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  • #17,681
  • Jul 12, 2023 7:53am Jul 12, 2023 7:53am
Quoting CableJ
If we could just get regulators to take out eightcap and leave everyone else alone that would eliminate alot of the problematic firms, but that is not reality. Regulators are currently pre-occupied with eliminating the competition for upcoming CBDC's. With all the money involved and social media foolishness by both traders & props going on, the props firms will likely be the next target.
Its possible if someone did the investigative work for the CFTC. But the rubberband is about to break.
  • #17,682
  • Jul 12, 2023 7:54am Jul 12, 2023 7:54am
Quoting pipmaster77
{quote} Yeah....CBDC's.....another power grab by the socialist/ democratic government(s) ruining most countries. I do not believe the masses understand the disasterous impact this will have on life as we know it. Not going to rant about it here, but folks need to wake the fuck up as to what is really going on in this country and the world. In a nutshell, they are looking to strip every freedom you have, control everything you do and own, and there is not a thing you can do about it. But, hey, atleast we don't have mean tweets, we have 50+ genders...
Right on.
  • #17,683
  • Jul 12, 2023 8:08am Jul 12, 2023 8:08am
Quoting Takisd
{quote} Its possible if someone did the investigative work for the CFTC. But the rubberband is about to break.
Do you know if any firms have actually been contacted by regulators?
I am still of the thought process, since everything is on demo and we are not trading "real" funds, this will be more gaming/gambling regulation than financial....what are your thoughts?
They could shut down the brokers from accepting clients from certain regions, but what about the firms with their own feeds? How will they approach them?
  • #17,684
  • Jul 12, 2023 8:44am Jul 12, 2023 8:44am
Quoting pipmaster77
Yeah....CBDC's..... ...I do not believe the masses understand the disasterous impact this will have on life as we know it. Not going to rant about it here, but folks need to wake the fuck up as to what is really going on in this country and the world. In a nutshell, they are looking to strip every freedom you have, control everything you do and own, and there is not a thing you can do about it.
-Yes. I have been sharing my views about this over on babypips because I feel that it is important and warrants discussion. CBDC's are not good, and people need to be aware of this.
  • #17,685
  • Jul 12, 2023 9:45am Jul 12, 2023 9:45am
Quoting pipmaster77
{quote} Do you know if any firms have actually been contacted by regulators? I am still of the thought process, since everything is on demo and we are not trading "real" funds, this will be more gaming/gambling regulation than financial....what are your thoughts? They could shut down the brokers from accepting clients from certain regions, but what about the firms with their own feeds? How will they approach them?
of course they have been. In that weird 4 way jackit session on twitter MFFX TFT and smartprop all basically said they have received communication from the cftc.
  • #17,686
  • Jul 12, 2023 9:46am Jul 12, 2023 9:46am
so FTMO and probably MFF Will go no time limit. What will happen to the teenagers prop firms?
  • #17,687
  • Jul 12, 2023 9:53am Jul 12, 2023 9:53am
Quoting Takisd
so FTMO and probably MFF Will go no time limit. What will happen to the teenagers prop firms?
Because of this question FTMO put on Twitter?

Personally, I'd slowly start working on max exposure on those 2 firms but still continue with my teenager firm accs that are already paying. I guess they will try to get more price competitive, it could be a race to the bottom until we start getting implosions.

Hedge or die will be the game, it seems.
  • #17,688
  • Jul 12, 2023 10:15am Jul 12, 2023 10:15am
Quoting Takisd
{quote} of course they have been. In that weird 4 way jackit session on twitter MFFX TFT and smartprop all basically said they have received communication from the cftc.
The common element there is all 8cap. I guess what I am getting at is......MFF, FTMO, E8, TFF the 5%ers, etc......all firms with their own feed. Any good firms been contacted?
  • #17,689
  • Jul 12, 2023 10:16am Jul 12, 2023 10:16am
Quoting pipmaster77
{quote} Do you know if any firms have actually been contacted by regulators? I am still of the thought process, since everything is on demo and we are not trading "real" funds, this will be more gaming/gambling regulation than financial....what are your thoughts? They could shut down the brokers from accepting clients from certain regions, but what about the firms with their own feeds? How will they approach them?
You might not be trading real funds but the profits you receive is real money. Prop firms don't present themselves as being online gambling houses so why would SEC or CFTC do that? However, some other instance could claim that they are performing online gambling and that is also illegal in US. The authorities have a wide tool box for taking down the US based props. Not so much those operating in other jurisdictions.
  • #17,690
  • Jul 12, 2023 10:21am Jul 12, 2023 10:21am
Quoting pipmaster77
{quote} The common element there is all 8cap. I guess what I am getting at is......MFF, FTMO, E8, TFF the 5%ers, etc......all firms with their own feed. Any good firms been contacted?
FTMO and MFF i think for sure have spoken to regulators the others i believe TFF has cos of their red list.
  • #17,691
  • Jul 12, 2023 10:33am Jul 12, 2023 10:33am
Quoting LehmanBrotha
{quote} Because of this question FTMO put on Twitter? Personally, I'd slowly start working on max exposure on those 2 firms but still continue with my teenager firm accs that are already paying. I guess they will try to get more price competitive, it could be a race to the bottom until we start getting implosions. Hedge or die will be the game, it seems.
Agree. Max MFF and FTMO, keep trading whatever else you have until you can't.
  • #17,692
  • Jul 12, 2023 11:09am Jul 12, 2023 11:09am
Quoting TraderTero
{quote} You might not be trading real funds but the profits you receive is real money. Prop firms don't present themselves as being online gambling houses so why would SEC or CFTC do that? However, some other instance could claim that they are performing online gambling and that is also illegal in US. The authorities have a wide tool box for taking down the US based props. Not so much those operating in other jurisdictions.
The arrangement is set up as an independent contractor. We are not executing any "real" trades in any financial instruments. We are not in control of any real money. The real money we get paid is for our services as an independent contractor. I just cannot see how they can regulate them as financial products. The good news, as you say, is the firms outside of the US should be OK either way.....and the important ones are not in the US.
  • #17,693
  • Jul 12, 2023 11:13am Jul 12, 2023 11:13am
Quoting pipmaster77
{quote} The arrangement is set up as an independent contractor. We are not executing any "real" trades in any financial instruments. We are not in control of any real money. The real money we get paid is for our services as an independent contractor. I just cannot see how they can regulate them as financial products. The good news, as you say, is the firms outside of the US should be OK either way.....and the important ones are not in the US.
Its mostly how the product is advertised. The internal functionality doesnt really matter.
  • #17,694
  • Jul 12, 2023 12:52pm Jul 12, 2023 12:52pm
Quoting profitfarmer
{quote} 12 a dozen reason to change to commercial? at 11 now... why the big love for a firm, but not posting a remote hint to even actually trade with them, just promotion? maybe not everyone noticed, but it is getting old. {image} save the BS, i dont care your love! Z
They are a great firm based in the UK - great for us European Traders, No Time Limits ( one trade a month required)
https://www.fundedtradingplus.com/
every Saint has a past. Every Sinner has a Future
  • #17,695
  • Jul 12, 2023 1:02pm Jul 12, 2023 1:02pm
Quoting turnip15
{quote} They are a great firm based in the UK - great for us European Traders, No Time Limits ( one trade a month required) https://www.fundedtradingplus.com/
MANY folks here have already listed the MANY reasons to go with the MANY better options. Simply search the thread, you'll find them.
  • #17,696
  • Jul 12, 2023 1:34pm Jul 12, 2023 1:34pm
Quoting turnip15
{quote} They are a great firm based in the UK - great for us European Traders, No Time Limits ( one trade a month required) https://www.fundedtradingplus.com/
As soon as you see that they have a trailing DD you know they are not worth it.
  • #17,697
  • Jul 12, 2023 2:33pm Jul 12, 2023 2:33pm
Quoting turnip15
{quote} They are a great firm based in the UK - great for us European Traders, No Time Limits ( one trade a month required) https://www.fundedtradingplus.com/
If you don't want to constantly check for news to avoid getting railroaded and if you don't want to make huge gambling trades to make 10% in 20 business days, then that firm and a few others beat the crap out of the shitty time limited props.
  • #17,698
  • Jul 12, 2023 2:38pm Jul 12, 2023 2:38pm
Quoting OutThere
{quote} If you don't want to constantly check for news to avoid getting railroaded and if you don't want to make huge gambling trades to make 10% in 20 business days, then that firm and a few others beat the crap out of the shitty time limited props.
The good news is it looks by the end of the month most if not all prop firms will have no time limit.

Edit: I have my TFT account btw, will start it when conditions are normal tomorrow. Lets gooooooooooooooooooooo lucky 7
  • #17,699
  • Jul 12, 2023 5:52pm Jul 12, 2023 5:52pm
Quoting pipmaster77
The arrangement is set up as an independent contractor. We are not executing any "real" trades in any financial instruments. We are not in control of any real money. The real money we get paid is for our services as an independent contractor. I just cannot see how they can regulate them as financial products.
-I am certainly no expert about what various groups can and cannot regulate, but I suspect that if anything meaningful is being done with our trading data (signals), then it may potentially fall within the scope of certain regulatory groups.

That is all a B-book broker is doing, after all... you are providing them with trading data and they are making moves based on that information without actually executing your trades.
  • #17,700
  • Jul 12, 2023 7:21pm Jul 12, 2023 7:21pm
Quoting Nsak3y
{quote}-I am certainly no expert about what various groups can and cannot regulate, but I suspect that if anything meaningful is being done with our trading data (signals), then it may potentially fall within the scope of certain regulatory groups. That is all a B-book broker is doing, after all... you are providing them with trading data and they are making moves based on that information without actually executing your trades.
Right, but with a broker you are depositing money and trading with that money. Here, is it explicitly clear as all of their disclaimers state: they are not brokers, they accept no deposits, etc, etc. I am certain those disclaimers serve a purpose, like the brokers who state "Information on this site is not intended to solicit residents of the US, North Korea and Iraq"....what great company we keep, by the way.
I'm no expert either, and what takisd said earlier makes sense, it is more about what it is marketed as rather than what it actually is.
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