Disliked{quote} But there is an important difference between FTMO and MFF. FTMO uses Absolute Drawdown, MFF uses Relative Drawdown.Ignored
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Disliked{quote} But there is an important difference between FTMO and MFF. FTMO uses Absolute Drawdown, MFF uses Relative Drawdown.Ignored
Disliked{quote} I spoke to them, if you buy now, its only going to be 5 days cos on the 5th day you will be after 1st nd they will be giving to everyone.Ignored
Disliked{quote} Yes, had mine within 24 hours as well. When I get paid, I request on Fridays and I am paid and account reset by market open Sunday. I literally miss 0 trading time. As I said last night, more and more people reporting on their "opinion" rather than real experience with these firms.Ignored
DislikedLol I don't know why you guys seem surprised. It's not like you didn't deal with way worse when FTMO was the sole subject of weird attacks. And it's mostly people who haven't purchased the programs or gained any first hand experience.Ignored
Quoting Takisd;Dislikedits really weird to be honest in the facebook groups and Telegram groups how things happen. Everyone is being calm and having nice conversations, everyone has their preferences and clearly says why/why not. Then in one day, for no reason, XYZ firm is being blastedIgnored
Quoting Takisd;Dislikedevery now and then new users show up with such messagesIgnored
Disliked{quote} Relative drawdown may be a trap. I remember that the5ers had relative drawdown and removed it because was very unpopular.Ignored
Disliked{quote} Relative drawdown may be a trap. I remember that the5ers had relative drawdown and removed it because was very unpopular.Ignored
Disliked{quote} It's a trap mostly because of it's misleading name. Relative drawdown should not be used to describe the way of measuring it, but rather the way how it is represented. The word relative indicates it is a %age of the account balance (or equity) as opposed to the word absolute which would indicate a currency amount. Example: Starting account balance = $100k Actual account balance = $95k Absolute balance drawdown = $5k Relative balance drawdown = 5% (regardless of how it is measured; in this case it is balance to balance) Using a different...Ignored
DislikedBtw. how would you call the daily drawdown as measured by all the other prop firms - i.e. from the account balance at the day start? Everyone is used to call it "absolute" (even here if I'm not mistaken) but, apparently, this is wrong because according to this definition an absolute drawdown should only be the one measured from the initial account equity (deposit). But everyone calls that one "total" instead... Confusion seems to be a mild expressionIgnored
Quoting Nsak3yDisliked-I agree. Which is why I chose to challenge them on it. I have since been told that it is likely going to be removed, but I am still waiting on a definitive answer as their CEO waits for their legal team to confirm.Quoting JustAVisitDislikedMFF: "We allow anyone to open an account with us except for people from the following states in the USA: Arkansas (AR) Iowa (IA) Mississippi (MS) Missouri (MO)"
This is odd, why these states?Ignored
Since MFF is not acting as a broker, then MFF should not have any regulatory compliance obligations and therefore should be able to legally circumvent those requirements, especially since the business relationship with their traders is a contractor relationship.
On the other hand, if MFF is taking on that responsibility to ensure compliance for their broker, then MFF could be subject to the same laws and restrictions, which would not seem ideal from a legal or business perspective. That seems highly unlikely that they would elect to do that.
Obviously, there are other things to consider, such as broker offerings and what is allowed within certain jurisdictions, which countries have reciprocity agreements with US regulatory groups and compliance requirements for off-shore brokers etc.., which only brings the policy more into question since other US states are eligible. We will see.Ignored
Disliked{quote}{quote} -I have received an update from MFF regarding this. I was told that their legal team has reviewed the policy, and that it shall be removed from their website within a few days. So, good news.Ignored
Disliked{quote} I don't know. You might be right, I just never seen it used in another meaning than the one I described until recently when these prop firms started popping up. And the fact that most traders did not understand the (new?) meaning and got confused just supported my view that it was incorrect. So far I've seen only 5%ers and MFF using this term in this way Just out of my curiosity - would you have some other non-prop firm source of such a definition?Ignored
DislikedBtw. how would you call the daily drawdown as measured by all the other prop firms - i.e. from the account balance at the day start?Ignored