Follow your guts, if you want to lose your money...
- | Membership Revoked | Joined Apr 2019 | 1,436 Posts
Allergic to bullshitters, never argue with fools
prop firm new model - my trading journey 871 replies
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Disliked{quote} Although I don't think they are a prop-gambling firm, I don't find the plans very attractive. The profit share is 50/50 on the direct plan and we start with a $1000 account. Although the account doubles every 5% profit, the potential earnings will be peanuts for a long time and we need to care about the 5% DD in order not to blow everything.Ignored
Disliked{quote} I agree. Look at their results: Forex Trading Profile of BuoyTrade | Myfxbook They are failing all the time. Real accounts do not last...Ignored
Disliked{quote} That's exactly what we love. Thanks! I see you are in the early stages but keep pushing and good luck with that. I will be following your account and hope you attract too many funds. Take care of your overall 5% drawdown, you almost breached it.Ignored
Disliked{quote} Thank you. I know, I have to share 50% while I can keep 100% if I trade my own ac. I will all in if they don't change the ruleIgnored
Disliked{quote} MyForexFunds is offering 15% discount with coupon BLACKFRIWEEK15 And don't know of any other.Ignored
Disliked{quote} By the way. Does it affect how much time you employ in reaching the 5% target at each level? For example, can you last one year and your account will be kept open and after that one year, it will be funded in accordance to the new level? Because if someone is capable of reaching something like 2 levels per year, without breaching the overall drawdown at each step, will be a real killer. Something that real prop-firms will have to be aware of.Ignored
Disliked{quote} Another one is Traders Central, offering 30% discount this month. I think Traders Central is not a prop-gambling firm because they provide liquidity for anyone that wants to establish their own prop in 24 hours. Confusing isn't it? They had a stupid consistency rule that has been removed, so now they have become more interesting. With that consistency rule, even after passing the evaluation stages, the trader could be rejected if their risk team decided so.Ignored
DislikedThe kid from Corp Equity Capital Ltd has been posting on the internet fake proofs of payment. Then someone contacted Paypal... {image} {image}Ignored
double x = 51200 / MathPow(2,10);
DislikedSo, in order to reach that, you need to pass 10 steps in which you reach 5% profit without breaching a 5% drawdown.Ignored
DislikedLet's make things clear and easy. 2022 is coming and you want to become a trader with a $1,024,000 account, with 1:5 leverage, with a $5,120,000 purchasing power—that is what Buoy Trade offers to their traders. Maximum overall drawdown when this account is reached will be 5% of $1,024,000: $51,200. So, in order to reach that, you need to pass 10 steps in which you reach 5% profit without breaching a 5% drawdown. Well, in plain words: double or nothing, 1:1 in risk to reward terms, 100% profit relative to the amount risked. In our scenario, these...Ignored
Disliked{quote} Well done PaulMF. I appreciate your analysis. Can you recommend a good prop firm? Thank you.Ignored
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I think you are doing well: what you are doing in your Buoy account is a good approach. Trying to make profit, limiting losses, and using reduced leverage. If this lasts, it can be a good starting point to look for a real firm that may hire you. But it is also a good proof for those who want to invest in different strategies. You will always have your results audited by MyFXBook, and that could help you in securing capital. So, no clear recommendations, just keep with your approach and wait to see what happens. Shortcuts aren't of great...Ignored