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Anyone trading with a Prop firm 4 replies

prop firm new model - my trading journey 871 replies

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

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

Quoting ItaTrader93
{quote} Hi Pipmaster! Max drawdown I was told is 10%. What are the 10 best options you are referring to? {image}
It's the middle of the trading day. I can post later, however, if you do just a little research, you can go through this thread. This is exactly why this thread was created.
Quoting Nsak3y
{quote}-If I recall, the last time that I looked into the ELEV8 model, they were wanting 16% per month profit (of account size, not of draw-down allowance) in order to scale up. I wonder if this has changed.
It's not obvious on the site which always raises a flag for me.. this is all

"Withdraw 80% of your profits each 14 calendar days; First withdrawal eligible anytime after 8 calendar days
Scale up to $1,000,000
Max. $5,000 (Daily floating loss + closed loss)
$8,000 Max. Initial Deposit Drawdown Scalable to $14,000 on Funded Stage"

Without getting into an online chat with them I'm assuming they want 8% per month based on 2 withdrawals within 28 days in which case you would be correct in the 16% return... that rules me out then!
Quoting pipmaster77
{quote} It's the middle of the trading day. I can post later, however, if you do just a little research, you can go through this thread. This is exactly why this thread was created.
I understand. I'm browsing through it, but it's 200+ pages long,so I hope someone could point to a specific post or something.
It's not over, until I win.
Quoting ItaTrader93
{quote} I understand. I'm browsing through it, but it's 200+ pages long,so I hope someone could point to a specific post or something.
Go to page 386, post #7713 and there is a link from Capablanca where he tells about his experiences from various prop trading firms. Go to that links. That is a start.
Quoting ItaTrader93
{quote} I understand. I'm browsing through it, but it's 200+ pages long,so I hope someone could point to a specific post or something.
MFF, FTMO, TrueForexFunds, TheFundedTrader, ThePropTrading, E8 Funding would all be better options. First thing that jumps out is they are requiring 10% ($1,500) to get a payout, they have a max lot of 0.5 TOTAL, not per position, that is 50K. So on a 15K account, that is 3.3:1 leverage. Very low leverage to hit 10% within a month. Obviously, there is no time requirement, but their gimmick is the 99 per month. That will eat you up while trying to make 10% with 3:1 leverage.
I was willing to give a stab in another prop, other than the ones I already know.
Good that E8 funding was mentioned in the last posts.
I was reading through their FAQs and conditions and they seem fine for what I demand. Trust pilot also seems OK without red flags in recent reviews and they accept Paypal as a payment method (which is something I like when I try a firm).
Quoting Fagin
{quote} It's not obvious on the site which always raises a flag for me.. this is all "Withdraw 80% of your profits each 14 calendar days; First withdrawal eligible anytime after 8 calendar days Scale up to $1,000,000 Max. $5,000 (Daily floating loss + closed loss) $8,000 Max. Initial Deposit Drawdown Scalable to $14,000 on Funded Stage" Without getting into an online chat with them I'm assuming they want 8% per month based on 2 withdrawals within 28 days in which case you would be correct in the 16% return... that rules me out then!
They have this for funded phase:
Quote
Objectives:
Refundable Fee
NO Profit Target
Max. 5% (Daily floating loss + closed loss)
8% Max. Initial Deposit Drawdown Scalable to 14% on Funded Stage
Withdraw 80% of your profits each 14 calendar days; First withdrawal eligible anytime after 8 calendar days

and this in FAQs:
Quote
You don’t need to score any minimum profit to receive your 80% share. Whatever amount of profit you generate, that is what is split 80/20 and paid to the trader.

So I think it's safe to assume that there is no minimum amount to achieve before we can withdraw.

To clarify, I'm talking about the challenge model (2 phase, as usual, and then funded).
They seem to have also something called ELEV8 which I didn't understand what is it. I guess is a direct funding thing.
E8F April Stats are out there. They claim: 'The largest single payout was $75,250 and E8 paid funded traders a total of $987,586.'
Quoting Capablanca
{quote} They have this for funded phase: {quote} and this in FAQs: {quote} So I think it's safe to assume that there is no minimum amount to achieve before we can withdraw. To clarify, I'm talking about the challenge model (2 phase, as usual, and then funded). They seem to have also something called ELEV8 which I didn't understand what is it. I guess is a direct funding thing.
Thanks Capa, the ELEV8 caught my eye but like you I don’t fully understand it so I’ll probably stick with the straightforward challenge model.

I’ve got an MFF phase 2 to get through 1st anyway but will be looking more into this company for my next challenge. FTMO are off the list due to the silly news rule.
Now Audacity seems more competitive with the new offer. It is described also in this video below. They have their own LP, but one should show me their spreads please.
Inserted Video
Quoting pipmaster77
{quote} MFF, FTMO, TrueForexFunds, TheFundedTrader, ThePropTrading, E8 Funding would all be better options. First thing that jumps out is they are requiring 10% ($1,500) to get a payout, they have a max lot of 0.5 TOTAL, not per position, that is 50K. So on a 15K account, that is 3.3:1 leverage. Very low leverage to hit 10% within a month. Obviously, there is no time requirement, but their gimmick is the 99 per month. That will eat you up while trying to make 10% with 3:1 leverage.
Thank you very much!

Yes, the 99 per month fee really bothers me.
It's not over, until I win.
Sorry for my noob question. Why the broker 3 profit so little when compared with broker 1 and 2. I used the same lots. Even if divide by 2...it still seem so far off.
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Quoting jinsen
Sorry for my noob question. Why the broker 3 profit so little when compared with broker 1 and 2. I used the same lots. Even if divide by 2...it still seem so far off. {image} {image} {image}
Look at entry exit prices and you will have your answer - may also depend on account domiciled currency (if they are different)

cheers
Quoting maahome
{quote} Look at entry exit prices and you will have your answer - may also depend on account domiciled currency (if they are different) cheers
Ya...I really noob. Forget broker 3 is in USD. Thanks
On Monday the next profit split day cycle ends again (TFF) after two weeks my first trade has been placed on the new credentials I got. I will recieve my profit split then.
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Quoting TrAndy1
Now Audacity seems more competitive with the new offer. It is described also in this video below. They have their own LP, but one should show me their spreads please. https://www.youtube.com/watch?v=RRog8RN5vsQ
The only good thing I can find out about this company is that it is UK registered which generally means there aren't that many places to hide.

The bad news it's running negative although that doesn't always mean they haven't got the money, but I wouldn't give them mine until next years accounts show some profits.. and employees...

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Quoting Fagin
{quote} Thanks Capa, the ELEV8 caught my eye but like you I don’t fully understand ....
#4 and #5
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That is the point to note for ELEV8
Quoting MwlRCT
{quote} #4 and #5 {image}That is the point to note for ELEV8
Thanks, never heard of a trader making 16% per month, month in month out....

I use these kind of promotions to get an idea about the company owners and form some kind of insight to how things are run. Is it a bucket shop or prop trading firm, or a bit of both...?
I passed yet another challenge today with MFF.
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Intraday only.
Quoting TrAndy1
E8F April Stats are out there. They claim: 'The largest single payout was $75,250 and E8...
Here are the corresponding pics from their latest April Stats of E8Funding.
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