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  • #16,401
  • Jun 5, 2023 3:08pm Jun 5, 2023 3:08pm
Do not go anywhere near StatusFX brokers. They will not make withdrawals and only keep asking for money which are made up fees. Warning!!!!
  • #16,402
  • Jun 5, 2023 3:53pm Jun 5, 2023 3:53pm
Has anyone participated in TFT promotions that require you to write a positive trustpilot review? I saw in a tg group people discussing it and it would explain the recent flood of nonsense 5 star reviews they got.
  • #16,403
  • Jun 5, 2023 4:24pm Jun 5, 2023 4:24pm
Quoting Nsak3y
{quote}-CEO of MFFX mentioned something about this in his recent call. I do not know if this is the same thing that he as referring to, but he specifically said that there are several props that are all owned by the same person (or group; I cannot remember). Blake appears to be involved with several firms, but I do not know if that is what he was referencing. He also said that there is a prop currently being operated by a 14 year-old.
The trend is your friend, until it's exhausted
  • #16,404
  • Jun 5, 2023 4:40pm Jun 5, 2023 4:40pm
Hey everyone !

Does someone have experience with the Australian broker: Neptune Securities LTD ? It seems very fishy to me. Here is the website: https://www.neptunefx.com.au

If you check in detail, there is not really a contact section (no phone number). They also don't seem to have a legit Linkedin page. I've found this one but all the employees seem to be fake ! See screenshot:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 55 KB

You can also select this broker in the meta trader 4 platform which can make think that this broker is legit afterall. And after checking in an AFS License checker. The broker has got an Australian Financial Services License:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 9 KB

Here when you check in the Australian Business Register with the number displayed on the Neptune website you find a result as well:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 19 KB


So I am a bit perplex now, on one side it has an AFS license, it is listed in the Australian Business Register, you can select it on the metatrader 4 platform and on the other side there are some redflags when looking at their LinkedIn page !

So what do you all think about it ? And I hope someone may have experience with this broker to know if it is a scam or if it is legit !

Thanks a lot for your feedback !

Picsoumax
  • #16,405
  • Jun 6, 2023 12:41am Jun 6, 2023 12:41am
Quoting picsoumax
Hey everyone ! Does someone have experience with the Australian broker: Neptune Securities LTD ? It seems very fishy to me. Here is the website: https://www.neptunefx.com.au If you check in detail, there is not really a contact section (no phone number). They also don't seem to have a legit Linkedin page. I've found this one but all the employees seem to be fake ! See screenshot: {image} You can also select this broker in the meta trader 4 platform which can make think that this broker is legit afterall. And after checking in an AFS License...
Wrong thread. This topic is to discuss Prop firms, not brokers.
  • #16,406
  • Jun 6, 2023 12:54am Jun 6, 2023 12:54am
Just checked the5ers 2-step evaluation program(High Stakes Challenge) and found that they have 2 minutes news rule.

'Holding open trades over high-impact news is allowed.
However, it is not allowed to execute any order (open, close, sl, tp) 2 minutes prior or after to high-impact news in the related currency or index.
Doing so will lead to the termination of the account.
WHY? because given the speed and slippage of the movements during high-impact news, these kinds of trades do not make money in the real market, although you may see a profit on your side. '

This rule is designed to fail as many traders as possible. If they do not want any trading during news, they can disable trading on their server. OR they can state that any profits during news will not count and any losses during news will count, so it is just a soft breach and traders can continue trading.
  • #16,407
  • Jun 6, 2023 1:06am Jun 6, 2023 1:06am
Quoting ladder
Just checked the5ers 2-step evaluation program(High Stakes Challenge) and found that they have 2 minutes news rule. 'Holding open trades over high-impact news is allowed. However, it is not allowed to execute any order (open, close, sl, tp) 2 minutes prior or after to high-impact news in the related currency or index. Doing so will lead to the termination of the account. WHY? because given the speed and slippage of the movements during high-impact news, these kinds of trades do not make money in the real market, although you may see a profit on...
even I'm ok with loss on those trade and no profit . But the termination of ACC is horrible.
  • #16,408
  • Jun 6, 2023 1:32am Jun 6, 2023 1:32am
Quoting ladder
Just checked the5ers 2-step evaluation program(High Stakes Challenge) and found that they have 2 minutes news rule. 'Holding open trades over high-impact news is allowed. However, it is not allowed to execute any order (open, close, sl, tp) 2 minutes prior or after to high-impact news in the related currency or index. Doing so will lead to the termination of the account. WHY? because given the speed and slippage of the movements during high-impact news, these kinds of trades do not make money in the real market, although you may see a profit on...

so, you are 25 pips on side with a 25 pips SL

news pushes the price 50 pips against you within a minute and hits your SL

you can be in a rather small position that does barely a dent in your acc, but you have technically hard breached an acc

...insanity
  • #16,409
  • Jun 6, 2023 1:45am Jun 6, 2023 1:45am
Quoting ladder
This rule is designed to fail as many traders as possible. If they do not want any trading during news, they can disable trading on their server. OR they can state that any profits during news will not count and any losses during news will count, so it is just a soft breach and traders can continue trading.
Quoting inversio
even I'm ok with loss on those trade and no profit . But the termination of ACC is horrible.
-I think that terminating accounts sucks, but I also think that it is good for the longevity of the model, so it is a reasonable trade-off. It also forces traders to develop good habits.
  • #16,410
  • Jun 6, 2023 1:50am Jun 6, 2023 1:50am
Quoting LehmanBrotha
{quote} so, you are 25 pips on side with a 25 pips SL news pushes the price 50 pips against you within a minute and hits your SL you can be in a rather small position that does barely a dent in your acc, but you have technically hard breached an acc ...insanity
I have commented several times about that companie's agenda and mysteriously folk seem to continue to support them/promote them on this thread (but not trade with them) I find it weird.... to my knowledge not one genuine poster has been on here and given an honest review after being "funded" by them.
  • #16,411
  • Jun 6, 2023 2:28am Jun 6, 2023 2:28am
Quoting LehmanBrotha
{quote} so, you are 25 pips on side with a 25 pips SL news pushes the price 50 pips against you within a minute and hits your SL you can be in a rather small position that does barely a dent in your acc, but you have technically hard breached an acc ...insanity
The message they broadcast is: clear off your SLs during news and pray for the best.

It's ridiculous.
  • #16,412
  • Jun 6, 2023 2:29am Jun 6, 2023 2:29am
Quoting Takisd
For those watching at home, the issue is what to do with the order flow. Anyone just saying A book or B book doesn't understand the problem at all.
-One solution would be treat this as a game, where you allocate a percentage of the pool (buy-ins) to serve as profit payout, and once it's gone, you wait until next month when a new game starts etc.. But, this is clearly considered gambling.

Probably, the best thing to do would be to try to legitimately monetize the traffic and data as much as possible. There are many ways to do that, and I am not seeing this being done by most firms, if at all. Perhaps these props should be willing and able to think and work outside of the box.

They could be looking at serious marketing, branding, educational workshops and networking strategies etc.; everything from branded merch to digital educational courses and premium publications, online and offline seminars and training classes, cruises and on-site events, mentorship and membership programs, podcasts, video marketing, SMS marketing, SEO, collaborative/influencer marketing, affiliate marketing, email marketing, PPC and social media advertising, premium indicators, EA's and risk-management tools, premium account management (VIP) services and support, white label services et al..

Probably there is a lot that can be done in the non-prop space as well. Such as offering brokerage services, capital management and investing services, I.T. services, consulting services, customer support services etc..

Obviously, not all of these ideas may be practical or even good in all cases, and as much as some of this stuff is mostly hated by the general population, it can work really well to bring in a lot of revenue and exposure for firms and ensure not only their growth, but their long-term survivability.

Most firms will not be willing or able to do this stuff. So, they may eventually have to resort to decreasing leverage and/or adding stricter rules (or worsening trading conditions) in order to ensure that the pass and payout rate is minimal and the machine keeps running.

On the other hand, when I hear the CEO of TFTP bragging about how their business is a $100 million business, I have some doubts about the true reality of the supposed struggle.
  • #16,413
  • Jun 6, 2023 2:42am Jun 6, 2023 2:42am
Quoting Fagin
I have commented several times about that companie's agenda and mysteriously folk seem to continue to support them/promote them on this thread (but not trade with them) I find it weird.... to my knowledge not one genuine poster has been on here and given an honest review after being "funded" by them.
-Not sure if you are referring to me or not. But my comment was speaking in general terms. I have no association with 5%er's. I have never traded with them and probably will never unless they put up a reasonable model. I do not see people really defending them here either, but maybe I am not paying that much attention to that.

I think LehmanBrotha's comment was in reference to the insanity, that, even if you do not breach the draw-down limit and only take a super tiny loss, you can still lose the account just because your SL gets hit during the 4-minute window.

While I agree that it is insane, I also know that there are a lot of traps that are put into place by these firms to ensure that the model works. I personally accept these trade-offs (to a point). I will not trade with a firm that employs unreasonable practices, however, nor will I trade with a firm that has clearly set traps that can be used for most scenarios since they are not clearly defined.

But at the end of the day, the usual trade-offs are accepted because I know that the opportunity outweighs the inconveniences in most cases.
  • #16,414
  • Jun 6, 2023 2:45am Jun 6, 2023 2:45am
Quoting Capablanca
The message they broadcast is: clear off your SLs during news and pray for the best. It's ridiculous.
-That's one way of looking at it. It could also read: Close out your positions prior to big news events to minimize risk. (pedantic emoji)
  • #16,415
  • Jun 6, 2023 3:01am Jun 6, 2023 3:01am
Quoting Nsak3y
{quote}-Not sure if you are referring to me or not. But my comment was speaking in general terms. I have no association with 5%er's. I have never traded with them and probably will never unless they put up a reasonable model. I do not see people really defending them here either, but maybe I am not paying that much attention to that. I think LehmanBrotha's comment was in reference to the insanity, that, even if you do not breach the draw-down limit and only take a super tiny loss, you can still lose the account just because your SL gets hit during...
Good morning, no, don't get your knickers in a twist, your post came on at the same time as mine by coincidence.

These traps just aren't justifiable to sharpen their own edge to make money out of fees and take advantage of people. It's shady bullshit, full stop.
  • #16,416
  • Jun 6, 2023 3:26am Jun 6, 2023 3:26am
Quoting Nsak3y
{quote}-That's one way of looking at it. It could also read: Close out your positions prior to big news events to minimize risk. (pedantic emoji)
You cannot guarantee that you will close your positions before every news event, because sometimes you are occupied with other important things. If the position is very small (1* leverage or less for forex major pairs) and Stop Loss is attached, you should be able to do other things without worrying about 'termination of the account'. Any prop firm that uses the 2 minutes news rule is pure garbage. Their aim is to kick out traders, keep the challenge fees and terminate 'funded' accounts quickly.
  • #16,417
  • Jun 6, 2023 3:39am Jun 6, 2023 3:39am
Quoting ladder
Just checked the5ers 2-step evaluation program(High Stakes Challenge) and found that they have 2 minutes news rule. 'Holding open trades over high-impact news is allowed. However, it is not allowed to execute any order (open, close, sl, tp) 2 minutes prior or after to high-impact news in the related currency or index. Doing so will lead to the termination of the account. WHY? because given the speed and slippage of the movements during high-impact news, these kinds of trades do not make money in the real market, although you may see a profit on...

The funded trader got same rule, the good thing about it is you are up to date with calendar and plan trades more carefully. Stupid rule anyway.
  • #16,418
  • Jun 6, 2023 4:02am Jun 6, 2023 4:02am
All that came from the leader FTMO in the early days

Even the scammers of Funded Next already eliminated it. It's time for the (few) remain retards finish with that, once and for all.

(TFT had some challenges without that - at the least swing one which is the accounts I have)
  • #16,419
  • Jun 6, 2023 4:17am Jun 6, 2023 4:17am
Quoting Fagin
Good morning, no, don't get your knickers in a twist, your post came on at the same time as mine by coincidence.
-I'm not bothered. It was more a matter of clarification.

Quoting Fagin
These traps just aren't justifiable to sharpen their own edge to make money out of fees and take advantage of people. It's shady bullshit, full stop.
-Maybe it is. But it's not difficult to follow. If it means that these funding opportunities will be around for longer, then so be it. The good thing is that you have choices if such a rule is a deal-breaker for you.
  • #16,420
  • Jun 6, 2023 4:17am Jun 6, 2023 4:17am
Quoting ladder
You cannot guarantee that you will close your positions before every news event, because sometimes you are occupied with other important things.
-I cannot relate. I monitor all of my trades and would never leave them unsupervised, but I am not a swing trader.

The reality is this... as responsible traders, we should know each day, before we even start trading, if there are major news events scheduled. As such, it is our responsibility to work with or around them. Just my opinion.

I am not trying to justify this practice, I just do not care much, either way. If it's better for the model, then great. If the practice is too gross for you or others, then you have different options to choose from. So, it's all good as far as I'm concerned.
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