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  • #15,421
  • May 1, 2023 11:11am May 1, 2023 11:11am
I would not be too concerned about contracts, especially once you are refunded your fee. In most cases, websites state clearly enough the terms and any disputes that are unreasonable are going to garner enough bad PR in any case, contract or not.

After all, if a firm cheats you, your recourse will likely not be improved much just because you have a contract in place. Anyone trading with these firms should do so with the mindset that these firms could be gone tomorrow, and any regulatory involvement in cases of fraud will likely only bring about the end to the opportunity.

Just my opinion.
  • #15,422
  • May 1, 2023 11:29am May 1, 2023 11:29am
Quoting pipmaster77
{quote} Yes, I've never needed another contract within the same firm, well TFTP just sent notification to resign but it has more to do with payment processors. With this being said, what is their (MFFX) end of the deal....if you are not signing a contract, well........neither are they!!!! Or, maybe you sign on payout, but then still, you are trading without a contract???? Expo, can you weigh in on this? You're funded and have been paid by MFFX, correct?
When you purchase a challenge you agree to their TOS so I think that's kind of the contract.

Like I said I never remember signing anything after completing the challenge and always got paid after the 14 days.
Pride always comes before destruction.... -Proverbs 16:18
  • #15,423
  • May 1, 2023 12:03pm May 1, 2023 12:03pm
Quoting Expo33
{quote} When you purchase a challenge you agree to their TOS so I think that's kind of the contract. Like I said I never remember signing anything after completing the challenge and always got paid after the 14 days.
Interesting......I mean every firm has you agree to the TOS when you purchase. Curious as to why ALL of the other firms require signing a contract. I guess it is irrelevant, as nsak stated, if firm goes bust or they decide not to pay, most are probably not going to sue for breach of contract. The wild, wild west indeed.
  • #15,424
  • May 1, 2023 12:55pm May 1, 2023 12:55pm
Quoting pipmaster77
{quote} Interesting......I mean every firm has you agree to the TOS when you purchase. Curious as to why ALL of the other firms require signing a contract. I guess it is irrelevant, as nsak stated, if firm goes bust or they decide not to pay, most are probably not going to sue for breach of contract. The wild, wild west indeed.
I'm not sure if T&C state their fiscal jurisdiction, fiscal address, company registration number, tax number, etc.
This may be important to some traders, specifically if they have to issue a tax invoice/receipt (even if they don't send it).
  • #15,425
  • May 2, 2023 1:36am May 2, 2023 1:36am
Dear TFT Traders,
We hope this message finds you well. We are reaching out today to announce some exciting changes to our commission structure.This week we will be updating our commissions to allow you all better trading conditions. After careful consideration, we have decided to adjust the commission rates on our trading platform as follows:

  1. Forex and Metals: $3 round turn
  2. Indices and Crypto: Commission-free

This change is intended to provide you with even more value when trading with us. With our commission-free trading on Indices and Crypto, you can now trade these popular markets with even lower costs.

As always, we remain committed to providing you with the best possible trading experience. We believe that these changes will help you make the most out of your trading activities, allowing you to seize more opportunities in the market.


Thank you for choosing to trade with us.
Best Regards,

Angelo, CEO TFT

---

https://docs.google.com/spreadsheets...it?usp=sharing

Updated!

Why they state crypto? for what we know you can trade them only on challenge, but still banned in funded accounts.

in holiday till end of November
  • #15,426
  • May 2, 2023 3:12am May 2, 2023 3:12am
If someone is operating at a prop firm without a contract, that prop firm is likely not abiding by labor laws and you might as well just sue them now for promises as you will win almost every time especially if they are US based.

The purpose of a contract is protection from lunatics of which there are plenty.
  • #15,427
  • May 2, 2023 7:29am May 2, 2023 7:29am
I have bought 2 accounts on MFF. I am a robot trader and it is vital that I can trade during news because:

  1. Otherwise i have to programme a function to stop trading in that 4 minutes frame. Quit irritating.
  2. I have to put in the time for news each and every day. Irritating.
  3. A robot is perfect for trading the news, because it reacts very very fast. So I can make money of the news.

As I can read at MFF it is allowed to trade the news. Also FTMO, but not on all instruments. I trade Gold and UK100, they are all right at FTMO to trade news. But take great care in instruments that they don't allow trading the news. FTMO might say that you violated the rules of news trading, even if a stoploss is hit in that 4 minutes frame. That I think is dangerous and unfair.

MetaTrader 4 - so many advantages.
  • #15,428
  • May 2, 2023 8:21am May 2, 2023 8:21am
Quoting RiskFighter
A robot is perfect for trading the news, because it reacts very very fast. So I can make money of the news.
Who wants to tell him?
Trade with confidence, trade without fear.
  • #15,429
  • May 2, 2023 8:48am May 2, 2023 8:48am
Quoting RiskFighter
I have bought 2 accounts on MFF. I am a robot trader and it is vital that I can trade during news because: Otherwise i have to programme a function to stop trading in that 4 minutes frame. Quit irritating. I have to put in the time for news each and every day. Irritating. A robot is perfect for trading the news, because it reacts very very fast. So I can make money of the news. As I can read at MFF it is allowed to trade the news. Also FTMO, but not on all instruments. I trade Gold and UK100, they are all right at FTMO to trade news. But take great...
Hehehehe! 3) looks good on paper, but lack of liquidity will usually not work as you expect it to. Regarding 1) and 2), I use an excellent risk management EA called "Take a Break" to pause and suspend the EA I wrote during rollover, on 3 bull news independently per currency pair, and for major events like NFP. It was easier than trying to program all that into my own EA.
  • #15,430
  • May 2, 2023 9:22am May 2, 2023 9:22am
Quoting forexbali
Dear TFT Traders, We hope this message finds you well. We are reaching out today to announce some exciting changes to our commission structure.This week we will be updating our commissions to allow you all better trading conditions. After careful consideration, we have decided to adjust the commission rates on our trading platform as follows: Forex and Metals: $3 round turn Indices and Crypto: Commission-free This change is intended to provide you with even more value when trading with us. With our commission-free trading on Indices and Crypto,...
This has already gone into effect. Trading DOW and NAS today commission free. Spreads are still better at the other firms.
  • #15,431
  • May 2, 2023 9:43am May 2, 2023 9:43am
Hi forexbali,
Would you give me three of your favorite prop firms. Would like to compare with the three I have narrowed down my research to over the last month or so. Requesting this from you as I see you seem to do continued revaluations of the many firms that are available to traders to choose from.

Thank you.

Anyone else that would care to share their firm of choice, please do so.

Making my selection by next weeks end. Once a selection is made, I will share my progress along the way.

Thank you to everyone!
___________________________________
  • #15,432
  • Edited 10:16am May 2, 2023 9:45am | Edited 10:16am
Quoting AaronPriest
{quote} Hehehehe! 3) looks good on paper, but lack of liquidity will usually not work as you expect it to. Regarding 1) and 2), I use an excellent risk management EA called "Take a Break" to pause and suspend the EA I wrote during rollover, on 3 bull news independently per currency pair, and for major events like NFP. It was easier than trying to program all that into my own EA.
Well. Just had a nice news trade. The robot entered sharply as a razor knife and I got loads of nice pips. Had I entered 2 minutes later, some of them would have been lost.
MetaTrader 4 - so many advantages.
  • #15,433
  • May 2, 2023 9:47am May 2, 2023 9:47am
Quoting AaronPriest
{quote} Hehehehe! 3) looks good on paper, but lack of liquidity will usually not work as you expect it to. Regarding 1) and 2), I use an excellent risk management EA called "Take a Break" to pause and suspend the EA I wrote during rollover, on 3 bull news independently per currency pair, and for major events like NFP. It was easier than trying to program all that into my own EA.
I have made my own Stop robot with many features. Would just program that a little further if I had to. But thanks for that info.
MetaTrader 4 - so many advantages.
  • #15,434
  • May 2, 2023 10:01am May 2, 2023 10:01am
Quoting RiskFighter
{quote} Well. Just had a nice news trade. The robot entered sharply as a racer knife and I got loads of nice pips. Had I entered 2 minutes later, some of them would have been lost.
Trading news with EA's is a double edge sword. You can win today, but you might lose another day. So be careful. Risk Management is everything.
Survival intelligence is more important than entry intelligence
AAMS Trinity Engine Return This Month: 0.2%
  • #15,435
  • May 2, 2023 10:09am May 2, 2023 10:09am
Sure. But my robots likes action. And I have loads of risk management in place.
MetaTrader 4 - so many advantages.
  • #15,436
  • Edited 10:42am May 2, 2023 10:10am | Edited 10:42am
Quoting acetrader
Hi forexbali, Would you give me three of your favorite prop firms. Would like to compare with the three I have narrowed down my research to over the last month or so. Requesting this from you as I see you seem to do continued revaluations of the many firms that are available to traders to choose from. Thank you. Anyone else that would care to share their firm of choice, please do so. Making my selection by next weeks end. Once a selection is made, I will share my progress along the way. Thank you to everyone! ___________________________________
To me the main criteria to chose a prop is reliability. This comes well above trading conditions, targets, daily loss, etc.
No point is having something good in "paper" if at the end they don't pay or invent rules to deduct profits or wahtsoever.

Therefore, FTMO and MFF come miles away from competition, without discussion.
There's only one place left to pick from the remaining. Me, personally, I would add TFT or E8. TFF would be a close call but I don't like the two episodes we saw recently.
Again, I'm just focusing in reliability (my personal perception) + decent amount of time in the the market (not props that are paying but that started 3 months ago - this we could find a lot).
  • #15,437
  • May 2, 2023 10:22am May 2, 2023 10:22am
Quoting Capablanca
{quote} To me the main criteria to chose a prop is reliability. This comes well above trading conditions, targets, daily loss, etc. No point is having something good in "paper" if at the end they don't pay or invent rules to deduct profits or wahtsoever. Therefore, FTMO and MFF come miles away rom competition, without discussion. There's only one place left to pick from the remaining. Me, personally, I would add TFT or E8. TFF would be a close call but I don't like what the two episodes we saw recently. Again, I'm just focusing in reliability (my...
Got it & thank you for sharing. E8 & MFF are two I'm looking at.
  • #15,438
  • May 2, 2023 11:19am May 2, 2023 11:19am
Quoting Takisd
If someone is operating at a prop firm without a contract, that prop firm is likely not abiding by labor laws and you might as well just sue them now for promises as you will win almost every time especially if they are US based. The purpose of a contract is protection from lunatics of which there are plenty.
-Since most firms treat traders as independent contractors, such laws are not relevant in the US (i.e. no contracts are legally required). You could technically say that some form of contract agreement would exist, regardless, even if verbal (similar to any agreements made when purchasing a challenge etc.), so I suppose that it would not matter, really.

Contracts can be used and are beneficial in the US, but are not required by any sort of law under these circumstances (to my knowledge, however, this may vary by state). I realize that this is not technically what you said, though.

You can sue someone for just about anything in the US so long as you have justification, but that does not mean that you will win. The firm will have to do something wrong first, and as previously mentioned, fighting it may not be the best course of action.
  • #15,439
  • May 2, 2023 11:22am May 2, 2023 11:22am
If you trade news spikes you a) aren't truly profitable and b) dont understand how markets work.

I think thats what people are trying to tell you.

I will tell you also, you can place whatever stop losses you want and stop order controls or whatever, the low liquidity nature of news spikes means that if you trade any size where you can quit your day job, eventually you will lose the house. Its called slippage, its not manipulation, its just the fact there is no liquidity in news spikes. If you are profitable on news spikes it is because the conditions are not real and you are trading a simulation.
  • #15,440
  • May 2, 2023 11:24am May 2, 2023 11:24am
Quoting Nsak3y
{quote}-Since most firms treat traders as independent contractors, such laws are not relevant in the US (i.e. no contracts are legally required). You could technically say that some form of contract agreement would exist, regardless, even if verbal (similar to any agreements made when purchasing a challenge etc.), so I suppose that it would not matter, really. Contracts can be used and are beneficial in the US, but are not required by any sort of law under these circumstances (to my knowledge, however, this may vary by state). I realize that this...
Contracts protect the employer sir, which was the point I was making. Without a defined contract, it is easy to lose when you are sued. If you have a defined contract, you cannot sue for anything other than violation of contract. So the solution, make people sign a contract that says it can be terminated without reason.
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