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  • #16,121
  • May 27, 2023 3:40pm May 27, 2023 3:40pm
Hello, has anyone here received payment from any prop firm?
  • #16,122
  • May 27, 2023 3:48pm May 27, 2023 3:48pm
Quoting Capablanca
{quote} How's that ? For people that don't have patience the no limit won't bring patience. They will go on wanting to pass it fast. So doesn't really matter if it's 30 days or unlimited. For the other ones this can help. I faced myself several times with a 5% DD very close to the time limit, forcing made me to flip coins to see if I could get to break even to have a free retake, instead of losing the challenge fee. Sometimes I'm lucky, sometimes not. With unlimited I could try to slowly recover that, not needing to risk so much. I understand, though,...
Agree.

No matter what time limit I get I want to pass it as fast as possible. That's my nature, especially when using lunch money to purchase small 10K-25K accounts. I don't have time to spend 6 months grinding out phase one making $20 at a time on my challenge. I'll change my trading risk profile when/if I get to the funded stage.
Pride always comes before destruction.... -Proverbs 16:18
  • #16,123
  • May 27, 2023 3:51pm May 27, 2023 3:51pm
Quoting pipmaster77
{quote} I believe he is saying the "no minimum days" is bad for the trader as they try to complete in 1 day or 1 hour. The no maximum is a no brainer.....if we have two LEGITIMATE, PAYING FIRMS and one has no maximum and the other has, I'd say 100% of us are going with the no max. Once again, though, I'm really only talking like if MFF did it, they would absolutely smash FTMO. I'm thinking TFTP is going to be very successful with it do to their size and reputation. As much as most here thing Angelo is an arrogant, egotistical bastard, I am sure...
It's like saying I went to a $20 all-you-can-eat food buffet and blaming the restaurant for making you eat yourself into a food coma. No, you ate yourself into a food coma because you're a gluttonous slob.

But then again, we live in a world where it's always someone else's fault for our behavior.
Pride always comes before destruction.... -Proverbs 16:18
  • #16,124
  • May 27, 2023 3:54pm May 27, 2023 3:54pm
Quoting Takisd
If a pharmacist took 1 year to complete his exam, would you trust his medicine?
Of course, as long as the government told me to trust him.
Pride always comes before destruction.... -Proverbs 16:18
  • #16,125
  • May 27, 2023 3:57pm May 27, 2023 3:57pm
Quoting Takisd
{quote} But 50% off 10k accounts bro.
Well, 50% of sh* is still sh*
  • #16,126
  • May 27, 2023 4:00pm May 27, 2023 4:00pm
Quoting sampat
{quote} Actually massive discount is also a trap. I will be more worried if they give discount on 100K or above. I remember funding talent also gave discount when they are about to go busted. Any prop firm be it FTMO or MyFF have casino model, moment external regulation or client base shifted they will go out of business. These prop firms should be used like cash back offer the whatever you can spread risk with couple of them and build personal account.
I agree. I don't mind seeing them offering 50% on low accounts. That's just marketing budget with low impact.

If that goes up to champions league amounts then, yes, we should be worried about.

And my mantra is to never leave a dime at a prop in any payout. All comes to my personal account.
  • #16,127
  • May 27, 2023 4:43pm May 27, 2023 4:43pm
Quoting Capablanca
{quote} Well, 50% of sh* is still sh*
People ignore it for the coupon, especially those prone to buying 10k accounts, so basically poorer people. Actually the 50% on 10k account coupons are the most predatory, scummy marketing ever done. Its purpose is to get you in the funnel, cos on net they wont make money on those accounts until rebuy.
  • #16,128
  • May 27, 2023 6:54pm May 27, 2023 6:54pm
Quoting Cryptosurf
Like I said before the road to successful trading is an expensive one, paved with blown accounts.
-I always believed that trading education can be as cheap or as expensive as you want it to be... to a point, anyway. Eventually, you will have to go live, but the journey does not need to start out that way. Nowadays, you can find demo accounts that have simulated slippage and execution delays, which can really help to prepare newbie traders.

Unfortunately, many traders are jumping straight into prop when they should probably still be trading on demo. I know that some here probably disagree with this, but I can personally attest to its validity.
  • #16,129
  • May 27, 2023 6:54pm May 27, 2023 6:54pm
Quoting Cryptosurf
The minimum days is what I was referring to. The biggest problem aspiring traders/gamblers have is greed and FOMO.
-While I do agree with you, of course, I also prefer to have more freedom and less restrictions. I think, it is better to let traders decide for themselves (and learn from their own mistakes). This works best for the longevity of model, anyway.

If, on the other hand, a firm wanted to create educational programs where they teach and help traders to learn good practices, then that might be different, but that would require a shift in the paradigm.
  • #16,130
  • May 27, 2023 6:55pm May 27, 2023 6:55pm
Quoting Takisd
then it will be the demise of some companies as servers fill up with trash, perform worse and ultimately lead to massive downfall.
-Maybe the idea to have traders pay a small, refundable fee for each month that they require will help to avoid this and also to ensure that traders stay motivated to complete their challenge.

Such as, "Hey, loser, it looks like you have not completed your challenge before the allotted time has run out. Would you like to extend it for another month for only $30 USD? This fee will be refunded to you following the unlikely completion of your challenge(s)."
  • #16,131
  • May 27, 2023 6:55pm May 27, 2023 6:55pm
Quoting andrelucas
Hello, has anyone here received payment from any prop firm?
You are kidding, correct?
  • #16,132
  • May 27, 2023 7:00pm May 27, 2023 7:00pm
fyi
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  • #16,133
  • May 27, 2023 7:16pm May 27, 2023 7:16pm
for a 100k account, 425 $ is good price.

But 8 % loss limit not acceptable. I can blow challenge or funded account in just 2 days. Third day is no more.

It should be atleast 10 %.

Any firm less than 10 % not acceptable to me.
Intraday only.
  • #16,134
  • May 27, 2023 7:17pm May 27, 2023 7:17pm
Quoting andrelucas
Hello, has anyone here received payment from any prop firm?
shows us you cant read,,,, the thread as the answers are there
people leave, but this thread will go on for ever
  • #16,135
  • May 27, 2023 7:26pm May 27, 2023 7:26pm
Quoting Nsak3y
{quote}-Maybe the idea to have traders pay a small, refundable fee for each month that they require will help to avoid this and also to ensure that traders stay motivated to complete their challenge. Such as, "Hey, loser, it looks like you have not completed your challenge before the allotted time has run out. Would you like to extend it for another month for only $30 USD? This fee will be refunded to you following the unlikely completion of your challenge(s)."
Maybe, but starts to sound like purchasing credits for slot machine.

I see assoles like MFFX ceo and TFT ceo talking about how FTMO and MFF are dinosaurs, but i actually think those two companies are the smart ones. Focus on what they can do and do it well and not constantly try to out compete in a pile of noise. Coupon competitions just don't scream "Professional trading firm".

The marketing of some of these firms is bound to catch regulator attention.
  • #16,136
  • Edited 7:54pm May 27, 2023 7:43pm | Edited 7:54pm
Quoting navk
for a 100k account, 425 $ is good price. But 8 % loss limit not acceptable. I can blow challenge or funded account in just 2 days. Third day is no more. It should be atleast 10 %. Any firm less than 10 % not acceptable to me.
-In terms of target vs. draw-down, many firms require between 110% to 150% total gain on the account, over the course of the challenge/verification phases. I am now seeing firms that are pushing 1-step challenges as something great, but are requiring a 200% gain on the account, at the same or higher cost as a 2-step equivalent. The model may be a 1-step model, but the amount of profit that you have to gain on the account makes it almost equivalent to a 3-step model. People are falling for it, as usual.

I think, if you are maxed out and looking for more capital, then it is worth making the adjustments so long as the firm is reputable and paying out etc..
  • #16,137
  • May 27, 2023 7:52pm May 27, 2023 7:52pm
Quoting Takisd
Maybe, but starts to sound like purchasing credits for slot machine.
-Sounds fitting.

In all seriousness, though, if a firm can introduce something simple like this that is not a burden for traders (i.e. provide a solution for something that traders actually want, and make it optional), and can do so while increasing their profit-potential with little-to-no additional overhead, then it might make sense from a business perspective.

The problem that I have is when I see firms charging extras for things that should be inclusive. For example, things like faster payouts or the ability to use a trade copier or an EA etc.. Total garbage, in my opinion.

Quoting Takisd
The marketing of some of these firms is bound to catch regulator attention.
-This is very possible. I have seen some questionable practices. I suspect that our biggest threat will come from a different kind of regulatory group, though.
  • #16,138
  • May 27, 2023 7:52pm May 27, 2023 7:52pm
Quoting hayseed
{quote} //----- no, never did...... gave topstep a try once a few years ago completed phase 1 but timed out on phase 2..... we were working 14 hours a day, 7 days a week..... 1 day off a month...... losses have never concerned me in the least..... have often wondered why that is...... but there is no way i could spend $200 on dinner...... not as long as taco bell has that dollar menu...... and only once a month there..... might sign up now though...... decided to drag up at work last month...... for good this time..... myforexfunds seems ok....h...
Topstep...so many rules.
Were you manufacturing hand sanitizer in that space of time?
I saw the TE for Topstep. Nothing but green. I take it you like green.
Taco Bell still a bit of drive away. I recommend a romantic outdoor theatre movie and then a fancy dinner at Blairivile Taco bell with the wifey....now that you're not working especially
Taco Bells where I live are just a shadow of the taste and quality your Taco Bells.
  • #16,139
  • Edited 8:41pm May 27, 2023 8:30pm | Edited 8:41pm
Quoting hayseed
{quote} //----- no, never did...... gave topstep a try once a few years ago completed phase 1 but timed out on phase 2..... we were working 14 hours a day, 7 days a week..... 1 day off a month...... losses have never concerned me in the least..... have often wondered why that is...... but there is no way i could spend $200 on dinner...... not as long as taco bell has that dollar menu...... and only once a month there..... might sign up now though...... decided to drag up at work last month...... for good this time..... myforexfunds seems ok....h...
Mind telling me which program at mff you will be going with pls?
Assuming that is your own choice too.
I like to see if I can match the requirements.
  • #16,140
  • May 27, 2023 8:35pm May 27, 2023 8:35pm
Quoting Nsak3y
{quote}-In terms of target vs. draw-down, many firms require between 110% to 150% total gain on the account, over the course of the challenge/verification phases. I am now seeing firms that are pushing 1-step challenges as something great, but are requiring a 200% gain on the account, at the same or higher cost as a 2-step equivalent. The model may be a 1-step model, but the amount of profit that you have to gain on the account makes it almost equivalent to a 3-step model. People are falling for it, as usual. I think, if you are maxed out and looking...
Again that depends on trading style. Probability of passing 1 step challenge is higher than 2 step for high lot trader.
For example If I trade really big lot like 40-50 lots on a forex pair even though it is 200% gain probability is way higher in 1 step as in 2 step you have to flip twice.
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