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  • #17,441
  • Edited 10:20pm Jul 4, 2023 10:01pm | Edited 10:20pm
Quoting Expo33
{quote} I have no problem with him. Just a young dude trying to build his brand.
I don't follow him in any way but he seems to be 'firebrand' type. There is a rivalry I think for someone to establish themselves as the face of the industry.
You usually become an Icon when you are an industry leader. Just today, some headline read 'Jack Dorsey speaks for the first time since bla bla'. Just him speaking is news worthy. If someone makes it, they get to be quite influential as the head of a new and seemingly on the rise movement that doesn't have a recognizable figurehead.

And then naturally the presidency office.
  • #17,442
  • Jul 4, 2023 10:10pm Jul 4, 2023 10:10pm
Quoting OutThere
{quote} I don't follow him in any way but he seems to be 'firebrand' type. There is a rivalry I think for someone to establish themselves as the face of the industry. You usually become an Icon when you are an industry leader. Just today, some headline read 'Jack Dorsey speaks for the first time since bla bla'. Just him speaking is news worthy. They get to be quite influential as the head of a new and seemingly on the rise movement...without a recognizable figurehead.
Yea, I don't get all star-struck when any of these 20-something bobbleheads regurgitate the same garbage.
Pride always comes before destruction.... -Proverbs 16:18
  • #17,443
  • Jul 4, 2023 10:22pm Jul 4, 2023 10:22pm
Quoting beastwork
{quote} https://the5ers.com/economic-forex-calendar/ The news events with 3 bulls are the ones that they monitor. The gist of the message they gave me was if you trade like a reckless moron they will fire you, news or not (as they should). Trade like a sensible professional and you have nothing to worry about. We should view these funded situations as partnerships. They goal should not be to abuse the opportunity
Sounds fair, imho, maybe I'll give it a try
  • #17,444
  • Jul 5, 2023 1:02am Jul 5, 2023 1:02am
Quoting Expo33
That's my boy Matty I'm going to ask him if I can be the first over 50 prop firm influencer. I'll even take my shirt off and flex my muscles. Sexy Expo pimpin' Seacrest. {image}
Same experience, same owner, cheaper.
So.... Why would people chose MFFx instead of this new one ?
  • #17,445
  • Jul 5, 2023 1:07am Jul 5, 2023 1:07am
Quoting beastwork
{quote} https://the5ers.com/economic-forex-calendar/ The news events with 3 bulls are the ones that they monitor. The gist of the message they gave me was if you trade like a reckless moron they will fire you, news or not (as they should). Trade like a sensible professional and you have nothing to worry about. We should view these funded situations as partnerships. They goal should not be to abuse the opportunity
It's probably our cynic view of prop firms and experience because in most of them with news rules if you trade, even a 0.01 lot by mistake, at news time they will happily terminate our account because that's what one of the metrics that their business counts on. And if we contact them they say "it's in the rules, there is nothing we can't do".

Hope I will never have to appeal to their good will but glad to hear that 5ers is not like that. I'm testing them in a 2 steps challenge.
  • #17,446
  • Jul 5, 2023 1:11am Jul 5, 2023 1:11am
Quoting Nehemah
{quote} By the way, I noted this morning that Matt is back in the Prop Firm Telegram Group. MFFX is a recommended firm again, ahah
Yep, he's back there but I haven't seen any post yet. I'm curious to see if he will write them again and what will be the excuse, after saying so badly things about that group in the other group.
  • #17,447
  • Jul 5, 2023 1:28am Jul 5, 2023 1:28am
Quoting beastwork
{quote} https://the5ers.com/economic-forex-calendar/ The news events with 3 bulls are the ones that they monitor. The gist of the message they gave me was if you trade like a reckless moron they will fire you, news or not (as they should). Trade like a sensible professional and you have nothing to worry about. We should view these funded situations as partnerships. They goal should not be to abuse the opportunity
Then they should clearly define what is 'reckless' and what is 'sensible' on their website and contract. What I can read is that if you trade during news including triggering take profit/stop loss/limit order/stop order, you violate the rule. In this business where there is conflict of interest and your challenge fee is their revenue, you better avoid the firms that use vague languages and full discretion.
  • #17,448
  • Jul 5, 2023 2:10am Jul 5, 2023 2:10am
Quoting ladder
{quote} Then they should clearly define what is 'reckless' and what is 'sensible' on their website and contract. What I can read is that if you trade during news including triggering take profit/stop loss/limit order/stop order, you violate the rule. In this business where there is conflict of interest and your challenge fee is their revenue, you better avoid the firms that use vague languages and full discretion.
Bootcamp "News trading is allowed. Except for bracketing strategies."
High Stakes "Holding open trades over news is allowed. Executing orders 2 minutes before until 2 minutes after high-impact news news is not allowed."

It is clearly defined. Can we stop pretending that we don't know what kind of trading puts these guys at risk. We can use our common sense on this. FMTO says they will scale your account if you have growth of 10% every 4 months. This gives us an indication of the kind of trader the prop firms are looking to work with with. I'm sure if you thought long enough about it you could come up with a reasonable person's definition of "reckless trading". All the firms have vague language, that's how contracts are written so that they don't have to cover every single arguing point that someone could ever come up with. If you were trading my money and you couldn't come up with a decent definition of "reckless" trading you would not be trading my money for long.
  • #17,449
  • Jul 5, 2023 2:17am Jul 5, 2023 2:17am
Quoting Capablanca
{quote} It's probably our cynic view of prop firms and experience because in most of them with news rules if you trade, even a 0.01 lot by mistake, at news time they will happily terminate our account because that's what one of the metrics that their business counts on. And if we contact them they say "it's in the rules, there is nothing we can't do". Hope I will never have to appeal to their good will but glad to hear that 5ers is not like that. I'm testing them in a 2 steps challenge.
I'm also starting their boot camp challenge by the end of this month. Sorting out the technology with the trade copier and then it's too the moon! Or at least $250k, then maybe $4m. I will share my experience in this thread.
  • #17,450
  • Jul 5, 2023 2:27am Jul 5, 2023 2:27am
Quoting beastwork
{quote} Bootcamp "News trading is allowed. Except for bracketing strategies." High Stakes "Holding open trades over news is allowed. Executing orders 2 minutes before until 2 minutes after high-impact news news is not allowed." It is clearly defined. Can we stop pretending that we don't know what kind of trading puts these guys at risk. We can use our common sense on this. FMTO says they will scale your account if you have growth of 10% every 4 months. This gives us an indication of the kind of trader the prop firms are looking to work with with....
I thought we were only talking about high stakes challenge. As Capablanca said above, a 0.01 lot trade during news will likely be a reason they terminate your account. Is this tiny trade 'reckelss'?
  • #17,451
  • Jul 5, 2023 2:31am Jul 5, 2023 2:31am
Quoting Capablanca
{quote} Same experience, same owner, cheaper. So.... Why would people chose MFFx instead of this new one ?
His firm is already one of the more price-competitive ones, he will be essentially cannibalizing his market share while raising fixed costs.
  • #17,452
  • Jul 5, 2023 3:24am Jul 5, 2023 3:24am
Quoting beastwork
{quote} I'm also starting their boot camp challenge by the end of this month. Sorting out the technology with the trade copier and then it's too the moon! Or at least $250k, then maybe $4m. I will share my experience in this thread.
Deja vu, Bootcamp is actually a paid "Summer Plan" but its nice considering the low entry price
  • #17,453
  • Jul 5, 2023 3:50am Jul 5, 2023 3:50am
Quoting LehmanBrotha
{quote} His firm is already one of the more price-competitive ones
Is it ? I had the idea that with the old 8% DD they were one of the more expensive. Not sure how is now - I think they changed DD to 10% but increased prices.

It's a pitty that TrAndy is no longer here. He had a very good table to compare that.
  • #17,454
  • Jul 5, 2023 5:20am Jul 5, 2023 5:20am
Quoting Capablanca
{quote} Is it ? I had the idea that with the old 8% DD they were one of the more expensive. Not sure how is now - I think they changed DD to 10% but increased prices. It's a pitty that TrAndy is no longer here. He had a very good table to compare that.
Take into account they also require 8% phase 1 while many require 10. Alpha Capital arguably has a better deal since it also has no comms.

Shame we have no comparison tables, but arguably...tracking all the changes day in and day out would be a full-time job by now lol.
  • #17,455
  • Jul 5, 2023 5:25am Jul 5, 2023 5:25am
Quoting Capablanca
{quote} Same experience, same owner, cheaper. So.... Why would people chose MFFx instead of this new one ?
they won’t. The new one will be used to feed the old. Ponzi life
  • #17,456
  • Jul 5, 2023 6:30am Jul 5, 2023 6:30am
Quoting Takisd
{quote} they won’t. The new one will be used to feed the old. Ponzi life
You think MFFX is not legit? I am really hoping they are legit.. since no timelimit is such a gamechanger. 30d challenges feel like pure gamble to me
  • #17,457
  • Jul 5, 2023 7:33am Jul 5, 2023 7:33am
Quoting spzd
Was doing the 5ers bootcamp. Had some other things going on so did not trade for a couple of weeks. Inactivity for 21 days was supposed to be the expiration. They just sent an expiration notice after 14 days. My reply was not nice.
Attached Image (click to enlarge)
Click to Enlarge Name: ftccomplaint.png Size: 19 KB
Mark ... Everything you have been told is a LIE
  • #17,458
  • Jul 5, 2023 8:42am Jul 5, 2023 8:42am
Quoting juri93
{quote} You think MFFX is not legit? I am really hoping they are legit.. since no timelimit is such a gamechanger. 30d challenges feel like pure gamble to me
At this point I don’t think anyone is legit that uses eightcap. They are all owned by same people who are using new companies to prolong Ponzi behavior. I think we have to prepare for some downside
  • #17,459
  • Jul 5, 2023 9:09am Jul 5, 2023 9:09am
Quoting spzd
{quote} {image}
Did you correspond with them explaining that when you signed up it was 21 days, although now it is 14 days? I am pretty sure they would honor what you signed up for. I only ask as you could be jeopardizing all of our future income(s) over $95. Why on earth do we want attention from regulators?
  • #17,460
  • Jul 5, 2023 9:26am Jul 5, 2023 9:26am
Quoting Takisd
{quote} At this point I don’t think anyone is legit that uses eightcap. They are all owned by same people who are using new companies to prolong Ponzi behavior. I think we have to prepare for some downside
This is exactly what I've been preaching for 2+ years. Once we start using the scammish firms, there will be unwelcomed and unwarranted attention to the FTMOs and MFFs of the world. You all know how regulators work....they will throw them all into one big group. Why morons insist on using the "next best firm" is beyond me. We are all going to suffer major financial impact in the long term simply because folks believe a different firm is going to make them magically a better trader. Yes, I know I sound like an asshole, but it impacts my finances, my life and my family.
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