Axi Select – Take the next step in trading

Hi Greg,

Isn't Axi's head office located in Australia? And also, looking at your LinkedIn profile, if that's you, it also states that you're situated in Sydney NSW and are Head of Axi Select. Is that right?

Now I was just wondering, if Axi Select will ever be open to Australian Clients? and if so When?

Regardless of that last question, Can Australian Axi clients at least have the opportunity to link their accounts to Axi Select and get an edge score and all the other statistics that come with Axi Select clients outside of AU,NZ and UK like with the old Psyquation?

I liked Psyquation because you got to see all the other statistics on traders with moderate to large account sizes and you could easily compare how you were doing to other serious traders. You could even click on observe to observe traders accounts (provided they authorized it). The other thing was traders held accounts for more than a year. Forex Factory Trade Explorers are good, but how many Trade Explorers last more than a year and most of the Trade Explorers on forex factory start with account sizes less than $1k. Psyquation's Leaderboard did all the things right that forex factory's leaderboard didn't and still doesn't do.

Does Axi Select have that same functionality as Psyquation or is it strictly Edge score?

Even if Axi Select Funding will never be made available to Australian Clients, I would hope that all the statistics and edge score be made available to all clients. I think being able to compare your trading journey of over more than a year to others with account sizes > $10k and having all the functionality that Psyquation had holds far greater value to the client than just advertising a prop firm account. Is this the case with Axi Select?

Despite all candid/harsh opinions about AxiSelect that I have posted, I am still considering going ahead with this because Axi is in my view is an excellent broker and I give them pretty much 10 out of 10 on everything. I think it'll go well. Who knows...maybe they will reduce the Pro level score to something more realistic like 80 or so in the future.

do you accept usa residents?

hmm, the more I think about this Axiselect program, the more appealing it is becoming.
Score at 68 already and I'v got the $500 profit from the market. Nothing to lose really. I'd be trading my own $500, with my own broker and in the background they apply the trades to the 5K allocation account. It's like I am copy trading my trades to an account 10X bigger except Axi is looking after the copy trading for me.
On top of that, I won't have the distraction of dealing with a 100K external account as in paying $500 and getting a 100K demo.
Not to mention, I won't have to worry about the CEO's and their egos or being afraid of CFTC shutting props down.
Axi is so professionally run that puts props to shame any day.

Hey PF, are you in already? What stage?

yes, i am already in (was in the beta testing phase too).
i am in Incubation phase with 20k funding currently.
https://www.forexfactory.com/thread/...1#post14616661

Hi OutThere,



I completely take on board your concerns stated here, and would like to address each one and provide further details into the nuts and bolts of our program. I believe this may provide further perspective and certainly a lot of transparency.

Your past score with Psyquation
We have created an entirely new score, so past performance/experience based on your Psyquation score will have no bearings on the new Edge score used for the Axi Select program.

Comparing Axi Select to a 100k account with 50% profit share based on “the known” Prop firm structure
I completely understand the notion to attempt to categorise Axi Select into the standard prop industry model, however I believe this is like comparing apples to oranges. Our model is totally different, and I acknowledge might not be for everyone but let me explain further some of the key differences and to why I don’t feel such a comparison is fair.




We have already spoken about the fact that Axi Select does not charge any fees from clients to join the program where the industry standard is to pay a registration fee for an evaluation account.

Every program is different with regards to trading conditions but if you look at the Axi Select program, the only real prohibitive restriction is the 10% equity stop. We allow EA’s, holding positions overnight/over weekends, no daily draw-down limits, trading on news events etc. The 10% total draw down is also at the higher end relative to what other programs offer. This is also not a high water-mark level, rather a static level from starting equity.

We offer 3 attempts to the trader before dropping trader out the program. Most programs give the trader 1 attempt.

Our program structure is certainly slower than the standard prop model and doesn’t encourage gambling or “get rich fast”, and I accept this might be a point in case where traders might prefer programs which do give the ability to manage larger accounts at a quicker speed. That said, I genuinely believe our program structure is fair and conducive to being able to generate profits and gives traders a real chance to trade with Axi funds.

We offer 100:1 leverage which is on the high end and all our Axi Select accounts irrespective of stage you are at are live trading accounts. We do not use demos at all in the program.

I take on board you are not interested in the additional tools but these are all critical tools for traders in my opinion and these additional tools are certainly not provided in exchange for 40% rather add to the overall offering we are providing to traders.

Edge score ambiguity
I completely understand your point regarding this, certainly valid. We take this on board, and we are currently working on improving the information we provide on the score. It is a tricky one, because on the one hand, if we provide the exact formulas we use, we open ourselves up to be gamed and give away our secret formulas that we spent a tremendous amount of time creating. Bear in mind, we ultimately give traders $1M of our funds based on this score, so we have a lot of faith in what we have created. Back to the score… On the other hand, if we do not provide any information, then clients will find it ambiguous. So, the answer lies in the middle and we acknowledge we have to do better with our explanations and we will!

Pro levels are not attainable
I will be the first person to tell you it will not be easy to make it to the pro stage. We are genuinely giving traders the potential to trade $1M of our funds without charging a fee to join. Clearly, it is not going to be easy to achieve but not being easy, certainly does not mean it’s not attainable. We already have clients with scores above 90 and we have only been live since 4th September.

If we referring to unattainable or difficult, let’s look at actual facts regarding prop firm challenges. Of course, every firm has different rules and percentage pass rates, so this is general stats I am referring to. A simple google search of Prop firm pass rates show that approximately 90%-95% depending on the source taken of traders do not pass the evaluation stage. These figures are likely to be lower (Better pass rate) after most firms removed the time limits but still this is a significant amount of traders who do not even make it on to the program, our program is free to join and no evaluations to pass.

Lastly, looking at your most recent post where you refer to having an account with Axi funds trading alongside your trading account at a broker. This is one of the key offerings of the Axi Select program and we feel we have created a program that can benefit the two different client types:

For traders who are trading at other brokers, we offer the ability to keep trading the way you are and at the same time we set-up an account with our funds that copies your existing trades and ultimately offers the potential for $1m and to keep 90% of that for doing nothing different than you already doing.

For traders who are looking for a prop firm. We offer an alternative model. One that is slower in nature which would be expected seeing there no registration fees but a program that has a clear and fair structure that ultimately at the top end gives traders the potential to trade with $1M of Axi funds.

I hope you also appreciate the openness and transparency we operate with. One of the key reasons I set up this thread. I am happy to answer any question you have. I hope this provides more input to our program if nothing else Thank you

Hi Codemaster,

I can confirm Axi's head office is in Australia, as am I and that I am the Head of Axi Select.

Will Axi Select ever open to Australian clients?: During the initial launch, the AxiSelect program is only available to AxiTrader Limited (SVG) clients, but we are looking to expand the offering to other jurisdictions in the future. We are currently considering the possibility of offering this to professional clients in Australia.

Can Australian Axi Clients link Axi Select accounts to Axi Select: Unfortunately we currently only offer this for SVG clients. As per above, this could change in the future.

Does AS have the same functionality as Psyquation? AS offers a dashboard/leaderboard similar to what psyquation offered. As you point out, one can see statistics of other traders as well as detailed statistics of your own performance. In addition to this, the new AS program offers a trading room.


Your last question regarding the functionality that Psyquation holds having greater value than just advertising a prop firm account is crucial to how we structured the Axi Select program. When I am asked what is Axi Select, my answer is an all-inclusive capital allocation program. We offer much more than just the funding we provide to clients. Getting back to your actual question regarding are these tools available to Australian clients, unfortunately they are not currently. It is certainly possible this changes in the future though.

Thank you for your feedback, please let me know if you have any further questions

No, we do not offer Axi Select to USA residents

Thanks Greg,

I am pretty much already convinced that this is a good program. Axitrader is an awesome broker and I trust this program is also designed and run just as professionally.
I appreciate your detailed response to my points.

Great responses Greg, much appreciated.

What's AS's view on funding using Expert Advisors? Are there any restrictions?

Currently Axi does not have MT5 (only MT4). Are there any plans in the future for Axi to move to MT5 trading platform? And if so, when?

Have you had much feedback from the Axi Select Community/Trading Rooms on what they prefer to trade with between mt4/mt5?

I'm guessing that many still prefer the old 32-bit MT4 and I believe that might still be best for manual trading, but for EA's, I believe MT5 is far superior as it is 64-bit, multi-threaded and can be very efficient at running/testing multiple systems at once. Would be interesting to know what algo traders in the Axi Select Community would prefer if they had the choice. Maybe you could bring that up on the Axi Select Forum :-)

You welcome! Please let me know if you have any further questions.

You welcome Codemaster.

We do allow traders to run there own EA's on Axi Select. However, the one restriction we have is we do not allow any form of copying whether that is from another trader or even one of your other trading accounts.

I have not received any feedback yet from clients requesting mt5. That said, I do take your point regarding mt5 being more advanced for EA trading.

Hi.
Not a huge concern and maybe you have already mentioned it but I'm wondering if the new Edge score is effective as of when it was implemented in September or does it encompass all trading history from begining of account opening until now?

Another concern. I live in a country where regulation of the financial industry and the enforcement of them is a huge industry in itself and far reaching beyond to the other countries as well. Trading for someone or an entity requires registration and that registration is very complex and costly. Certainly not worth it to just trade a prop like account. If found in violation of the rules, heavy fines, being barred from trading for life and seizure of personal assets and even jail time are some of the grim possibilities to consider.

You mentioned the participants in AS will be trading real money. Have you looked at the legality of AS when it comes to financial laws and requirements of varios regulators around the globe?

It would certainly be tempting to say 'check with them' first but there is no checking with them. They say that they are not in the business of advising you what to do. You have to study the laws yourself or hire a financial lawyer to advise you. I doubt any participants are going to do that.

So, is there any advice you can offer or any reassurances that it is OK to participate in AS without basically the risk of anahilation at the hands of regulators?

I started the Axi Select path a couple of weeks ago, so far so good.

What catches the eye is the jump between Acceleration (max funding 100K) and Pro (max funding 200K), going from a required edge score of 70 to 90, while in my opinion it would be appropriate to maintain a step of 10, at least up to 200K .

In other words, to be consistent with the model, it should be possible to reach a max funding of 200K with an edge score of 80.

Why is this not possible?

Thank you and best regards,
Bubincka

Greg,

Looking at this from an investor point of view or another form of income, has AS considered running a portfolio of copy trading from the top traders whereby investors would copy their trades into their own account for a small fee? I think Psyquation tried to get this happening (alpha copy trading service) and I think at one stage you could even select which top traders you wanted to copy, but none of this really took off.

Secondly, did AS recruit any of the staff that made Psyquation possible? or is it a totally new crew?

And Lastly, how big is the team that make up Axi Select?

Hi Greg,
Any chance you'd reply to my (our) concerns?

While Greg contemplates replying, I like to expend on my earlier question.

I hadn't traded live at Axi for a while until about 1.5 months ago. I have I think about 10 accounts there and all of them were completely blank with no history. I assumed the history was archived. So I picked a couple of random ones and funded them and began trading. Within a couple of weeks, the history of one account was reinstated while the other one remained without history.

So, is my edge score calculated based on all my history of a few years? If so, what about the account that shows no history? This obviously creates inconsistancy.

Secondly, let's say trader A has spent several years trading with Axi and gone through all of the troubles and tribulations of trading with the resulting history that the edge score is based on. Meanwhile, trader B who has just decided to join Axi will start with a fresh account with no history and obviously, the edge score does not see their troubles and tribulations of the past. How is that a fair comparison of trading history that the edge score now is a judge of? I realize that traders are not competing directly with each other but there is a leaderboard implemented by Axi that shows a kind of ranking/quasi competition even though they aren't directly competing with each other. So,competition between traders is implied there.

One way of equalizing the playing field, would have been for trader A to open a brand new account. Unfortunately, Axi limits how many accounts a trader can open. Someone like me is stuck with recycling my accounts I guess for life.

As if the external trader vs internal trader inequity wasn't bad enough, there can exist intetnal trader inequity too. If an axi trader has opened max accounts and anothetr one has opend only a few, the latter can still have a fresh account and that creates unfair scoring even for the existing long term Axi traders.

But none of that matters if Axi has legally placed itself in a safe spot as a provider of real funds while the traders from different regulatory regions are in danger of being caught for trading real money and collecting a % without a proper license. Of course one can plead ignorance if caught but I know that the the regulators' response will be 'you should have known/asked/investigated before doing it'. Asking, I can do.

hi OutThere,

i may be wrong, but this is my understanding,

i believe that everyone must open an "AxiSelect" account to join, and from that everyone can only have 1 at once.
regular accounts on your client portal may show a score, but that being a 'pre-Seed' stage score.
everyone is supposed to get an Edge score after enrolled to AxiSelect, and placed at least 20 trades ( individual ones, multientry scenarios count as 1).
so, in that sense all starts equal.
now, when it comes to make later adjustments to your results in hope to improve your score, bcos you found out your score isnt what you hoped for, that is a challenge the more trades you have placed. maybe something that can be mended without having to throw away months of work in hope for improving the score, but not fighting an impossible uphill battle trying to influence a longer trading history? (1 trade wont have the same effect on 10 trades history vs 200 trades history, even if now you decide to do something differently after 200 trades)


happy trading!
Z

Hi Z, yes you are right if the Edge score's only purpose is to qualify a trader to get into the seed stage. However, I am taking it as a measure of personal performance. There is no one else analyzing my performance other than me. Now there is this little score that pops up on the upper right hand corner of my client portal page that is 'looking' at my everything and summarizes it all into a score. I have to admit that I have purposely logged in just to look and see what the score is and then ask..really? you think so? You think this should be my score? Ok whatever..See what you're gonna think tomorrow...
I think, over all. it is generous...but I don't have the restrictions of AS participants...Just a free soul doing whatever I want.

Your dashboard looks good btw. Far more detailed than just an edge score number.
I'm not jelly at all.

Any chance Axi would give everyone a dashboard like that for their personaL accounts?