-It's the same 'idea' being used by Ment and other firms that started popping up around that time; the same firms that are using 8cap. I think it's a new white label program.
{quote} I have no affiliation with them but was impressed that they do not follow the usual fee seeking model prop firm where failures to reach 'targets' are the main profit driver as opposed to prop firms nurturing traders to a profit sharing objective. I also appreciate that there are those here who resent others disturbing their cosy cabal hence the unwarranted attacks on those who dare post a contrary view. One can only say; try each firm rather than be swayed by the propaganda of the vested interests of the verbal attack dogs, or the simply...
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It's not just opinion, it is fact. When you run the numbers on these firms (simple math), there is no benefit over a personal account. I have no affiliation with any firm either, I simply speak from first hand experience. With MFF, $979 gets you 24K in DD, FTMO $1200 gets you 20K. Both refund the fee after passing, in addition you withdrawal any profits earned at 80-85% biweekly, no need to keep profits in. This is simply the best model, there are 2-3 other firms with similar models, however, there have been feed issues, payout issues, changing of rules mid contract, etc.
FTMO has run this model very successfully for going on 6 years, MFF (eval only model) runs the same with easier targets. This model is the template for which any new firm (that wishes to attract those of us trading and earning money) should be following. By using trickery such as you must keep your profits in or you lose your account or paying a fee equal to or greater than DD simply shows they are looking for the non-savvy traders out there. They get fooled with the no time limit, scale to 10 million, etc. Of course there is no time limit, take your time funding your own account while we keep 50% of your profits.
I am VERY OPEN to new firms and actively seeking a 3rd. However, I have evaluated and run the math on every one that comes along, and I will call these exactly as I see them......DESIGNED TO FOOL inexperienced traders.
update on lux account: their risk mgmt dept did not like the variety of instruments and sizes of trades... so they had me choose a lane. Fair enough. It's (mostly) in their terms. I had to choose either indices, or commodities, or forex. I chose the indices, and was able to keep about 1/3 of my past profits... the part earned in indices at a certain size trade. So, read the terms. And I'll keep grinding till the six per cent is made this way.
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WOW, once again, hidden bullshit in these firms designed to fool traders. Looks like the only 3rd option is to just trade my personal account as my 3rd to go along with FTMO and MFF.
They don't like the instruments you traded? Yet they were offered on the platform, right? You followed all their silly rules, 1% risk per trade, must have stop loss on every trade, used their ridiculously low leverage, adhered to their ridiculously low DD, etc, etc. and YET THEY STILL FOUND A WAY TO SAY NOPE....NOT GOOD ENOUGH.
Folks can say what they want about MFF and FTMO, however, they make it so clear......make 10% (FTMO) or 8% (MFF), do not lose 10% overall (FTMO) or 12% overall (MFF) or 5% daily (both). Both offer 100:1 leverage and you can trade however large or small you see fit, you can trade whatever instruments you wish, use a mental stop if you wish, go all-in if you wish. While I do not recommend some of these practices, the point is if you follow their rules and hit your target.... YOU PASS and move on. There is no hidden bullshit.
yeah...
not exactly hidden. It's in the terms I agreed to.
All trading styles/strategies based on one type of asset class like FX, Indices, Commodities or Stocks are welcomed, self-developed EAs, news trading, and holding trades over the weekend are allowed.
yeah... not exactly hidden. It's in the terms I agreed to. All trading styles/strategies based on one type of asset class like FX, Indices, Commodities or Stocks are welcomed, self-developed EAs, news trading, and holding trades over the weekend are allowed. I just missed that, I guess. You're not totally wrong, though.
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OK, so it's in their terms. The upfront and honest way would be when you sign up, somewhere when you are entering your payment info, choosing the account size, platform, etc, they should ask which instruments you will be trading so that it is clear only ONE class of instruments may be traded. Even the wording in the terms is sneaky.
update on lux account: their risk mgmt dept did not like the variety of instruments and sizes of trades... so they had me choose a lane. Fair enough. It's (mostly) in their terms. I had to choose either indices, or commodities, or forex. I chose the indices, and was able to keep about 1/3 of my past profits... the part earned in indices at a certain size trade. So, read the terms. And I'll keep grinding till the six per cent is made this way.
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I hope you do well with them.
I did a Lux challenge last year, after getting within 1% of the 6%, then going into drawdown and hitting the trailing, I am absolutely done with any firm that has trailing drawdown. It puts a psychological pressure on the trader that has to be taken into consideration when assessing the prop firm. I am wiser now. Pipmaster77 has voiced my thoughts exactly.
I hear you.
I don't find the trailing stop to be an issue so far, since it's offset by the lack of deadline. I feel it's good practice to close losers quickly and trade small, slow and steady, which is Lux's point. The trailing forces this. MFF's stats that show the big hitters flamed out within three weeks of their record paydays maybe points to the wisdom of this.
@MoxFulder I hear you. I don't find the trailing stop to be an issue so far, since it's offset by the lack of deadline. I feel it's good practice to close losers quickly and trade small, slow and steady, which is Lux's point. The trailing forces this. MFF's stats that show the big hitters flamed out within three weeks of their record paydays maybe points to the wisdom of this.
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Absolutely on the DD. Risk can always be adjusted to fit any DD limitations. Of course, with that comes limited profit potential as well. I trade MFF and FTMO with a risk model based on available dd, not equity. I simply use them because they are about 16-24X better value than any of these "scaling" companies when it comes to allowable loss for fee invested.. I will never lose more than 1.5% of equity in a day, which is 3 losers using 3% of my available DRAWDOWN. The equity could say 10 BILLION, it doesn't matter if losing $600 blows the account!!!
Which is why I despise models such as Lux and the 5%ers as there truly is no value. If fee is greater than DD AND they require better than a 100% return, YOU DO NOT NEED THAT FIRM, you actually are LOSING money with them. When they are asking you to earn 6% with a 4% limit and then 10% with a 4% limit. That is actually a 150% and 250% gain. Yes, this is why the no time limit. However, when you take the fee you paid them and apply the 150% and 250% returns they are asking, you will find that number to be greater than the DD they provide after you've accomplished those returns.
I get it, the pressure of timed targets isn't for everyone, but putting that "fee" in a personal account and obtaining the same returns they are asking actually yields you more trading capital and you keep 100%. MFF asks 8% with 12% DD, if they were 4%, you'd only need a 2.66% profit, LUX is literally 2.2 times more difficult, and technically, MFF gives you two months to hiit 8% as they offer a free extension as long as you are not a degenerate gambler on the eval.
When looking at LUX, much better than the 5%ers actually. Starting with the highest account and putting the fee in your own account, you would have approx 23K at the point they are providing you 40K. 40K at a 65% split is 26K, so you are slightly ahead of the game plus I see they refund the fee. At that stage in the 5%ers, you have like 2.5 times more capital in the personal account as they require 250% everytime they double you. Doesn't take a genius to realize if I have to make 250% to get 200%, I'm not getting the better end of that deal and then they keep 50%.
The refunded fee, the fact they scale you at a rate of 10 times (vs. 4x with 5%ers) on that 3rd level and the 65% split vs. 50% with the 5%ers makes this a CLEAR CHOICE ver the 5%ers if you absolutely must do a no time limit, scaling type of model.
Now the bad, for 499 GBP, approx 673 USD, you get a $600 allowable loss, for $499 at MFF you get 12K in DD, or $979 for 24K in DD. Now with LUX scale 150% twice and you have 6K DD to trade with. MFF you do 67% and 42% and you have 12K or 24K to trade with. Which path seems better for the trader?
exactly...
I'm doing MFF and my own account currently, too...
will be back to FTMO at some point.
Lux's scaling does make a big difference. Eventually.
On a different topic...
I recall someone, maybe Takisd, mentioning that a particular person was very helpful sorting out problems at MFF.
Does anyone remember who that person is?
On a different topic... I recall someone, maybe Takisd, mentioning that a particular person was very helpful sorting out problems at MFF. Does anyone remember who that person is?
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Josh. Although he is not support, more upper management, he assisted me back in August and September when I first got funded with them. I communicated with him through discord, which I know they have all but eliminated. They say they are ramping up support. I had a question regarding my new dashboard this morning and there were 150 in que on chat
{quote} WOW, once again, hidden bullshit in these firms designed to fool traders. Looks like the only 3rd option is to just trade my personal account as my 3rd to go along with FTMO and MFF. They don't like the instruments you traded? Yet they were offered on the platform, right? You followed all their silly rules, 1% risk per trade, must have stop loss on every trade, used their ridiculously low leverage, adhered to their ridiculously low DD, etc, etc. and YET THEY STILL FOUND A WAY TO SAY NOPE....NOT GOOD ENOUGH. Folks can say what they want about...
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Have you tried Blake's firm as a 3rd option? I don't trust them yet fully - nor trading with them - but from their discord it looks like they're gaining some traction and paying out the bigger numbers.
{quote} Have you tried Blake's firm as a 3rd option? I don't trust them yet fully - nor trading with them - but from their discord it looks like they're gaining some traction and paying out the bigger numbers.
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Yes, I've looked, two things as of right now I don't like. First is their broker offering as I truly prefer the firm have it's own server, with feed from their own LPs as FTMO and MFF do. Second, I just don't trust Blake, ever since I started looking at prop firms 18 months ago, I would watch his "reviews" videos. Initially, it appeared they were honest as his top selections were good, then it just appeared as if he was hawking anyone that came along and offered him good affiliate money. I believe taskid was using them and got paid though, so I will continue t keep on eye on them.
I would be surprised if they are actually using a broker in any official capacity. They have already stated that they are selling trading data, so they would really only need demo accounts for that, I presume.
{quote} Yes, I've looked, two things as of right now I don't like. First is their broker offering as I truly prefer the firm have it's own server, with feed from their own LPs as FTMO and MFF do. Second, I just don't trust Blake, ever since I started looking at prop firms 18 months ago, I would watch his "reviews" videos. Initially, it appeared they were honest as his top selections were good, then it just appeared as if he was hawking anyone that came along and offered him good affiliate money. I believe taskid was using them and got paid though,...
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Yeh, I'm on the same page as you, also not sure if they allow a trade copier, as I'm looking at solutions to take trades from a single account and replicate them over multiple brokers/props.
What happened to theproptrading? Are they still around? I remember a while ago they made quite a stir in the prop trading community and then they went quiet. Is anyone using them?
Truth is like poetry. And most people f*cking hate poetry.
