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  • #7,661
  • Apr 22, 2022 2:56pm Apr 22, 2022 2:56pm
Quoting Cryptosurf
{quote} Welcome back Paula version 1,564.
Please thank pipmaster77. He/she pulled me back in.
An ounce of profitable logic is worth a pound of efficient code.
  • #7,662
  • Apr 22, 2022 3:22pm Apr 22, 2022 3:22pm
Quoting RJo
{quote} That's quite nice for you in Saint Lucia. I have no idea what 80% of your savings has to do with forex prop firms, but the fact that you overwhelmingly enjoy the protection of the U.S. Federal Deposit Insurance Corporation is very nice indeed. It seems to me that any trader in any country (if the country has enough brokers) can open as many trading accounts as he/she likes.
It's not 80% of my savings. I was explaining how I mitigate risk while simultaneously taking advantage of the SUPERIOR trading conditions offshore. I'll break it down nice and basic for you:

Trader A and Trader B each have 100K of trading capital.
Trader A trades with a CFTC regulated broker and because of the stifling margin requirements, he must keep his entire trading capital on deposit (unprotected) with his broker.
Trader B trades offshore, because of the leverage offered he only needs 20K of his trading capital on deposit with the brokers. The rest sits safe and secure in an FDIC insured bank account. When he needs a little extra margin, bank to coinbase to broker in minutes. To further mitigate the risk, the 20% is split between 4 different offshore brokers. By the way, there are 7 very trustworthy offshore brokers, so any 4 of the 7 will suffice. Trader B now has only 5% of his trading capital with any one broker.
I'll use the same example of trading one standard GBPUSD....it requires $3,300 in margin with CFTC broker and $200 in margin offshore....30 pip stop, you need $300 for that trade, not $3,300.
Now Trader A broker goes bust (remember FXCM, a CFTC registered entity during the Swiss Franc peg removal) and all of Trader B brokers go bust, all at the same time (highly unlikely, but let's pretend)
Trader A is out of the trading business and down 100K, while Trader B still has 80% of his trading capital able is still able to trade tomorrow.

Who is controlling risk better.....Trader A or Trader B?
  • #7,663
  • Apr 22, 2022 3:53pm Apr 22, 2022 3:53pm
Quoting RJo
{quote} Please thank pipmaster77. He/she pulled me back in.
I knew it was you. I didn't pull you back in, though, you came here, unprovoked and started posting your asinine crap again. I only responded. I don't even post much anymore, however, the BENEFITS of offshore brokers and prop firms I am very passionate about.
  • #7,664
  • Apr 22, 2022 7:06pm Apr 22, 2022 7:06pm
Quoting Cryptosurf
{quote} That is the only thing you got right about your claim. None of what you said is true. Nothing prohibits U.S. traders from using any broker they want. The regulations put in place is for Brokers who want to participate in the USA. Then they must bend the knee and abide by mountains of regulations and paperwork. That's why many had chosen not to accept US clients. Final Ruling as submitted back in 2010: Final Rule Regarding...
same in Canada...
especially British Columbia
  • #7,665
  • Apr 22, 2022 7:07pm Apr 22, 2022 7:07pm
Quoting Capablanca
{quote} From the ones I know: The Funded Trader, The Prop Trading and True Forex
Thanks!
  • #7,666
  • Apr 22, 2022 7:08pm Apr 22, 2022 7:08pm
Quoting Mtinifx
{quote} E8 also but the spreads on Indices and Gold are awful
Thanks!
  • #7,667
  • Apr 23, 2022 12:10am Apr 23, 2022 12:10am
Quoting pipmaster77
{quote} I knew it was you. I didn't pull you back in, though, you came here, unprovoked and started posting your asinine crap again. I only responded. I don't even post much anymore, however, the BENEFITS of offshore brokers and prop firms I am very passionate about.
It’s not is it? Oh please tell me it’s not….!!
  • #7,668
  • Apr 23, 2022 5:41am Apr 23, 2022 5:41am
Quoting Masterrmind
{quote} Well at 75% to the target you might as well request the 30 day 1 time extension. Ofcourse, it depends where your equity goes over the next set of trades you take. You have a few options here. Great progress though. Well done. Masterrmind ...........
I am back, completed all my personal works. Tired a bit though.

Will take a look at my current target balance to see how I can take extension.
Intraday only.
  • #7,669
  • Apr 23, 2022 12:52pm Apr 23, 2022 12:52pm
Quoting doyathink
{quote} same in Canada... especially British Columbia
Alberta, canada is worst you can't open forex account unless you can put million dollar
  • #7,670
  • Apr 23, 2022 9:44pm Apr 23, 2022 9:44pm
Quoting sampat
{quote} Alberta, canada is worst you can't open forex account unless you can put million dollar
brutal.
oppressive.
nanny province.
  • #7,671
  • Apr 24, 2022 6:33am Apr 24, 2022 6:33am
Quoting doyathink
{quote} brutal. oppressive. nanny province.
Must be run by liberals.
  • #7,672
  • Apr 24, 2022 8:22am Apr 24, 2022 8:22am
Quoting pipmaster77
{quote} Must be run by liberals.
you'd think so...
relatively conservative government there now... though they've caved in pretty hard during covid. Maybe the previous regime, National Democratic Party,(very socialist, even for Canada) brought in these regs and it just hasn't been a priority for this government.
  • #7,673
  • Apr 24, 2022 9:34am Apr 24, 2022 9:34am
Hi guys, can someone help me with two specific questions about MFF which I don't know:

1. They allow 30 days extension in evaluation. Does this have to be requested by email or how does that work ?

They also say "Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded.".

This sounds a bit subjective... Is that based in number of lots, losses per day, etc. ? Any guidance here ?


2. What do they mean by this:
"Scaling up (To the moon)
My Forex Funds offers a competitive scaling up plan so that we grow with you. If you have achieved a profit of 10% or more within a 4 month period and 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size.
At the time of scale up request, trader should be breakeven or positive with the account balance."

Assuming that someone fits in the conditions and account is increased from 100K to 130K. Does this mean that the max loss of 12% is now 15.600€ instead of the original 12.000€ ?

Thanks
  • #7,674
  • Apr 24, 2022 10:47am Apr 24, 2022 10:47am
Big long sigh… Having reached a very modest 1st profit split on a 10k live account MFF should have refunded me $749 (100k Rapid) but no… that would be too straightforward wouldn’t it?
They’ve overpaid a profit split with an amount that makes zero sense and not paid the refund..

Question if I may, has anyone recently had a fee refund and was that paid via Deel or back onto the card you purchased it on?

I’ve asked MFF but no reply yet along with my other queries with them. Any notions of going full time with them are now well and truly on the back burner for now.
  • #7,675
  • Apr 24, 2022 4:13pm Apr 24, 2022 4:13pm
Quoting Capablanca
Hi guys, can someone help me with two specific questions about MFF which I don't know: 1. They allow 30 days extension in evaluation. Does this have to be requested by email or how does that work ? They also say "Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded.". This sounds a bit subjective... Is that based in number of lots, losses...
We were chatting before about this a good few weeks ago as I had similair questions and tried to do some digging.

For question 1. What im led to believe is:

If you end your evaluation +5% then a button for an extension will automatically appear on your dashboard, ,much like the "free retake" button.

If you are less than 5% in profit, then only the "free retake" button will appear.

But...if you are less than 5% profit then you can make a special request to opt for an extension instead of a retake by contacting them via email.

Not sure about question 2 though mate, although I would strongly guess that the 12% max loss would scale along with the account size.
  • #7,676
  • Apr 24, 2022 4:56pm Apr 24, 2022 4:56pm
Quoting Capablanca
Hi guys, can someone help me with two specific questions about MFF which I don't know: 1. They allow 30 days extension in evaluation. Does this have to be requested by email or how does that work ? They also say "Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded.". This sounds a bit subjective... Is that based in number of lots, losses...
If you meet the criteria, this is the button that will appear.
I have clicked the "Yes" option and there was message in the notification area about an extension being granted.
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 108 KB
Attached Images
Trading is SIMPLE not EASY.
  • #7,677
  • Apr 24, 2022 5:53pm Apr 24, 2022 5:53pm
Quoting garfield75
{quote} If you meet the criteria, this is the button that will appear. I have clicked the "Yes" option and there was message in the notification area about an extension being granted. {image} {image} {image} {image}
Great strategic move.

So once the button appears you can immediately opt for the extension from current time as I see you have 32 days to go from a previous 4 days.

32 days to rope in $4000.

Nice.

Masterrmind ...........
Master your Mind then Master your Trades
  • #7,678
  • Apr 24, 2022 6:30pm Apr 24, 2022 6:30pm
Hello MM & fellow traders

https://www.tentoptraders.com/

We have decided to make our presence felt here on Forex factory.
tenTOPtraders is comprised of Australian based Forex traders catering to traders worldwide.
Behind tenTOPtraders, there is a small group whose mission is to make the world of prop trading more accessible and affordable.
tenTOPtraders is not just another white label prop' firm dictated to by the prop' firm capital providers like recent start-ups.
We are a unique entity with private financial backing, possessing the means to provide consistently affordable funded programs.
tenTOptraders started with just two experienced traders, growing to a full staff compliment including myself, recently recruited to provide back office
expertise and be the front man in communications.
I have known 'Sam' co-founder, through trading for many years and did not hesitate when asked to join in an official capacity.
tenTOptraders philosophy of providing more affordable funded accounts with the best and fairest rules and conditions appealed to me.
First job was to sort out the dodgy PayPal coding.!!!

Questions and discussion are welcome. Trolls and doomsayers are not.

Basill
Look Left Trade Right
  • #7,679
  • Apr 24, 2022 6:59pm Apr 24, 2022 6:59pm
Quoting Basill
Hello MM & fellow traders https://www.tentoptraders.com/ We have decided to make our presence felt here on Forex factory. tenTOPtraders is comprised of Australian based Forex traders catering to traders worldwide. Behind tenTOPtraders, there is a small group whose mission is to make the world of prop trading more accessible and affordable. tenTOPtraders is not just another white label prop' firm dictated to by the prop' firm capital providers like recent start-ups. We are a unique entity with private financial backing, possessing the...
Well done on securing a back office/communications role.

You are welcome to post any specific information here but it might also be advisable to open a dedicated commercial thread if one does not already exist.

Best wishes in your role,

Masterrmind ...........
Master your Mind then Master your Trades
  • #7,680
  • Apr 24, 2022 7:47pm Apr 24, 2022 7:47pm
Quoting Masterrmind
{quote} Well done on securing a back office/communications role. You are welcome to post any specific information here but it might also be advisable to open a dedicated commercial thread if one does not already exist. Best wishes in your role, Masterrmind ...........
Thank you MasterrMind.
Yes, Already done.
https://www.forexfactory.com/thread/...-tentoptraders
Look Left Trade Right
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