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  • #17,801
  • Jul 14, 2023 1:44am Jul 14, 2023 1:44am
Quoting Expo33
{quote} I haven't used them in about 18 months but they were completely reliable. I just did a quick scan of their FAQ and I noticed 2 things: 1) You must use a stop loss on all trades. Any profits made without a stop loss won't count toward your profit target. 2) If you reach the profit target before the min days you must carry on trading the same way. Sounds like you can't open and close a .01 lot trade to finish the 5-day min requirement. Would need to get some clarification from them on that point. Other than that, everything else is pretty...
Sounds fine. The 5 days is not a problem. I use to spend more than that.
For the SL in al orders this is like Finotive but Finotive violates the account if you just miss one SL in 1000 trades. Having the profits not considered is good. At least people don't lose their accounts.
I may give them a stab. I'll investigate more FAQs, Trust pilot and so on. Thanks !
  • #17,802
  • Jul 14, 2023 2:03am Jul 14, 2023 2:03am
Quoting Capablanca
{quote} Sounds fine. The 5 days is not a problem. I use to spend more than that. For the SL in al orders this is like Finotive but Finotive violates the account if you just miss one SL in 1000 trades. Having the profits not considered is good. At least people don't lose their accounts. I may give them a stab. I'll investigate more FAQs, Trust pilot and so on. Thanks !
If you miss SL, Finotive does not terminate the account, but ask you to redo the challenge. If it happens in phase 2, you only need to redo phase 2.
I think Finotive should give warnings for five times if SL is not set. On the sixth case, they can ask traders to redo the challenge.
  • #17,803
  • Jul 14, 2023 2:21am Jul 14, 2023 2:21am
Quoting ladder
I think Finotive should give warnings for five times if SL is not set. On the sixth case, they can ask traders to redo the challenge.
-I think that enforcing a stop-loss is silly, especially when there are usually no requirements to follow in terms of SL distance.

Having said that, not having a stop-loss when one is required is also silly, since there are EA's that can automatically do it for you.
  • #17,804
  • Jul 14, 2023 2:51am Jul 14, 2023 2:51am
Quoting ladder
{quote} If you miss SL, Finotive does not terminate the account, but ask you to redo the challenge. If it happens in phase 2, you only need to redo phase 2. I think Finotive should give warnings for five times if SL is not set. On the sixth case, they can ask traders to redo the challenge.
Thanks for clarifying that, you're right, it's not a violation that terminates the account. It obliges to repeat the challenge, either phase 1 or 2 (or reduces payouts to 25% in the next payout in funded accounts, then goes back to normal).

Yep, I agree that they should have some system of warnings and margin for an error.

I read in Telegram group that they allow free unlimited resets, provided that account is in profit. So if you're half way to the target and commit an error of not having the SL, you may ask a reset and restart fresh instead of waiting to finish and then having to restart.

They should definitely have an alert in real time in order that people know it. It's absurd not having it. I guess it should be very frustrating to be working 1 or 2 months to pass a challenge, just to discover that 17 days ago you had 1 trade, out of 237, that you forgot to enter a SL and then you're obliged to restart again.
  • #17,805
  • Jul 14, 2023 2:54am Jul 14, 2023 2:54am
Quoting Nsak3y
{quote}-I think that enforcing a stop-loss is silly, especially when there are usually no requirements to follow in terms of SL distance. Having said that, not having a stop-loss when one is required is also silly, since there are EA's that can automatically do it for you.
They have other requirements. You can't have SLs that add more than the allowed DD (which is the daily max loss or the total loss if you're closer to that).
Also not more than 50% of allowed DD in a single instrument.
So, if you have 100K and 5K DD, you can't risk more than 2.5K in EURUSD alone. You can risk 5K in 2.5K in EURUSD and 2.5K in GBPUSD.
It's quite confusing rules because then you can open and close positions and it's a mess to track this (IMO).
  • #17,806
  • Jul 14, 2023 3:22am Jul 14, 2023 3:22am
I was speaking in general terms. But since you mention it, the firms that do enforce SL and require specifics such as Sl must not exceed 2% of total balance etc., are the worst. I would never trade for a firm that required that.
  • #17,807
  • Jul 14, 2023 3:49am Jul 14, 2023 3:49am
Quoting KoyaAndy18
{quote} hi sir, what are your thoughts on FXIFY?
I trade only small accounts, had 1 or 2 withdrawals with them it was ok, after you finish challenge you do KYC and deel so first withdrawal you can request day after you start funded account. Withdrawal was very fast, about hour time.
  • #17,808
  • Jul 14, 2023 4:13am Jul 14, 2023 4:13am
Quoting Capablanca
{quote} You are right. Indexes are a mess in props because there isn't a standard basis in all of them. I don't trade indexes but some time ago I did some tests in some of the props to find out how much was 1 lot of SPX: E81 1 USD per point TFF 1 USD per point TFT 10 USD per point MFF 1 USD per point Blue 50 USD per point Don't know if this is still updated but illustrates the confusion that may come from there. Only 5 props and 3 different basis. (in the MT5/MT4 specifications sometimes we don't get the clear information, only testing 0.01 lots)...
The specs are usually set by the LP/feed provider based on the orders they are willing to receive. For spot CFD's its usually 1=1 (retail fx prime of prime like saxobank or integral, for futures covered CFDs its 1=10 (usually a large broker like oanda or gain capital/forex. com. What would be weird is if a prop is using the same broker partner and had different contract specs. Don't know what blue is doing, they might be doing a non mini or something like oil futures are priced but never seen that before.

During this heatwave i am enjoying the collective cult members lose their mind on twitter diety Matt Leech was the leader of this he is king of the autists.
  • #17,809
  • Jul 14, 2023 5:37am Jul 14, 2023 5:37am
Quoting Capablanca
{quote} You are right. Indexes are a mess in props because there isn't a standard basis in all of them. I don't trade indexes but some time ago I did some tests in some of the props to find out how much was 1 lot of SPX: E81 1 USD per point TFF 1 USD per point TFT 10 USD per point MFF 1 USD per point Blue 50 USD per point Don't know if this is still updated but illustrates the confusion that may come from there. Only 5 props and 3 different basis. (in the MT5/MT4 specifications sometimes we don't get the clear information, only testing 0.01 lots)...
This I can agree with can be confusing. What I do is that I usually ask the chat support for margin cost per lot . Then I just calculate that from the default template I'm used too and adapt accordingly before I do any investment. So it's not that confusing when one gets used to it. Just some small adjustments. That's why I respect FTMO tbh, since they are among the few who allows a trial to properly calculate the lots with indices so there's no mistake might happen with the orders.
  • #17,810
  • Edited 6:33am Jul 14, 2023 6:04am | Edited 6:33am
Quoting labu
Why is no one reacting more to the 50% slash of leverage for indices with MFF. Tons of users trade only those instruments and now they must increase their cost 50% per order and risk of their capital. I suppose with the current DD structure it makes no difference to most traders in prop firms since they are limited to a specific lot structure and risk to not break the DD so they cannot use much of the capital anyhow. This also kinda shows why the prop firm market do need competition. So the major leaders don't spiral out of control. But who knows...
I think it's because 1:50 is still more than enough. Actually I currently trade with 1:10 on indices and even that is high enough to pass the challenge in one day.
TBH I don't understand what you mean by "they must increase their cost 50% per order and risk of their capital". They can still trade exactly the same risk and same volume. Only the required margin would double but that has nothing to do with the actual capital at risk
Money is made by sitting, not trading
  • #17,811
  • Jul 14, 2023 6:12am Jul 14, 2023 6:12am
Quoting KoyaAndy18
anyone here who have tried fxify?
I'm with them for some time already. I only trade indices and xau but execution on both is flawless, cost of trading also very low (the second best after MFF which is super cheap on indices).
They offer very attractive scale up plan allowing you increase your capital up to 8M within 12 months but only time will tell how realistic this is.
Account provisioning is super fast (seconds) and payouts are fastest in the industry (hours). First payout can be requested right after you earn the first $ on funded and thus get back your initial investment (+25% extra) immediately and keep trading completely risk free
Money is made by sitting, not trading
  • #17,812
  • Jul 14, 2023 6:47am Jul 14, 2023 6:47am
Quoting Ak386
I want to give my opinion with the rule change in FTMO, UNLIMITED TRADING PERIOD, this is positive for you as a company but bad for traders, it is a commercial strategy, that traders will realize, is better Free retakes and one free extension , then you're going to agree with me. Do you want me to explain why?
- I can only see it as a positive for traders.
All Assets NAS100 GLD BTC AUS JPY GBP All Time Return: 18.3%
  • #17,813
  • Jul 14, 2023 6:50am Jul 14, 2023 6:50am
Quoting Vitore
{quote} I think it's because 1:50 is still more than enough. Actually I currently trade with 1:10 on indices and even that is high enough to pass the challenge in one day. TBH I don't understand what you mean by "they must increase their cost 50% per order and risk of their capital". They can still trade exactly the same risk and same volume. Only the required margin would double but that has nothing to do with the actual capital at risk
1:50 in SPX @4500 is 225.000 USD notional. Is this what you're talking about ? (just to clarify).
  • #17,814
  • Jul 14, 2023 7:19am Jul 14, 2023 7:19am
Quoting Capablanca
{quote} 1:50 in SPX @4500 is 225.000 USD notional. Is this what you're talking about ? (just to clarify).
I'm not sure I understand. You need $90 margin to buy 1 US500 index unit ($1 per point) @4500 and with 1:50 leverage
Money is made by sitting, not trading
  • #17,815
  • Jul 14, 2023 9:47am Jul 14, 2023 9:47am
Quoting Vitore
{quote} I'm not sure I understand. You need $90 margin to buy 1 US500 index unit ($1 per point) @4500 and with 1:50 leverage
Ok, so you're talking on margin basis. That makes sense and is way more than enough.
  • #17,816
  • Jul 14, 2023 9:49am Jul 14, 2023 9:49am
Anyone see myfundedfx's latest trustpilot 1 star reviews They are just going around banning people for "passing services" hahaha.
  • #17,817
  • Jul 14, 2023 10:00am Jul 14, 2023 10:00am
In TFTP's standard challenges, EAs are not allowed (unless you buy the add-on). Got it.
But is using a trade assistant EA for calulcating lot size and placing the trades also forbidden? Or only if you use the EA as trade copier?
  • #17,818
  • Jul 14, 2023 10:12am Jul 14, 2023 10:12am
Quoting Takisd
Anyone see myfundedfx's latest trustpilot 1 star reviews They are just going around banning people for "passing services" hahaha.
In the meantime Bespoke left one of the Telegram groups accused of sharing data with other props. The kid got annoyed.

MFFx and Bespoke CEOs are always kissing each other asses so I guess they are the same thing or operating with same principles. They may well sink together if that's the case.

We end up always with the same props. My impression is that FTMO, MFF and 5ers are reputable, no tricks or excuses.
I believe E8 is also trying to build a solid reputation. At least Dylan is very harsh with these new cowboys, specially with Matt.

(it was funny because Matt said in the telegram group that E8 and MFFx even share the same building but Dylan never found time to have a coffee with him )
  • #17,819
  • Jul 14, 2023 10:30am Jul 14, 2023 10:30am
Quoting Capablanca
{quote} In the meantime Bespoke left one of the Telegram groups accused of sharing data with other props. The kid got annoyed. MFFx and Bespoke CEOs are always kissing each other asses so I guess they are the same thing or operating with same principles. They may well sink together if that's the case. We end up always with the same props. My impression is that FTMO, MFF and 5ers are reputable, no tricks or excuses. I believe E8 is also trying to build a solid reputation. At least Dylan is very harsh with these new cowboys, specially with Matt. (it...
TFF are considering making moves also. But I think prop firm armageddon is here.
  • #17,820
  • Jul 14, 2023 10:38am Jul 14, 2023 10:38am
Quoting Takisd
{quote} TFF are considering making moves also. But I think prop firm armageddon is here.
Yes, I think 5-6 will remain and be better than ever. Since there are no new MT4 licenses being issued, if we just stick with the firms who have their own feed, should be good. All the 8crap firms and any new firms will need to have an outside broker....just avoid them.
It's ironic, for 3 years I was telling everyone only use MFF and FTMO and I was accused of being an affiliate, employee, etc, then a few others came along and I told everyone the #1 criteria (in addition to paying, of course) was ONLY USE FIRMS WITH THEIR OWN LPs.
And here we are.......Looks like a lot of wasted time and energy by alot of people in 3 years to wind up right back where we were 3 years ago.
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