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Flying Dutchman

  • #9,041
  • Sep 1, 2023 5:28pm Sep 1, 2023 5:28pm
Quoting Danger-Mouse
{quote}
hahaha..great film TT !
Poor old Bones {image} and also a young Tony Soprano in it too


Hi D-M

Yes, poor old Bones hahaa, a classic Dennis Farina role cheers mate.

(Dennis was also terrific I reckon in the made-for-TV Series Luck based on American Horseracing & the battle of who owned the racetracks, and
sadly that series was cut short before completion as too many of the horses were getting injured or died in the production of the actual race scenes, very sad)
  • #9,042
  • Sep 2, 2023 4:10am Sep 2, 2023 4:10am
Interesting debate happening elsewhere regarding MFF Prop firm and it’s forced closure.

Apparently MFF have been using underhand tacticsmanipulation and other means to prevent traders from becoming profitable to the extent of being able to withdraw.

Thing is the accusation is identical to the underhand tactics, manipulation and other means employed by big money to extract a traders deposit. I really cannot see the difference.

One caveat with that would be that depositing money to a prop firm rather than the ‘real’ market would be a block to a traders deposit going any further and filtering up to the big boys.

Anyone getting in the way of traders depositing into the ‘real market’ is taking money away from the big boys, and they won’t be around for very long playing that game. So now we see big money flexing it’s muscles.

Im surprised it’s taken this long.

Bet the other prop firms are Sh1ting a brick!

Andy
  • #9,043
  • Sep 2, 2023 4:23am Sep 2, 2023 4:23am
Quoting moodybot
Interesting debate happening elsewhere regarding MFF Prop firm and it’s forced closure. Apparently MFF have been using underhand tacticsmanipulation and other means to prevent traders from becoming profitable to the extent of being able to withdraw. Thing is the accusation is identical to the underhand tactics, manipulation and other means employed by big money to extract a traders deposit. I really cannot see the difference. One caveat with that would be that depositing money to a prop firm rather than the ‘real’ ...
It's really like anything in Life, there's going to be The Good, The Bad & The Ugly, You have to do due diligence yourself.

The regulators are always ways behind the curve and usually powerless to enforce anything.

So they change all the rules and then the people they are meant to protect actually get even worse off.
It never gets easier, you just get better
  • #9,044
  • Sep 2, 2023 11:09am Sep 2, 2023 11:09am
Quoting moodybot
Interesting debate happening elsewhere regarding MFF Prop firm and it’s forced closure. Apparently MFF have been using underhand tacticsmanipulation and other means to prevent traders from becoming profitable to the extent of being able to withdraw. Thing is the accusation is identical to the underhand tactics, manipulation and other means employed by big money to extract a traders deposit. I really cannot see the difference. One caveat with that would be that depositing money to a prop firm rather than the ‘real’ ...
https://www.cftc.gov/PressRoom/PressReleases/8771-23
  • #9,045
  • Edited Mar 31, 2026 9:20am Sep 2, 2023 1:23pm | Edited Mar 31, 2026 9:20am
91. On May 4, 2022, Traders Global Employee A asked the Advisor to put another customer on the “aggressive” profile. The Advisor advised Traders Global Employee A “this has been done;” Traders Global Employee A replied, “and the account is now dead [.]”

Just amazing what happens behind closed doors. I am not a fan of Govt,,,But I hope the govt takes every last penny Kazmi has...

This is what one calls "caught dead to rights"

Heres Kazmi's $13 million pad he bought with MFF $$ referenced in Complaint.

Murtuza Kazmi, Defendant { personal information deleted by staff, per request }
Markets are Mirrors,,Mastery of craft is mastery of self
  • #9,046
  • Edited Mar 31, 2026 9:20am Sep 2, 2023 1:36pm | Edited Mar 31, 2026 9:20am
Quoting bluesteele
91. On May 4, 2022, Traders Global Employee A asked the Advisor to put another customer on the “aggressive” profile. The Advisor advised Traders Global Employee A “this has been done;” Traders Global Employee A replied, “and the account is now dead [.]” Just amazing what happens behind closed doors. I am not a fan of Govt,,,But I hope the govt takes every last penny Kazmi has... This is what one calls "caught dead to rights" Heres Kazmi's $13 million pad he bought with MFF $$ referenced in Complaint. Murtuza Kazmi, Defendant { personal information deleted by staff, per request }
Isn't it a conflict of interest when you are the "in-house" broker as well ?

And an unregulated broker at that ?

Quite a few Red Flags in the interview Kazemi gave almost 2 years ago.

Inserted Video
It never gets easier, you just get better
  • #9,047
  • Sep 2, 2023 2:07pm Sep 2, 2023 2:07pm
Quoting Shabs19
{quote} It's really like anything in Life, there's going to be The Good, The Bad & The Ugly, You have to do due diligence yourself. The regulators are always ways behind the curve and usually powerless to enforce anything. So they change all the rules and then the people they are meant to protect actually get even worse off.
Some say "Spread Betting" regulations, introduced by the EU ( when GB was a member) into the UK, froze out a lot of people by requiring bigger margins from "Retail" traders ( 5% thereabouts) as opposed to 0.5% deposit for "professionals." But it keeps the masses from squandering their monthly benefit cheques ?
every Saint has a past. Every Sinner has a Future
  • #9,048
  • Sep 2, 2023 2:42pm Sep 2, 2023 2:42pm
Quoting turnip15
{quote} Some say "Spread Betting" regulations, introduced by the EU ( when GB was a member) into the UK, froze out a lot of people by requiring bigger margins from "Retail" traders ( 5% thereabouts) as opposed to 0.5% deposit for "professionals." But it keeps the masses from squandering their monthly benefit cheques ?
I thought it was UK specific form of trading, so regulated by UK financial authorities like FCA. Didn't think EU had any involvement in it.

The Brainchild of Stuart Wheeler back in the mid 70's allowing traders to trade the Gold Index, (as you couldn't trade legally physical Gold)

and this led to the founding of the IG Group allowing traders to bet both directions, Index going Up as well as Down.

Of course, computers were still in their infancy & internet was not up to scratch either, but more instruments were added as it became popular way to trade in the UK. CFD trading came in a lot later in the 1990's.
It never gets easier, you just get better
  • #9,049
  • Sep 2, 2023 2:55pm Sep 2, 2023 2:55pm
Quoting Shabs19
{quote} I thought it was UK specific form of trading, so regulated by UK financial authorities like FCA. Didn't think EU had any involvement in it. The Brainchild of Stuart Wheeler back in the mid 70's allowing traders to trade the Gold Index, (as you couldn't trade legally physical Gold) and this led to the founding of the IG Group allowing traders to bet both directions, Index going Up as well as Down. Of course, computers were still in their infancy & internet was not up to scratch either, but more instruments were added as it became popular...

This might help

https://www.spreadex.com/financials/...a-ruling-faqs/
every Saint has a past. Every Sinner has a Future
  • #9,050
  • Sep 2, 2023 3:06pm Sep 2, 2023 3:06pm
Trader Tom - third video ( The late DR. David Paul)
"Condenses decades of experience and wisdom into an intensive hour of learning, one that will be with you for life."

Inserted Video
every Saint has a past. Every Sinner has a Future
  • #9,051
  • Sep 2, 2023 3:34pm Sep 2, 2023 3:34pm
Quoting turnip15
{quote} This might help https://www.spreadex.com/financials/...a-ruling-faqs/
Yes, you are correct, you were talking about the leverage that was offered by brokers at the time to entice Retail Traders into trading and due to the huge number of losing traders, the EU regulators chose to increase Margin requirements, which helped Brokers more than it did Retail Traders.
It never gets easier, you just get better
  • #9,052
  • Sep 2, 2023 5:28pm Sep 2, 2023 5:28pm
BOOM !
https://twitter.com/MyFundedFX/statu...694555112?s=20

My FundedFx shuts down Canadian operations...

Running scared.. I Would be more worried about US regulators than Canada... Far bigger teeth down south !
Markets are Mirrors,,Mastery of craft is mastery of self
  • #9,053
  • Sep 2, 2023 10:23pm Sep 2, 2023 10:23pm
Quoting turnip15
Trader Tom - third video ( The late DR. David Paul) "Condenses decades of experience and wisdom into an intensive hour of learning, one that will be with you for life." https://www.youtube.com/watch?v=g_1jWwYzib8
Thanks T for posting that. Forgot is was due.
  • #9,054
  • Sep 2, 2023 11:37pm Sep 2, 2023 11:37pm
Current thinking before bed !
Attached Image (click to enlarge)
Click to Enlarge Name: images.jpg Size: 19 KB
Markets are Mirrors,,Mastery of craft is mastery of self
  • #9,055
  • Sep 3, 2023 5:05am Sep 3, 2023 5:05am
From the charge sheet the only thing that is likely to be upheld is :

“Anyone offering or entering into leveraged retail forex contracts without registration, or offering or entering into leveraged retail commodity contracts off-exchange, is acting in clear violation of the law.”

The rest of the charges from the litigant is subject to interpretation and would require hard evidence of any wrongdoing.

Most brokers have a B - Book where losing traders' trades are "internalised" so would be betting against the broker & not the real market.
They haven't stopped that with any regulations.

If Global trading have the correct registration in place, then what action can they really take ?

It's a simple business model, you could run it from a spare room in your house with a couple of friends who are well versed in IT and the necessary computer hardware. That's why so many are doing it now, and the regulators as usual are way behind to this "New Business Model".

Maybe the complaint is from a large Brokerage Firm & not a single individual ?
It never gets easier, you just get better
  • #9,056
  • Edited 8:19am Sep 3, 2023 8:04am | Edited 8:19am
The full court document submitted by the CTFC vs Global Trading (Kazemi).

A civil case as opposed to a criminal case against Kazemi.

So maybe the outcome is the maximum fine they can impose ?

Attached File(s)
File Type: pdf Complaint, CFTC v. Traders Global Inc., et al. corrected.pdf   871 KB | 199 downloads


This Document shows past press releases / outcomes of cases filed by the CFTC, probably looking at taking a nice chunk of that $ 172 million purported profits.

https://www.cftc.gov/PressRoom/PressReleases

https://www.cftc.gov/check#:~:text=R...to%20customers.

I like the Whistle Blower Link, where you can get a slice of the action, if CTFC is successful.
It never gets easier, you just get better
  • #9,057
  • Sep 3, 2023 8:54am Sep 3, 2023 8:54am
The industry figure of 95% of traders losing matches the 95% of prop firm dreamers that also lose.
Anyone taking part in this game for any length of time would know that the accusations placed against MFF of blatantly looking to fail traders by the usual software, slippage etc etc to prevent payouts closely matches the tactics employed by big money that miraculously appear on our trading charts on a daily basis.

Perhaps the regulators could take a closer look at our ‘genuine’ market………
  • #9,058
  • Sep 3, 2023 9:29am Sep 3, 2023 9:29am
Quoting moodybot
The industry figure of 95% of traders losing matches the 95% of prop firm dreamers that also lose. Anyone taking part in this game for any length of time would know that the accusations placed against MFF of blatantly looking to fail traders by the usual software, slippage etc etc to prevent payouts closely matches the tactics employed by big money that miraculously appear on our trading charts on a daily basis. Perhaps the regulators could take a closer look at our ‘genuine’ market………
You will often get the response to CFD and pro-shop debates that the Futures market is the fairest market ( ignoring Futures prop shops which seem to require MONTHLY subscription) and to trade Futures with your own money ( starting with micro Futures on daily margin if necessary?
every Saint has a past. Every Sinner has a Future
  • #9,059
  • Sep 3, 2023 9:47am Sep 3, 2023 9:47am
Quoting moodybot
The industry figure of 95% of traders losing matches the 95% of prop firm dreamers that also lose. Anyone taking part in this game for any length of time would know that the accusations placed against MFF of blatantly looking to fail traders by the usual software, slippage etc etc to prevent payouts closely matches the tactics employed by big money that miraculously appear on our trading charts on a daily basis. Perhaps the regulators could take a closer look at our ‘genuine’ market………
Cheers Andy...not going to happen....
Edit: but i hope i am wrong though
On ignore list of scammers, deceivers and low IQ individuals. Exclusively
  • #9,060
  • Sep 3, 2023 4:25pm Sep 3, 2023 4:25pm
Quoting bfx17
{quote} Cheers Andy...not going to happen.... Edit: but i hope i am wrong though
Hey Bogdan

Without a doubt the regulators wouldn’t be interested in ‘investigating’ the source of the market data that we receive.
Only when money is being prevented from reaching the big dogs.
Hedging and FIFO comes to mind.

Andy
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