Prop Firm Hub | Page 286 | Metals Mine

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 31 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
Exit Attachments

Prop Firm Hub

  • #5,701
  • Nov 22, 2021 8:56am Nov 22, 2021 8:56am
Quoting Takisd
{quote} I'm not sure i interpreted your scenario correctly. But with MFF if you make 1k on the day, you can lose 6k that day. If you make 1k on the day the next day you have 5% of the new equity and balance. So if you have 100k account, first day you can lose 5% realised or floating, if you make 1k realized that day the next day you can lose 5300 (instead of 5000). The only problem people have with MFF's dd is if they are UP 5% floating and have break even stop loss, because the daily is calculated on equity as well as balance at 00:00. But they...
Even better, close it and reopen it at 6-7pm (when spreads normalize) if you think there is still more in the trade.
  • #5,702
  • Nov 22, 2021 9:01am Nov 22, 2021 9:01am
Quoting Takisd
{quote} My calculation was 5% and then 1k but yes, you are correct. IT grows if you are up 1k only to 5050. I'm on the spectrum pretty hard lately due to treatment meds and think in 5 sentences at the same time and often confuse myself.
Sorry mate you were correct. I just got it from the horses mouth. If you make $1000 on a $100k account, you can lose up to $6000 (on the day of course)

It's all it bit confusing to say the least!
  • #5,703
  • Nov 22, 2021 9:04am Nov 22, 2021 9:04am
If you close all trades at 5 pm, your equity and balance are the same, therefore there is no confusion. With MFF, instead of it being 5% of the account starting balance, it is 5% of the number at 5 pm. Let's say your at 206K, your daily is now 10,300 instead of 10 and of course max would be 30K at this point instead of 24K. I don't trade anywhere near the sizes for it to be a concern, but if I am floating 1%+ either way, + or - , I close and reopen. I just like a "clean" start everyday, but that's just me.
  • #5,704
  • Nov 22, 2021 9:36am Nov 22, 2021 9:36am
If you can't contain your losses to 5% per day you shouldn't be trading for a prop firm.
  • #5,705
  • Nov 22, 2021 9:37am Nov 22, 2021 9:37am
Quoting Tim_isoara
{quote} You can read the rules?
Sigh!
  • #5,706
  • Nov 22, 2021 9:38am Nov 22, 2021 9:38am
Quoting Tim_isoara
{quote} If you have this on 00.00 broker time. So, you have all the time to have a good money management. At MFF an FTMO is the same.
No, they're not Sir
  • #5,707
  • Nov 22, 2021 9:48am Nov 22, 2021 9:48am
1. The exact account draw down value permissible is Balance - 5% or Equity - 5%; NOT that you cant go down more than 5% from your intra-day equity high..

So,

Example A: if you have starting equity of 110,000 but balance of 100,000; the DD limit would be 5,500 (based on your 110K)..and you wouldn't be in violation if you dont go below 110,000-5,500 = 104,500 on the day..

Another way of saying it is,

Example B: you can start at 100K on the day, go up to 200K; and then down to 150K, and you wouldnt have violated the DD rule because you didn't go down to 95,000.
  • #5,708
  • Nov 22, 2021 9:49am Nov 22, 2021 9:49am
2. The MFF calculation is very different from FTMO's one because FTMO only calculates from your starting balance. So, in example A above FTMO would allow the trader to go down to 95,000 before he/she would be in violation...not 104,500 like MFF on that instance.
  • #5,709
  • Nov 22, 2021 10:08am Nov 22, 2021 10:08am
Anybody up for due diligence on Ment Funding? I saw the interview with Blake. I like the 10% with no time limit, I don't like the trailing drawdown that is 5% then when you hit 5% it locks in at the beginning balance of the account also no refund of the eval fee.


Attached Image (click to enlarge)
Click to Enlarge Name: 3f61ccae99d09d95a3abbb88cf696609.png Size: 72 KB


Attached Image (click to enlarge)
Click to Enlarge Name: ee2d152ed9a2f82be55bd3c4c59007c4.png Size: 347 KB
  • #5,710
  • Nov 22, 2021 10:28am Nov 22, 2021 10:28am
Quoting MoxFulder
Anybody up for due diligence on Ment Funding? I saw the interview with Blake. I like the 10% with no time limit, I don't like the trailing drawdown that is 5% then when you hit 5% it locks in at the beginning balance of the account also no refund of the eval fee. {image} {image}
I have been trying to get a solid ground for them.

But other than blake, I don't see anything that screams legitimacy and even with Blake it screams of over reach.

I was considering messing with them but i cant find a single point of feedback that isnt related to their coaching stuff and if your coaching is successful a prop firm won't help you as you have to front a lot of capital just for people to trade your money. It would be easier to be an IB with coaching than a prop firm so something doesn't sit right.

Maybe after new year I will give them a try if they are still there by then.

Edit: P.S 8cap is a shit bucketshop, anyone claiming they boost rep is lying.
  • #5,711
  • Nov 22, 2021 10:40am Nov 22, 2021 10:40am
Quoting Takisd
{quote} I have been trying to get a solid ground for them. But other than blake, I don't see anything that screams legitimacy and even with Blake it screams of over reach. I was considering messing with them but i cant find a single point of feedback that isnt related to their coaching stuff and if your coaching is successful a prop firm won't help you as you have to front a lot of capital just for people to trade your money. It would be easier to be an IB with coaching than a prop firm so something doesn't sit right. Maybe after new year I will...
Thanks, Taksid, that's very helpful. Their 5% relative drawdown just doesn't set right with me. The negative Trustpilot reviews on 8cap cause me pause too. Anybody here with 8cap?
  • #5,712
  • Nov 22, 2021 10:58am Nov 22, 2021 10:58am
Quoting MoxFulder
{quote} Thanks, Taksid, that's very helpful. Their 5% relative drawdown just doesn't set right with me. The negative Trustpilot reviews on 8cap cause me pause too. Anybody here with 8cap?
A friend of mine used to own a C.A.R (franchise under regulation in australia) with 8cap and told me quite a bit about their inner workings. Lets just say no order hits the market.
  • #5,713
  • Nov 22, 2021 1:31pm Nov 22, 2021 1:31pm
Quoting Thoughts
{quote}Thanks Taksid. Smart money is largely singing from the same hymn sheet, and it bothers me; so for "fun" I'm trying to build a case against the smart money consensus. I think you're right..the central banks would have to remain super accommodative. I'm beginning to consider if its reasonable that they just might attempt plodding that path while the Biden/Harris administration is in office, and so rate hikes may not be coming as soon as smart money expects. I mean, check this out: https://www.bloomberg.com/news/artic...asonal-factors...
What would happen if in 2022 there is a supply glut of everything...
  • #5,714
  • Nov 22, 2021 1:32pm Nov 22, 2021 1:32pm
Quoting Thoughts
{quote}What would happen if in 2022 there is a supply glut of everything...
And by that, I mean goods and services..
  • #5,715
  • Nov 22, 2021 1:34pm Nov 22, 2021 1:34pm
Quoting FXTrader.FF
{quote} If you trade 100k and have a floating profit of 20k. Balance is 100k but equity is 120k, then you have daily DD = 6k (120k * 5%). Game over if you lose 6k that day, even though your account still has 14k profit.
Yeah, I hear you.
I also routinely hit +20% floating profit in a 24 hour cycle.
It's like Murphy's Law, just when I have +20% floating, my wife asks me to update the family holiday photo album and I forget to close out the trades.
Next thing the metrix show me is a breach of the 5% maximum daily loss rule.
In the course of 1 year of prop trading, I already lost 3 accounts of $ 100k like this and it really sucks.
Wisdom begins in wonder
  • #5,716
  • Nov 22, 2021 2:29pm Nov 22, 2021 2:29pm
for those who are doing live ftmo account and challenge , did this happen !?
Attached Image (click to enlarge)
Click to Enlarge Name: GBPNZDH1.png Size: 27 KB
  • #5,717
  • Nov 22, 2021 2:34pm Nov 22, 2021 2:34pm
Quoting EnoFX
If you can't contain your losses to 5% per day you shouldn't be trading for a prop firm.
-What's worse is that many people are basing that 5% on an imaginary number instead of the amount that they are actually working with (draw-down). The challenges prime them for it, too. People need to be smarter and less greedy if they want long-term success in trading. Short-term success can definitely be had, but not long-term.
  • #5,718
  • Nov 22, 2021 2:45pm Nov 22, 2021 2:45pm
Quoting Feelas
for those who are doing live ftmo account and challenge , did this happen !? {image}
That's sick, no spike at Gain Capital.


Attached Image
  • #5,719
  • Nov 22, 2021 3:00pm Nov 22, 2021 3:00pm
Quoting Feelas
for those who are doing live ftmo account and challenge , did this happen !? {image}

I dont trade that pair but NZD has its own rollover time now for companies who execute trades... (Gain capital is an awful example, try IC or tickmill for best comparison).

Could be a feed spike though, as i said I dont trade that pair.
  • #5,720
  • Nov 22, 2021 3:02pm Nov 22, 2021 3:02pm
Quoting Feelas
for those who are doing live ftmo account and challenge , did this happen !? {image}
I see it on my MT4 as well, wasn't in any NZD trades today. However, happened to me on EURNZD one day last week. Keep in mind, as most are not aware, NZD has two rollovers, one at 3pm eastern ( 2 hours prior to everyone else). It is also least liquid of the 8 majors, so anytime a news release comes out, some fed head tweets something, Joe Biden takes his afternoon nap, spreads on NZD crosses are obscene. It must be one of their LPS as I see this with some of my other brokers and then not at all with others. Not an excuse whatsoever. That looks like it occurred at 1 pm eastern, so rollover not an issue, anybody tweet something at that time?

EDit: Just found it, they woke Joe up to give a speech at 1:20. There is your answer.
69 traders viewing now