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  • #1,001
  • May 15, 2021 3:13pm May 15, 2021 3:13pm
reality check
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  • #1,002
  • May 15, 2021 4:18pm May 15, 2021 4:18pm
Quoting Le.Metier
everyone's on demo it seems, even if assured otherwise (source) and "prop" firm....more like bucket firm; here's a real prop firm {image}
Doesn't matter to most man. Who gives a dung if it says demo or live on MT4 so long as you're being paid for your efforts. If you can trade, you'll make money anywhere.

A company asks me to legally supply explosives to be used in bringing down buildings (legally)... They receive the order and instead keep it in storage for however long they choose ...
but pay me the agreed amount on delivery of the supplies...
Why should I care about anything else?

Btw, please teach me how you do that link thing lol
  • #1,003
  • May 15, 2021 4:33pm May 15, 2021 4:33pm
Quoting Koop
{quote} Doesn't matter to most man. Who gives a dung if it says demo or live on MT4 so long as you're being paid for your efforts. If you can trade, you'll make money anywhere. A company asks me to legally supply explosives to be used in bringing down buildings (legally)... They receive the order and instead keep it in storage for however long they choose ... but pay me the agreed amount on delivery of the supplies... Why should I care about anything else? Btw, please teach me how you do that link thing lol
you are right it doesnt matter, but its good to know,
especially if a provider is telling you, you are on a real account when in fact you are on a demo

best to do business with someone who tells you the truth, not someone who is prone to dishoensty
  • #1,004
  • May 15, 2021 4:49pm May 15, 2021 4:49pm
I agree its the same if trade markets ore sim for "prop"firms to be nice say 90% fails even challenge,verification ore first month "live" then there are plenty off money for the last 10%,but its not even 10 its more like 3% ore 2% ore 1%...lol
Insanityoing same ting over expecting different results..Einstein
  • #1,005
  • May 15, 2021 4:50pm May 15, 2021 4:50pm
So... I am up similarly to the idiot in the FT post.

Went to find myself a bmw lambo for 20k... Can someone please point me in the direction where I can find then i8 for 20k? Scratch that, can you please tell me why someone would spend 6x first payout on a discontinued car that is the shittest of super cars? I love BMW's but that car is a piece of rubbish. Get the audi version, at least it makes a cool noise. Stinks like a photoshoot.

Meh whatever, I am stockpiling my money because I am close to retirement anyway.
  • #1,006
  • May 15, 2021 4:54pm May 15, 2021 4:54pm
Quoting FXsniper111
...its more like 3% ore 2% ore 1%...lol
and the ones that do succeed probably dont stay with "prop" firms for long, they migrate to a real prop firm or manage their own fund
  • #1,007
  • May 15, 2021 5:17pm May 15, 2021 5:17pm
Quoting Koop
{quote} This guy, 've seen a couple of his FTMO challenge videos. Surprised to hear he's abandoned them... the news trading thing probably messed him up. Lol dude just passed 3 challenges at the same time? Crazy!!. Starting with a 400k account. Thepropfirm need to sit up and be as responsive and sharp as FTMO, if they can do that and also honour payouts without problems, they may gradually take over.
Recently I saw your post about having issues with paying for the FTMO challenge in Nigeria. I'm having same prob rn how did you go about it. I'm thinking of using Skrill but Skrill still requires master or visa card for the payment
  • #1,008
  • May 15, 2021 5:25pm May 15, 2021 5:25pm
Quoting Le.Metier
everyone's on demo it seems, even if assured otherwise (source) and "prop" firm....more like bucket firm; here's a real prop firm {image}
Exactly the reason they have us trade on demo. They can then choose to copy/not copy whatever they wish. I prefer it if it allows me to trade with a prop firm without MORE regulation in my life. In the US, I'm already forced to go offshore to get decent trading conditions due to REGULATION.
  • #1,009
  • May 15, 2021 5:36pm May 15, 2021 5:36pm
Quoting Koop
{quote} We both agree on one thing, how they generate funds to pay profitable Traders is almost irrelevant to me so long as they pay. That applies to both 5ers and FTMO. But I think 5ers is the joke. Traders are being tricked into Funding themselves. This is strategic marketing where they throw around big account numbers/sizes but limit how much buying power you actually have, thereby invalidating the whole purpose of getting funded. If you're comfortable trading 2 lots max per trade on a $40,000 account, then why are you even spending your money...
I am very comfortable. Also, it works like this....

When you pass the eval, you get half of it back.....and I have more than made my money back and a decent profit. I haven't managed to double those three accounts yet, but am on my way. I have no issues taking my time, because that's the easiest way. I know that these firms are looking for deposits/fees. However, every once in a while, there is someone they have to pay.

What I am saying is that it isn't hard to be that person. Just be willing to take it slow and easy. Also, you are forgetting the scaling plan. In another little bit, those will be three 80k accounts. All for that initial deposit that I made a few months ago. I can trade 240k for a deposit of 1200 total. (They raised it slightly after I signed up.) I have a DD of 9600.

I have found a way to make it work, which is revolving around swing trading....and building up the position size as I go along. That's been the key for me. As far as that 1.28 mill? I have no idea if that will ever happen, or even if it is allowed to happen. Hence why I am adding to my accounts at other places. I use a trade copier w/ ten accounts of 40k, then I am trading 400k.....and so on. That's the game we are in at the moment.

It also does something all traders should spend more time doing - mitigates risk.

Chris
  • #1,010
  • May 15, 2021 5:38pm May 15, 2021 5:38pm
Quoting pipmaster77
{quote} Exactly the reason they have us trade on demo. They can then choose to copy/not copy whatever they wish. I prefer it if it allows me to trade with a prop firm without MORE regulation in my life. In the US, I'm already forced to go offshore to get decent trading conditions due to REGULATION.

1 to 50 isn't enough? I do however, agree with the CFD issues.....I wish we could trade them.
  • #1,011
  • May 15, 2021 5:38pm May 15, 2021 5:38pm
Quoting Le.Metier
{quote} you are right it doesnt matter, but its good to know, especially if a provider is telling you, you are on a real account when in fact you are on a demo best to do business with someone who tells you the truth, not someone who is prone to dishoensty
Funding Talent came right out and said this is what they are doing, and this is what all of them are doing recently. As if we didn't know.....
  • #1,012
  • May 15, 2021 5:43pm May 15, 2021 5:43pm
Quoting clockwork71
{quote} Funding Talent came right out and said this is what they are doing, and this is what all of them are doing recently. As if we didn't know.....
now we have it in writing and signed
  • #1,013
  • May 16, 2021 12:54am May 16, 2021 12:54am
Quoting Takisd
So... I am up similarly to the idiot in the FT post. Went to find myself a bmw lambo for 20k... Can someone please point me in the direction where I can find then i8 for 20k? Scratch that, can you please tell me why someone would spend 6x first payout on a discontinued car that is the shittest of super cars? I love BMW's but that car is a piece of rubbish. Get the audi version, at least it makes a cool noise. Stinks like a photoshoot. Meh whatever, I am stockpiling my money because I am close to retirement anyway.
Wow that sounds exciting! Please do post an image of your withdrawal request. It will be a further incentive to all of us

Are you going to buy one of these?
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  • #1,014
  • May 16, 2021 5:21am May 16, 2021 5:21am
PROP TRADING VS TRADING ON YOUR OWN
https://www.forexfactory.com/thread/...5#post13539935
Free copy trading and FX Prop Firm tests on forex1million
  • #1,015
  • May 16, 2021 7:17am May 16, 2021 7:17am
Well it seems that someone got paid with TPT. Although I have to say that the jury is still out as to whether I would advise signing up with them. Also they still don't offer MT4 and I don't like their broker.
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  • #1,016
  • May 16, 2021 7:29am May 16, 2021 7:29am
Quoting Mtinifx
{quote} Wow that sounds exciting! Please do post an image of your withdrawal request. It will be a further incentive to all of us Are you going to buy one of these? {image}

yes yes, 4"x 2" still probably would cost all my money.
  • #1,017
  • May 16, 2021 10:00am May 16, 2021 10:00am
Quoting clockwork71
{quote} I am very comfortable. Also, it works like this.... When you pass the eval, you get half of it back.....and I have more than made my money back and a decent profit. I haven't managed to double those three accounts yet, but am on my way. I have no issues taking my time, because that's the easiest way. I know that these firms are looking for deposits/fees. However, every once in a while, there is someone they have to pay. What I am saying is that it isn't hard to be that person. Just be willing to take it slow and easy. Also, you are forgetting...
The reason they give you so long is you must trade tiny positions. They give you 6 months to make 1400 on 20 K or 600 on 10K. If you take that 875 or 450 fee and trade on your own, you will also make that in 6 months, your sizing will be the same. When talking amount money management, everyone says risk 1%, 2% whatever, right? It's 1% of what you can lose, in personal account it's 1% of your entire account, with the %5ers and similar, it's 1% of 4% or 4/100ths of 1%. Unless of course you are changing your entire strategy and risk model to trade with the 5%ers. When they scale you DD is still 4%, so your 80K account is really 3200. I am funded with FTMO, I did the eval on the 5%ers to prove it to myself. By stage 3, your personal account will be larger....TRUST ME. You also do not give up 50%. They are simply having you fund your own account and keeping 50%
  • #1,018
  • May 16, 2021 10:06am May 16, 2021 10:06am
Quoting clockwork71
{quote} 1 to 50 isn't enough? I do however, agree with the CFD issues.....I wish we could trade them.
Well, 50:1 is only on three pairs, EURUSD, USDCAD, EURCAD. Anything with JPY or AUD is 33 and GBP crosses are 20. Plus no gold, no indices, etc. It's not that 1:50 isn't enough, it's the spreads, freezing platforms and all the other crap they get away with under the guise of regulation. Plus, speaking of mitigating risk, to trade 2 lots of GBPUSD I need 10K in margin, if I'm using a 30 pip stop, I'm only risking $600. So offshore, I put up $600 to risk $600. The other $9400 stays with me, FDIC insured.
  • #1,019
  • May 16, 2021 10:11am May 16, 2021 10:11am
Quoting forex1mill
PROP TRADING VS TRADING ON YOUR OWN https://www.forexfactory.com/thread/...5#post13539935
The challenge/verification models (FTMO, MFF, Enfoid) are a good value to the trader. On a 100K , they are giving you 10-12 K drawdown for a fee of 500-800. The "scaling" models, horrible...all a marketing gimmick to make you think you will be trading 1 million plus. There is a very simple rule, if all followed, nobody would touch the "scaling" companies....

If the initial fee is greater than the initial DD, that money will multiply faster in a personal account and you keep 100%
  • #1,020
  • May 16, 2021 10:40am May 16, 2021 10:40am
Happy Sunday all !

Of course, it depends on what strategies are used. And FTMO is definitely better in some regards, for some strategies.

But I think were missing some perspective on the value of 5%ers and the likes that have decent enough scaling plans.

Just based on one of my own accounts, running on low leverage for almost 10 years now:

If I had enrolled in 5%ers at any moment, and without hitting their stop-out, I would be trading their million account after 16-21 months, making 1 to 5% return a month, all from a measly 275$.

My own funds would be being used elsewhere.

And no, that would not be possible with only a 275$ account, as it seems to be believe by some here.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
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