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Anyone trading with a Prop firm 6 replies

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Quoting Capablanca
{quote} For most developed countries you need to live in UAE a certain number of days per year, otherwise you won't be considered a tax resident in UEA. It's not just like ordering online a passport.
UAE does not levy persoanl Income tax on work permit holders

If one can get a work permit, ( work visa ), he is given an ID.

With that ID, a bank account can be created.
Intraday only.
Quoting Capablanca
{quote} Impressive how people talk about moving to another country like if we're talking about changing the place where we shop weekly.... Anyway, TrAndy is raising a much better point. Wouldn't be viable for americans to create a company in one of those countries without much bureaucracy and taxes ? I'm not familiar with this but I think it's not too expensive and may worth a try, not just for props, but also to trade CFDs in a offshore brokers if they accept business companies. I know this would not be for everyone, definitely not to purchase...
The ENTIRE point of this nonsense........is WHY THE FUCK SHOULD WE HAVE TO??????
After all, this is the "most free" country in the world, no?
At some point, a stand must be taken.
Quoting Capablanca
Anyway, TrAndy is raising a much better point. Wouldn't be viable for americans to create a company in one of those countries without much bureaucracy and taxes ? I'm not familiar with this but I think it's not too expensive and may worth a try, not just for props, but also to trade CFDs in a offshore brokers if they accept business companies.
-The problem is KYC. The company will need to be tied to an individual, so unless you are willing and able to partner with someone that you can trust, it may not serve you well in terms of circumventing American filters.

Although temporary residency may not be possible for everyone, it is certainly easier, faster and cheaper than dual citizenship or renunciation etc.. If you are able to visit Mexico for an extended vacation, you can get all of the required documents that you need to get accounts with most brokers; residency permit, proof of address, bank account, driver's license etc. can be all be obtained relatively quickly and easily.

You do not need to provide a passport for KYC. There are also E-residency options, but they may not be as strong.
Quoting pipmaster77
{quote} The ENTIRE point of this nonsense........is WHY THE FUCK SHOULD WE HAVE TO?????? After all, this is the "most free" country in the world, no? At some point, a stand must be taken.
Take that stand, pipmaster77! Trading with offshore accounts does not count!
Quoting Tim_isoara
It's a cost of 5-7000$ and Zero tax.
-US citizens are subject to US income taxes, regardless of where they live. Some may qualify for foreign-earned income exclusion, but it is not unlimited or foolproof, and there are requirements for qualification that would prohibit you from returning home for most of the year.
Quoting CableJ
If things settle down in FX prop land with most deploying DXTrade, trade coping will go out the window until they add compatibility with the platform. So trading each account 1 at time to a small target locking in the payout then switching to the next account repeating the process across accounts will probably be the only way to trade multiple accounts & various props.
I hear TradersConnect is working on copy trading for DXTrade <~> mt4/5
A snails pace wins the race :-)
Quoting Capablanca
{quote} I don't know. I assume that all of them have just a trading videogame, even if they say that we will be live funded. I know at least one that was saying that were providing a live accounts and this was false because the trades were never sent to cme (I made the trailing audit myself to confirm my suspicious). I'm pretty sure they ara not the only ones lying
So this is the biggest reason I like tradeday over all others that I have looked at, keeping in mind that I am not claiming to have looked at all of them as I am sure I am not even aware of the existence of many of them: Tradeday, in my opinion, absolutely offers a funded account, not an arcade style "funded sim" to those who pass the evaluations. There is initially a choice available for the trader to go to funded sim before going funded live, and tradeday will pay the trader the first $5000 in funded sim profits out of their own pocket to the trader. At $5K in profits, the trader must be switched to a live funded account.

Here is how you can tell 100% whether you are trading a funded live account or a funded sim account: If you are trading a funded live account with the prop firm's capital, you are now a professional trader in the eyes of the exchange and you will be paying over $100 per moneth per exchange for live tradable data into your trading platform. If you are trading a funded account and you are not being charged by the exchange through your broker, e.g. ninjatrader, tradovate, et. al. for data at professional rates, you are NOT trading a live account. You are trading a sim account, and the "prop firm" is acting as a dealer or casino.

From TradeDay: "Many prop firms are simulation-based firms and aligned against the trader. In simulation trading if the trader wins the prop firm loses since the money comes straight from the prop firm. If the trader loses the prop firm makes no money until the trader gets a new account or resets. Therefore the prop firm actually wants traders to fail repeatably and make things difficult for the trader since that is what makes the most money for the prop firm.
TradeDay is a live funded trading firm with an optional sim component. So when the trader Wins then TradeDay wins, and when the trader loses TradeDay loses. So the interests of the prop firm and the trader are aligned. sim funded goes against that idea, so the owners were hesitant about it for some time. There are some benefits to both traders and TradeDay for having a limited size funded sim account however."

And it bears repeating, if you are trading a funded account, and you are NOT being charged data fees at the professional rate, then you are NOT trading firm capital. You are trading a sim/demo account. I don't see anyway a "prop" firm could allow you to build a "trading capital" in the six or seven figures like Sarao was able to do if they are paying you out of their own pocket.

I might be wrong about the others, but so far only TradeDay has convinced me that if your pass the evaluation, you are getting funded with firm capital and you have a real opportunity to build a sizable account and trade size.
If you have ever read Flash Crash, the story of Navinder Sarao, you will recognize immediately that Trade Day is set up like an old school traditional prop firm similar to Futex where Sarao started in 2003. And this makes sense, as the founders of TradeDay are both Brits and former Prop Firm traders/ recruiters/ and trainers.
My objective is to learn the skill of flawless execution of my trading plan
Quoting pipmaster77
{quote} The ENTIRE point of this nonsense........is WHY THE FUCK SHOULD WE HAVE TO?????? After all, this is the "most free" country in the world, no? At some point, a stand must be taken.
Freedom is just an illusion.
Quoting Takisd
Bunch of folks I know now have gotten chargebacks for their fundingpips account and bought elsewhere (despite my warnings). Chargeback or not, running off to another firm other than FTMO is a mistake.
If you were in the UK and profitable and wanted to keep trading and withdrawing, where would you feel safe buying a challenge?
Quoting JustPipMe
I hear TradersConnect is working on copy trading for DXTrade <~> mt4/5
-Yes. Hopefully, the various copier services will also consider broker-selected platforms, such as Trade Locker and ACT Trader.
Quoting pipmaster77
{quote} The ENTIRE point of this nonsense........is WHY THE FUCK SHOULD WE HAVE TO?????? After all, this is the "most free" country in the world, no? At some point, a stand must be taken.
Liberalism is a political and moral philosophy based on the rights of the individual, liberty, consent of the governed, political equality, right to private property and equality before the law.
Quoting JustPipMe
{quote} I hear TradersConnect is working on copy trading for DXTrade <~> mt4/5
BlueFX has a copier for DXtrade
https://dx.trade/partners/
I truly don't think people should bank on dxtrade.

My opinion is that match trader will be the more likely replacement of metaquotes to firms who wish to skirt the law. Its more functional the team are better and its just a better platform in general. Plus its cheaper.

Dxtrade is clunky, awful and forked off freeware.
Quoting Takisd
I truly don't think people should bank on dxtrade. My opinion is that match trader will be the more likely replacement of metaquotes to firms who wish to skirt the law. Its more functional the team are better and its just a better platform in general. Plus its cheaper. Dxtrade is clunky, awful and forked off freeware.
Match trader reputation is not the best.
Quoting TraderTero
{quote} Match trader reputation is not the best.
can you share more?
Rumour is that TFT has told FPFX they are leaving.

Incoming legal action in 5-4-3...........2
Quoting Nsak3y
{quote}-US citizens are subject to US income taxes, regardless of where they live. Some may qualify for foreign-earned income exclusion, but it is not unlimited or foolproof, and there are requirements for qualification that would prohibit you from returning home for most of the year.
You pay tax on your residence. But you can't stay in USA all the year in USA . So you want zero tax or not?
Quoting Takisd
{quote} can you share more?
They run several this type of sites: https://start-fx-broker.com/ which are registered in different countries. The company is originally from Poland and their business practices are very similar to MQ. No respect to their clientele, if they don't like you can get booted without any real reason immediately. I'm basing this on personal business experience with them some years ago.
Quoting Tim_isoara
{quote} You pay tax on your residence. But you can't stay in USA all the year in USA . So you want zero tax or not?
There are 2 countries in the world that tax people no matter what country they live. One is USA, the other is Eritrea.

Australia and Canada are both discussing doing the same. Tax on any citizen regardless of location.
Quoting TraderTero
{quote} They run several this type of sites: https://start-fx-broker.com/ which are registered in different countries. The company is originally from Poland and their business practices are very similar to MQ. No respect to their clientele, if they don't like you can get booted without any real reason immediately. I'm basing this on personal business experience with them some years ago.
Interesting to know, thank you.
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