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prop firm new model - my trading journey 871 replies

Anyone trading with a Prop firm 2 replies

So I accepted a Prop Trading job in South Beach Miami 43 replies

Attachments: Prop Firm Hub
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Prop Firm Hub

Quoting pipmaster77
{quote} Yes, 100K eval. I used Tickmill from a recommendation of someone on the thread. However, they announced in discord last night, Tickmill will no longer be available moving forward. I asked support and I will finish stage 1 on Tickmill and then be migrated. Pretty much everything is being moved to their own server, just like FTMO did. I guess it gives these firms much better control. If it will be like FTMO, you will be on demo but the feed comes from the LPs on their live server.

The third party stuff isn't good for anyone. The number of times people have been bitching in discord from the servers of brokers being down.. Imagine getting bombarded with abuse because icmarkets cant make their demo servers function properly and being incapable of doing anything about it. Only way to go is own server imo.
Quoting Masterrmind
{quote} Only the one broker choice, namely KOT4X. Never dealt with them. Only regulated in SVG. Crypto runs over the weekend and modest spread that I've seen so far, however, I'd need to run a spread profile and compare it to FTMO among a few others. I'm far from committing to a challenge at this stage, simply posting current findings in the hope it is of some use to others. Any trader taken on a challenge with them of at least 100k, preferably 200k, do report back. Note: 3 x $200k challenges could be played at the one time with a $600k funded account...

Kot4x is a signal scammer guys broker. Plenty of warnings not to put money there on forexpeacearmy.
Quoting pipmaster77
{quote} Yes, 100K eval. I used Tickmill from a recommendation of someone on the thread. However, they announced in discord last night, Tickmill will no longer be available moving forward. I asked support and I will finish stage 1 on Tickmill and then be migrated. Pretty much everything is being moved to their own server, just like FTMO did. I guess it gives these firms much better control. If it will be like FTMO, you will be on demo but the feed comes from the LPs on their live server.
Did they accept your request for continuing with Tickmil?
Intraday only.
Quoting EnoFX
{quote} That broker is a scam. Stay away at all costs.
Not heading down that Prop Firm pathway by any means.

Simply like the trading objectives.

Best case scenario is 'IF' a reasonable Prop Firm with some reasonable payout history were to take onboard some of these conditions.

In reality, I would think that they probably wouldn't even be bothered if they have assessed the 'new' arrival as a no threat entity !

Its not always about the fee !

Masterrmind ...........
Master your Mind then Master your Trades
Quoting pipmaster77
{quote} We have someone in here that used them. He said stay away.
Okay, Thanx
Allergic to bullshitters, never argue with fools
Quoting Takisd
{quote} Kot4x is a signal scammer guys broker. Plenty of warnings not to put money there on forexpeacearmy.
Lmao Cue Banks
Quoting navk
{quote} Did they accept your request for continuing with Tickmil?
I got reply from Chat person as under :

Hello!
You will not have a problem with that.
Those who have tickmill at the moment can keep using it, but when their phase has ended or cycle they won't get tickmill again.
So,since your in phase 1 right now with tickmill,you continue with it and when your done your next account cannot be tickmill
Intraday only.
Quoting pipmaster77
{quote} "...being in the US and simply refusing to use any of the 3 remaining "regulated" brokers I'm allowed to use, I opt for the unregulated, high leverage offshore brokers. Once I break it down, you'll hopefully understand it is the most risk-adverse situation you can put yourself in."
Pipmaster, really appreciate the detailed breakdown especially for those of us in the US. Helpful. I had something similar in mind but I'm just at the beginning. Nice template to follow. Thank you!

The 5%ers just completely changed things up with their "Summer Plan." I have a friend interested and he made me aware of the current plan.
https://the5ers.com/top-1/
Can't say the "summer plan" is of any interest to me.

Its basically a free version of the paid plan with an extra step.

Edit: Just realised you have to pay.

So its a cheap eval model with heavier restrictions and lower profit share. lol
Quoting Takisd
Can't say the "summer plan" is of any interest to me. Its basically a free version of the paid plan with an extra step.

Understood. Some who prefer that model may like a challenge that doesn't cost anything. I still don't like their leverage.
Quoting ForexGalVA
{quote} Pipmaster, really appreciate the detailed breakdown especially for those of us in the US. Helpful. I had something similar in mind but I'm just at the beginning. Nice template to follow. Thank you! The 5%ers just completely changed things up with their "Summer Plan." I have a friend interested and he made me aware of the current plan. https://the5ers.com/top-1/
It is free initially, that's great.
But I have to make 30% to get live account and then I need to make another 25% to get to the $10K max loss.
It may be hard to digest that you won't get paid from making initial 30% of profits.
With FTMO model you can get $10K max loss after making only 15% if you choose $100K Challenge.

Different traders have different trading styles and different expectations.
One thing here to consider is time investment.
Well, if you don't like time constraints on FTMO model and don't mind to take it slow, then Summer plan may be for you.

Edit:
FTMO $50K Challenge
$420 fee, 15% target to get $5K max loss
time limit
if you fail, you lose the fee
70-30 profit split, slow growth plan

Summer Plan
$300 fee, 30% to get $4K max loss
no time limit
if you fail, you lose no money
50-50 initial profit split, faster growth plan

If you want no stress with time limits, risk no money initially and are happy to take it slow, then in the long term you may be happy with Summer Plan. And 10:1 leverage is enough for slower low-risk trading.
I wonder if the 5%ers will adjust the profit sharing percentage across the other programs.
Quoting endgame99
{quote} It is free initially, that's great. But I have to make 30% to get live account and then I need to make another 25% to get to the $10K max loss. It may be hard to digest that you won't get paid from making initial 30% of profits. With FTMO model you can get $10K max loss after making only 15% if you choose $100K Challenge. Different traders have different trading styles and different expectations. One thing here to consider is time investment. Well, if you don't like time constraints on FTMO model and don't mind to take it slow, then Summer...
If you like to take it slow, I'll say it again....put the "fee" in a personal account. It will actually allow you to trade slightly larger positions, and by stage 3 your personal account is blowing the 5%ers out of the water.
Just took a quick look at the "summer program". So you make 10% 3 times with no time restriction and no money out of pocket. If you do so, you pay $300 for 100K account with 4%DD. I see nothing wrong with running this on the side with tiny positions. Once you pay the $300 for $4k DD, it becomes pretty close to the FTMO/MFF model, just trade 33-40% of the size you would with MFF(12%DD) or FTMO(10%DD). I mean if you get to the top, you can essentially make 1% per month and your take is 24K.
Quoting pipmaster77
{quote} If you like to take it slow, I'll say it again....put the "fee" in a personal account. It will actually allow you to trade slightly larger positions, and by stage 3 your personal account is blowing the 5%ers out of the water. Just took a quick look at the "summer program". So you make 10% 3 times with no time restriction and no money out of pocket. If you do so, you pay $300 for 100K account with 4%DD. I see nothing wrong with running this on the side with tiny positions. Once you pay the $300 for $4k DD, it becomes pretty close to the FTMO/MFF...
Looks like they're out of stock already. Or they blacklisted me. lol
Quoting pipmaster77
{quote} If you like to take it slow, I'll say it again....put the "fee" in a personal account. It will actually allow you to trade slightly larger positions, and by stage 3 your personal account is blowing the 5%ers out of the water. Just took a quick look at the "summer program". So you make 10% 3 times with no time restriction and no money out of pocket. If you do so, you pay $300 for 100K account with 4%DD. I see nothing wrong with running this on the side with tiny positions. Once you pay the $300 for $4k DD, it becomes pretty close to the FTMO/MFF...
Putting money in your account instead of taking traditional 5%ers or CTI model makes sense as I showed before but there is one big problem that it won't work for majority of traders. When your account grows and becomes larger, the psychology of trading your own large account may get you to sabotage your trading. Not many traders can trade large live account. It is easier to trader OPM (other's people money).

Summer Plan looks kinda horrible intially. But what if you trade it on the side, slowly and it takes you 3-4 months to make 30%? Who cares? But once you make it and later start growing account every 5%, after 12 months of slow trading you may actually arrive to account over $1M.
So if you're thinking long term, once you get to the $40-50K max loss, then it could be plenty enough to generate decent monthly income. Even profit share will get to 70-30 eventually.

Something to consider. Costs you nothing to see what you can do with it.
Quoting pipmaster77
{quote} Looks like they're out of stock already. Or they blacklisted me. lol
I tried too. Out of stock.

Shame they don't mention when the offer expires or how many accounts were available. No information on the page. This is not how you do it. Disappointing.
LuxTrading Firm...........300 pounds for 100K acc......with the same : no time limits.
But only 2 stages ( 6% of profit target each ) without 400 pips additional condition at 5%ers and 3 stages ( 10% of profit target each).
Quoting pipmaster77
{quote} Looks like they're out of stock already. Or they blacklisted me. lol
Looks like they are out of stock even before they strated... that is a nice "summer offer".....lol
Those who don't believe in magic will never find it
Quoting endgame99
{quote} I tried too. Out of stock. Shame they don't mention when the offer expires or how many accounts were available. No information on the page. This is not how you do it. Disappointing.
I don't think that summer program lasted more than a few hours. It was offered yesterday, only said "coming soon"
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