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  • #12,561
  • Nov 21, 2022 8:06am Nov 21, 2022 8:06am
Quoting CableJ
@ Takisd I just caught up on all the FTMO discussion. I dedicate 1 6 figure account to higher risk trading and move it around from firm to firm once blown. Risk per trade is around 2%, I blow the account 1-3x a year and pull out anywhere from 20-60% the other months. The guys you talk to that were banned @ FTMO, were they above my risk % per trade? Thanks.
yes, 2% risk is not high.
  • #12,562
  • Nov 21, 2022 8:08am Nov 21, 2022 8:08am
Today in prop firm days of our lives:

Jessie was waiting all summer for black friday deals for a prop firm account.

When the prop firms announced their deals "THEFT" he screamed... You make millions, you can afford to give an even bigger discount. How dare you only give me a 2 figure discount... This is why your firm is shit.

His friends nodded in agreement as they too, think that being a professional trader is about how much of a discount you can get on your prop firm purchase.
___________________________________________________________
Stay tuned for the next episode of how pathetic prop firm communities are.
  • #12,563
  • Nov 21, 2022 9:25am Nov 21, 2022 9:25am
Discounts are nice. But if a trader is worried and/or complaining about them, then they probably should not be trading with a prop firm yet.
  • #12,564
  • Nov 21, 2022 2:36pm Nov 21, 2022 2:36pm
Hi,

I'm the admin of prop traders club Facebook group and the creator of the app by the same name.

I have created a number of tools to help traders find the right firm for their trading style.

The first tool is a prop firm account search engine. It searches over 220 different accounts across the top 20+ firms. Filter down accounts based on:

 

  1. Price
  2. Capital
  3. Leverage
  4. Time Limits
  5. Funding Models
  6. More to be added

I have created a web version and an android app. Find out more at: FX Funding Finder Tool – Prop Traders Club

I have also created a social tool where traders can interact with each other and add comments and stuff to each firm. This app is available on android: Prop Traders Club App – Prop Traders Club

Thanks for reading, happy to answer any questions

  • #12,565
  • Nov 22, 2022 1:43am Nov 22, 2022 1:43am
Quoting tonywilliams
Hi, I'm the admin of prop traders club Facebook group and the creator of the app by the same name. I have created a number of tools to help traders find the right firm for their trading style. The first tool is a prop firm account search engine. It searches over 220 different accounts across the top 20+ firms. Filter down accounts based on: Price Capital Leverage Time Limits Funding Models More to be added I have created a web version and an android app. Find out more at: FX Funding Finder Tool...

Any guess about black friday offer by any of these firms, (ftmo)
  • #12,566
  • Nov 22, 2022 4:16am Nov 22, 2022 4:16am
Spread of MFF is 2 for GBPUSD for 10 lots. I have to check if this is also the case for 1 lot.
  • #12,567
  • Nov 22, 2022 4:22am Nov 22, 2022 4:22am
Quoting Eren10
Spread of MFF is 2 for GBPUSD for 10 lots. I have to check if this is also the case for 1 lot.
How can the spread be different for different lots? And how do you measure it? Slippage - yes, of course. But spread is the same regardless the size
Money is made by sitting, not trading
  • #12,568
  • Nov 22, 2022 4:56am Nov 22, 2022 4:56am
Quoting Vitore
{quote} How can the spread be different for different lots? And how do you measure it? Slippage - yes, of course. But spread is the same regardless the size

Slippage happens when they can't fill the position at a specific price due to fast price changing compared to traded lots.

But with MFF this "slippage" happens all the time. Or they can't fill 10 lots, it is too large capital for them. Or they use large spread to gain more money this way. I think the second is true , they use larger spread than stated to earn that way.

I traded demo account.
  • #12,569
  • Nov 22, 2022 5:07am Nov 22, 2022 5:07am
Quoting Eren10
{quote} Slippage happens when they can't fill the position at a specific price due to fast price changing compared to traded lots. But with MFF this "slippage" happens all the time. Or they can't fill 10 lots, it is too large capital for them. Or they use large spread to gain more money this way. I think the second is true , they use larger spread than stated to earn that way. I traded demo account, so it its definitely not related to filling the trade.
I understand the meaning of slippage. I happens with all brokers/prop firms, not only MFF. It happens even on demo accounts when they simulate the market behavior (fill at the VWAP price according to the DOM which results in the slippage). This is the case with all demo accounts on cTrader, I'm not sure how many prop firms simulate this on MT servers but I assume most do?

But I still don't understand how this all affects the spread. Unless you assume that the slippage affects only one of the Ask/Bid levels thus widening the spread but I've never seen orders be filled in this way. The price levels follow the price feed provided by the broker, not the filling price of the individual order. Therefore I don't understand how you could measure the spread widening due to the different lot size. Could you elaborate on this?

EDIT: Oh well, maybe you refer to changing price feed for each individual trader? I'm not used to these kind of MT-related fraud practices as I only use cTrader where such cheating is not possible
Money is made by sitting, not trading
  • #12,570
  • Nov 22, 2022 5:46am Nov 22, 2022 5:46am
Quoting Eren10
Spread of MFF is 2 for GBPUSD for 10 lots. I have to check if this is also the case for 1 lot.
If that is true, that is a totally rip-off. You do not have to pay 2 full pips on any 10 lot on any larger FX broker. If you pay with commissions somewhere below 1 pip, that is ok. But nothing far higher. MFF is just milking profitable traders by simulating no liquidity even on major FX. That is completely garbage and nonsense. It is so bad...
  • #12,571
  • Nov 22, 2022 5:48am Nov 22, 2022 5:48am
Quoting Vitore
{quote} But I still don't understand how this all affects the spread.

I have noticed that the price at which the order is filled is about 2* spread. This is happening too much. So then I assume that the real spread is 2* shown spread.

I don't know if this is correlated on lot size. I use market order, I have to make a note of every trade to come with statistics.
  • #12,572
  • Nov 22, 2022 5:52am Nov 22, 2022 5:52am
Quoting Eren10
{quote} I have noticed that the price at which the order is filled is about 2* spread. This is happening too much. So then I assume that the real spread is 2* shown spread. I don't know if this is correlated on lot size. I use market order, I have to make a note of every trade to come with statistics.
So what do you pay in total with commission per roundtrip on 10 lots at MFF for GBPUSD here ? On MFF it is very correlated on ticket size per order I know for sure.
  • #12,573
  • Nov 22, 2022 5:52am Nov 22, 2022 5:52am
I'm willing to put up with slippage, even simulated. But when my sell order is opened not at the bid price, but at price where chart was never be, it always funny. Depends of trading lot i guess. Looks like mt4 plugin. But I usually met it with shitty brokers in the old days...

Recently passed phase 2 of TFT, it was there all the time. On the "real" account it is much less, but I also reduced the lot.
  • #12,574
  • Nov 22, 2022 6:23am Nov 22, 2022 6:23am
Quoting TrAndy1
{quote} So what do you pay in total with commission per roundtrip on 10 lots at MFF for GBPUSD here ? On MFF it is very correlated on ticket size per order I know for sure.

Commission is fixed 3$ per lot round.


Spread GBPUSD varies but most of the time around 1 pip. And they apply 2* spread, so instead of 130 dollar, they take about 230 $.

That is huge for 10 pips gain. But if you can go for about 40 pips profit than that is still ok.

Quoting TrAndy1
{quote} If that is true, that is a totally rip-off. You do not have to pay 2 full pips on any 10 lot on any larger FX broker. If you pay with commissions somewhere below 1 pip, that is ok. But nothing far higher. MFF is just milking profitable traders by simulating no liquidity even on major FX. That is completely garbage and nonsense. It is so bad...
Indeed this seems happening.


--

I have not checked if 2* spread is the case with all the pairs. On paper the spread on Gold, USDOIL and Indices are not bad, but I don't know if they also apply there 2* spread.
  • #12,575
  • Nov 22, 2022 6:35am Nov 22, 2022 6:35am
Quoting Eren10
{quote} Commission is fixed 3$ per lot round. Spread GBPUSD varies but most of the time around 1 pip. And they apply 2* spread, so instead of 130 dollar, they take about 230 $. That is huge for 10 pips gain. But if you can go for about 40 pips profit than that is still ok. {quote} Indeed this seems happening. -- I have not checked if 2* spread is the case with all the pairs. On paper the spread on Gold, USDOIL and Indices are not bad, but I don't know if they also apply there 2* spread.
Completely rip-off from MFF. They get greedy and want to increase the spread whenever they can. Actually this is fraud even on 100 lots traded on a normal FX broker like IC Markets. On 10 lots you should not pay more than 1 pip or max. 1.2 pip. So you pay for 10 lot $100 too much for every trade. That adds up over time. I am happy I have chosen the personal account trading approach instead of the prop firm route. MFF is the last ressort of any prop firm it seems right now. But spreads....?
  • #12,576
  • Nov 22, 2022 6:39am Nov 22, 2022 6:39am
Quoting Vitore
{quote} Are you sure it was $35 rather than $3.5 as described in my previous post?
Maybe they have improved spread/commission but I will check again
  • #12,577
  • Nov 22, 2022 6:45am Nov 22, 2022 6:45am
Quoting Eren10
{quote} I have noticed that the price at which the order is filled is about 2* spread. This is happening too much. So then I assume that the real spread is 2* shown spread. I don't know if this is correlated on lot size. I use market order, I have to make a note of every trade to come with statistics.
I see. Now I get it. This wouldn't be possible on cTrader platform and I'm still surprised by hearing about such cheating with MT
Money is made by sitting, not trading
  • #12,578
  • Nov 22, 2022 6:47am Nov 22, 2022 6:47am
Quoting Bizziebee
{quote} Maybe they have improved spread/commission but I will check again
Commission is still the same, they haven't reduced it, but maybe the spread changes during the day. Though $35 still seems insane
Money is made by sitting, not trading
  • #12,579
  • Edited 7:53am Nov 22, 2022 6:59am | Edited 7:53am
Quoting TrAndy1
{quote} Completely rip-off from MFF. They get greedy and want to increase the spread whenever they can. Actually this is fraud even on 100 lots traded on a normal FX broker like IC Markets. On 10 lots you should not pay more than 1 pip or max. 1.2 pip. So you pay for 10 lot $100 too much for every trade. That adds up over time. I am happy I have chosen the personal account trading approach instead of the prop firm route. MFF is the last ressort of any prop firm it seems right now. But spreads....?

I you have the capital there is not much reason to go with a prop firm. I chose MFF because of 8% target and extension possibility. Next time maybe I will try another, which doesn't have own trading software.
  • #12,580
  • Nov 22, 2022 7:41am Nov 22, 2022 7:41am
I continue to train myself of 1:3 risk reward ratio trades.

Is going better already with 4H charts.

Unique problem, all the programs with a mandatory stop loss... are a shit. Because at 22:59 close the broker will stop you even at 50-100 pips far when they enlarge spreads... so, for this technique absolutely remove all the stops at 22:45 and put on again at 01:00

so in few words, don't sleep in these 2 hours.

There is an EA can do this job? to remove stop losses based on the time you set?
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in holiday till end of November
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