prop firm new model - my trading journey | Page 33 | Forex Factory

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  • #641
  • Dec 10, 2020 12:15pm Dec 10, 2020 12:15pm
Quoting Koop
{quote} Lol may not be the 5% per day that you're probably used to but this sounds like serious consistent progress. You started the new account this week right? Time to start selling your "How to beat MFF consistency rule" course for another stream of income lol.
Yeah LOL on the consistency rule Koop - just trying to show that one can work around it - though it's a real pain in the neck
  • #642
  • Dec 10, 2020 12:19pm Dec 10, 2020 12:19pm
Quoting ForexTT
{quote} I started the MFF account on the wrong foot. I am trading an average 0.15 lots per trade on a 10k account. As much as it is good on drawdowns, the gains are so slow. Still hovering around 1% returns. I will have to change when I start the second month. I am also trading an FTMO 100k account which I open an average of 5 lots per trade. Currently sitting at almost 7% for the month ending 18 December. Larger lot sizes are much more rewarding. The consistency rule is so annoying. I sometimes miss good setups because my trading...

That was clever idea to start an FTMO account as well. I'm going to do the same thing soon.

Yes 0.15 is too low to see any meaningful gain at least in the short term! I would try 0.5 on a 10k account if you can
  • #643
  • Dec 10, 2020 12:20pm Dec 10, 2020 12:20pm
Quoting Patje
{quote} Well done keep it up.... This consistency rule is really stupid though.... But if it works for you then it is great.... Keep on Rollin Cheers
Thanks Patje

Wish you could join us but I understand how you feel about the consistency rule
  • #644
  • Dec 10, 2020 12:51pm Dec 10, 2020 12:51pm
Quoting nadeesankha
{quote} Hi Friend, A friend of mine gave me this book about Trade Tips. Kindly look for it. Maybe it will help you not to lose again. Link to download book (Forex Fortunes Guide) : - https://www.uploadship.com/2e97133849cda672 Thanks Tharindu
Lol What a saviour
  • #645
  • Dec 10, 2020 1:24pm Dec 10, 2020 1:24pm
Quoting Patje
{quote} This consistency rule is really stupid though.... But if it works for you then it is great....
I second that!
  • #646
  • Dec 10, 2020 2:26pm Dec 10, 2020 2:26pm
Really hope that we carry on going down tomorrow guys otherwise it means banging up against support turned resistance areas again. Still looking for 1800 and below.
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  • #647
  • Dec 11, 2020 12:33am Dec 11, 2020 12:33am
Quoting Mtinifx
OK that's it for today. Have used up all my allowance That is the one nuisance factor but on the other hand I suppose it does stop one from overtrading which used to be my big problem! Feeling quite chuffed as I'm now almost 3% up on the 100k account. Will post my statement tomorrow at the end of the week. Trading larger lot sizes is the way to go guys - no doubt about it. Scary at first but you get used to it! {image}
Yeap, consistency rule is a nuisance like I said. But someone really smart mentioned we are making excuse for poor performance... Without trying out the firm himself... What an idiot... What's his name...??? RTK... cough cough WAR? What a dumbass 1000%

Consistency rule is workable, but a nuisance. My take on it after almost 4 months of trading with them. There are better firms out there that makes you focus on making money instead of worrying about number of trades and lot sizes everyday. If a trader is ok with that fine go for it. Just saying there are better firms out there.
  • #648
  • Dec 11, 2020 12:58am Dec 11, 2020 12:58am
Quoting tradista
{quote} I second that!
For me at least as the numbers off trades I take depend on the setup... Cheers
  • #649
  • Dec 11, 2020 2:50am Dec 11, 2020 2:50am
Quoting maflip
{quote} Yeap, consistency rule is a nuisance like I said. But someone really smart mentioned we are making excuse for poor performance... Without trying out the firm himself... What an idiot... What's his name...??? RTK... cough cough WAR? What a dumbass 1000% Consistency rule is workable, but a nuisance. My take on it after almost 4 months of trading with them....
Nearly four months bro? Well done indeed!

Yes as you quite rightly say, the consistency rule is workable but it's a darn nuisance!

I actually don't know if your XLS resets every week or whether it just carries forward to the next week? Will have to find out!
  • #650
  • Dec 11, 2020 3:01am Dec 11, 2020 3:01am
Quoting Patje
{quote} For me at least as the numbers off trades I take depend on the setup... Cheers
Exactly the same reason for me. Some days I might take, 2, 5 or 8 trades and some days no trades at all if the conditions are not in favor.
I won't force trades which are outside the plan.
  • #651
  • Dec 11, 2020 3:08am Dec 11, 2020 3:08am
Quoting Mtinifx
{quote} That was clever idea to start an FTMO account as well. I'm going to do the same thing soon. Yes 0.15 is too low to see any meaningful gain at least in the short term! I would try 0.5 on a 10k account if you can
At least with FTMO, yo don't have to worry about the way you trade. As long as it is profitable and risk averse. You only need to worry about making money and managing risk.
I am actually considering trading 0.5 lot when I start the new month. 0.15 lots is too low and sometimes it tricks me to hold trades for more than necessary and end up losing or at least break-even. (Trying to make some meaningful dollar amount lol)
  • #652
  • Dec 11, 2020 3:13am Dec 11, 2020 3:13am
Quoting maflip
{quote} Yeap, consistency rule is a nuisance like I said. But someone really smart mentioned we are making excuse for poor performance... Without trying out the firm himself... What an idiot... What's his name...??? RTK... cough cough WAR? What a dumbass 1000% Consistency rule is workable, but a nuisance. My take on it after almost 4 months of trading with them....
That is true bro. There are better firms out there. I mean, trading is a stressful event on its own, and now you have to worry about some unfounded consistence rule? Sometimes a single trade is enough to hit your daily target, but you are forced to take more trades just to even up with the consistence thing. That doesn't feel like freedom anymore
  • #653
  • Dec 11, 2020 3:24am Dec 11, 2020 3:24am
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?
Lol You're not making it sound so awesome any longer TT
  • #654
  • Dec 11, 2020 3:33am Dec 11, 2020 3:33am
Made more than my daily target on GBPJPY short but still have at least 5 more trades to catch up consistency.
  • #655
  • Dec 11, 2020 3:37am Dec 11, 2020 3:37am
Quoting Koop
{quote} Lol You're not making it sound so awesome any longer TT
Yeah, well, that was before I actually had a test of how much of a nuisance the consistency rule can be. Everything else is awesome, except for this one rule.
  • #656
  • Dec 11, 2020 4:09am Dec 11, 2020 4:09am
Quoting ForexTT
{quote} Yeah, well, that was before I actually had a test of how much of a nuisance the consistency rule can be. Everything else is awesome, except for this one rule.
Quoting ForexTT
Made more than my daily target on GBPJPY short but still have at least 5 more trades to catch up consistency.
Lol well, it seems this ONE rule is enough to overshadow the awesomeness if you think about it. You had a good GBPJPY trade but need to take at least 5 more trades. what happens if the next 2 don't work out? It's not like you could just take 0.01 trades just to meet up the trade number consistency either, because there is a lot size consistency rule as well. Damn.

btw, on JScave's Facebook group, i came across a prop firm that say they pay out 70% of profits biweekly. still researching, sounds too good to be true.
  • #657
  • Dec 11, 2020 5:12am Dec 11, 2020 5:12am
Quoting Mtinifx
{quote} Nearly four months bro? Well done indeed! Yes as you quite rightly say, the consistency rule is workable but it's a darn nuisance! I actually don't know if your XLS resets every week or whether it just carries forward to the next week? Will have to find out!
Yeah just play games waiting for a HH/HL or LL/LH at the H1 close before making a trade or when the most popular H1 bar hits it's equal look for counter trend. It's been working very well on DAX. Lots of waiting... You know what I mean
  • #658
  • Dec 11, 2020 5:17am Dec 11, 2020 5:17am
Like this one. It's at yesterdays popular bars target. Let's see what happens. Looking for a double whammy setup.
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  • #659
  • Dec 11, 2020 5:22am Dec 11, 2020 5:22am
Quoting maflip
Like this one. It's at yesterdays popular bars target. Let's see what happens. Looking for a double whammy setup. {image}
Let's see if 13000 holds. If not then I'm screwed...
  • #660
  • Dec 11, 2020 5:44am Dec 11, 2020 5:44am
Quoting Koop
{quote} {quote} Lol well, it seems this ONE rule is enough to overshadow the awesomeness if you think about it. You had a good GBPJPY trade but need to take at least 5 more trades. what happens if the next 2 don't work out? It's not like you could just take 0.01 trades just to meet up the trade number consistency either, because there is a lot size consistency rule as well. Damn. btw, on JScave's Facebook group, i came across a prop firm that say they pay out 70% of profits biweekly. still researching, sounds too good to be true.
Yep. It does overshadow everything awesome. Already been stopped out at break even one trade. I am now trying by all means not to give back my profits.
A 70% biweekly payout is massive. Please share when you find more about them. Hope they are legit.
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