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  • #5,601
  • Nov 18, 2021 10:37pm Nov 18, 2021 10:37pm
Quoting mrdfx
{quote} Also removed the "4 years of trading experience" lol.. I think these guys are lurking here in this thread. Still doesn't take away the fact that the guy registered the holding company when he was 16 and was allegedly trading at 14 year old. Gotta give it to the kid he's got ambition and jumping on the prop gravy train, but he'll never see any of my $$$. @Takisd you up to give them a try? {image}
IS that him in the picture? He doesn't look like a real person.
  • #5,602
  • Nov 19, 2021 4:01am Nov 19, 2021 4:01am
I have no experience with real prop trading firms but I would be surprised that some company like Bright Trading and such would be annoyed if a trader made 1M profit and would limit him for note making more than 50K, risk parameters being the same.

They changed the cap but the rule goes on being ridiculous.
  • #5,603
  • Nov 19, 2021 6:00am Nov 19, 2021 6:00am
So they have removed the payout cap, now I think they are def lurking in this thread.
Truth is like poetry. And most people f*cking hate poetry.
  • #5,604
  • Nov 19, 2021 6:25am Nov 19, 2021 6:25am
Quoting Koop
{quote} IS that him in the picture? He doesn't look like a real person.
He looks pretty real to me.. but definitely not shaving yet or drinking..
  • #5,605
  • Nov 19, 2021 7:33am Nov 19, 2021 7:33am
Quoting profitfarmer
{quote} i beg to differ on this one. if they would be able really reliably decide who or what constitutes a "bad trader"... then A. why the heck do you fund one? B. why do you need traders at all? just place your own trades on your better than your prop traders' belief!
Because you committed to funding them if they dont break the rules and they didnt? Its pretty much a contractual obligation.

Imagine how fast one of these firms would die if they said "We only take traders we want to take".
  • #5,606
  • Nov 19, 2021 10:52am Nov 19, 2021 10:52am
Quoting mrdfx
So they have removed the payout cap, now I think they are def lurking in this thread.
-That's the power of negative thinking.

Does not look like a can of smashed buttholes now, after the changes. No profit cap and only 6% and 4% targets for challenges.

Still concerned about why they needed a cap in the first place, but this could be a possible inclusion for me, since I can grab (3) 200K accounts with them.
  • #5,607
  • Nov 19, 2021 11:04am Nov 19, 2021 11:04am
Removing cap from website doesn't mean they won't enforce it or find a reason to make it real.

This is retail FX people cmon, everyone has been denying profits on every business forever. An 18 yr old gets 1 million in fees its more money than they will ever see and you can bet you they will run with it.
  • #5,608
  • Nov 19, 2021 11:26am Nov 19, 2021 11:26am
Also a 30% discount currently.

Quoting Takisd
Removing cap from website doesn't mean they won't enforce it or find a reason to make it real. This is retail FX people cmon, everyone has been denying profits on every business forever. An 18 yr old gets 1 million in fees its more money than they will ever see and you can bet you they will run with it.
-Yeah, but it does not really matter much since the challenge is fully refundable upon successful completion. All of the other stuff are risks that most traders are willing to take, as you know.

Any funny business will be quickly exposed, also.
  • #5,609
  • Nov 19, 2021 12:23pm Nov 19, 2021 12:23pm
Quoting Nsak3y
Also a 30% discount currently. {quote}-Yeah, but it does not really matter much since the challenge is fully refundable upon successful completion. All of the other stuff are risks that most traders are willing to take, as you know. Any funny business will be quickly exposed, also.

*Seering eyes... and itchy hands* oh reaaaaaaaaaaally... hmmm perhaps i will add it to my gamble list... but if I find out its related to TCF in any way im comin' for ya
  • #5,610
  • Nov 19, 2021 12:27pm Nov 19, 2021 12:27pm
Quoting Nsak3y
Also a 30% discount currently. {quote}-Yeah, but it does not really matter much since the challenge is fully refundable upon successful completion. All of the other stuff are risks that most traders are willing to take, as you know. Any funny business will be quickly exposed, also.
hmmm, anyone else in this fb group?. Someone said they got paid from them. Fuck its tempting after all these changes. Not sure if these guys will last though with a model like that. I wouldn't be surprised in a few months down the line they re introduce some sort of limitation rule etc

why is the company called iconic exchange limited but the name of the website blue guardian capital?
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  • #5,611
  • Nov 19, 2021 12:38pm Nov 19, 2021 12:38pm
Quoting Takisd
{quote} *Seering eyes... and itchy hands* oh reaaaaaaaaaaally... hmmm perhaps i will add it to my gamble list... but if I find out its related to TCF in any way im comin' for ya
Seering eyes and itchy hands ?

They use Purple Trading as broker, $ 10 comms RT / standard lot.
https://www.purple-trading.sc/wp-con...of-symbols.pdf

$ 10 ? Not in 10 years.
Cost of business = triple compared to "the incumbents".
Wisdom begins in wonder
  • #5,612
  • Nov 19, 2021 12:51pm Nov 19, 2021 12:51pm
Quoting LuXing
{quote} Seering eyes and itchy hands ? They use Purple Trading as broker, $ 10 comms RT / standard lot. https://www.purple-trading.sc/wp-con...of-symbols.pdf $ 10 ? Not in 10 years. Cost of business = triple compared to "the incumbents".
it says 3.5$ per side on their website so 7$ in total
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  • #5,613
  • Nov 19, 2021 12:53pm Nov 19, 2021 12:53pm
Quoting Takisd
{quote} Because you committed to funding them if they dont break the rules and they didnt? Its pretty much a contractual obligation. Imagine how fast one of these firms would die if they said "We only take traders we want to take".

If a firm has the super talent in charge to decide what trades their traders take would be good to copy and what bad and copy opposite....
Then there wouldn't need to have traders, but really only the decision making guy alone to trade.
there is always, always another trade!!
  • #5,614
  • Nov 19, 2021 12:54pm Nov 19, 2021 12:54pm
ignore my mistake at the top lol
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  • #5,615
  • Nov 19, 2021 1:01pm Nov 19, 2021 1:01pm
Quoting mlseenie
{quote} it says 3.5$ per side on their website so 7$ in total {image}
Well, I looked at the specs via the "Trading Platform" link their website provided.

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If it says USD 7 RT elsewhere on their website, fair enough.

Not good enough for me though. By far.
My current pay-to-play provider charges USD 3 RT / standard lot.
That's less than half. Less than half = more money in my pocket.
Wisdom begins in wonder
  • #5,616
  • Nov 19, 2021 1:23pm Nov 19, 2021 1:23pm
yeh purple trading need to get the hell off my stoop... i hate that company.
  • #5,617
  • Nov 19, 2021 2:44pm Nov 19, 2021 2:44pm
Quoting Nsak3y
Some possible reasons for a payout cap: 1. No real trading is taking place and traders are funded purely by failed challenges. 2. Real trading is taking place, but firm does not know how to properly manage operations to ensure consistent profitability (for a potential, myriad of reasons). 3. Firm is taking trader profits and earning interest and/or investing the money elsewhere each month for their own benefit. 4. Firm is really in the business of selling data, and is only paid for that data at a later time, once the data has been analyzed etc.....
"Some possible reasons for a payout cap" Not True, don't have payout cap.
  • #5,618
  • Nov 19, 2021 3:09pm Nov 19, 2021 3:09pm
Quoting Tim_isoara
{quote} "Some possible reasons for a payout cap" Not True, don't have payout cap.
Tim,

The goal posts are being moved - I suspect based on feedback/input/remarks on this thread - by the managers of the prop firm in question.
Payout cap was there 24 hours ago, it's suddenly gone.
Some other aspects might all of a sudden magically change and/or disappear overnight.

However, the important thing to know for scalpers is the cost of business / the bottom line.
That very much depends on the broker the prop firm partnered up with.
See my screenshot below, a week's of trading (I didn't trade today) based on USD 3 / RT / standard lot.

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Add USD 4 per lot to get an idea of what my bottom line would look like.
My opinion: a no go for scalpers.
Wisdom begins in wonder
  • #5,619
  • Nov 19, 2021 3:50pm Nov 19, 2021 3:50pm
Quoting LuXing
{quote} Tim, The goal posts are being moved - I suspect based on feedback/input/remarks on this thread - by the managers of the prop firm in question. Payout cap was there 24 hours ago, it's suddenly gone. Some other aspects might all of a sudden magically change and/or disappear overnight. However, the important thing to know for scalpers is the cost of business / the bottom line. That very much depends on the broker the prop firm partnered up with. See my screenshot below, a week's of trading (I didn't trade today) based on USD 3 / RT / standard...
Yes, FTMO and MFF have their own servers, no 3rd party broker, great spreads and both have $3 commission. They are setting the bar, if new companies want our business, they need to match or do better.....pretty simple. You can get 1 million between MFF and FTMO, other than diversification, why would one deal with higher commission, higher spreads, the hassle of a separate broker from the firm, etc, etc.
Every one of these companies tries to be slick with numbers, only 6% target, well unless DD is more than 9%, MFF 8% with 12% DD is a better deal. The scaling models are the worst at tricking folks with numbers, we scale you every time you hit 10% (with your 4% DD).....they double your account every time you make 250%!!!!
  • #5,620
  • Nov 19, 2021 4:29pm Nov 19, 2021 4:29pm
Wonder a bit about if the smart people here can paint me in the right direction as a swing trader. Clearly the math doesn't work for something like the 5%ers, you're better off using your own money, but as far as I can see a swing trader who might only take 4 or 5 trades a month is pretty much gambling they pass a challenge.
I'm still working out the kinks in my system, but that's about what I'm looking at. Maybe half a dozen trades a month, 2:1 reward to risk and ~50% win rate. I don't see how something like that gets though a challenge using good risk management without multiple retries untill you fluke a winning streak.

Demoing over the last couple of months I'm pretty much hovering around break even, a couple of wins, couple of losses, a win, couple of losses, couple of wins etc. Maybe I'm just not at a point of profitable, but to me it looks a lot like you've more or less got to gamble or day trade to pass a challenge.
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