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  • #26,681
  • Nov 28, 2023 12:03am Nov 28, 2023 12:03am
Quoting Barhan
My experience with Finotive Funding I read reviews about this company. I know there are a lot of rules here. But from such a contradiction to the rules - I'm shocked. After the first week of work, I requested a withdrawal of funds. I received a letter saying that my payout percentage was reduced because the stop loss rule was violated. After opening an order, the position must be protected by a stop loss for 60 seconds. I had one order on which I set a stop loss after 62 seconds. I didn't know this rule. It's a shame, but there are no complaints....
Finotive has all those rules to allow them either to reduce payouts and/or make people repeat challenges (and fail) and/or to close the account.

They say the 60s is to protect customers and their capital but if this was really true they would do like funding Pips or CTI who close the trade automatically if the stop is not set within 60 seconds. No violation, except losing the profits of those 60 seconds, if that's the case. This is a good example of an honest way of operating vs a shady way of working.

Besides, Finotive doesn't have way of monitor in real time if you had a violation. So they may find a trade without a SL many days ago and/or a trade where you did not respect the 50% of daily DD rule.
They keep saying that they will improve their system to show this in real time but nothing happened for more than a year. They do all this intentionally.
  • #26,682
  • Nov 28, 2023 1:30am Nov 28, 2023 1:30am
Quoting Expo33
{quote} ... Nah. How about real estate? Nah. How about Gold? Nah I know, there's a degenerate YOLO gambler guy named expo33. I think I'll invest in his ability to make money in the forex market. After all, he does have a track record of passing ONE challenge out of 10. Of course, now the truth that everyone already knew has come out. Challenge fees are used to pay funded traders. When fee revenue goes down or funded traders make large amounts, then the rules will have to be changed.
... and we'll let him keep 70 -90% of the profits. (would start ups actually do that with capital considering there is a cost to acquire it?)
  • #26,683
  • Nov 28, 2023 4:22am Nov 28, 2023 4:22am
Quoting Expo33
{quote} As much as I trust and respect FTMO as one of the premier firms in the industry, they flat-out lied to me from the very start. And I knew they were lying but it didn't matter because I felt I could trust them if I ever got to the payout stage. In 2016, a year after FTMO opened their business I heard about them and wanted to buy a challenge. I was a little hesitant as the industry didn't have much of a track record. Everything was so much more personal than now. I would get emails from their founders (supposedly) with their phone numbers...
Why do you think the investors was a lie? I've been following them since about 2016 as well and I don't think they lied about it. They must have had some money for the start, though I'm sure much less then a $1 million would suffice to start their business locally (we are experts in cobbling things together ). And they started really small with just a few traders, and grown up organically, unlike today's new prop firms.

What I didn't like though was their hypocrisy. They presented themselves as serious professional business looking for profitable traders that are able to manage risk and trade safely, because they would be given large capital to trade. Not only the traders never touched the real capital, as we all know today, but they required traders to risk enormously (100% of the DD within 30 days) while still claiming they want traders to trade responsibly and risk aware. I told them what kind of oxymoron this was but they didn't see it to be a problem.

And this lingers on (I'm sure they would sill keep 30 days hadn't the competition forced them to change it) and even amplified by imposing additional limits like mandatory SL and max risk per trade for profitable traders as wee could see lately.
Money is made by sitting, not trading
  • #26,684
  • Edited 5:13am Nov 28, 2023 4:45am | Edited 5:13am
Quoting AaronPriest
{quote} Yes, this is why it's really dumb to use any EA that you have not written yourself. If there are enough similar trades, it will get flagged as group trading by most prop firms, or hit the max capital allocation if it's popular enough by firms that do allow it. They don't need to see a comment or magic number, they assume those have been changed anyway to conceal it.
That doesn't give me much hope. To be honest, I thought that it didn't really matter how you traded as long as the risk requirements were met. Being profitable is difficult enough in itself. But don't you have any more detailed information about what criteria are used here or what you can do to avoid being flagged in the group of similarly executed trades? To me that sounds a bit like a back door that you leave open to get rid of profitable traders? "Oh sorry, unfortunately you fall into a similar pattern to XY strategy, thanks for all your time and efforts but unfortunately you can leave"...

Would be very grateful for real help from other traders who are capitalized on FTMO and how they manage it, maybe had trouble with it before.

The FTMO support told me this:

Quote
It is not a 100% guarantee as you have read correctly in our T&Cs this is due to the fact that we allow traders to use for example EAs and if there are too many people running the same EA for example it would be too big of a risk exposure for us as a company when too many people take the same trades. Same for strategies too. But if for some reason we do not accept you as an FTMO Trader after you have passed the Evaluation, the fee is of course fully refunded to you.

What about all the EAs, some of which you can even buy for a lot of money? Does anyone here have any kind of trading plan that works to some extent and isn't based on gambling and would like to help me? I'm slowly losing my mind. Somehow you have the feeling that there are no successful traders and only gamblers or people with too much boredom or and or big egos who claim everything but can't show you anything.

Btw, the free trials you can get at FTMO still expire after 14 days. Not sure who told me you could keep on trading the account but that doesn't seem to be the case. After you no longer have a time limit to complete a challenge, the trials apparently haven't yet been adapted to that

Account Size: $100,000
Start: 9 Nov 2023
End: 22 Nov 2023

2023.11.28 [Trade is disabled]
  • #26,685
  • Nov 28, 2023 5:16am Nov 28, 2023 5:16am
Quoting Vitore
{quote} Why do you think the investors was a lie? I've been following them since about 2016 as well and I don't think they lied about it. They must have had some money for the start, though I'm sure much less then a $1 million would suffice to start their business locally (we are experts in cobbling things together ).
I think by investors he means borrowed capital that is distributed to the successful traders and not investors who have invested in the company itself to start it up and provide it with resources. These are probably two different types of investors.
  • #26,686
  • Nov 28, 2023 6:01am Nov 28, 2023 6:01am
Quoting lddd
{quote} Well you wrote that it’s risky for them. In my opinion a profitable trader requesting a payout is not a risk for them. They might be making less of a profit but probably still doing VERY well from the 99% who fail and even go purchasing a challenge over and over again. Do you really think the payouts which are requested and processed are that much bigger compared to the profits on fees, advertising and so on they make? They can monitor and copy profitable traders while scaling in at their own/investors funds. So maybe a profitable trader...
so many times this was tried in many games and championships,..... and always failed. there is not enough good consistent traders existing in this prop, and you have to copy some traders not only one, so you will lose all together big. and high chance is that not one very good consistent trader exists inside, because this traders would need to has lost so much already in life to have so much reduced his opportunity costs to match this low prop wins to invest time against trade own account.
  • #26,687
  • Nov 28, 2023 6:50am Nov 28, 2023 6:50am
Did you notice the futures prop firms always throw huge discounts on evaluations, but never on the real cost for traders, which the one-time fee or rent price for PA/funded accounts. Those huge discounts are their hooks for the small fishes that we are.
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Don't give up on your dreams. Keep sleeping.
  • #26,688
  • Nov 28, 2023 7:13am Nov 28, 2023 7:13am
Quoting Artcool
{quote} The Trading Pit does that. You can only have one account with them. They have a max profit per level up to the maximum level but their rules are very difficult since you need to make 10% for each level, they give you your cash, increase your account and reset it from crash. They can control their maximum costs until some point. But then, if a trader who is successful with them can always trade on behalf of some friend or even his beautiful model wife from their same IP address and then claim it was his wife who was trading between her manucure...
It's only half true about the number of accounts one can have with The Trading Pit (for FUT traders)

How many accounts can I open in The Trading Pit?
There is no restriction to the number of accounts you can purchase. As long as you use the same email address for all purchases, you can handle all accounts from the same Dashboard if you use the same email address.
It's important to note that in our CFD Challenges, you cannot use the same strategy in multiple TTP Accounts.
In our Futures Challenges, you can copy the same strategy in up to 5 accounts.
Regarding the Scaling Plan, you can only have 1 Active CFD Earning account (Scaling Plan Account) at a time.
This means if you pass multiple Challenges, you will have 1 upgraded to the Scaling Plan, and the others will remain pending.
If you happen to breach your active Earning account, then we will proceed with upgrading your other pending passed Challenges.
In Futures, we do not have a limit to how many Earning Accounts you can have.

https://www.thetradingpit.com/faq/ho...-trading-pit-2
  • #26,689
  • Nov 28, 2023 7:41am Nov 28, 2023 7:41am
Quoting mcquak
{quote} It's only half true about the number of accounts one can have with The Trading Pit (for FUT traders) How many accounts can I open in The Trading Pit? There is no restriction to the number of accounts you can purchase. As long as you use the same email address for all purchases, you can handle all accounts from the same Dashboard if you use the same email address. It's important to note that in our CFD Challenges, you cannot use the same strategy...
Interesting. I don't know why but I had in my mind that Trading Pit allowed multiple number of (futures) challenges but only one (futures) funded account.
It seems I was wrong.
  • #26,690
  • Nov 28, 2023 8:07am Nov 28, 2023 8:07am
-------------------------------------------------------------------- ONE question: If you have 5 contracts at bid and offer side and you want to sell (market or limit) 5 contracts but on 20 accounts each, how does it work ? Will they copy 100 contracts without slippage here, or do I need 1 tick against me on a limit order or is there huge slippage when entering market ? How does Apex simulate this ?[/quote]


Just like MFF, their simulated L2 can be gamed. 10 contracts on 1 account is treated = to 10 contracts ea x 10 accounts.
  • #26,691
  • Nov 28, 2023 8:31am Nov 28, 2023 8:31am
Quoting Artcool
Did you notice the futures prop firms always throw huge discounts on evaluations, but never on the real cost for traders, which the one-time fee or rent price for PA/funded accounts. Those huge discounts are their hooks for the small fishes that we are.{image}
It's all smoke and mirrors.... The heavy discount on initial fee just brings them in line with the FX side total cost wise, but it's a great marketing gimmick they can utilize throughout the year to attract a lot of attention.
  • #26,692
  • Nov 28, 2023 8:55am Nov 28, 2023 8:55am
Quoting CableJ
Just like MFF, their simulated L2 can be gamed. 10 contracts on 1 account is treated = to 10 contracts ea x 10 accounts.

Nice catch mate.
We can have a decent position without almost no slippage
  • #26,693
  • Nov 28, 2023 9:08am Nov 28, 2023 9:08am
If you sign the contract with FTMO as a entrepreneur instead of a natural person can you charge them the 19% VAT on the payout invoice you submit?
  • #26,694
  • Edited 10:36am Nov 28, 2023 9:59am | Edited 10:36am
Traded roughly 1000 contracts today with profits on my Apex accounts. Impossible to scalp that way on FX even on FTMO.
And this is my first day scalping Futures with Apex. On Swing trading FX I had no chance with the currency futures.
Scalping is the way to go in my opinion.
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Just seen there was one open position unintended. Replikanto does not work perfect, because all other accounts has been flat. I needed to manually close that.

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  • #26,695
  • Nov 28, 2023 10:10am Nov 28, 2023 10:10am
Passed the eval today on one 200k FTMO account.
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  • #26,696
  • Nov 28, 2023 10:25am Nov 28, 2023 10:25am
Not sure, maybe someone already mentioned it, but FX2 Funding currently offers 50% off all programs with "BBF50". That means the 100k challenge only costs $237.50, and the 200k challenge $462.50! And as far as I can see these are all 1-step-challenges, no second step needed... Maybe for some on the downside is the target of 10% and the max. daily DD of only 4%. Overall DD is 6% and trailing until you reach 6% profit... Ratings on Trustpilot are quite positive, will give it a try...
  • #26,697
  • Nov 28, 2023 10:35am Nov 28, 2023 10:35am
Quoting Alesamo
Not sure, maybe someone already mentioned it, but FX2 Funding currently offers 50% off all programs with "BBF50". That means the 100k challenge only costs $237.50, and the 200k challenge $462.50! And as far as I can see these are all 1-step-challenges, no second step needed... Maybe for some on the downside is the target of 10% and the max. daily DD of only 4%. Overall DD is 6% and trailing until you reach 6% profit... Ratings on Trustpilot are quite positive, will give it a try...
See how they get you there....Yes, it may be only one step, but 10% with 6 %DD is far worse than 13%(8+5) with 10% in a traditional 2 step.
These firms try to trick you with math.
Not to mention, if you do pass, your max loss is 6%, so you are only getting 60% of what most firms provide. You will want to compare their 100K cost to a 60K account elsewhere to truly compare apples to apples.
This all before even remarking on the trailing DD
Don't let the price fool you, you get hat you pay for.
  • #26,698
  • Nov 28, 2023 10:38am Nov 28, 2023 10:38am
Anyone knows what went wrong about Purple Trading on Nov 14-15?
They received 17 (out of 25 total) 1* reviews just on these two days dropping down to 2.3* overall on Trustpilot
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Money is made by sitting, not trading
  • #26,699
  • Nov 28, 2023 11:01am Nov 28, 2023 11:01am
Quoting Vitore
Anyone knows what went wrong about Purple Trading on Nov 14-15? They received 17 (out of 25 total) 1* reviews just on these two days dropping down to 2.3* overall on Trustpilot{image}{image}
How about read yourself?
https://www.trustpilot.com/review/pu...ng.com?stars=1
  • #26,700
  • Nov 28, 2023 11:02am Nov 28, 2023 11:02am
Quoting TrAndy1
Passed the eval today on one 200k FTMO account. {image}
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