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  • #15,821
  • May 20, 2023 8:20am May 20, 2023 8:20am
see attached too
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  • #15,822
  • May 20, 2023 9:05am May 20, 2023 9:05am
Quoting acetrader
{quote} Hi Vitore, Does MFFX = My Funded Forex. Just trying to make sure I take a look at the one that you use. Thank you!
MFFX = My Funded FX
myfundedfx.com
Money is made by sitting, not trading
  • #15,823
  • May 20, 2023 10:42am May 20, 2023 10:42am
Quoting Lrg
{quote} Just trying to figure out why you'll choose MFFX over MFF? MFF is cheaper with larger DD. Is it the min trading days that's drawing you to this prop firm. Just curious to know. Thanks..
I have most money in MFF, I just started MFFX. I like their min trading days and fast payout.
  • #15,824
  • May 20, 2023 12:06pm May 20, 2023 12:06pm
Quoting Lrg
{quote} Just trying to figure out why you'll choose MFFX over MFF? MFF is cheaper with larger DD. Is it the min trading days that's drawing you to this prop firm. Just curious to know. Thanks..
1) MFF isn't cheaper then MyfFundFX
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2) MFF doesn't offer One Step Challenge

3) MyFundedFX - instant support in Discord

4) MYFundedFX No min Days

5) MyFundedFX payout process smooth as glass with no downtime trading

6) MYFundedFX 14 days for the first payout

The 30-day to the first payout on MFF is behind the 8ball compared to almost every other prop firm
Pride always comes before destruction.... -Proverbs 16:18
  • #15,825
  • May 20, 2023 5:08pm May 20, 2023 5:08pm
Hi dears,

I had been living outside canada for some time.

Now, i have moved to canada in the last 3 weeks.

Most of you know MFF issues two type of contract agreements.

1 ) For canadian residents and 2 ) for people living outside canada.

Why this two type of contracts ? Any tax implications ?

I recd contract after KYC when i was outside Canada.

MFF rep says no need to do kyc again.

For just knowledge purpose, I wish to know why two type of contracts. Thanks.
Intraday only.
  • #15,826
  • May 20, 2023 5:10pm May 20, 2023 5:10pm
Quoting Expo33
{quote} 1) MFF isn't cheaper then MyfFundFX {image} 2) MFF doesn't offer One Step Challenge 3) MyFundedFX - instant support in Discord 4) MYFundedFX No min Days 5) MyFundedFX payout process smooth as glass with no downtime trading 6) MYFundedFX 14 days for the first payout The 30-day to the first payout on MFF is behind the 8ball compared to almost every other prop firm
1. prices are no comparable because MFF has target 8% and DD 12% while MFFx has 8% and DD 8%. This is a a big difference. MFF is the cheapest around, despite being leader.

2. Yep, but one step MFFx is trailing DD which sucks.

Remaining points correct (and quite good). I would also add that MFF only pays 75% in first payout, while MFFs pays 80% from the beggining. On the other side MFF increases up to 85% on 3rd month if you make there.
  • #15,827
  • May 20, 2023 5:30pm May 20, 2023 5:30pm
Quoting Capablanca
{quote} 1. prices are no comparable because MFF has target 8% and DD 12% while MFFx has 8% and DD 8%. This is a a big difference. MFF is the cheapest around, despite being leader. 2. Yep, but one step MFFx is trailing DD which sucks. Remaining points correct (and quite good). I would also add that MFF only pays 75% in first payout, while MFFs pays 80% from the beggining. On the other side MFF increases up to 85% on 3rd month if you make there.
1) For me, the difference between the 8 and 12 percent drawdown is irrelevant when comparing prices. I wonder how many traders get to a 9% drawdown and then eventually hit the 8% target profit. If you need more than an 8% drawdown to make an 8% profit, you aren't likely to ever get to a payout anyways.

2) Never said it was a good deal, just that they at least offer a one-step

Cheers
Pride always comes before destruction.... -Proverbs 16:18
  • #15,828
  • May 20, 2023 6:34pm May 20, 2023 6:34pm
Quoting Expo33
{quote} 1) MFF isn't cheaper then MyfFundFX {image} 2) MFF doesn't offer One Step Challenge 3) MyFundedFX - instant support in Discord 4) MYFundedFX No min Days 5) MyFundedFX payout process smooth as glass with no downtime trading 6) MYFundedFX 14 days for the first payout The 30-day to the first payout on MFF is behind the 8ball compared to almost every other prop firm
Any feedback on Thinkmarkets as a broker? Their contract specs look better then 8crap for indices, (DOW & NASDAQ).
Trade with confidence, trade without fear.
  • #15,829
  • May 20, 2023 7:10pm May 20, 2023 7:10pm
Quoting Cryptosurf
{quote} Any feedback on Thinkmarkets as a broker? Their contract specs look better then 8crap for indices, (DOW & NASDAQ).
I haven't used ThinkMarkets yet.

They went live on May 15th but only for Meta5. I don't do Meta5. They say Meta4 will be in the works soon. When that happens I'll test them out

From their Discord: "ThinkMarkets is officially live for purchase on the website. The cost to purchase is the same as Eightcap accounts and we will be looking to add a Swap-free option in the coming weeks. Here is the spread account to be able to check the live spreads of the new broker. Commissions per lot is $7 for forex and metals and the spreads and slippage conditions are significantly better across all sessions."

They provided login credentials to check ThinkMarket spreads
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Pride always comes before destruction.... -Proverbs 16:18
  • #15,830
  • May 20, 2023 7:29pm May 20, 2023 7:29pm
Quoting Capablanca
{quote} 1. prices are no comparable because MFF has target 8% and DD 12% while MFFx has 8% and DD 8%. This is a a big difference. MFF is the cheapest around, despite being leader. 2. Yep, but one step MFFx is trailing DD which sucks. Remaining points correct (and quite good). I would also add that MFF only pays 75% in first payout, while MFFs pays 80% from the beggining. On the other side MFF increases up to 85% on 3rd month if you make there.
12% DD is literally a 50% BETTER offer than 8% when comparing max loss vs. fee paid.
If given the option for a 12K account vs. an $8K account for the same $500 fee, I'm thinkig most opt for the 12K.
I have taken an MFF account to 93K (7% DD) and recovered and been paid. That account is still active. Had I only had 1% DD to recover the 7% ( 7 to 1 recovery) as opposed to 5% (only slighly worse than flipping 1 to 1) , I'm thinking I would've lost the account.
  • #15,831
  • May 20, 2023 8:43pm May 20, 2023 8:43pm
Pros and cons to every firm. The more, the merrier, as far as I am concerned, especially if they are not based in the U.S. and not using the same white-label/broker etc. (and not ripping people off with payout refusal and/or horrible conditions!).

There may come a time when we will wish that we had more options, especially if you reside in a country that is not friendly to this kind of activity.
  • #15,832
  • May 20, 2023 10:04pm May 20, 2023 10:04pm
Quoting pipmaster77
{quote} 12% DD is literally a 50% BETTER offer than 8% when comparing max loss vs. fee paid. If given the option for a 12K account vs. an $8K account for the same $500 fee, I'm thinkig most opt for the 12K. I have taken an MFF account to 93K (7% DD) and recovered and been paid. That account is still active. Had I only had 1% DD to recover the 7% ( 7 to 1 recovery) as opposed to 5% (only slighly worse than flipping 1 to 1) , I'm thinking I would've lost the account.
Sure, anyone can recover once in awhile.

I just don't look at it the same way you do. I NEVER fail because I didn't have that extra 4% drawdown. I fail because I wasn't disciplined in my risk management. Having said that, sure, I could run it back up from being in a 10% drawdown but that doesn't change the fact that I didn't follow my plan in the first place or I would have never gotten to -10%.

I'd rather have 8% drawdown allowable for the same price(actually cheaper as MFF offers doo doo in the way of discounts.) Instead, with MyFunded I get a payout process that puts MFF to shame, no min days, 14 days for the first payout, better support, and no waiting to trade after payout.

Don't get me wrong I use and like MFF. But not because of the extra drawdown. Only for their payout history. For most other firms I have the possibility of getting to a payday within 3 weeks, not MFF's 45 days
Pride always comes before destruction.... -Proverbs 16:18
  • #15,833
  • May 20, 2023 10:29pm May 20, 2023 10:29pm
Quoting Expo33
with MyFunded I get a payout process that puts MFF to shame, no min days, 14 days for the first payout, better support, and no waiting to trade after payout. ... For most other firms I have the possibility of getting to a payday within 3 weeks, not MFF's 45 days
-I think that there is something to be said about this.

Even if you have less draw-down, you can adjust your risk parameters accordingly. But more importantly, if you are wanting to organically grow the amount of capital that you are managing, it is hard to argue with MFFX, since you can turn around and order a new challenge with your refund a couple of times before MFF even pays you a dime. So the issue with the smaller draw-down may become insignificant pretty quickly.

As I say, though, pros and cons to each firm. MFF is king, but no firm is perfect.
  • #15,834
  • May 21, 2023 3:37am May 21, 2023 3:37am
Quoting Expo33
{quote} 1) For me, the difference between the 8 and 12 percent drawdown is irrelevant when comparing prices. I wonder how many traders get to a 9% drawdown and then eventually hit the 8% target profit. If you need more than an 8% drawdown to make an 8% profit, you aren't likely to ever get to a payout anyways. 2) Never said it was a good deal, just that they at least offer a one-step Cheers
1) You mean 8% is as bad, from DD recovery perspective, than 12%. What about 7% vs 12% ? Or 6% vs 12 %? At some point you have to draw a line of what's recoverable or not and when the offer X vs 12% is much worse or not.

You may argue that we don't play thousands of challenges to benefit from those tails (for example 8% DD in MFF and still be able to recover). You may be right about that but.......... if we think about funding phase, MFF is literally depositing 12K on your account while MFFx is depositing only 8K. And this for a slightly difference in challenge price. To me this is huge difference, overall.

2) One step challenge with trailing DD is so bad that is it's the same than not offering anything. So, it's not really a positive point vs MFF. To me offering a bad thing or not offering at all it's the same.

Don't get me wrong. I like what MFFx is offering and the way they have been operating recently. I truly hope that they succeed because we need more props with better/simpler rules for us and MFFx has them.
  • #15,835
  • Edited 4:27am May 21, 2023 3:57am | Edited 4:27am
Quoting pipmaster77
{quote} 12% DD is literally a 50% BETTER offer than 8% when comparing max loss vs. fee paid. If given the option for a 12K account vs. an $8K account for the same $500 fee, I'm thinkig most opt for the 12K. I have taken an MFF account to 93K (7% DD) and recovered and been paid. That account is still active. Had I only had 1% DD to recover the 7% ( 7 to 1 recovery) as opposed to 5% (only slighly worse than flipping 1 to 1) , I'm thinking I would've lost the account.
From the mathematical point of view you're right of course. However, you'd need unlimited time challenge to really utilize the benefit of 12% DD which is not the MFF case. Once you get below the 8% mark and esp. below the 10% mark it is nearly impossible to recover within the remaining days at it represents making at least 500% profit (10% profit / 2% remaining DD) in like 20 days maybe, or even less? Yes, it is possible but not easy.

Unlike you, even on funded when I have unlimited time to recover, I usually find it easier to just give up on the recovery and go through the evaluation again (only about 150% gain needed) then trying to recover the DD when below 8% (200% needed) or even 10% (500%)

So in result, 8% DD is fine for me, I even start to prefer it as it makes me more focused on not losing
Money is made by sitting, not trading
  • #15,836
  • May 21, 2023 4:03am May 21, 2023 4:03am
Quoting Capablanca
{quote} 1) You mean 8% is as bad, from DD recovery perspective, than 12%. What about 7% vs 12% ? Or 6% vs 12 %? At some point you have to draw a line of what's recoverable or not and when the offer X vs 12% is much worse or not. You may argue that we don't play thousands of challenges to benefit from those tails (for example 8% DD in MFF and still be able to recover). You may be right about that but.......... if we think about funding phase, MFF is literally depositing 12K on your account while MFFx is depositing only 8K. And this for a slightly...
The line depends on the profit required. As long as it is around 100% (eg. 8% vs 8%) I'm fine. It may reduce my ability to make larger profits on funded (only 8% DD requires reducing risk) but that is not a bad thing in the end as it also reduces the probability of losing the account
Money is made by sitting, not trading
  • #15,837
  • May 21, 2023 6:05am May 21, 2023 6:05am
For family issues I will be offline for some weeks more.

Hope nothing changed with props and everything the same of 1 month ago.

Good luck to all.
in holiday till end of November
  • #15,838
  • May 21, 2023 6:30am May 21, 2023 6:30am
Quoting Vitore
{quote} MFFX = My Funded FX myfundedfx.com
Thank you my friend.
  • #15,839
  • May 21, 2023 6:32am May 21, 2023 6:32am
Quoting forexbali
For family issues I will be offline for some weeks more. Hope nothing changed with props and everything the same of 1 month ago. Good luck to all.
Hi forebali,

Wishing you & your family the best of times ahead. Hope to see you return soon.
  • #15,840
  • May 21, 2023 7:32am May 21, 2023 7:32am
Quoting Capablanca
{quote} 1) You mean 8% is as bad, from DD recovery perspective, than 12%. What about 7% vs 12% ? Or 6% vs 12 %? At some point you have to draw a line of what's recoverable or not and when the offer X vs 12% is much worse or not. You may argue that we don't play thousands of challenges to benefit from those tails (for example 8% DD in MFF and still be able to recover). You may be right about that but.......... if we think about funding phase, MFF is literally depositing 12K on your account while MFFx is depositing only 8K. And this for a slightly...
Yes, I am referring to the "finished" product. Everyone goes in assuming they are going to pass. The finished product is 12K vs 8K.
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