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Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

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  • #7,241
  • Mar 28, 2022 9:43pm Mar 28, 2022 9:43pm
Quoting Olarion1975
{quote} Update 28.03.22: Still no reaction via chat or e-mail. I contacted my bank and initiated a chargeback of my fee. I am really disappointed and have lost trust in prop trading firms in general. Who knows how many 'prop firms' out there behave the same and only cash in the evaluation fee without ever copying any trades to their live accounts (which they might not have anyways). For me personally, I will continue to only trade my own live accounts. So I don't have to share my profits and I can trade however I like wihout having to be afraid...
Instead of merely deleting, I suggest that prop shops like Finotrader be marked as SCAM in bolded red font.
Amor Fati--F. Nietzsche
  • #7,242
  • Mar 29, 2022 1:57am Mar 29, 2022 1:57am
Quoting doji
{quote} Instead of merely deleting, I suggest that prop shops like Finotrader be marked as SCAM in bolded red font.
I'm not going to be deleting it.

Instead it will remain but carry a necessary warning to traders.

Masterrmind .............
Master your Mind then Master your Trades
  • #7,243
  • Mar 29, 2022 3:19am Mar 29, 2022 3:19am
Quoting gatorinla
I guess the entire concept of OPM. Is bullshit according to some here, Goldman and Merle Lynch should close their doors. Sitting in front the screen and making a few k. Is better than sitting in front the screen. With a multiple for the same work is smart. Lets do some math because math never lies. Example. I have a 10k account. I make 1%. That's 100$. Or for the same work with a 100K OPM account. I make 1k. Ok if its a 50/50 split. I make 500$. 5X the money for the same work. I guess Henry Ford taking 6 weeks to build a car. Was better than the...
Sigh... you haven't grasped the simple math that pipmaster was explaining, hopefully you will see the light one day and understand that OPM is based on the drawdown the prop firm is giving you not on the 'perceived' account value.
Your worst drawdown is yet to come
  • #7,244
  • Mar 29, 2022 4:15am Mar 29, 2022 4:15am
Out of curiosity, is there any direct funding program in the market where the DD is not equal to the fee ?
I know that BluFx has a monthly fee, so not exactly fee = DD, but don't know anything else in the market (the BluFx program is not worth in my opinion, anyway).
Are there any others ?
  • #7,245
  • Mar 29, 2022 5:52am Mar 29, 2022 5:52am
Quoting Capablanca
Out of curiosity, is there any direct funding program in the market where the DD is not equal to the fee ? I know that BluFx has a monthly fee, so not exactly fee = DD, but don't know anything else in the market (the BluFx program is not worth in my opinion, anyway). Are there any others ?
ditto.trade are new and setting up a kind of funding model, but its not immediate and relatively small scale so requires an investment in time (and only MT5). Also your deposit is traded as the equity, which I've done before and copied to their account, nothing new under the sun to be honest.

I'm still figuring out if it is worth it by the time I withdraw or is it clever marketing to keep my trading equity locked in a broker (fell for that before...) my instinct is it's got potential as long as I can get over the trust...

I've haven't started yet so can't comment on the support and legitimacy of them yet. Very early days, but maybe worth a look..
  • #7,246
  • Mar 29, 2022 6:04am Mar 29, 2022 6:04am
Quoting Capablanca
Out of curiosity, is there any direct funding program in the market where the DD is not equal to the fee ? I know that BluFx has a monthly fee, so not exactly fee = DD, but don't know anything else in the market (the BluFx program is not worth in my opinion, anyway). Are there any others ?
I remember seeing that Traders Central Fund have a monthly subscription direct funding model. Very cheap but leverage only 1:3
  • #7,247
  • Mar 29, 2022 6:58am Mar 29, 2022 6:58am
Quoting nebby
{quote} Sigh... you haven't grasped the simple math that pipmaster was explaining, hopefully you will see the light one day and understand that OPM is based on the drawdown the prop firm is giving you not on the 'perceived' account value.
Exactly, if you make 1% on 10K personal account it is $100, you're risk was based on the 10K. If you make 1% on 100K prop, yes it is 1K. Let's keep it simple and say you are a 1:1 risk to reward trader. You risked $100 to make $100 on personal, in the prop you would have risked $1000 to make $1000. In personal account you have entire 10K at your disposal (risk of ruin 100 trades), in the prop if you are risking $1,000, you only have a risk of ruin of 10 trades. So, actually you are doing double the work with the prop to earn the same money because they take half.
Easier example, let's say they give you a 500K account instead of 50K, but DD is still $5K. Is your risk based off of the 5K or 500K? Base 1% of the 500K your risk of ruin is 1!!!!! Simple. DD is the ONLY thing that matters and if you are paying as much or more in a fee than what they are giving you, it not only is of no benefit it is actually TAKING MONEY AWAY from you.
With eval model, you pay $979 for a 200K MFF, DD is $24K. To duplicate that in a personal account, you would need 24K, but you only pay $979. It is this one simple thing that makes the eval far superior and direct funding completely useless. Plus, they refund the fee and the split is 85% vs. 50%
  • #7,248
  • Mar 29, 2022 7:19am Mar 29, 2022 7:19am
Quoting pipmaster77
{quote} Exactly, if you make 1% on 10K personal account it is $100, you're risk was based on the 10K. If you make 1% on 100K prop, yes it is 1K. Let's keep it simple and say you are a 1:1 risk to reward trader. You risked $100 to make $100 on personal, in the prop you would have risked $1000 to make $1000. In personal account you have entire 10K at your disposal (risk of ruin 100 trades), in the prop if you are risking $1,000, you only have a risk of ruin of 10 trades. So, actually you are doing double the work with the prop to earn the same money...
For people who are ignorant about drawdowns, I guess they can sign up to surge traders 1 million program, its 1 million for only 6500 usd!

Note: this is a joke, its poor value for money.
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Your worst drawdown is yet to come
  • #7,249
  • Mar 29, 2022 8:06am Mar 29, 2022 8:06am
Quoting Fagin
{quote} ditto.trade are new and setting up a kind of funding model, but its not immediate and relatively small scale so requires an investment in time (and only MT5). Also your deposit is traded as the equity, which I've done before and copied to their account, nothing new under the sun to be honest. I'm still figuring out if it is worth it by the time I withdraw or is it clever marketing to keep my trading equity locked in a broker (fell for that before...) my instinct is it's got potential as long as I can get over the trust... I've haven't started...
Yes Ditto.Trade is one that I'm seriously contemplating.

In fact, I'm looking at making a start in the next month or so.

I see it as a longer term trading approach that could be placed on the backburner.

It's basically a 2 year period in which a trader can progress through multiple levels to eventually reach the Pro status provided each level is passed.

3% gain per quarter.

5% daily DD.

10% monthly DD.
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Each level runs over a quarter so every 3 months.
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Commentary regarding the progress and matching by Ditto.Trade is welcomed here.

One drawback in my opinion is that initially $2000 trader deposit is when Ditto maxes out at the $10000 mark with 5:1 matching however, they are matching to an 'unproven' trader so to speak.

My preference certainly would have been for say $10k to $25k trader deposit with the same 5:1 Ditto matching.

In any case, traders opinions are welcome especially how funding progresses on favorable progress from level to level

Gaining 3% + per every 3 months is certainly realistic enough but is the profit share worth the time, that's the big question here.

Masterrmind ............
Master your Mind then Master your Trades
  • #7,250
  • Mar 29, 2022 8:42am Mar 29, 2022 8:42am
Hey yall. I've been seeing these folks, Alpha Capitol Group, advertising on my facebook newsfeed and am wondering if anyone has heard of them or maybe even has had any experience with them? Its the same old 2-step eval model, with 8% in first and 4% in second. The other rules and scaling plan seem favorable as well (every 10% target your account is doubled to 2m cap. I searched the thread, but didnt find anything, not a single mention...so I'm assuming theyre new...which of course makes me leary. https://alphacapitalgroup.uk/
  • #7,251
  • Mar 29, 2022 8:52am Mar 29, 2022 8:52am
Quoting Masterrmind
{quote} Yes Ditto.Trade is one that I'm seriously contemplating. In fact, I'm looking at making a start in the next month or so. I see it as a longer term trading approach that could be placed on the backburner. It's basically a 2 year period in which a trader can progress through multiple levels to eventually reach the Pro status provided each level is passed. 3% gain per quarter. 5% daily DD. 10% monthly DD. {image}{image}{image}{image} Each level runs over a quarter so every 3 months. {image}{image}{image}{image}Commentary regarding the progress...

for long term stable trader looks promising, kind of a axi new program, but their site is not up to tha mark, i tried to join but never received the mail. which broker they offer or their own broker no idea. also no infos about trading environment. let us know if u have more details.
  • #7,252
  • Mar 29, 2022 9:06am Mar 29, 2022 9:06am
Quoting Kewmeleon
Hey yall. I've been seeing these folks, Alpha Capitol Group, advertising on my facebook newsfeed and am wondering if anyone has heard of them or maybe even has had any experience with them? Its the same old 2-step eval model, with 8% in first and 4% in second. The other rules and scaling plan seem favorable as well (every 10% target your account is doubled to 2m cap. I searched the thread, but didnt find anything, not a single mention...so I'm assuming theyre new...which of course makes me leary. https://alphacapitalgroup.uk/
Well, the instant funding is a complete rip-off, 100K with 4% DD ($4,000) for $5,000,25K with 4% DD ($1,000) for $1,500. Same old bullshit, I cannot believe the balls of these firms to take advantage of the foolishness of people, yes, please let me pay you $1,500 so I can only lose $1,000 and then of course after you royally screw me.....hey, keep 50%, why not.
  • #7,253
  • Mar 29, 2022 9:25am Mar 29, 2022 9:25am
Well i guess i should have clarified. I get that some of you really really REALLY hate the instant account models and seem to take even their mentioning extremely personal and triggering...but I was wondering more about the eval-aggressive plan. At least you get your fee back when you pass like mff, ftmo, all the rest. Instant funding works for some people I guess but the evals appeal more to me because at some point its risk free. So first i was wondering if anyone here had even heard of them, and if so, had any experience with them
  • #7,254
  • Mar 29, 2022 9:34am Mar 29, 2022 9:34am
Quoting pipmaster77
Same old bullshit, I cannot believe the balls of these firms to take advantage of the foolishness of people
-From what I have seen, they have no reason to stop; some people still seem interested in these types of programs, for whatever reason.

The new 5%er's program is a new type of model that might be interesting. I have to give them credit for coming up with something different. 100% profit share and no daily draw-down, but still currently no indices, which is a no-go for me. They are supposedly going to be adding indices, though.
  • #7,255
  • Mar 29, 2022 9:41am Mar 29, 2022 9:41am
Quoting Kewmeleon
I get that some of you really really REALLY hate the instant account models and seem to take even their mentioning extremely personal and triggering...
-I honestly just want people to be aware that it is a rip-off. I do not care, personally, if they still decide to be stubborn about it. After all, if there were no fools in the market, then it would not be as profitable.

Quoting Kewmeleon
the evals appeal more to me because at some point its risk free.
-Everything can be risk-free if you structure it that way.
  • #7,256
  • Mar 29, 2022 9:46am Mar 29, 2022 9:46am
Quoting Nsak3y
{quote}-From what I have seen, they have no reason to stop; some people still seem interested in these types of programs, for whatever reason. The new 5%er's program is a new type of model that might be interesting. I have to give them credit for coming up with something different. 100% profit share and no daily draw-down, but still currently no indices, which is a no-go for me. They are supposedly going to be adding indices, though.
Yes, I have only recently started trading DOW and NAS and I kick myself everyday that I didn't trade these sooner. With ADR of 700 and 500, pretty easy to grab quick 100-150. I have looked at the freestyle, seems pretty complicated to understand. Just didn't have the time when I looked to try to figure it out. In summary though, profit must be 2 times your MAX DD with a win rate of 30%? Then you get a 50K account with 10% (5K) overall DD, no daily limits but you keep 100% profit? Anything you can dd to that, I'd appreciate. TBH, I'd love to trade with the 5%ers, I think along with the other big 2, they are 100% credible and will be around a long time. I just haven't found a valuable program with them as of yet.
  • #7,257
  • Mar 29, 2022 9:53am Mar 29, 2022 9:53am
Quoting Kewmeleon
Well i guess i should have clarified. I get that some of you really really REALLY hate the instant account models and seem to take even their mentioning extremely personal and triggering...but I was wondering more about the eval-aggressive plan. At least you get your fee back when you pass like mff, ftmo, all the rest. Instant funding works for some people I guess but the evals appeal more to me because at some point its risk free. So first i was wondering if anyone here had even heard of them, and if so, had any experience with them
No experience with that particular company. As Mastermind has mentioned several times....until one has secured 400K with FTMO and 600K with MFF, not quite clear why folks are taking a chance with other newer, unproven and unfortunately, some very scammish offerings. Your odds of passing DO NOT INCREASE simply by choosing a different company with the same rules. I get, once you have a million secured with the big 2, to experiment elsewhere, but until then....personally, I just don't get it.
  • #7,258
  • Mar 29, 2022 10:09am Mar 29, 2022 10:09am
Quoting inversio
{quote} for long term stable trader looks promising, kind of a axi new program, but their site is not up to tha mark, i tried to join but never received the mail. which broker they offer or their own broker no idea. also no infos about trading environment. let us know if u have more details.
Try Ditto.Trade discord.

Contract can be accessed including plenty of useful info.

Website is mostly updated by their Ukrainian team and the conflict over there is the reason for a lagging site.

MT5 is the only platform at this stage.

Broker is ASIC regulated via Gleneagle Securities.

Personally, I have had no issues dealing with Gleneagle and any of its variants.

Best advise is to DM Mickson on the Ditto.Trade discord for up to date info as he responds very fast.

Masterrmind ............
Master your Mind then Master your Trades
  • #7,259
  • Mar 29, 2022 10:24am Mar 29, 2022 10:24am
Quoting Kewmeleon
Hey yall. I've been seeing these folks, Alpha Capitol Group, advertising on my facebook newsfeed and am wondering if anyone has heard of them or maybe even has had any experience with them? Its the same old 2-step eval model, with 8% in first and 4% in second. The other rules and scaling plan seem favorable as well (every 10% target your account is doubled to 2m cap. I searched the thread, but didnt find anything, not a single mention...so I'm assuming theyre new...which of course makes me leary. https://alphacapitalgroup.uk/
Muster up your courage and go for it. And be like a good soldier come back to report.
  • #7,260
  • Mar 29, 2022 10:45am Mar 29, 2022 10:45am
Quoting Masterrmind
{quote} Yes Ditto.Trade is one that I'm seriously contemplating. In fact, I'm looking at making a start in the next month or so. I see it as a longer term trading approach that could be placed on the backburner. It's basically a 2 year period in which a trader can progress through multiple levels to eventually reach the Pro status provided each level is passed. 3% gain per quarter. 5% daily DD. 10% monthly DD. {image}{image}{image}{image} Each level runs over a quarter so every 3 months. {image}{image}{image}{image}Commentary regarding the progress...
Yes, I have a strat that will slot straight into this but it's only worth it if it copies from another one of my accounts so it doesn't take up too much time, like you say, go on the back burner for a year and then start withdrawing if they do indeed scale up as planned...

Probably worth a grand, as long as they don't go bust is only at risk if I burn it (which has been known! )
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