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  • #6,301
  • Jan 7, 2022 6:35pm Jan 7, 2022 6:35pm
Quoting MichaelFTP
{quote} Funded Trading Plus (FT+) is not a white label. All our programs are our own, we pay for back office tech and we use 8Cap because of their service levels, their crypto offering and their very competitive spread. As our own business and not a white label we can in theory change any of these at any time. Hope that clarifies that point. Yes, we are a new firm in prop trading but we have been in the trading business as Trade Room Plus for many years. We've started well and we have a now a small number of funded traders and we are really looking...
Hi, MichaelFTP.

Perhaps, you can shed light on why if, as you say, FTP is not a white label, it uses the exact-same business model as every other prop firm affiliated with 8Cap.

Aren't there more reputable brokers to partner with besides them?
Amor Fati--F. Nietzsche
  • #6,302
  • Jan 8, 2022 9:52am Jan 8, 2022 9:52am
Quoting TradeUP
The Prop Trading will allow 3 free retrys as long as you finish the month in profit and do not break their daily and max loss rules. FTMO (and I think MFF) offer unlimited free retrys if you dont break the rules. With The Prop Trading, the main gotchas when doing the evaluation period is do NOT trade OIL or Crypto over a weekend. The rest is fairly standard stuff
Just a note regarding The Prop Trading: There is no free retries if the challenge cames from a reset. It happened to me and I have the chat with Caio to proof.

"Is a reset account already. It is not eligible for the Free retry
...
If the account is a reset it means it's from a previous violation already"

So, if one blows up a challenge, should think twice if it's better to have the reset discount (no retries) or pay full price with retries.
  • #6,303
  • Jan 9, 2022 1:44pm Jan 9, 2022 1:44pm
Greetings

I had a request, please. Is there a way of finding out which firms offer swap-free trading please?

Regards
  • #6,304
  • Jan 9, 2022 5:39pm Jan 9, 2022 5:39pm
Quoting Capablanca
{quote} Just a note regarding The Prop Trading: There is no free retries if the challenge cames from a reset. It happened to me and I have the chat with Caio to proof. "Is a reset account already. It is not eligible for the Free retry ... If the account is a reset it means it's from a previous violation already" So, if one blows up a challenge, should think twice if it's better to have the reset discount (no retries) or pay full price with retries.
It says 2 retries after the initial one if bla bla....
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  • #6,305
  • Jan 10, 2022 1:28am Jan 10, 2022 1:28am
Quoting OutThere
{quote} It says 2 retries after the initial one if bla bla.... {image}
And that's correct if it's a new challenge.

If it's a challenge coming from a reset there's no free retries. You just have one chance.

It happened to me. I pointed those FAQs to them and Caio from The Prop Trading confirmed that resets are not entitled to retries.

Those FAQs are very misleading IMO.
  • #6,306
  • Jan 10, 2022 1:57am Jan 10, 2022 1:57am
Quoting doji
{quote} Hi, MichaelFTP. Perhaps, you can shed light on why if, as you say, FTP is not a white label, it uses the exact-same business model as every other prop firm affiliated with 8Cap. Aren't there more reputable brokers to partner with besides them?
As said previously, our firm Funded Trading Plus (FT+) is not a white label. To be absolutely clear, we do not pay any other provider to put our brand on their service. The rules we have in place are minimal compared to all other programs, we only end evaluations on accounts that hit the drawdown. Simple. We have a couple of soft rules that don't end the evaluation and that is it. Traders can pretty much trade as they like. 8Cap is one of the most solid liquidity providers and has the lowest costs/spreads/etc for trading. Their service to us and our client traders is excellent. All brokers get, at some time, bad reviews, these are nearly always written by traders who have lost a lot of money and are looking for someone else to blame.
  • #6,307
  • Jan 10, 2022 4:49am Jan 10, 2022 4:49am
Quoting MichaelFTP
{quote} Hi, this is Michael from Funded Trading Plus. Our registered office is in London and we have access to offices there. Our business is a UK registered company and we all work from our home offices in the UK and use the registered office for key meetings. This is the new normal for businesses. It also reduces our business cost and is one of the reasons we can offer the most competitive prop funding programs on the market.
Maybe you can offer that, yet you don't.

1. In terms of pricing, your $100k eval is on a par with FTMO and MFF (give and take $500)
2. In your program, unlike your competitors, the $500 not reimbursed
3. Leverage: I am not an advocate of overleveraging, but only 1:10 ? Why not at least follow ESMA guidelines ? Majors 1:30, crosses and Gold 1:20
4. Drawdown rules of your program are the biggest no-no for any trader in his right mind. I will illustrate this using a screenshot from your website.

Attached Image

Many consistent traders don't make or aim for 10% per month. Trading is a marathon and a consistent 5% monthly growth is good enough.
So: let's assume I finish my first month on a funded $100k account at $105k.
Even if I only withdraw half my profits, I would have a "salary" of 80% * $2.500 = $2.000.
The account now stands at $102.500 and my maximum drawdown is now $2.500 / 2.43%.
During my second month of trading any drawdown higher than 2.43% and you will terminate my account.
Deducting the non-reimbursable $500 eval fee gives me a pre-tax income of $1500.

Does that really sound competitive to you ?
You are really expecting traders to trade months on end without being able to pay themselves a modest salary.
That simply doesn't work for me (although I'm sure you'll find people with a lack of numerical aptitude who fall for it).

Best of luck with your prop firm venture.

LuXing
Wisdom begins in wonder
  • #6,308
  • Jan 10, 2022 4:51am Jan 10, 2022 4:51am
Quoting Mtinifx
WARNING Guys, this is a warning to anyone who is considering paying for an evaluation with True Forex Funds. I'm having problems!! I requested my Phase 2 account details and I got an email telling me that they have first got to "analyse my trades". I have never had this before with Myff or Funding Talent or FTMO so I emailed them asking them what is this? They replied telling me that this is normal - they have to check to see that I didn't open any trades using Arbitrage or an EA that takes advantage of demo trading conditions. I replied saying...

I made a quick search here before I asked for this company "true forex funds", which I only found yesterday. I want to thank you for posting your experience here. I was thinking that they COULD deny you a refund based on their, and any third party TC, a good sign that they didn't, but a no go nonetheless for me. So you saved me plenty of time, couple of bucks and lots of frustration, thank you!

IC Markets terms and conditions

6.6 We may refuse to accept an Order (including but not limited to any Order
that relates to black-box trading, scalping or any similar trading practices)
and we may place a limit on any Order or place other conditions on the
receipt of instructions or Orders, in our absolute discretion and for any
reason.


6.14
You must not instruct us to submit an Order to enter into a Transaction
which would breach or cause us or any other person to breach the Act,
the Governing Legislation or any other laws including, without limitation,
any law or the Rules in relation to:
(a) market manipulation, false trading, market rigging, fictitious
transactions, black box trading, high frequency trading, scalping,
wash trading or matching of Orders;
(b)
insider trading;
(c) short selling;
etc.

(I wash trade all the time, this a real bummer!)
So they could easily claim you broke a third party's TC, so, off you go!

Cheers and thanks again, hope you found success elsewhere.
  • #6,309
  • Jan 10, 2022 5:16am Jan 10, 2022 5:16am
Quoting LuXing
let's assume I finish my first month on a funded $100k account at $105k. Even if I only withdraw half my profits, I would have a "salary" of 80% * $2.500 = $2.000. The account now stands at $102.500 and my maximum drawdown is now $2.500
-The draw-down should trail until you hit 10% on the account, so you would have more than 2.5K draw-down, presumably.

Nonetheless, the fact remains, that once you do reach 10% on the account, the firm is no longer providing anything of value to you, since you will literally be trading with your own money as your profits will need to serve as 100% of the draw-down allowance.

Not really a prop firm, more like a jump-start program. To each their own, I guess.
  • #6,310
  • Jan 10, 2022 7:02am Jan 10, 2022 7:02am
Quoting LuXing
{quote} Maybe you can offer that, yet you don't. 1. In terms of pricing, your $100k eval is on a par with FTMO and MFF (give and take $500) 2. In your program, unlike your competitors, the $500 not reimbursed 3. Leverage: I am not an advocate of overleveraging, but only 1:10 ? Why not at least follow ESMA guidelines ? Majors 1:30, crosses and Gold 1:20 4. Drawdown rules of your program are the biggest no-no for any trader in his right mind. I will illustrate this using a screenshot from your website. {image} Many consistent traders don't make or...
Once again, any company wanting to success in this industry, look at FTMO and MFF, and duplicate it EXACTLY( targets, rules, leverage, etc.) as they have it. If you want to be better than them, either
a. offer lower targets to pass than they do
b. offer a higher profit split ( don't think is possible)
c. lower initial fee vs. theirs

Companies trying to think the no time limit thing is the big selling point, if you are truly looking for GOOD traders and wish to be better than FTMO and MFF, duplicate them EXACTLY and REMOVE the time limit. Removing the time limit and changing everything else to be AGAINST the trader is not fooling anyone.

There is a reason almost all EXPERIENCED traders are using FTMO and MFF
  • #6,311
  • Jan 10, 2022 7:43am Jan 10, 2022 7:43am
d. Increased maximum capital allocation (via more accounts), especially for long-term traders that have proven to be consistent.

The current account-growth systems are not attractive for incentivizing loyalty in my opinion, and having the option to spread out additional funds over multiple accounts is better than growing a single account.

I also think that this should happen without the challenge requirement (e.g. if a trader can remain profitable without losing their account after trading for 6 months or so, then they should be rewarded with a free 200K account or something similar).

I see no reason that this should not be the standard.

Truth-be-told, there are a lot of ways that these firms could improve. Unfortunately, unless more companies start thinking outside of the box and traders start believing that things could be better, then there will be very little pressure to change.
  • #6,312
  • Jan 10, 2022 8:02am Jan 10, 2022 8:02am
Quoting Nsak3y
d. Increased maximum capital allocation (via more accounts), especially for long-term traders that have proven to be consistent. The current account-growth systems are not attractive for incentivizing loyalty in my opinion, and having the option to spread out additional funds over multiple accounts is better than growing a single account. I also think that this should happen without the challenge requirement (e.g. if a trader can remain profitable without losing their account after trading for 6 months or so, then they should be rewarded with a...
Very good suggestion. Once you pass a challenge and demonstrate profitability, there should be no reason to have to pass another. The 25-30% scaling takes 12-18 months to double the initial capital. If this could be done at the 6 month mark, would be huge.
  • #6,313
  • Jan 10, 2022 9:10am Jan 10, 2022 9:10am
Quoting pipmaster77
{quote} Once again, any company wanting to success in this industry, look at FTMO and MFF, and duplicate it EXACTLY( targets, rules, leverage, etc.) as they have it. If you want to be better than them, either a. offer lower targets to pass than they do b. offer a higher profit split ( don't think is possible) c. lower initial fee vs. theirs Companies trying to think the no time limit thing is the big selling point, if you are truly looking for GOOD traders and wish to be better than FTMO and MFF, duplicate them EXACTLY and REMOVE the time limit....
And the firms you mentioned should:
d. lay off news trading rules
e. lay off end of day or weekend rules about closing all trades
f. have proper customer service instead of fake waiting time ques

Probably a few more...

Oh, there is already a prof firm that does all that and you know who.
  • #6,314
  • Jan 10, 2022 9:12am Jan 10, 2022 9:12am
Quoting OutThere
{quote} d. lay off news trading rules e. lay off end of day or weekend rules about closing all trades f. have proper customer service instead of fake waiting time ques Probably a few more...
If you don't mind 1:30 leverage instead of 1:100 then FTMO has got rid of d and e.
  • #6,315
  • Jan 10, 2022 9:27am Jan 10, 2022 9:27am
Quoting OutThere
{quote} And the firms you mentioned should: d. lay off news trading rules e. lay off end of day or weekend rules about closing all trades f. have proper customer service instead of fake waiting time ques Probably a few more... Oh, there is already a prof firm that does all that and you know who.
MFF has no news or weekend restrictions and FTMO swing account does not have those either, just reduced leverage to 30:1, which is no issue for me. I don't hold over weekends and I don't trade news intentionally. However, if I have a trade I hold through the news, even if it hits sl or tp it is a violation on FTMO standard account, si I switched to the swing just in case.
  • #6,316
  • Jan 10, 2022 10:18am Jan 10, 2022 10:18am
Quoting lynnc
{quote}If you don't mind 1:30 leverage instead of 1:100 then FTMO has got rid of d and e.
I am considering Blue Guardian Capital which has better terms than any existing prop firm. No point considering the lesser FTMO or MFF and the like. Anyone else finds an easier set of terms and conditions, let me know pls. Also anyone who has dealt with Blue Guardian, please write about your experience because their main problem is lack of feedback from real users.
  • #6,317
  • Jan 10, 2022 10:21am Jan 10, 2022 10:21am
Quoting pipmaster77
{quote} Once again, any company wanting to success in this industry, look at FTMO and MFF, and duplicate it EXACTLY( targets, rules, leverage, etc.) as they have it. If you want to be better than them, either a. offer lower targets to pass than they do b. offer a higher profit split ( don't think is possible) c. lower initial fee vs. theirs Companies trying to think the no time limit thing is the big selling point, if you are truly looking for GOOD traders and wish to be better than FTMO and MFF, duplicate them EXACTLY and REMOVE the time limit....
This is exactly how to do it! Thank you.
  • #6,318
  • Jan 10, 2022 11:02am Jan 10, 2022 11:02am
Quoting pipmaster77
{quote} MFF has no news or weekend restrictions and FTMO swing account does not have those either, just reduced leverage to 30:1, which is no issue for me. I don't hold over weekends and I don't trade news intentionally. However, if I have a trade I hold through the news, even if it hits sl or tp it is a violation on FTMO standard account, si I switched to the swing just in case.
MFF is not allowed operations in my country and asking them ti confirm has not produced a reply. Flung them into the garbage already.
Now why would I settle for 1:30 and have to hide in a swing box of theirs to avoid being disqualified if their competition offers 1:100 and no news conditions or otherwise?
When FTMO grows up and learns to compete, then I'll reassess them.
  • #6,319
  • Jan 10, 2022 12:20pm Jan 10, 2022 12:20pm
Quoting OutThere
{quote} MFF is not allowed operations in my country and asking them ti confirm has not produced a reply. Flung them into the garbage already. Now why would I settle for 1:30 and have to hide in a swing box of theirs to avoid being disqualified if their competition offers 1:100 and no news conditions or otherwise? When FTMO grows up and learns to compete, then I'll reassess them.
Well, I'd say we need to assess the "competition" a bit further and see some good payout history before we officially call them "competition". If I see that, I'd be more than happy to give them a shot. Keep us updated please.
  • #6,320
  • Jan 10, 2022 12:49pm Jan 10, 2022 12:49pm
Quoting pipmaster77
{quote} Well, I'd say we need to assess the "competition" a bit further and see some good payout history before we officially call them "competition". If I see that, I'd be more than happy to give them a shot. Keep us updated please.
I think everyone should give MFF and FTMO a break, so they can at least improve their customer service and have a bit of time to see how useless and confining their term and conditions are. It's like Netflix and Blockbuster. The time will come.
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