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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

Attachments: Prop Firm Hub
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Prop Firm Hub

Quoting Takisd
{quote} Check the 150% remaining margin rule.
Oh, I remember that one, yes. Unless I misunderstood it won't affect me that's why I haven't taken note and noticed that change.
Quoting pipmaster77
{quote} I don't know how anyone (sorry Capa) is continuing with these firms.........like Expo said earlier, when I started there was FTMO and the 5%ers......4+ years later, there is FTMO and the 5%ers.....100's, perhaps 1000's of firms have come and gone, some lasting longer than others.......but the bottom line is they all got your money. Even if, like myself, you were profitable, you spent so much time building up funding in multiple props, close to 1 million for me, I belive CableJ was 1.4 and I know crypto, takisd, capa and a few others had...
The reason why I'm still doing is because, even after post-MFF, I've been able to get an amount of money from forex props that largely compensates my time spent there.

And if tomorrow all of them are shut down it won't bother me. It's like some additional good spare money that I get which, otherwise, I would not get (because I can't use the prop trading style in my real accounts - when we risk 1% of 200K we are, in fact, risking 10% of all the DD, which in a real account would be unacceptable).

What I've been doing to minimize issues is to keep payouts low (I can't remember the last one above 5K) and have a lot of props in portfolio.

Right now I have 1.25 mil in 5 forex props, some with 2 accounts and/or scaled accounts and 11 challenges running in others (some in phase 1 and some in phase 2). I know several of these will be dead in the futures but I don't know whom, so I just spread the risk.

I think forex prop may be dying but until I see the stone over the grave I will go on.
Quoting Takisd
what is amazing to me is that we are now like 3 or 4 years here talking about props and the business itself hasnt changed. No one has had brain power to make things different and interesting same time
Not a single comma changed even from all these brokers that recently launched props.
Quoting Capablanca
{quote} The reason why I'm still doing is because, even after post-MFF, I've been able to get an amount of money from forex props that largely compensates my time spent there. And if tomorrow all of them are shut down it won't bother me. It's like some additional good spare money that I get which, otherwise, I would not get (because I can't use the prop trading style in my real accounts - when we risk 1% of 200K we are, in fact, risking 10% of all the DD, which in a real account would be unacceptable). What I've been doing to minimize issues is...
Absolutely, I get it. you and I have talked extensively outside of this thread. If I wasn't from the US, I'd probably still be milking also. I'm speaking more of the folksthat haven't been doing this for several years and just getting scammed by these firms.......you are in the green enough where it doesn't matter........you are the outlier, though.
Quoting pipmaster77
{quote} Absolutely, I get it. you and I have talked extensively outside of this thread. If I wasn't from the US, I'd probably still be milking also. I'm speaking more of the folksthat haven't been doing this for several years and just getting scammed by these firms.......you are in the green enough where it doesn't matter........you are the outlier, though.
I know I know and I know you know.

For people still trying to catch this train, at least they should use the older props, starting from FTMO and 5ers, and keep payouts low, trying to be under the radar.
Then they can add some more older ones, that we know that may be playing tricks but not for 2 or 3K payouts. And be smart using low leverage, not coming there with 50 lots EURUSD an hour before CPI.
Using new launched props it's not a good move at all, IMO, unless they are backed by a broker (and even though we have no guarantees).
i see some comment from dylan of e8 about equity dd. Equity dd vs balance is meaningless its just a position size control which is valid. Ignoring dd argument the comments are popular x accounts demanding swap free, which exists only in retail world. If people want to be pro trader stop believing fairytales.
Quoting navk
{quote} your mindset is great. Probably you are young engineer.... I am not that great in mindset... reason, I am bit old engineer. ( when I was young, was aggressive like you ) ha..ha.. Keep it up man. Good luck for next evals
Secured backup 2 evals.... 1 evals dll and 2 finded accounts have 1200$ drawdown try to recover them.... One has 400 drawdown left proabably gonna a die on monday....

I;ll try mffu evals until i get a payout
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Extreme gut feeling trader
Quoting pipmaster77
It actually proves the point of how incompetent regulators are..........
Quoting pipmaster77
They are not properly doing their jobs
For sure. We agree, there.

But that’s what reliably happens when industries perpetually fail to regulate themselves adequately over many years of increasing public demand for them to do so: eventually they end up getting awful regulators imposed on them by governments who neither know nor really care about the industry (and sure enough, sometimes those external regulators are incompetent, too).

That public demand eventually becomes political demand, if the industry ignores it for long enough. And that turns out badly for everyone.

But people don't learn.
Quoting KarlKraus
But that’s what reliably happens when industries perpetually fail to regulate themselves adequately over many years of increasing public demand for them to do so:
-There is a difference between failing to self-regulate and refusing to self-regulate. Some of these firms have no intention on doing the right thing and should not be grouped with other companies. Meanwhile, some companies that are not regulated have been doing fine for years.

Quoting KarlKraus
But people don't learn.
At the end of the day, people want their money protected, but not so much so that they lose control over what they can do with it. That is the problem; it's too little or too much regulation.

The difficult part about implementing just the right amount (or right kind) of regulation, often relates to jurisdictional issues. Regulatory compliance can become overly-burdensome as a result of over-regulation, which can cause more harm than good.
Such vague rules prevent me from signing up futures props challenges. I mean how would you interprete this clause ? I mean if I see black I would never join that.

"Consistency in Trading: The Trader must adhere to a consistent trading plan in terms of size, stops, and targets, avoiding maximum or larger contract sizes on single trades, refraining from flipping contracts just to register a “trading day,” maintaining consistent trading sizes, avoiding dollar-cost averaging and high-frequency trading, and demonstrating consistency in the trading plan."

So...? I need to have same Stoploss in ticks and same target in ticks on each trade with same position size ? DCA means I cannot add even 1 contract while being 1 tick in drawdown ? What if I trade different contracts (symbols) with different contract size and in different time frames ? How could I handle those consistencies then ?

Why is that always so complicated to make some profits with prop firms ?. I know why.
But explain to me how you see that Consistency rule above in other simple words and some examples please ?
Quoting Nsak3y
{quote}-There is a difference between failing to self-regulate and refusing to self-regulate. Some of these firms have no intention on doing the right thing and should not be grouped with other companies. Meanwhile, some companies that are not regulated have been doing fine for years. {quote}At the end of the day, people want their money protected, but not so much so that they lose control over what they can do with it. That is the problem; it's too little or too much regulation. The difficult part about implementing just the right amount (or right...
Summed up perfectly. It is the exact reasons I was able to trade offhsore for 8+ years with unregulated brokers while those trading with CFTC "regulated" brokers were getting murdered paying 6-8 times the spread on some pairs, dealing with frozen platforms, random price spikes, etc, etc....but hey "they're regulated".
Regulation does not make a company better and lack of does not make them worse.......you are still dealing with the core values of the firm itself.
Quoting TrAndy1
Such vague rules prevent me from signing up futures props challenges. I mean how would you interprete this clause ? I mean if I see black I would never join that. "Consistency in Trading: The Trader must adhere to a consistent trading plan in terms of size, stops, and targets, avoiding maximum or larger contract sizes on single trades, refraining from flipping contracts just to register a “trading day,” maintaining consistent trading sizes, avoiding dollar-cost averaging and high-frequency trading, and demonstrating consistency in the trading plan."...
Which firm is that? I only know of Apex not allowing DCA and even they allow one addition ( and it can be larger than original)
Apex allows one additional entry
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Intraday only.
Quoting navk
Apex allows one additional entry {image}
Yep, that's what I said one post above.
Quoting pipmaster77
{quote} Which firm is that? I only know of Apex not allowing DCA and even they allow one addition ( and it can be larger than original)
That new one futures prop with their straight to funded program. Second prop like Fasttracktrading, seems to be a trend to trade without any evals.
https://tradeify.co/tradeify-funded-trader-agreement/
https://www.trustpilot.com/review/tr...l&sort=recency
Quoting TrAndy1
{quote} That new one futures prop with their straight to funded program. Second prop like Fasttracktrading, seems to be a trend to trade without any evals. https://tradeify.co/tradeify-funded-trader-agreement/ https://www.trustpilot.com/review/tr...l&sort=recency
Theres rumors that some other major futures prop firm will introduce an instant funding program soon. The few odd youtube "guru" ive watched lately seem to be eagerly awaiting these direct fund programs as it seems they are tired of the evaluation process and rather pay alot for little profit split. Due to the fact that they blow so many eval accounts due to being impatient and doing YOLO before being funded.
Quoting faktmany
Hidden
how many are you going to fakt with your scam?
Quoting faktmany
Hidden
Any scammer can fill in the FCA forms to apply to whatever they want. Applying and getting it it's a very different thing. You're wasting your time here and not doing any good for your prop. Go and find the kids that believe in anything they are told.

Btw, you are not even the first prop to try getting a license. Nothing in your post is true.
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