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My Forex Funds - Discussion/Q&A

  • #201
  • Oct 28, 2021 1:10pm Oct 28, 2021 1:10pm
My beef with them on DAX is that for some reason unlike most brokers the server is not open 24/7. DAX can be good to trade during Asian session. Also it messes up the moving averages which I use with my EA

Also their US30 spread is really poor. Considering that almost 80% of trades by volume are on the Dow the spread is not competitive.
  • #202
  • Nov 7, 2021 11:48pm Nov 7, 2021 11:48pm
Hi MFF,

I'm doing your Evaluation Phase 1, and it has lapsed 35 days.
I have not violate any rules and account balance in profit.
I have requested numerous times for an extension or a free retry many times via email to [email protected] and [email protected].
I have even tried the website help section, and always get an automated reply that ticket is created, but to no avail.
As for the instant chat, I was put in line of 50-60 people, and before reach my turn, I always get disconnected.
After all I have done, I still haven't receive any reply from anyone.
Please advise how I can get the free retry?

Regards,
Kit
  • #203
  • Nov 8, 2021 12:21am Nov 8, 2021 12:21am
Quoting TraderKit
Hi MFF, I'm doing your Evaluation Phase 1, and it has lapsed 35 days. I have not violate any rules and account balance in profit. I have requested numerous times for an extension or a free retry many times via email to [email protected] and [email protected]. I have even tried the website help section, and always get an automated reply that ticket is created, but to no avail. As for the instant chat, I was put in line of 50-60 people, and before reach my turn, I always get disconnected. After all I have done, I still haven't receive...
If you have a genuine claim you should contact them on their discord channel. And on discord chat to the moderators too. best way to get your message across.
Look Left Trade Right
  • #204
  • Nov 8, 2021 2:24am Nov 8, 2021 2:24am
Quoting Basill
{quote} If you have a genuine claim you should contact them on their discord channel. And on discord chat to the moderators too. best way to get your message across.
They've had to stop support on Discord because of all the morons flooding it.

I just hang onto the chat for an hour and normally get through, I've had some issues but to be fair to MFF they've sorted it and I've had no problems with payout, etc.
  • #205
  • Nov 8, 2021 6:46am Nov 8, 2021 6:46am
Quoting TraderKit
Hi MFF, I'm doing your Evaluation Phase 1, and it has lapsed 35 days. I have not violate any rules and account balance in profit. I have requested numerous times for an extension or a free retry many times via email to [email protected] and [email protected]. I have even tried the website help section, and always get an automated reply that ticket is created, but to no avail. As for the instant chat, I was put in line of 50-60 people, and before reach my turn, I always get disconnected. After all I have done, I still haven't receive...
Hello TraderKit,

Please send us a DM in here so we can take a look at why you didn't get a response. If your account is in good standing we will provision the free retry ASAP.

Regards,
Yavuz Karadeniz
Trader Support Lead
www.myforexfunds.com
  • #206
  • Edited 9:35am Nov 8, 2021 9:20am | Edited 9:35am
As read on your Evaluation Rules, you consider latency arbitrage as "nefarious and abusive". It is the first time I see a proprietary trading firm addressing this type of strategy this way. Indeed, they usually find it as a must have strategy.

Are you really a proprietary trading firm eager to make money from traders' strategies?
Are you really looking for professional traders?
Or are you just a company looking for losers who pay your participation fees?

Attached Image (click to enlarge)
Click to Enlarge Name: 89771ce38d055103cce9727f3f42eaee.png Size: 41 KB
Always ready to help
  • #207
  • Nov 8, 2021 10:35am Nov 8, 2021 10:35am
Quoting PaulMF
Are you really a proprietary trading firm eager to make money from traders' strategies?
-You do realize that you are not trading directly on an exchange and that any trading that cannot be reproduced by MFF on a live account, under real market conditions, would be problematic for them? Why should they pay you if what you are doing is not profitable for them?
  • #208
  • Nov 8, 2021 10:38am Nov 8, 2021 10:38am
Quoting Nsak3y
{quote}-You do realize that you are not trading directly on an exchange and that any trading that cannot be reproduced by MFF on a live account, under real market conditions, would be problematic for them? Why should they pay you if what you are doing is not profitable for them?
Then that's another inconsistency that this company has with real propietary trading firms: not trading directly on an exchange.
Always ready to help
  • #209
  • Nov 8, 2021 10:46am Nov 8, 2021 10:46am
Quoting PaulMF
Then that's another inconsistency that this company has with real propietary trading firms: not trading directly on an exchange.
-These are not traditional prop firms. If you want something more traditional, then you can go with that, but you should not expect these online firms to be the same.

Anyway, any serious trader should do their due diligence, and should know how these firms are operating and why using such latency strategies on a demo account would not be allowed.

MFF starts everyone off on a demo account. This is clearly stated in their FAQ.
  • #210
  • Nov 8, 2021 11:44am Nov 8, 2021 11:44am
Quoting Nsak3y
{quote}-These are not traditional prop firms. If you want something more traditional, then you can go with that, but you should not expect these online firms to be the same. Anyway, any serious trader should do their due diligence, and should know how these firms are operating and why using such latency strategies on a demo account would not be allowed. MFF starts everyone off on a demo account. This is clearly stated in their FAQ.
Nsak3y meet PaulMF, PaulMF meet Nsak3y...

Nsak3y, paulMF is our savior, here to protect us all from the "evil" prop firms from which we make money. He hasn't been around in a while, but I am sure you will enjoy conversing with him.
  • #211
  • Nov 9, 2021 4:48pm Nov 9, 2021 4:48pm
Quoting Nsak3y
{quote}-These are not traditional prop firms. If you want something more traditional, then you can go with that, but you should not expect these online firms to be the same. Anyway, any serious trader should do their due diligence, and should know how these firms are operating and why using such latency strategies on a demo account would not be allowed. MFF starts everyone off on a demo account. This is clearly stated in their FAQ.
You got it. The FAQs unveil the real story: they don't want profitable traders, just losers who pay participation fees.
Always ready to help
  • #212
  • Nov 9, 2021 5:00pm Nov 9, 2021 5:00pm
Quoting PaulMF
As read on your Evaluation Rules, you consider latency arbitrage as "nefarious and abusive". It is the first time I see a proprietary trading firm addressing this type of strategy this way. Indeed, they usually find it as a must have strategy. Are you really a proprietary trading firm eager to make money from traders' strategies? Are you really looking for professional traders? Or are you just a company looking for losers who pay your participation fees? {image}
Hello Paul,

No liquidity provider will fill orders that are latency arbitrage or other systems that take advantage of metatraders archaic coding. If for some reason someone is hitting old prices and doesn't slip (most of the time they do) we either get a last look rejection or worse fill than the customer. Rather than go back and adjust fills to the customer, we just ban the practice outright as it is not trading.

We make money in a variety of ways and have always been transparent about it.

1) Users participation fees cover our expenses to operate as a business
2) Traders who reach the live trading accounts or accelerated accounts trade on our liquidity accounts and we execute trades according to our own risk profile. Its a little more complicated than A book / B book that you are likely to reply with. We generally execute all orders that can be filled in the market and then manage risk on the other side using our proprietary accounts. For example, if we think someone is a bad trader, we may trade short when they are long or vise verse.
3) Proprietary trading account profits from trade data. On top of taking risk out of our book we also may increase position size of successful traders to get more out of the market. As we have grown we have a lot more traders who we are doing this with than in the beginning and its becoming a model where we are starting to consider lowering our intake of new business. We aren't quite there yet, but sometime in 2022 we may start only taking new business in sporadic periods.

I think this answers most of your questions.

Our inner decision making on risk and proprietary functions is not for public disclosure (why would we give away our secret sauce when so many prop firms are popping up now).

Let me know if you have any more questions.

Sincerely,
Yavuz Karadeniz
Trader Support Lead
www.myforexfunds.com
  • #213
  • Nov 9, 2021 6:06pm Nov 9, 2021 6:06pm
Quoting MyForexFunds
{quote} Hello Paul, No liquidity provider will fill orders that are latency arbitrage or other systems that take advantage of metatraders archaic coding. If for some reason someone is hitting old prices and doesn't slip (most of the time they do) we either get a last look rejection or worse fill than the customer. Rather than go back and adjust fills to the customer, we just ban the practice outright as it is not trading. We make money in a variety of ways and have always been transparent about it. 1) Users participation fees cover our expenses...
Just disregard him. He's the resident know-nothing-troll that surfaces now and again.
Trade with confidence, trade without fear.
  • #214
  • Nov 10, 2021 6:20am Nov 10, 2021 6:20am
Quoting MyForexFunds
{quote} Hello Paul, No liquidity provider will fill orders that are latency arbitrage or other systems that take advantage of metatraders archaic coding. If for some reason someone is hitting old prices and doesn't slip (most of the time they do) we either get a last look rejection or worse fill than the customer. Rather than go back and adjust fills to the customer, we just ban the practice outright as it is not trading. We make money in a variety of ways and have always been transparent about it. 1) Users participation fees cover our expenses...

Hello Yavuz,

Sorry but you didn't answer my questions. I post them below again:

Are you really a proprietary trading firm eager to make money from traders' strategies?
Are you really looking for professional traders?
Or are you just a company looking for losers who pay your participation fees?

Quoting MyForexFunds
{quote}
...that take advantage of metatraders archaic coding.
Then why using MetaTrader? Why don't you provide any other technology? And why MT4 instead of MT5? I guess you don't provide TradingView because it is not possible, otherwise it would be a great niche of inexperienced "traders". That's a pity.


Quoting MyForexFunds
{quote}
1) Users participation fees cover our expenses to operate as a business
Well, there is no need for participation fees in order to run a proprietary trading firm. Unless you aren't and you are in need of income for advertisement to reach your beloved audience of inexperienced traders.



Quoting MyForexFunds
{quote}
Its a little more complicated than A book / B book that you are likely to reply with.
It wasn't my intention to ask about these typical techniques of brokers that experienced traders don't like. And it wasn't because you aren't a broker. The fact that you mention this arises many questions about your real intentions.

Quoting MyForexFunds
{quote}
For example, if we think someone is a bad trader, we may trade short when they are long or vise verse.
Really? I thought that your evaluation process would avoid bad traders. This is a must-have in your website. Traders should know that My Forex Funds may trade against them.

Quoting MyForexFunds
{quote}
3) Proprietary trading account profits from trade data.
First time I read something like this. Trade data is profitable!

Quoting MyForexFunds
{quote}
Our inner decision making on risk and proprietary functions is not for public disclosure (why would we give away our secret sauce when so many prop firms are popping up now).
No idea what you are talking about. I didn't ask anything related to this.

Sorry Yavuz, but I have to say this: very suspicious! Not convinced by your comments and what it is even worse, I'm very worried that this type of comments come from your side.


Sincerely,
Paul Martínez
Trader Protection Lead
https://www.forexfactory.com/paulmf
Always ready to help
  • #215
  • Nov 10, 2021 6:20am Nov 10, 2021 6:20am
Quoting Cryptosurf
{quote} Just disregard him. He's the resident know-nothing-troll that surfaces now and again.
Very kind and elegant as always... I really appreciate it.
Always ready to help
  • #216
  • Nov 10, 2021 1:47pm Nov 10, 2021 1:47pm
Quoting PaulMF
{quote} Hello Yavuz, Sorry but you didn't answer my questions. I post them below again: Are you really a proprietary trading firm eager to make money from traders' strategies? Are you really looking for professional traders? Or are you just a company looking for losers who pay your participation fees? {quote} Then why using MetaTrader? Why don't you provide any other technology? And why MT4 instead of MT5? I guess you don't provide TradingView because it is not possible, otherwise it would be a great niche of inexperienced "traders". That's a pity....

He answered your questions. You just didn't like that he put you in your trollass place.

You dont have to be convinced by his response he isn't asking you to buy the product. He clearly stated that they executed all trades then hedge/manage risk on the other side. You took that as "You b book everyone and only profit from fees". Which shows just how low class of a human you are. If you are evaluating people with demo accounts there is absolutely a reason for people to have "skin in the game" but since you are poor, can't trade and have no idea what you are doing in life you just decide to trump up drama with everyone with things that don't even concern you.

Yavuz thanks for the answers to pauls questions, enlightening... You should ignore him, he manages to turn every place he posts into a cancerous tumor.
  • #217
  • Nov 10, 2021 3:48pm Nov 10, 2021 3:48pm
Hi Yavuz,

Please I will like to ask when are you going to automate your platform (dashboard) to make things faster when it come to new accounts and free retake without having to send mails and chats to get things done?

Thank you.
  • #218
  • Nov 10, 2021 4:28pm Nov 10, 2021 4:28pm
Quoting Takisd
{quote} He answered your questions. You just didn't like that he put you in your trollass place. You dont have to be convinced by his response he isn't asking you to buy the product. He clearly stated that they executed all trades then hedge/manage risk on the other side. You took that as "You b book everyone and only profit from fees". Which shows just how low class of a human you are. If you are evaluating people with demo accounts there is absolutely a reason for people to have "skin in the game" but since you are poor, can't trade and have no...
Quoting Takisd
{quote} ... but since you are poor, can't trade and have no idea what you are doing in life you just decide to trump up drama with everyone with things that don't even concern you. ... he manages to turn every place he posts into a cancerous tumor.
Question now is: if this is the class of person that trades with My Forex Funds, would anyone want to be part of this selected club?
Always ready to help
  • #219
  • Nov 11, 2021 7:47am Nov 11, 2021 7:47am
STIRMATT ¨Please I will like to ask when are you going to automate your platform (dashboard) to make things faster when it come to new accounts and free retake without having to send mails and chats to get things done?¨

Also good spread without slippage and free Demo with dashboard, so MFF would be perfect
Be happy, friendly, humble and winner!!
  • #220
  • Nov 11, 2021 3:06pm Nov 11, 2021 3:06pm
Quoting MyForexFunds
{quote} Hello Paul, No liquidity provider will fill orders that are latency arbitrage or other systems that take advantage of metatraders archaic coding. If for some reason someone is hitting old prices and doesn't slip (most of the time they do) we either get a last look rejection or worse fill than the customer. Rather than go back and adjust fills to the customer, we just ban the practice outright as it is not trading. We make money in a variety of ways and have always been transparent about it. 1) Users participation fees cover our expenses...

Hi Yavuz,
Any idea when MT5 will be ready to use?
Thanks
Scott
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