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  • #11,421
  • Oct 9, 2022 8:41am Oct 9, 2022 8:41am
I was reading the last 4 or 5 pages of the thread and there's a dozen new firms. This market is incredibly bullish...

The million dollar question is if and who of those will be here in one year.
  • #11,422
  • Oct 9, 2022 12:20pm Oct 9, 2022 12:20pm
Quoting mcquak
{quote} Fair enough, but there are hidden unknown variables that cannot be effectively modeled in the formula, are not there? The formula is only comparison of advertised offers. It does not tell the whole story., does it?
100% true. So we use the value first as the starting point. Obviously, we don't want a firm that doesn't provide at least 3 times what we would get if trading on our own. Then you apply additional filters for trading conditions, payout history, tricky rules, etc. The results remain the same every time;

Tier 1- MFF and FTMO
Tier 2- TFF, TFTP, E8, and TPT, with TFF being the top of this tier.
  • #11,423
  • Oct 9, 2022 12:26pm Oct 9, 2022 12:26pm
Quoting Nsak3y
{quote}-I'm not so sure. There is no real trading going on from the sub-contractor's perspective. No financial advice is being given. Trading signals or aggregated data is being paid for with all discretionary action taking place by the firm or some other, 3rd-party. The challenge phases serve as a filter for that data. They could even be structured as educational phases. I think that all of this is legal in most countries and should not require any special licensing. Couple that with the fact that firms may easily operate outside of the jurisdiction...
Which is why I am so persistent with trying to keep people away from these firms that are obvious scams from the get go. If nobody joins, there is no business, if there is no business, there are no complaints. People just need to stop looking for the firm with 1% lower target, the 5 extra trading days, etc and just trade with the proven, reliable firms we have. WE ARE SO LUCKY TO HAVE THESE. If you can't pass, you won't pass any new ones either.
  • #11,424
  • Oct 9, 2022 2:29pm Oct 9, 2022 2:29pm
I have checked this company out thoroughly and they do seem to be genuine. Although they don't have credit card payment they do pay out

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  • #11,425
  • Oct 9, 2022 3:15pm Oct 9, 2022 3:15pm
can we ban posting social media whores in this thread they don't contribute much of value tbh.
  • #11,426
  • Oct 9, 2022 3:47pm Oct 9, 2022 3:47pm
Can't knock the hustle.

I wish you all a profitable week!
Muni loves you all!
  • #11,427
  • Oct 9, 2022 4:49pm Oct 9, 2022 4:49pm
Quoting Takisd
can we ban posting social media whores in this thread they don't contribute much of value tbh.

Caustic comments don't help either friend. You don't have to watch the video. Why don't you ban yourself from the thread?
  • #11,428
  • Oct 9, 2022 6:26pm Oct 9, 2022 6:26pm
Quoting Bizziebee
{quote} Caustic comments don't help either friend. You don't have to watch the video. Why don't you ban yourself from the thread?
ok.. peace out
  • #11,429
  • Oct 9, 2022 6:36pm Oct 9, 2022 6:36pm
Quoting Bizziebee
{quote} Caustic comments don't help either friend. You don't have to watch the video. Why don't you ban yourself from the thread?
I'd rather have Taksid than some self-aggrandizing bozo blabbering on about his lifestyle on you tube
Pride always comes before destruction.... -Proverbs 16:18
  • #11,430
  • Oct 9, 2022 6:44pm Oct 9, 2022 6:44pm
Quoting Expo33
{quote} I'd rather have Taksid than some self-aggrandizing bozo blabbering on about his lifestyle on you tube
Yeah, me too. His input is invaluable in my opinion.
  • #11,431
  • Oct 9, 2022 7:45pm Oct 9, 2022 7:45pm
Quoting pipmaster77
{quote} 100% true. So we use the value first as the starting point. Obviously, we don't want a firm that doesn't provide at least 3 times what we would get if trading on our own. Then you apply additional filters for trading conditions, payout history, tricky rules, etc. The results remain the same every time; Tier 1- MFF and FTMO Tier 2- TFF, TFTP, E8, and TPT, with TFF being the top of this tier.
Bit confused on who is who sometimes - who is TFTP please?

Thanks guys.
maahome
  • #11,432
  • Oct 9, 2022 8:16pm Oct 9, 2022 8:16pm
Quoting maahome
{quote} Bit confused on who is who sometimes - who is TFTP please? Thanks guys. maahome
My guess: The Funded Trader Program
Muni loves you all!
  • #11,433
  • Oct 9, 2022 9:20pm Oct 9, 2022 9:20pm
Quoting MuniFX
{quote} My guess: The Funded Trader Program
Thanks
  • #11,434
  • Oct 9, 2022 9:23pm Oct 9, 2022 9:23pm
Quoting MuniFX
{quote} My guess: The Funded Trader Program
Yes. Correct.
  • #11,435
  • Edited 1:07am Oct 10, 2022 12:54am | Edited 1:07am
Disclaimer: I do like Lux trading firm because, as per my opinion, they are only one real and genuine prop. firm in this retail prop. firm business.

That said, I think it's not clever from them insinuating that FTMO is a pyramid scheme company. Well, not that FTMO is not, but I'm afraid that Oliver goes too far here and this might have legal consequences for Lux .
And his claim, Lux need to be paid for challenge to cover wages for employees and platform, sounds a fabricated excuse to me. They are not a pyramid scheme company like they claim others are, but they also take financial advantage from participating in it in the form of high challenge fees. Does it make them anyhow better or different? Not at all.

IMO, this is not smart marketing from Lux.

Inserted Video
  • #11,436
  • Edited 2:20am Oct 10, 2022 1:41am | Edited 2:20am
Quoting mcquak
Disclaimer: I do like Lux trading firm because, as per my opinion, they are only one real and genuine prop. firm in this retail prop. firm business. That said, I think it's not clever from them insinuating that FTMO is a pyramid scheme company. Well, not that FTMO is not, but I'm afraid that Oliver goes too far here and this might have legal consequences for Lux . And his claim, Lux need to be paid for challenge to cover wages for employees and platform, sounds a fabricated excuse to me. They are not a pyramid scheme company...
Check my previous post :
https://www.forexfactory.com/thread/...6#post14033836

Lux is worse than any other prop firms. They deliberately use vague languages about the rules. If you pass the challenge, they will find a lot of excuses to deny you. You can only place 1 trade at the same time, and the trade size must vary between 0.8 and 1.2 times the average size. Can you find this rule on their website? No, their website just say your trading should be consistent. Their original language is 'We will not be accepted big differences in lot sizes, risk size, or trading style'. If you strictly follow the trade size rule, then you must use 'similar' stop loss (remember, no big differences in risk size, if your average SL is 50 pips, all your trades should have a SL between 40 and 60), otherwise you are denied. And what about trading style? They have the final say.

I suggest Masterrmind put Lux trading firm on the blacklist in the first post of this thread.
  • #11,437
  • Oct 10, 2022 2:44am Oct 10, 2022 2:44am
Quoting ladder
{quote} Check my previous post : https://www.forexfactory.com/thread/...6#post14033836 Lux is worse than any other prop firms. They deliberately use vague languages about the rules. If you pass the challenge, they will find a lot of excuses to deny you. You can only place 1 trade at the same time, and the trade size must vary between 0.8 and 1.2 times the average size. Can you find this rule on their website? No, their website just say your trading should be consistent. Their original language is 'We will not be accepted big...
Hm, thanks for the link, I might have missed it. That chat you shared made me to revise my opinion on Lux. They obviously do not know what is the risk, and how it is calculated per trade. I'd understand they are looking for consistency, that makes sense. But defining consistency as similar lot sizes per trade? It's a pure nonsense. I'd like to see those professional risk managers, who insist on lot size, claiming it's for consistency purpose.
IMO, every seasoned trader uses risk calculator which calculates lot size based on risk tolerance in % of equity or balance, and SL distance from the current price. So, the lot size cannot be similar. Another thing is that 1.0 lot on Yen pairs is not the same risk amount as 1.0 LOT on USD pairs.
  • #11,438
  • Oct 10, 2022 2:59am Oct 10, 2022 2:59am
Quoting Expo33
{quote} I'd rather have Taksid than some self-aggrandizing bozo blabbering on about his lifestyle on you tube
I'll second that !

Masterrmind.............
Master your Mind then Master your Trades
  • #11,439
  • Oct 10, 2022 3:01am Oct 10, 2022 3:01am
Quoting ladder
{quote} Check my previous post : https://www.forexfactory.com/thread/...6#post14033836 Lux is worse than any other prop firms. They deliberately use vague languages about the rules. If you pass the challenge, they will find a lot of excuses to deny you. You can only place 1 trade at the same time, and the trade size must vary between 0.8 and 1.2 times the average size. Can you find this rule on their website? No, their website just say your trading should be consistent. Their original language is 'We will not be accepted big...
Looks like I have several 'prop firms' to add.

And a few that have fallen from grace.

Duly noted shall update Post 1.

Masterrmind ..........
Master your Mind then Master your Trades
  • #11,440
  • Oct 10, 2022 3:09am Oct 10, 2022 3:09am
Quoting mcquak
{quote} Hm, thanks for the link, I might have missed it. That chat you shared made me to revise my opinion on Lux. They obviously do not know what is the risk, and how it is calculated per trade. I'd understand they are looking for consistency, that makes sense. But defining consistency as similar lot sizes per trade? It's a pure nonsense. I'd like to see those professional risk managers, who insist on lot size, claiming it's for consistency purpose. IMO, every seasoned trader uses risk calculator which calculates lot size based on risk tolerance...
Many prop firms managers do not know what is the risk. What makes Lux the worst is that they do NOT, on purpose, clearly explain their rules on their website. When you think you finally pass the challenge, they will say bla, bla, bla, you do not qualify, you must do it again.
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