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Anyone trading with a Prop firm 1 reply

prop firm new model - my trading journey 869 replies

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

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Quoting tradersummit
We do not run a prop firm, BUT, we did just do a video with the COO of Eightcap. They seem to get a bad wrap in this thread for some reason, but for those interested it is worth a watch. Will give you some insights into who they are and the direction they are looking to head. Their company has went through a massive overhaul over the past 2 years. All of the previous management is gone and has been replaced with a lot of ex Pepperstone guys. https://www.youtube.com/watch?v=gnCtiY4H52I&t
Since deciding to "Diversify" my prop' traders portfolio as an insurance against future prop' firm failures, I have used one firm which uses 8cap. No problems & no complaints from me.
Tired of "Challenges" so have gone down the path of instant funders.
Two that stand out. https://dt4xtrader.com/ and https://www.forextradersuk.com/
Then there is a new one which is FREE . https://www.tentoptraders.com/ Don't know if I am good enough to make the 'Creme de la creme' short list, but free is free so I'll give it a go.
Look Left Trade Right
Quoting Basill
{quote} Then there is a new one which is FREE . https://www.tentoptraders.com/ Don't know if I am good enough to make the 'Creme de la creme' short list, but free is free so I'll give it a go.
I can tolerate a lot but, max daily profit? lol
Quoting LehmanBrotha
{quote} I can tolerate a lot but, max daily profit? lol
Yeah at first glance it seems a no no but once you analyze it, if you are into money management which is what these accounts are all about to survive long term, it starts to make sense.
Look Left Trade Right
Quoting LehmanBrotha
{quote} I can tolerate a lot but, max daily profit? lol
among other things, that's clearly ridiculous for a swing trader who use to have high R/R
Whats up with the horses
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Anything above the line is an uptrend, below the line is a downtrend.
Quoting Basill
{quote} Yeah at first glance it seems a no no but once you analyze it, if you are into money management which is what these accounts are all about to survive long term, it starts to make sense.
still, just how much that would suck if you get lucky on your TP, and are kicked out bcos violated the max profit rule?!

you may have a look at this direct funding:
https://www.fundedtradingplus.com/ma...rader-program/

pros: no time limit, and the scaling up, the 70/30 ( or higher? unclear when), plenty of instruments to trade (forex, indices, commodities, crypto)

cons: new, only 1:10 leverage, 7$/lot comm, SL on every trade, direct funding is pricier.

this is the first thing getting closer to what i am looking for, if to foot the dd with my money. the leverage i still like higher, as i see if it is my money, and within the agreed limit, then it is my choice on the size as long as not overboard, say a 50:1 leverage would feel more comfortable for whatever case.
the other is personally the must have SL...there is the equity SL to start with, that is clear, objective. more, when scalping, placing SL neither always necessary automatically, more if have additional entries not practical to recalculate.
anyways,
a move to the right direction. there may be hope that by the end of the year someone "innovate" enough to come closer to my wishlist.

+1: accept a track record? lol. that may be dreamland territory with these props. only at AxiSelect, really, without needing to be superhuman good. which i am not.
there is always, always another trade!!
Quoting Degolep
Whats up with the horses {image} {image}
Better yet, they're using stock photo's for pictures of the company officers. One is even watermarked.

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Trade with confidence, trade without fear.
Quoting Capablanca
{quote} among other things, that's clearly ridiculous for a swing trader who use to have high R/R
A rule for max profitability is a head scratcher. Sound trade management has always been letting your winners run and cutting your losers quick.

EDIT: There's some clarification on that profit goal.

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Trade with confidence, trade without fear.
Quoting Degolep
Whats up with the horses {image} {image}
There was a discount on the horses theme in the stock photos.
Don't give up on your dreams. Keep sleeping.
Quoting Profitsensei
Hello Guys , My name is Brian , i have been working on creating/developing a consistent algorithm for forex trading 3 years with success , currently the EA needs to get an update that will enable it to produce results exceeding the previous version protential and projections, iam looking so somebody serious who would like to be part of this project , i will provide more details via my email: [email protected] ("[email protected]") , also via email i will answer why i need more partners in this visual test results from 2011- 2016 (6 years)...
This has zero to do with this thread.

Please find your way out of this hub pronto.

Masterrmind ........
Master your Mind then Master your Trades
This is just a random, what if? Question.

If all the firms started using a 60 day phase 1 model, instead of 30.

How would this benefit/hinder the firm?

My thinking is:

Better for the trader, as would help take into account the fact that not every month is a profitable one(10%), and would allow for a more sensible trading approach.

For the firm though...more challenges/evaluations will be sold as traders will believe their odds have increased, which would be a cashflow boost.

More traders would likely pass and make it to live accounts as a result, but is this a pro/con for the firm?
There are now prop firms offering unlimited time to pass, and some now only one phase, so will be interesting to see the statistics (if they ever provide them) of how this changes the success rate.

I think that no matter what changes they make there will always be the 90% that fail as they believe in the idea of being funded more than the process of going through it and just rush to failure.

It is interesting how FTMO have now changed their phase 1 to offer another 14 days if have 5% profit within 3 days of it ending. MFF offer similar if you request an extension, so think this will have a knock on effect to other firms and we see some give 45 days regardless in phase 1 to stand out
Quoting Paulscaff1
This is just a random, what if? Question. If all the firms started using a 60 day phase 1 model, instead of 30. How would this benefit/hinder the firm? My thinking is: Better for the trader, as would help take into account the fact that not every month is a profitable one(10%), and would allow for a more sensible trading approach. For the firm though...more challenges/evaluations will be sold as traders will believe their odds have increased, which would be a cashflow boost. More traders would likely pass and make it to live accounts as a result,...
MFF essentilally offers this. If you finish stage1 in profit with no violations AND you're not going "all-in" on your trades they give you another 28 days. This in lieu of unlimited free retakes. I've passed 2 that way. with just needing a few extra days. FTMO just announced yesterday something similar, they will give you 14 days AND still a free retake if still in profit with no DD violations. FTMO you must be at least halfway (5%) to target though.
Quoting pipmaster77
{quote} MFF essentilally offers this. If you finish stage1 in profit with no violations AND you're not going "all-in" on your trades they give you another 28 days. This in lieu of unlimited free retakes. I've passed 2 that way. with just needing a few extra days. FTMO just announced yesterday something similar, they will give you 14 days AND still a free retake if still in profit with no DD violations. FTMO you must be at least halfway (5%) to target though.
Yeah I get the MFF extension, and will likely end up relying on it myself this month.

Ive only just learned about the ftmo one from your post, though so that sounds pretty descent.

I was kind of meaning from the prop firms point of view. How their thinking works while deciding rules.

For example, playing devils advocate....if I was starting a prop firm (which im not ) and i put forth the idea to my business associates that I like the idea of a 60 day rule, because we often hear of some of the best traders having losing months (and also quarters), and our caption might be that we want "the best traders".

Im trying to work out why it may be debated as a "bad idea" from a business perspective. I mean where did 30 days come from, was it just pulled out of a hat and everyone just followed, or is there a tactical calculation with the 30 days.
Quoting Paulscaff1
{quote} Yeah I get the MFF extension, and will likely end up relying on it myself this month. Ive only just learned about the ftmo one from your post, though so that sounds pretty descent. I was kind of meaning from the prop firms point of view. How their thinking works while deciding rules. For example, playing devils advocate....if I was starting a prop firm (which im not ) and i put forth the idea to my business associates that I like the idea of a 60 day rule, because we often hear of some of the best traders having losing months (and also...
The 30 day idea comes out of an old fashioned thinking based on calculating how much a business pays rent for the building and salaries to it's emoyees per month and how much it makes that month to try to match expense to income and call the leftover a profit. It has noting to do with trading or cycles of the market. Whoever is imposing a 30 day limit is basically not a trader and has no idea what trading is about and prop firms by nature fall into that category because they bank on a trader's ability, not the market itself.
Quoting Paulscaff1
{quote} Yeah I get the MFF extension, and will likely end up relying on it myself this month. Ive only just learned about the ftmo one from your post, though so that sounds pretty descent. I was kind of meaning from the prop firms point of view. How their thinking works while deciding rules. For example, playing devils advocate....if I was starting a prop firm (which im not ) and i put forth the idea to my business associates that I like the idea of a 60 day rule, because we often hear of some of the best traders having losing months (and also...
"IF" they are truly looking for talent and not churning entry fees like a casino then they would be offering longer term evaluations rather than "challenges".

However looking at the stats it seems profitable long term traders are as rare as hen's teeth especially in FX, which I'm told is derided by many in what is left of the prop world.

The 30 days is just cynical anyway because it's not actually even 30 trading days is it?
Quoting Fagin
{quote} "IF" they are truly looking for talent and not churning entry fees like a casino then they would be offering longer term evaluations rather than "challenges". However looking at the stats it seems profitable long term traders are as rare as hen's teeth especially in FX, which I'm told is derided by many in what is left of the prop world. The 30 days is just cycnical anyway because it's not actually even 30 trading days is it?
This UK based guy reviews some props but, to be fair, he does promote his own newly formed offering. He has also qualified at several of these firms to demonstrate the utility of his trading education - chatroom site.
I have mentioned him here before and the attack dogs descended but make up your own mind. I am a fan of his trading site but do not benefit from posting about his site :

Inserted Video


https://traderoomplus.com/

Enjoy

To be frank - I've posted this to annoy the attack dogs who quickly scramble to defend their vested interests
Quoting turnip15
{quote} This UK based guy reviews some props but, to be fair, he does promote his own newly formed offering. He has also qualified at several of these firms to demonstrate the utility of his trading education - chatroom site. I have mentioned him here before and the attack dogs descended but make up your own mind. I am a fan of his trading site but do not benefit from posting about his site : https://www.youtube.com/watch?v=29df...9MZoD1&index=2 https://traderoomplus.com/ Enjoy To be frank...
Don't really think they are attack dogs to be fair...

more like:
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Quoting turnip15
{quote} This UK based guy reviews some props but, to be fair, he does promote his own newly formed offering. He has also qualified at several of these firms to demonstrate the utility of his trading education - chatroom site. I have mentioned him here before and the attack dogs descended but make up your own mind. I am a fan of his trading site but do not benefit from posting about his site : https://www.youtube.com/watch?v=29df...9MZoD1&index=2 https://traderoomplus.com/ Enjoy To be frank...
All that those attack dogs say is; look at me, look at me how happily I am walking with prop firm money shoved up my butt. You can be like me too if you become as good as me. That is all in essence. Just using the occasion to show off their well filled butts.
Wow, the recent posts sure seem to express a lot of underlying jealousy regarding those of us succeeding with prop firms. MFF essentially gives you 8 weeks to make 8% if you use the extension. It's really not that crazy a target. They also pay 2% on phase 1 profit and 4% on phase 2 and refund the initial fee with first split. Then they pay biweekly, 75% 1st month, 80% 2nd and 85% third. 100:1 leverage, 12% max DD. What is it you guys need beyond this? Is it just to come on here and bitch about how horrible prop firms are? Yes, 90-95% fail, right in line with the same % of folks blowing up and topping off their regular accounts. But hey, to each their own I guess.
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braintheboss
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