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  • #17,121
  • Jun 26, 2023 3:46am Jun 26, 2023 3:46am
I didn't notice this until today but TFF increased their phase 2 target from 4% to 5%.
  • #17,122
  • Jun 26, 2023 3:47am Jun 26, 2023 3:47am
Quoting Vibezinho
{quote} is this your payout?
no not mine though I'm working on getting some as well. The guy who earned it already burnt that account as he trades in a YOLO style. But the company still paid it out in a record time and no questions asked
Money is made by sitting, not trading
  • #17,123
  • Jun 26, 2023 5:57am Jun 26, 2023 5:57am
Quoting Capablanca
I didn't notice this until today but TFF increased their phase 2 target from 4% to 5%.
You are 6 months behind they increased around new year.
  • #17,124
  • Jun 26, 2023 6:02am Jun 26, 2023 6:02am
Quoting Takisd
Even Angelo from TFT admits that most live traders die at 5 months. if you factor the time needed to get adequate data to a book a user it’s only a risk hedge of “don’t lose more” no prop firm is making money from a book. The data doesn’t support it. Some likely eliminate further risk with it which is also diminishing returns due to the excessive dd vs the size of profit split . A book is a losing strategy no matter what. There is stuff a firm could do but I doubt any including the big two are doing it yet.
I believe prop firms are saying to take less risk because they are not afraid of consistent winners as their profits are not outliers in short period. They are afraid of high risk traders imagine somebody puts 500 units of US30 and it moves 500-1000 points in traders favor firm will loose 500K to 1 million with in a day which is difficult to recover with in short period of time (new signups)
  • #17,125
  • Jun 26, 2023 9:24am Jun 26, 2023 9:24am
Quoting Capablanca
{quote} They have unclear rules (martingale and grid). You won't find a definition for that in their site (this is probably intentional). As far as I read in telegram group 2 positions is fine but if you enter 3 positions you need to make sure that doesn't fall into grid definition. For martingale they have the soft version. So if you buy 1 lot at 100, then 1.1 lot at 99 and then 1.1 lot at 98 this is soft martingale. Vitore here was denied a payout from them based on grid (I can't find the post but it's somewhere in the topic). I think BeSpoke...
i'd avoid them then thanks bro
  • #17,126
  • Jun 26, 2023 9:48am Jun 26, 2023 9:48am
Quoting TraderTero
Why attack a service and technology provider if you can go directly after the main target. That's where the money is and so far they have always followed the money flows. Brokers can be secondary targets in some cases though.
-Not sure what you mean by this, exactly. But if bootleggers are using VCR's to make copies of copyrighted movies so that they can sell them, then you do not target the VCR manufacturers.
  • #17,127
  • Jun 26, 2023 9:55am Jun 26, 2023 9:55am
Quoting Nsak3y
{quote}-Not sure what you mean by this, exactly. But if bootleggers are using VCR's to make copies of copyrighted movies so that they can sell them, then you do not target the VCR manufacturers.
Right, that's what I meant, brokers are just service providers for the props.
  • #17,128
  • Jun 26, 2023 10:17am Jun 26, 2023 10:17am
Quoting TraderTero
Right, that's what I meant, brokers are just service providers for the props.
-I am not sure what you meant by going after the main target. I assumed that you meant the exchange or white-label providers that provide service/tech to the brokers.

In any case, the primary target should be one that is breaking the rules. In this case, it would likely be the broker. But this assumes that any rules are being broken in the first place, which is the real question. If we assume that only demo accounts are being used and that no real trading or margin exists etc., then I am not sure what kind of recourse regulators will have.

On the other hand, if the firm has any real accounts at all with the broker, then that might be enough to force brokers to sever ties with the firm, which would likely kill the operation overnight.

Perhaps a case can be made that the props are also breaking some rules. Some things might fall under a legal gray area, but that does not necessarily mean that the activity is all above board.

An interesting example for this are the Pachinko machines in Japan. Although most forms of gambling are illegal in Japan, the Pachinko machines allow players to win metal balls that are then used to exchange for prizes. Although money cannot be exchanged, the balls are often exchanged for special tokens that are then sold for cash at nearby shops. The whole thing is a legal loophole.

I think, prop firms are trying to operate in a similar gray area, hoping to be able to claim that the current laws do not apply.
  • #17,129
  • Jun 26, 2023 11:06am Jun 26, 2023 11:06am
Quoting TraderTero
{quote} Right, that's what I meant, brokers are just service providers for the props.
because it doesn’t require new legislation or voting.

first step to talking about regulation, understanding how it it starts and finishes. Why make new legislation when you can use old for same effect and save yourself political drama.
  • #17,130
  • Jun 26, 2023 11:47am Jun 26, 2023 11:47am
Quoting Takisd
Why make new legislation when you can use old for same effect and save yourself political drama.
-Yes. This is part of the problem that we are seeing with cryptocurrency here in the states. Many are wanting to apply old laws to new tech while others are claiming that some crypto assets are different and may change over time, arguing that new legislation is required not only for legal clarity, but for determining which classification and laws should apply and when.

Since some cryptocurrencies and the businesses that may drive them are not static in the traditional sense and may evolve over time, then this may cause complications from a legal, regulatory perspective because an asset that was once considered a security, may now actually be a commodity.

And maybe new legislation will not be required, but certainly, some clarity is needed.

I suspect that a similar course of action will be taken with any brokers that provide services to remote prop firms that solicit US clientele. Whether or not those actions will be justified and/or even applicable is something that we may have to wait and see about. If I were forced to bet money on it, I would bet that the brokers/props will fold under pressure.

Then we will see which props are actually serious about continuing offshore. But which broker would agree to work with them? There are some offshore brokers that already offer funding, directly to their clients, but the terms are garbage.
  • #17,131
  • Jun 26, 2023 11:54am Jun 26, 2023 11:54am
Quoting Nsak3y
{quote}-Yes. This is part of the problem that we are seeing with cryptocurrency here in the states. Many are wanting to apply old laws to new tech while others are claiming that some crypto assets are different and may change over time, arguing that new legislation is required not only for legal clarity, but for determining which classification and laws should apply and when. Since some cryptocurrencies and the businesses that may drive them are not static in the traditional sense and may evolve over time, then this may cause complications from...
Funny part is they make all drugs legal and regulating gambling thus screwing up genuine trader under pretext of saving traders.
  • #17,132
  • Jun 26, 2023 12:01pm Jun 26, 2023 12:01pm
That is because the current system is broken; shielded by hypocrisy, giving way to greed and power and infected with gross conflicts of interests etc..
  • #17,133
  • Jun 26, 2023 12:50pm Jun 26, 2023 12:50pm
not changing legislation is to protect donors and friends. If you can get the job done no change then it’s the most likely course of action
  • #17,134
  • Jun 27, 2023 9:13am Jun 27, 2023 9:13am
I can't find the comments now to give a proper reply and thanks, but thanks to all of you who shared your thoughts and opinion on when regulation of prop firms may happen in the US. Much appreciated. I want very much to earn my share of the prop firm pie but it has taken me far longer than I ever anticipated. I stink at passing challenges. Pretty sure it is mostly my mindset.
  • #17,135
  • Edited 10:02am Jun 27, 2023 9:40am | Edited 10:02am
Once there was a big slippage in TFTP account, phase 2. and as well as funded account. Both 100 k

There was 48 pips.. due to which the account loss got violated and I lost phase 2 account.

I stated my comments on Trust pilot and reviewed as poor score for TFTP.

Since then Victoria replied.. it is normal BS that happens with their server.

I stopped trading with TFTP sisnce that time.

After a long time, some new guy again asked me to review TFTP in Trust pilot.

I replied stating that I maintain my poor score about TFTP, however willing to review again if they offer a new phase 2 account once again.
Intraday only.
  • #17,136
  • Jun 27, 2023 9:47am Jun 27, 2023 9:47am
Quoting navk
Once there was a big slippage in TFTP account, phase 2. There was 48 pips.. due to which the account loss got violated and I lost phase 2 account. I stated my comments on Trust pilot and reviewed as poor score for TFTP. Since then Victoria replied.. it is normal BS that happens with their server. I stopped trading with TFTP sisnce that time. After a long time, some new guy again asked me to review TFTP in Trust pilot. I replied stating that I maintain my poor score about TFTP, however willing to review again if they offer a new phase 2 account once...
check Blake’s company on trustpilot smartproptrader to see what happens to companies who incentivize reviews

also the slippage is still there. I have been testing an order flow concept there and the conditions are so unstable I can’t even get a trading session decision for the AI due to the randomness and size of slippage.
  • #17,137
  • Jun 27, 2023 9:52am Jun 27, 2023 9:52am
Quoting Takisd
{quote} check Blake’s company on trustpilot smartproptrader to see what happens to companies who incentivize reviews also the slippage is still there. I have been testing an order flow concept there and the conditions are so unstable I can’t even get a trading session decision for the AI due to the randomness and size of slippage.
lol

All 5 stars.
Intraday only.
  • #17,138
  • Jun 27, 2023 9:56am Jun 27, 2023 9:56am
Quoting navk
{quote} lol All 5 stars.
did you see the warning?
  • #17,139
  • Jun 27, 2023 9:58am Jun 27, 2023 9:58am
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  • #17,140
  • Jun 27, 2023 12:07pm Jun 27, 2023 12:07pm
Quoting Takisd
{image}
Smartprop seems file to me. I'm running a couple props side by side and Smartprop is mirroring my Master perfectly. I cant complain (especially for the cost and features). Maybe just asking people for good reviews violates their procedures. I'd need to know more. Did Smartprop submit false reviews?
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