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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

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Prop Firm Hub

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  • Edited Jun 26, 2024 12:04am Jun 25, 2024 11:42pm | Edited Jun 26, 2024 12:04am
Quoting Nsak3y
{quote}-I suspect that signal providers may be classified as a CTA in this case. Perhaps they are hoping to skirt that, similar to remote FX props.
Traders at Darwinex are not signal providers as you presumed. Darwinex algorithms decide how many lots investors accounts buy/sell, and may reject some trades in rare cases, and may exit partial trades earlier than traders account. Darwinex IS the manager of investors capital. Darwinex has satisfied all FCA regulatory requirements of fund management. You can even use Darwinex Pro to start your own hedge fund brand with your own terms (performance fees and management fees), Darwinex has done all necessary regulatory work for you and Darwinex Pro is actually a hedge fund services provider.

If you read their Help section and watch the videos, you will understand how their algorithms work. You will not know the exact formula, but the Help and videos are enough for you to trade the way you want.
Quoting pipmaster77
{quote} I don't have a risk factor yet. I believe that shows up after callibration stage.
Are you sure? That's strange mine started the first day I started the calibration phase in early April. In fact, as it shows, they had me at 1.25 for a minute because I was trading so small. Then YOLOman took over and the risk factor fell off a cliff.
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Pride always comes before destruction.... -Proverbs 16:18
Quoting FocusWinReal
{quote} What do you think of the broker option for non-us folk? Use them for brokerage then get track record.
I dont know, I have an interactive brokers account, icmarkets and tickmill along with my bank brokerage should i need more specific products. I am not really a chaser of leverage.
It is interesting that if you say that their revenue is from fees that people think you are taking a steamy poop on darwinex.

Darwinex is a great company, very intelligent model and very professionally run. It doesnt take away from the fact that failure rate is likely to be extremely high and the number of users getting paid extremely low. Subscription model keeps the tank full just in case. Some years ago i remember when prop firm enthusiasts were insulting all the companies with subscription models now we are worshipping.

The VAR system is a solid data tagging system that does half of the work before any trading decision would be made at the higher levels is a very smart way to separate the good from bad and to make measured decisions effectively but the vast majority of traders data will be considered random and useless. These traders will continue to trade (and fail) whilst paying a monthly subscription fee, a negligible fee for some but for many others its important money.
its a smart business model but does have predatory elements. Darwinex could just tell you during the process that your data is useless please stop purchasing but they do not.
Quoting Takisd
It is interesting that if you say that their revenue is from fees that people think you are taking a steamy poop on darwinex. Darwinex is a great company, very intelligent model and very professionally run. It doesnt take away from the fact that failure rate is likely to be extremely high and the number of users getting paid extremely low. Subscription model keeps the tank full just in case. Some years ago i remember when prop firm enthusiasts were insulting all the companies with subscription models now we are worshipping. The VAR system is a solid...
What about the investor capital ? Is that real or just something relying on the fact that sooner or later people won't be profitable o there's no problem in having a big carrot knowing that:
- people won't get there
- if they get there there will be fees from other investors to pay it
Quoting Capablanca
{quote} What about the investor capital ? Is that real or just something relying on the fact that sooner or later people won't be profitable o there's no problem in having a big carrot knowing that: - people won't get there - if they get there there will be fees from other investors to pay it
Who is the investor? at one point didn't they operate similar to zulutrade? There are definitely some good traders a darwinex who would be worth a bit of capital but beating the index year over year is an extremely hard feat, there are only a hand full of people or funds who can beat the index consistently over a 10 year period.
Quoting Capablanca
{quote} What about the investor capital ? Is that real or just something relying on the fact that sooner or later people won't be profitable o there's no problem in having a big carrot knowing that: - people won't get there - if they get there there will be fees from other investors to pay it
You mean darwinex or darwinexZero? On Darwinex, investor capital is real. You can test if it is real capital by investing 10K in a Darwin, checking the AuM the next day and then withdrawing the money. Darwinex is FCA licensed fund manager. On DarwinexZero, it is a different story, unless you progress to Darwin Gold, you are trading virtual funds.
Quoting Expo33
{quote} The chance of getting your own investors like managing a PAMM is pretty slim even with a personal trading record. Darwinex provides the infrastructure and makes it easy for investors to play if they want. Make 3 percent a month and your long term potential is very good. Long term anything with todays prop firms is sketchy at best.
Back in the days (about 10-15 years ago) Alpari had a very popular PAMM service, which included money from real people. Maybe it is still running but there not enough investors anymore. It was made pretty good, honest and superior to the junk which is popular now. On every hour you was able to put in and pull out money from the account. There were no rules how to trade. The rating formula was changed several times (now is junk), but at the beginning the major factor was the risk you take. How big leverage you use to achieve the results (I suppose that Darwinex's formula is similar).
Interesting fact was that most of the investors preferred the riskier accounts because of the bigger returns.
There was only one account, that had more than several years longevity with good amount of capital and it was using DCA - https://alpari.com/en/invest/pamm/329842/#pamm-equity
There were many that looked promising but eventually failed. This social experiment proved that it is very hard for a single human being to achieve consistent results for a long time.
Quoting Takisd
but the vast majority of traders data will be considered random and useless. These traders will continue to trade (and fail) whilst paying a monthly subscription fee, a negligible fee for some but for many others its important money. its a smart business model but does have predatory elements. Darwinex could just tell you during the process that your data is useless please stop purchasing but they do not.
All CFD brokers should just close their business. The vast majority of traders will fail and lose their deposits. Those brokers could just tell you that you will lose your deposits please stop trading, but they do not.
Quoting ladder
{quote} All CFD brokers should just close their business. The vast majority of traders will fail and lose their deposits. Those brokers could just tell you that you will lose your deposits please stop trading, but they do not.
A lot of them do say that you will lose your deposit. But don't let a good warning get in the way of everyone believing they are the 1%
Quoting ladder
{quote} You mean darwinex or darwinexZero? On Darwinex, investor capital is real. You can test if it is real capital by investing 10K in a Darwin, checking the AuM the next day and then withdrawing the money. Darwinex is FCA licensed fund manager. On DarwinexZero, it is a different story, unless you progress to Darwin Gold, you are trading virtual funds.
This clarifies a lot for me thanks.
Quoting Takisd
{quote} I dont know, I have an interactive brokers account, icmarkets and tickmill along with my bank brokerage should i need more specific products. I am not really a chaser of leverage.
Nor am I. My options are to pay monthly or use their brokerage and get a track record as well however good or bad.
Quoting fx_rookie
{quote} Back in the days (about 10-15 years ago) Alpari had a very popular PAMM service, which included money from real people. Maybe it is still running but there not enough investors anymore. It was made pretty good, honest and superior to the junk which is popular now. On every hour you was able to put in and pull out money from the account. There were no rules how to trade. The rating formula was changed several times (now is junk), but at the beginning the major factor was the risk you take. How big leverage you use to achieve the results (I...
Are you familiar with the Trader's domain pamms that seem to be no longer in operation?
No, I have no knowledge about about any other PAMM systems.
Quoting Takisd
It is interesting that if you say that their revenue is from fees that people think you are taking a steamy poop on darwinex. Darwinex is a great company, very intelligent model and very professionally run. It doesnt take away from the fact that failure rate is likely to be extremely high and the number of users getting paid extremely low. Subscription model keeps the tank full just in case. Some years ago i remember when prop firm enthusiasts were insulting all the companies with subscription models now we are worshipping. The VAR system is a solid...
I ddin't see that you were doing that. Their subscription model would keep gamblers away and reduce impact on their systems.
I've always had a good impression of the ceo when he talks and believe the business to be trustworthy, despite my not having traded with them. Taking my time with what I don't understand, yet.
Quoting Expo33
{quote} The chance of getting your own investors like managing a PAMM is pretty slim even with a personal trading record. Darwinex provides the infrastructure and makes it easy for investors to play if they want. Make 3 percent a month and your long term potential is very good. Long term anything with todays prop firms is sketchy at best.
Yes you are probably right. I have just seen that this is even offered with this Darwinex Pro, i.e. in the event that you have/find your own investors but the remaining technical and regulatory requirements are missing. Darwinex Zero is really not that easy to understand. Although that might be a good option in the long term. I haven't really figured out what it takes to get X amount of capital from them, how long you keep it, what is necessary, etc. So FTMO is really easier to understand in that respect. I understand that this no longer seems to be an option for US traders. I can't say whether you'll have problems with payouts if you're profitable in the long term. So far I still haven't managed to find anything profitable at all with which to possibly take part in the challenge and then make this 2-3% per month continuously with a manageable risk. I think I'm a pretty bad trader that after all this time I still haven't found one thing that somehow leads to consistent profits with a structured daily routine where I can concentrate on one thing for X amount of time. I recently came across this EA/strategy (which could suit me). But I have no idea yet whether that's any good. Maybe some of you would like to take a look at it too. Haven't done any of my own backtests yet either. In any case, the author of this EA is currently doing an FTMO challenge that seems to be going well so far.
Quoting Takisd
{quote} A lot of them do say that you will lose your deposit. But don't let a good warning get in the way of everyone believing they are the 1%
Where does this number of only 1% that are profitable in the long term come from? Many of the broker statistics say something like 70-80%. What is the difference to other areas? Most startups are not successful, and most athletes cannot make a living from their sport either.

See: https://www.interactivebrokers.com/e...tomerForex.php
Quoting lddd
{quote} Yes you are probably right. I have just seen that this is even offered with this Darwinex Pro, i.e. in the event that you have/find your own investors but the remaining technical and regulatory requirements are missing. Darwinex Zero is really not that easy to understand. Although that might be a good option in the long term. I haven't really figured out what it takes to get X amount of capital from them, how long you keep it, what is necessary, etc. So FTMO is really easier to understand in that respect. I understand that this no longer...
DAMN and you've been on here since 2009? That's some perserverance. Maybe I can help you with a couple channels you can learn from.
Small ytbers that defenitely make most of their money from trading with multiple years experience: Fat Cat, Neoh Yong(he has a lot of discretion), Ten Trading, Benny Lane, Scott Taylor FX( i trade his with some personal modifications I learned along the way, pretty easy to learn model tbh), Aaron Trades(also too discretionary and subjective for me, as it's support and resistance).
Potential bigger ytber options that seems they are legit but they do defenitely make more money from subscriptions: Micheal Bamber, WillsFX, Mack Gray, ProfitX.

If I were you I would check out first Benny Lane, he trades the 1h and above so you would have plentry of time to think before making a decision to get into a trade, then Scott Taylor FX (you would be taking trades on the 15m and have 4h as momentum outlooks, and Ten Trading on 5min but his strat looks very simplistic also. Tbh If you do not anything that you could see yourself trying from what I have written maybe it is time to stop and find something else in life to pursue.
And before anyone starts saying I am promoting some scammers, theses are the people I found that seem TO ME to have skills that are worth potentially learning from, based off of what they show, how they behave and opinions about their communities if they have one. I had to go through MOUNTAINS OF SHIT before coming across some of these people. I def can vouch for Scott Taylors strategy which works for me with personal changes (you can literally learn it in a week and then get out of the community after a month), and Noeh Yong who calls trades beforehand in his coumminity, but even tho one is profitable following him, the strat is too much based on experience and discretion so I'd rather learn to fish than have somebody giving me the fish.
Obviously you also have SMB Capital and Axia but for their courses you have to have a good sum of money. Hope i helped.
Quoting ladder
{quote} All CFD brokers should just close their business. The vast majority of traders will fail and lose their deposits. Those brokers could just tell you that you will lose your deposits please stop trading, but they do not.
Nobody is forced to create a trading account with them? These brokers are in the business of making money like any other business. It wouldn't change anything if they all closed. The same people would then look for other avenues and perhaps even try their luck in even more questionable things.
Quoting lddd
{quote} Where does this number of only 1% that are profitable in the long term come from? Many of the broker statistics say something like 70-80%. What is the difference to other areas? Most startups are not successful, and most athletes cannot make a living from their sport either. See: https://www.interactivebrokers.com/en...tomerForex.php

Amazing, but IB isn't exactly a retail forex broker. only sub 30k accounts is very small for retail fx.

Here is the disclosure of tickmill
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https://www.cnbc.com/2020/09/18/stoc...ing-worse.html here is an article about how stock pickers are getting worse and continue to underperform compared to the index.

On top of that, the european disclosure statistics include traders who have lost money on a rolling basis. That means that today someone may not be included by tomorrow they might be. The traditional rule of thumb was 95 % lose 3% break even and 2% might turn a profit.

But we aren't talking about making money for a bag of fries, we are talking about mansion yacht money being the 1%. The delusion is that most retail traders believe their route to that lifestyle is fx and that they are the exception to the rule. The reason why these disclosures don't work is the main character syndrome of traders who think they are the exception. Since a guy with 10k making a steady $200 a month is of little interest to anyone.
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