Disliked{quote} Talk is cheap. You don't know if they really copy funded traders.Ignored
1
- #13,103
- Dec 21, 2022 1:06pm Dec 21, 2022 1:06pm
- Joined Dec 2005 | Status: Com Member = Scammer | 5,408 Posts
- #13,109
- Dec 22, 2022 6:51am Dec 22, 2022 6:51am
I was thinking of doing a challenge with Ospreyfx Would definitely not normally be my first choice, probably my last choice as there seems to be many complaints but I see they are giving a $2000 bonus on sucessful challenge completion. I am trying to find out is this 2k bonus applies to all account sizes as it says nothing on the website but even if they do deny me a funded account for some convoluted reason, $2000 is not a bad pay off
This is weird - I tried Ospreyfx trial account and I notice that the spread on Dow is 2 points. Not too bad. But 1 lot = 100points! Also they charge $7 commission - nasty. But weirdly it works in your favour on Indices because if you open a full lot trade the commission is still only $7 not $70
- #13,111
- Dec 22, 2022 9:42am Dec 22, 2022 9:42am
- Joined May 2012 | Status: Trader | 1,340 Posts
{quote} This is weird - I tried Ospreyfx trial account and I notice that the spread on Dow is 2 points. Not too bad. But 1 lot = 100points! Also they charge $7 commission - nasty. But weirdly it works in your favour on Indices because if you open a full lot trade the commission is still only $7 not $70
- #13,113
- Dec 22, 2022 12:31pm Dec 22, 2022 12:31pm
{quote} Oh yes I agree. I did ask them about it and got this reply: We do allow any trading style and EAs however, clients still need to keep up with the requirements. Also, our trades team calculates the trader's consistency when trading. If you're allowed to use any trading style I'm not sure these "requirements" are. But in my view, if they are going through your trades with a fine tooth comb, they are looking for any excuse to deny people a funded account
- #13,115
- Dec 22, 2022 1:01pm Dec 22, 2022 1:01pm
- Joined May 2016 | Status: Trader | 6,296 Posts
{quote} On the other hand, I might just do the smallest challenge and hopefully pass in order to get the $2000 bonus!,
One of the reasons I prefer the firms with simple rules........make x% within x amount of time, do not lose x% per day or x % overall. Simple, should not matter how I get there.... I may have 10 1 lot trades and then 1 100 lot trade. The firms with consistency, mandatory s/l, can't risk more than a certain % per instrument, etc.....to me, they are just extra stumbling blocks which they are hoping you stumble over.
I'm probably 95% within a certain lot size per x amount of capital, BUT, there are occasions where I have a set up with an opportunity to use a very tight stop, I may have a trade 5,6,10x what I normally trade....risk is the same, but I would violate a lot size restriction OR let's say I'm in a trade that has gone against me but now I see a clear reversal in my favor, I may wish to add to that trade, perhaps that added trade now violates a max risk per instrument.
Once again, the companies with these rules are looking for you to fail, in addition, some who never had these rules are now adjusting to avoid large payouts.
I still believe the companies we consistently talk about are the ones to go with and I also believe in order to not be a "target" and stay under the radar, you need to trade the accounts with reasonable risk management. These two things should avoid any issues with payouts.
- #13,116
- Dec 22, 2022 1:03pm Dec 22, 2022 1:03pm
- Joined May 2016 | Status: Trader | 6,296 Posts
{quote} "our trades team calculates the trader's consistency when trading" having this without detailing how do they measure "consistency" is immediately a red flag
- #13,118
- Dec 22, 2022 3:05pm Dec 22, 2022 3:05pm
- Joined Dec 2005 | Status: Com Member = Scammer | 5,408 Posts
- #13,119
- Dec 23, 2022 6:03am Dec 23, 2022 6:03am
- Joined Jun 2013 | Status: Master chaos and you master trading | 11,287 Posts
{quote} Sure with these guys it's a minefield. I presume they want to weed out any trader that could make huge profits so that they are only having to pay this bonus from failed challenges But one can buy a 25k account for $154 at the moment and IF you pass, you're guaranteed $2154 even if you don't get funded. So until Sunday it's probably a good deal IMHO
Consistency rule relates to " The profits earned on your Best Trading Day must not exceed 30% of the overall profit earned".
This only applies to the verification stage so they say !
If a trader shows such an outlier in profit gained then the trader must continue to trade until your best days profit gained is less than 30%.
If you were aware of this my apologies.
Masterrmind ............
Master your Mind then Master your Trades
- #13,120
- Dec 23, 2022 6:38am Dec 23, 2022 6:38am
{quote} Not sure if you read the whole website or if you are aware of the following: Consistency rule relates to " The profits earned on your Best Trading Day must not exceed 30% of the overall profit earned". This only applies to the verification stage so they say ! If a trader shows such an outlier in profit gained then the trader must continue to trade until your best days profit gained is less than 30%. If you were aware of this my apologies. Masterrmind ............
I am in the process of purchasing a 25k account on this special promotion and I will put up a TE and hopefully we'll all see how I am treated. They only accept crypto payment which is a real pain in the neck.