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  • #20,201
  • Sep 3, 2023 4:28am Sep 3, 2023 4:28am
Quoting Nsak3y
{quote}-I think that a traditional prop is what it would need to be. 100% of all trades getting pushed to market means that they would need to financially-back every single trader with real money. A traditional prop approach would be necessary to ensure that only good traders make it through the screening process. Most traders fail, so the only way that I could see this working without doing a traditional prop approach, would be if the firm partnered with a B-book broker that agreed to pay out 100% of whatever profits the broker gains from trading...
For the challenges they could have a testing period of 2 phases (the actual challenges) and they would charge for infrastructure (the equivalent of challenge fee).

The problem comes after, when they pass, if they had to smt customers (with real account), knowing that most blow up.

I have no clue if the 80/20 changed to something like 50/50 would be viable, together with a real account that had heavy commissions.
I mean, if the fees for "infrastructure" of the failed challenges would be enough to cover the winning traders and the busted accounts.
  • #20,202
  • Sep 3, 2023 4:32am Sep 3, 2023 4:32am
Quoting youngD
As I mentioned weeks ago in this thread the strategy for smaller investors is to buy 10k account with discount for 50-60 $ and trade it aggressively. Threat one small account as part of your overall capital , and go for 5-10% withdrawal and move to another account instead of working long-term with bigger account like 100k. This approach keeped me out of trouble at the moment, but the limitation is you cannot build larger capital.
But imagine you did like that, you started with a 50/60$ fee and now you were at a 100K MFF account. You would have lost months of your life to end up with nothing.

On the other hand whoever started with 100K challenges some months ago probably collected several nice payouts until all this busted.

I'm more favorable in dividing the risk by several companies than starting small. (not now, obviously, now I think it's not advisable to buy anything until we see more developments)
  • #20,203
  • Sep 3, 2023 4:38am Sep 3, 2023 4:38am
Quoting Phil_GMT
{image} MyFF Received $300m, customer Payouts were $137m I have read most of the pdf doc : CFTC Charges “My Forex Funds” with Fraudulently Taking Over $300 Million From Customers Hoping to Become Professional Traders | CFTC Conclusion : MyFF not a Ponzi - This 'manipulative 'software they use in the back-end of MT4/5, we on FF have known about for +10yrs, - Every MT4/5 Broker uses it, made by Boston Technologies. - The Parts of the document where they 'expose' MYFF CEO Lavish luxury...
This is a great resume and I agree almost 100%.

The only point I'm not fully aligned is that I think it's wrongdoing to stp traders and having a markup on real spreads.
If they put them in real stp account it's greedy to have additional mark-up on those spreads. I had not realized that until I discussed with Nsak3y. Al the rest I agree.
  • #20,204
  • Sep 3, 2023 4:56am Sep 3, 2023 4:56am
Quoting Expo33
I'm quitting my day job so I can keep up with this thread.
It is entertaining but it has its' serious side
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every Saint has a past. Every Sinner has a Future
  • #20,205
  • Sep 3, 2023 5:16am Sep 3, 2023 5:16am
Too soon?

Inserted Video
  • #20,206
  • Sep 3, 2023 5:33am Sep 3, 2023 5:33am
After what we saw:

1. MFF was saying to Blake that things look good for Sep 11th. Although nothing is much of a surprise for people in this topic, to me the case seems terrible and MFF seems very evil to the eyes of a judge that may know sh* about props or forex.

2. TFT, MFFx and others were saying on Friday that all is fine, business as usual, etc. The truth is that they are on panic mode and rushed to block Canadians and change terminology in their sites. And that was a quick fix. I'm sure they will be nervously working with lawyers and more changes will come.

3. Don't be convinced that Europeans won't follow suit. They may just be slower to respond because they are not in US or CA and don't feel the immediate pressure. But they may want to avoid trouble and block US an CA customers next week, as precautionary measure.

4. Many people will avoid buying purchases now. I don't think this is a ponzi industry, because challenge fees are enough pay payouts (it's written in the court case). But, as in any normal businesses, you need to have customers purchasing things on a regular basis, otherwise you can't cover your operational costs. Many props will face troubles in the next couple of weeks to pay payouts and cover their costs.

5. Those that want regulation think about how you can regulate a videogame with very different players (high lots, high frequency, bots, EAs, news traders, scalpers, swing traders, low risk traders, etc). It will be a disaster if that ever happens.
  • #20,207
  • Sep 3, 2023 5:35am Sep 3, 2023 5:35am
What's that ? EU is already in focus, just right now ?

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https://www.cftc.gov/node/245841
  • #20,208
  • Sep 3, 2023 5:39am Sep 3, 2023 5:39am
Quoting TrAndy1
What's that ? EU is already in focus, just right now ? {image} https://www.cftc.gov/node/245841
That's "old", we already spoke about it.
They are simply saying that they have no authorization to offer that, not implying that a legal case is in place.
  • #20,209
  • Sep 3, 2023 5:41am Sep 3, 2023 5:41am
Quoting Capablanca
{quote} That's "old", we already spoke about it. They are simply saying that they have no authorization to offer that, not implying that a legal case is in place.
If it is red flagged then they are investigated like MFF with those emails one year earlier we just saw. I would not take this that easy, really.
  • #20,210
  • Sep 3, 2023 5:52am Sep 3, 2023 5:52am
Can we stop talking about what will happen with myff because nobody knows and talk more about which is the next best prop firm out there?

Also myff has its own thread on ff.
  • #20,211
  • Sep 3, 2023 5:57am Sep 3, 2023 5:57am
Q:
Quoting fx11trade
...which is the next best prop firm out there?
A:
Quoting fx11trade
.. nobody knows ..
Muni loves you all!
  • #20,212
  • Sep 3, 2023 6:04am Sep 3, 2023 6:04am
Quoting fx11trade
Can we stop talking about what will happen with myff because nobody knows and talk more about which is the next best prop firm out there? Also myff has its own thread on ff.
It's normal that people talk about MFF in this prop topic because it's a case that is going to impact the whole online prop industry.

Regarding the next best, I'm not going to purchase anything in the next times. If I was forced to do that on Monday my choice would be FTMO because it's European, better reputation (they have a lot to lose) and probably have more financial muscle to face a decrease in challenges purchases.
  • #20,213
  • Sep 3, 2023 6:23am Sep 3, 2023 6:23am
Quoting Capablanca
{quote} It's normal that people talk about MFF in this prop topic because it's a case that is going to impact the whole online prop industry. Regarding the next best, I'm not going to purchase anything in the next times. If I was forced to do that on Monday my choice would be FTMO because it's European, better reputation (they have a lot to lose) and probably have more financial muscle to face a decrease in challenges purchases.
Planning to do FTMO, Funded Engineer (UAE/Purple) and FunderPro (Malta/Osprey) all with small accounts for diversification purposes.
  • #20,214
  • Sep 3, 2023 6:26am Sep 3, 2023 6:26am
Further Proceedings
42. Plaintiff’s Motion for a Preliminary Injunction is set for hearing on the 11th day of September, 2023, at 3:00 p.m., before the Honorable Zahid N. Quraishi, Courtroom 4W at the Clarkson S. Fisher Building & United States Courthouse at 402 East State Street, Trenton, New Jersey. Should any party wish to file a memorandum of law or other papers concerning the issuance of a preliminary injunction against the Defendants, such materials shall be filed, served and received by all parties at least two days before the hearing ordered above.

XV) Force and Effect
43. This Order shall remain in full force and effect until September 12, 2023 unless extended further by order of this Court pursuant to Rule 65(b)(2), and this Court retains jurisdiction of this matter for all purposes.
  • #20,215
  • Sep 3, 2023 6:27am Sep 3, 2023 6:27am
Quoting inversio
{quote} are this firm not reliable TFT and MFFX ? do u have any bad experience or any solid complain against them? they are on my list palning to join within few months
TFT slippage:
Inserted Video
  • #20,216
  • Sep 3, 2023 6:30am Sep 3, 2023 6:30am
Quoting Dirac
{quote} TFT slippage: https://www.youtube.com/watch?v=f-wrrNonhLI
The worst slippage I have seen in normal times is with TheFundedTraderProgram. They are the next target.
  • #20,217
  • Sep 3, 2023 6:36am Sep 3, 2023 6:36am
Quoting Capablanca
{quote} This is a great resume and I agree almost 100%. The only point I'm not fully aligned is that I think it's wrongdoing to stp traders and having a markup on real spreads. If they put them in real stp account it's greedy to have additional mark-up on those spreads. I had not realized that until I discussed with Nsak3y. Al the rest I agree.
Agreed if moved on to Real STP, no mark-up.
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  • #20,218
  • Sep 3, 2023 6:36am Sep 3, 2023 6:36am
Quoting Capablanca
{quote} But imagine you did like that, you started with a 50/60$ fee and now you were at a 100K MFF account. You would have lost months of your life to end up with nothing. On the other hand whoever started with 100K challenges some months ago probably collected several nice payouts until all this busted. I'm more favorable in dividing the risk by several companies than starting small. (not now, obviously, now I think it's not advisable to buy anything until we see more developments)
I believe that the next step will be Buoy type of funding becoming more popular where you start with relatively low equity with good scaling plan as this will substantially lower the risk for the prop firm. Max monthly profit limit will also be introduced for funded accounts. This would reduce the need for props to use tricks in order to limit profits and/or ban clients. Aqre has this already in place.
  • #20,219
  • Sep 3, 2023 6:37am Sep 3, 2023 6:37am
Quoting Dirac
{quote} TFT slippage: https://www.youtube.com/watch?v=f-wrrNonhLI
1) I was funded out by TFTP once.

2 ) I was failed in phase 2 at the same time.

The slippage in gbpusd that time was 48 pips !!

They took my stop.

Since then I stopped with them.

They tried to offer me something after long months.. may be 8/9 months, which I refused.

I asked them to reinstate my accounts if they want to offer me something.
Intraday only.
  • #20,220
  • Sep 3, 2023 6:42am Sep 3, 2023 6:42am
Quoting navk
{quote} 1) I was funded out by TFTP once. 2 ) I was failed in phase 2 at the same time. The slippage in gbpusd that time was 48 pips !! They took my stop. Since then I stopped with them. They tried to offer me something after long months.. may be 8/9 months, which I refused. I asked them to reinstate my accounts if they want to offer me something.

The slippage in gbpusd that time was 48 pips !! They took my stop. ---- not clear this part.

was 48 slippage or widening spreads during news or roll over time?

and is ur lot was big one?
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