{quote} Leeloo ... OMG. 300k challenge 30 contracts 20k profit target 7.5k trailing DD $675 per MONTH !!!!!!! I checked it out .... Now bin it ! Masterrmind .......
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Problem is they have trailing drawdown on unrealized profits so if account goes from 300K to 307.5k and goes bac to 300K without closing position you will loose account. Also you can't withdraw till 9 months. Its not good.
Traders need to be very aware of what a trailing drawdown entails.
Its of no benefit to the trader whatsoever, simply very very tight control by the firm.
Yes and the withdraw time frame ... crazy !
Masterrmind ........
Master your Mind then Master your Trades
{quote} I agree with your judgement on the trailing drawdown. However, from what I see, there is no evaluation? That's probably why they only allow withdrawal after 9 months. Imagine if everyone paid the money and gambled away. But having said that, I'm not for or against this firm..
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Quote from their page https://support.leelootrading.com/kb...-overview.aspx:
- Stop trading, log into the Support Portal, and send a ticket within 72 hours of passing your evaluation. In the message body type items 1-5 in list format, and attach #6 and #7. (Click Example)
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ps:
If you know of any futures prop firm which does not put people on evaluation but live funded account on day 1, please let us know. We have not found any until now 
{quote} Agreed. Traders need to be very aware of what a trailing drawdown entails. Its of no benefit to the trader whatsoever, simply very very tight control by the firm. Yes and the withdraw time frame ... crazy ! Masterrmind ........
So in the end, people who pass are actually what I call 'tick traders' example they trade ZB for just 1-2 ticks profit kind or NQ for 2-4 ticks profit and 100-200 such trades on NQ a day. But they falter and do less trades on funded acct, and end up getting axed by some of these firms who also implement a 'consistency rule' like OneUp.
- | Joined Jan 2010 | Status: Member | 221 Posts
{quote} -------------- ps: If you know of any futures prop firm which does not put people on evaluation but live funded account on day 1, please let us know. We have not found any until now
AudaCity Capital has a world-renowned reputation for funding and backing profitable traders. If you have the talent and know how, we will provide you with the necessary funding, shaping your future. If you are a successful trader, ambitious with proven trading strategy who is looking to move to the next level, then our Funded Trader Program is exactly what you’re looking for!
Not sure what they mean by "proven trading strategy" I guess if one has some verified trading statement or history working at another firm?
Also, here's the interview I was referring to:
Inserted Video
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} You are right. I always found trailing SL to be a nuisance and never understood the value of it. What it does is restrict your profit potential. I knew people who got disqualified because their trailing SL hit although they were still in good profit overall? These firms will claim your trading style is 'no good' because you left 'too much profit' on the table to justify axing/disqualifying you... lol. So in the end, people who pass are actually what I call 'tick traders' example they trade ZB for just 1-2 ticks profit kind or NQ for 2-4...
Traders need to avoid these firms.
Masterrmind ........
Master your Mind then Master your Trades
- Joined Sep 2020 | Status: Member | 7,111 Posts
If I don't mention SL and/or TP = longer-term setup possibly in the works!
Hey guys, what are your thoughts on Myfxseed.com ? Looks like the same as the other new "prop firms" appearing every month. Only difference with FTMO is they also offer "Accounts Management program", but those "master traders" they have, are not that really reliable imho. +6 months and 1 year experience for some of them, really? and most of them trading based on EMAs, trendline, nah...forget it man. No way...
and maybe add some friends taking my own challenge with them as well right now, no problems thus far. if they do prove themselfs as legit there is much potential with them. you can be an account manager and also trade a live account with 1:20 leverage and your own account of 1:100 leverage
spare me a few months to pass the verification stages for propfirm and myfxseed and see what happenes next (i hope i'll pass anyway, worst case a free retry on fxseed, the propfirm i passed the challenge).
propfirm support is yucks
- Joined Sep 2020 | Status: Member | 7,111 Posts
Hey guys, what are your thoughts on Myfxseed.com ? Looks like the same as the other new "prop firms" appearing every month. Only difference with FTMO is they also offer "Accounts Management program", but those "master traders" they have, are not that really reliable imho. +6 months and 1 year experience for some of them, really? and most of them trading based on EMAs, trendline, nah...forget it man. No way...
for after the challenge, " There is an account review if you drawdown 5% in any given day. "
reasonable !
subjective consistency rule
So basically, if you have different strategies that necessitate different money management, they can take you out subjectively..... even if you never even got close to their dd.
Ftmo has managed to take all subjective rule out. If they can do it, so can the others. I wouldnt go with ANY firm that has ANY subjective rules in place.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
- Joined Feb 2011 | Status: Member | 6,018 Posts
I'm seriously considering joining Mastermind. I was toying with TPT or Myff but the customer service is really poor on both of them. Probably Myff is a better bet but they don't yet offer a $200k option and to be honest I'm frightened by their 5% daily DD on equity and balance having failed on that very issue before.
My view is that if one goes for a $200k (I believe Fidelcrest offers up to $400k but I don't trust them) one can still trade 5 lots per trade (max) and set a reasonable SL and one is only risking 2% to 3% of the account. The secret of course is to only open and close one trade at a time, either at TP or SL.
My view is that if one goes for a $200k (I believe Fidelcrest offers up to $400k but I don't trust them) one can still trade 5 lots per trade (max) and set a reasonable SL and one is only risking 2% to 3% of the account. The secret of course is to only open and close one trade at a time, either at TP or SL.
I'm seriously considering joining Mastermind. I was toying with TPT or Myff but the customer service is really poor on both of them. Probably Myff is a better bet but they don't yet offer a $200k option and to be honest I'm frightened by their 5% daily DD on equity and balance having failed on that very issue before.