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Anyone trading with a Prop firm 6 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

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Quoting Takisd
{quote} The irony of this, although I completely agree with it, is that you have been telling people how honest futures companies are and how much easier trading futures is. When in reality, even the FCA director is disagreeing with you. 99.999999999% of people trading retail forex and futures shouldn't be. add an extra 9 to the that figure and they shouldnt have access to any funding or allure of funding. The accounts I am now funded with which is now at 2m I shouldn't be because the way i got to that point is purely playing the system and stats...
In that case do you Think that even the better reputation Firms like ACG,FTMO AND 5ers sooner than later will fall because of this gamefication of the props? The others i don’t doubt will cease to exist but FTMO has gathered the most data to potentially be able to somehow minimise the damage. 5ers make most of their money from their programs outside of high stakes so maybe they would be the safest bet.
Quoting Takisd
{quote} If you make 6% per month and compound it, you will be one of the richest people on the planet in 2 years. Did he mention that also?
Sorry, but that's just not true (or better: it depends on your starting capital)... Let's assume you have $100,000 (which, let's face it, most of the traders don't have) and you start gaining 6% per month from June 24 (again, most won't be able to achieve that...), then your capital in June 26 would be $429,187... So that's far from being one of the richest people on the planet... If you continue to be that successful and are able to make 6% per month you reach the $1 Mio. threshhold in September 27...
Quoting Alesamo
{quote} Sorry, but that's just not true (or better: it depends on your starting capital)... Let's assume you have $100,000 (which, let's face it, most of the traders don't have) and you start gaining 6% per month from June 24 (again, most won't be able to achieve that...), then your capital in June 26 would be $429,187... So that's far from being one of the richest people on the planet... If you continue to be that successful and are able to make 6% per month you reach the $1 Mio. threshhold in September 27...
Ok I exaggerated. 10 years is $326,156,324.35 on a 300k prop account. 6% compounded per month (consistently) beats all the famous quants, all the best hedge funds, Bernie Madoff - multiple other large scale scams and more.

On small money, maybe its possible but on big money its not. And anyone suggesting it is should get a reality check.
Quoting Tobiazzek
{quote} In that case do you Think that even the better reputation Firms like ACG,FTMO AND 5ers sooner than later will fall because of this gamefication of the props? The others i don’t doubt will cease to exist but FTMO has gathered the most data to potentially be able to somehow minimise the damage. 5ers make most of their money from their programs outside of high stakes so maybe they would be the safest bet.
FTMO gets rid of some traders promptly before they even have a payout. They also lower leverage on lots of traders and limit their risk. Its not exactly the same as the larger scale of props but they haven't exactly been doing amazingly well recently based on web traffic data. ACG is a typical junk prop. 5ers rules are different and they also do risk and leverage management on traders promptly and eliminate a lot of the gamification at the funded stage.

But yes if the system can be gamed it will be and it will be to the detriment of the prop. If I can pass for free and hide under the radar and collect money with orders that have no logic just randomness there is nothing they can do with my flow except limit the quantity of it.
Quoting Takisd
{quote} Ok I exaggerated. 10 years is $326,156,324.35 on a 300k prop account. 6% compounded per month (consistently) beats all the famous quants, all the best hedge funds, Bernie Madoff - multiple other large scale scams and more. On small money, maybe its possible but on big money its not. And anyone suggesting it is should get a reality check.
Agree 100%. There's a trap that people fall into thinking trading success is plotted in a excel formula. A good portion spend more time plotting and day dreaming about mountains of money then trying to pull profitable trades. The bigger the number the bigger the mental drain. Losing a $1000 trade weighs more then a $100 trade. If compounding then there's days where you'll lose a $10k or a $100k trade in one day. Those losses can break ones brain.

Perfect example is Jesse Livermore. He was touted as a marked wizard only to put a gun in his mouth after losing everything.
Trade with confidence, trade without fear.
Quoting CableJ
{quote} The US fx props have been losing market share to the futures props since the whole Meta/US ban disaster.
In case you forgot about the traffic update for april ..
USA clients too, apparently. https://fundedtrading.io/
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Quoting Takisd
{quote} Ok I exaggerated. 10 years is $326,156,324.35 on a 300k prop account. 6% compounded per month (consistently) beats all the famous quants, all the best hedge funds, Bernie Madoff - multiple other large scale scams and more. On small money, maybe its possible but on big money its not. And anyone suggesting it is should get a reality check.
"On small money, maybe its possible but on big money its not. And anyone suggesting it is should get a reality check."
Wow, you realy show that you have no clue what you are talking about... Believe me, the more you have, the more likely you are to achieve a ROI of 6%+ per month... But of course only if you know what you are doing...
Quoting Takisd
{quote} If you make 6% per month and compound it, you will be one of the richest people on the planet in 2 years. Did he mention that also?
I did some calculation.

Assuming that one make 6 % per month in a 100k account, it ends up like 24x6000 = 144k

Compounding question.

You mean to deposit this 6k every month in a self funded account and compounding it ?

I mean trading a prop fund account of 100k and trading a self funded account together ?
Intraday only.
6k profit on a 100k account

In reality, 300 $ per day profit on a 10k deposit ( Max dd )

Is it too difficult ?

greediness, fear all must go in order to maintain consistency.

Do 300 $ by trading gbpusd when London opens then quit trading for that day.

I mean trading long or short gbpusd 3 lots ( for 10 pips ) or 2 lots ( for 15 pips ).

Is it impossible in a funded account ??

The basic thing ( habit ) what traders is to living on computers to make a million overnight. That is the mistake one makes and loose consistency.
Intraday only.
Quoting navk
6k profit on a 100k account In reality, 300 $ per day profit on a 10k deposit ( Max dd ) Is it too difficult ? greediness, fear all must go in order to maintain consistency. Do 300 $ by trading gbpusd when London opens then quit trading for that day. I mean trading long or short gbpusd 3 lots ( for 10 pips ) or 2 lots ( for 15 pips ). Is it impossible in a funded account ?? The basic thing ( habit ) what traders is to living on computers to make a million overnight. That is the mistake one makes and loose consistency.
from a certain account size, slippage becomes a factor, but until then you can make $1000-2000 per day constant.

with an account worth millions, “only” 0.1% per day or 2% per month is possible.

of course, at some point the ceiling is reached due to the amount that has to be accommodated;-)
trading is like dancing, don't think and just listen to the music!
Quoting birdland
{quote} from a certain account size, slippage becomes a factor, but until then you can make $1000-2000 per day constant. with an account worth millions, “only” 0.1% per day or 2% per month is possible. of course, at some point the ceiling is reached due to the amount that has to be accommodated;-)
I will be happy with 1 million in a year though !!

Intraday only.
Quoting navk
6k profit on a 100k account In reality, 300 $ per day profit on a 10k deposit ( Max dd ) Is it too difficult ? greediness, fear all must go in order to maintain consistency. Do 300 $ by trading gbpusd when London opens then quit trading for that day. I mean trading long or short gbpusd 3 lots ( for 10 pips ) or 2 lots ( for 15 pips ). Is it impossible in a funded account ?? The basic thing ( habit ) what traders is to living on computers to make a million overnight. That is the mistake one makes and loose consistency.
100K account is technically 10K account so 6% is 600$ yes it is possible. 6K is 60%. Even 60% is possible but million dollar question how emotional a trader is with the money thats why it is easy to make 50$ from 100$ in 1 day or week but not 50K from 100K in 1 day or one week.
Quoting sampat
{quote} 100K account is technically 10K account so 6% is 600$ yes it is possible. 6K is 60%. Even 60% is possible but million dollar question how emotional a trader is with the money thats why it is easy to make 50$ from 100$ in 1 day or week but not 50K from 100K in 1 day or one week.
My calculation :

1) 100 K account
2 ) 5k daily dd
3 ) Trade gbpusd
4) Trade long or short as you see when London opens
5 ) Make 10 pips with 3 lots or 15 pips with 2 lots.
6 ) Daily risk is 5k.
7) Make 300 $ and quit trading for that day


D0 you think it is impossible to make 300 $ in a 100k funded account.

If this is not possible, how one going to pass evaluation by making 12 % or 15 % ( ph1 and ph 2 together ) ?

And how long one is going to take for making 15 % ?

I assume that if some one is having 10 x 100k account, he / she can make 3000 $ in a day !!

Trade account no. 1, make 300 $, quit trading from account no. 1. Repeat all ten accounts.
Intraday only.
Quoting sampat
{quote} 100K account is technically 10K account so 6% is 600$ yes it is possible. 6K is 60%. Even 60% is possible but million dollar question how emotional a trader is with the money thats why it is easy to make 50$ from 100$ in 1 day or week but not 50K from 100K in 1 day or one week.
i agree, there will not be a mental block to make 50 $ from a 100 $ account in one day.

I agree, it is not possible to make 50k in a 100 k account, because it is virtual money and there are terms and conditions.

But...

I am talking of a consistency.

Pl read my previous post.
Intraday only.
Quoting navk
{quote} My calculation : 1) 100 K account 2 ) 5k daily dd 3 ) Trade gbpusd 4) Trade long or short as you see when London opens 5 ) Make 10 pips with 3 lots or 15 pips with 2 lots. 6 ) Daily risk is 5k. 7? Make 300 $ and quit trading for that day D0 you think it is impossible to make 300 $ in a 100k funded account. If this is not possible, how one going to pass evaluation by making 12 % or 15 % ( ph1 and ph 2 together ) ? And how long one is going to take for making 15 % ?
Highlighted part is the most difficult. When to stop? Usually trader becomes greedy when reaches target or if there is no loss limit try to recover loss to reach target on loosing days.
If I am not mistaken, I remember read a post from Cable j.

He said, he trades two accounts maximum at a time, he achieves a certain profit in those two accounts, then quit from those two accounts and start trading in new accounts.
Intraday only.
Quoting navk
{quote} i agree, there will not be a mental block to make 50 $ from a 100 $ account in one day. I agree, it is not possible to make 50k in a 100 k account, because it is virtual money and there are terms and conditions. But... I am talking of a consistency. Pl read my previous post.
I think it is easier to have small account and copy to larger accounts. For example if I have 1000$ account and make 30$ (copy 10x over larger account. Mentally it is easier to reach target 30$ and stop at 30$) and user tradecopier on larger account
Quoting sampat
{quote} Highlighted part is the most difficult. When to stop? Usually trader becomes greedy when reaches target or if there is no loss limit try to recover loss to reach target on loosing days.
Here, the meet consistency, one needs dicipline.

Make 300 $ when London and quit.

We have to get up at night time though.

Still, it is possible if we have the mental strength.
Intraday only.
Quoting sampat
{quote}Open wise account and use digital card from there. It will be cheaper saves lot of foreign transaction fees and never blocks anything as long as money is there. Only downside is you can't chargeback if prop firm runs away.
Can you also make withdrawals from prop firms into this account and transfer to your local bank acc and can anyone use Wise irrespective of which country you from or European countries only for this system..thanks
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