will never use them as an option. The consistency rule is a bit too fuzzy for me.

I have been reading this and other threads about the possibilities of using online prop trading firms. I plan on attempting to join 1 or 2 next year. I am going to hold off on saying which ones I am interested in. If I have learnt one thing from reading most of these threads, it's that if you are a first time poster, you are going to get bashed/accused of being a troll/salesman for a prop firm.

I'm a big fan of positive thinking. So I'll say this. When I am successful next year, I will open a thread and post my experiences/results so that others may benefit from it and make an informed decision.

Good luck to everyone. Stay safe.
  • #570
  • Nov 19, 2020 3:52pm Nov 19, 2020 3:52pm
Quoting jjadams
(Fingers crossed that I won't get dragged over hot coal just because this is my first post.) I just wanted to say thanks to everyone for taking the time to post about their experiences. I can now confidently cross myforexfunds out. I will never use them as an option. The consistency rule is a bit too fuzzy for me. I have been reading this and other threads about the possibilities of using online prop trading firms. I plan on attempting to join 1 or 2 next year. I am going to hold off on saying which ones I am interested in. If I have learnt one...
No problem mate. Can't blame you for that decision. Good luck to you too
  • #571
  • Nov 22, 2020 6:52am Nov 22, 2020 6:52am
Is FTMO a good prop firm to start with ?
every Saint has a past. Every Sinner has a Future
  • #572
  • Nov 23, 2020 2:55am Nov 23, 2020 2:55am
Quoting turnip15
Is FTMO a good prop firm to start with ?
Wrong thread. This thread is about Myforexfunds and Forextips101.
  • #573
  • Nov 23, 2020 3:19am Nov 23, 2020 3:19am
Quoting Ede10
{quote} Wrong thread. This thread is about Myforexfunds and Forextips101.
Apologies.
every Saint has a past. Every Sinner has a Future
  • #574
  • Nov 28, 2020 2:09am Nov 28, 2020 2:09am
I'm glad they have introduced a one-time fee model.
  • #575
  • Nov 28, 2020 9:53pm Nov 28, 2020 9:53pm
Quoting Ede10
I'm glad they have introduced a one-time fee model.
Who? which one
Without despair & distraught, focus on Patience to FRESH MOTiVES.
  • #576
  • Nov 29, 2020 4:02am Nov 29, 2020 4:02am
Quoting skyf
{quote} Who? which one
MyFF have it. You can check on their website. But the the initial fee is considerably higher of course
  • #577
  • Nov 29, 2020 4:23am Nov 29, 2020 4:23am
Anyone still in the game with FT or Myff?

Brokewaplan or Maflip?
  • #578
  • Nov 30, 2020 4:01am Nov 30, 2020 4:01am
Quoting Mtinifx
Anyone still in the game with FT or Myff? Brokewaplan or Maflip?
Still in with MFF even if I get annoyed with the consistency rule. Made enough to pay for the FTMO challenge with an initial capital of $70 . Right now I hit the profit target but need to trade more to be within their rule.

That method I showed you the counter trend and the trend trade? Have you been applying it? Right now those counter trend setups on Dax is sharp. Almost precise entry.
  • #579
  • Nov 30, 2020 7:30am Nov 30, 2020 7:30am
Quoting maflip
{quote} Still in with MFF even if I get annoyed with the consistency rule. Made enough to pay for the FTMO challenge with an initial capital of $70 . Right now I hit the profit target but need to trade more to be within their rule. That method I showed you the counter trend and the trend trade? Have you been applying it? Right now those counter trend setups on Dax is sharp. Almost precise entry.
Oh good. Well done

But your payouts have all been very small right?

I might try again but Brokewaplan's experience was a bit disturbing.
  • #580
  • Nov 30, 2020 7:56am Nov 30, 2020 7:56am
Quoting Mtinifx
{quote} Oh good. Well done But your payouts have all been very small right? I might try again but Brokewaplan's experience was a bit disturbing.
It's my payout this Friday. If I stay on course I'm expecting $300. In another two weeks, If I trade the same then it's $600 so it will be $900 total in a month.

Oh yeah and lately, I only trade 3x a week.

However, I'm getting really tired of this low payout. I'm beginning to smell I want to go for FTMO Challenge next year.
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