Prop Firm Hub | Page 920 | Metals Mine

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 33 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

  • #18,381
  • Aug 1, 2023 8:51am Aug 1, 2023 8:51am
Quoting genuine007
e8 server hanged from last market closed :/ nothing is moving all symbols price stopped do anyone know whats the matter???
that happened to me a few times over a year ago, I could not believe E8 still has the same problem, that is why I stopped trading with them.. it was very frustrating , I could't close my profitable trades. Trading was already hard enough, if I had to deal with the technical issues, that was a big turn off
  • #18,382
  • Aug 1, 2023 9:35am Aug 1, 2023 9:35am
https://twitter.com/kimmeltrading/st...33780187865088

Who wants to guess who he is talking about? My guess is Myfundedfx, fundedengineer, trueforexfunds and bespoke based on what i have been reading in various places.
  • #18,383
  • Aug 1, 2023 10:04am Aug 1, 2023 10:04am
Quoting Takisd
https://twitter.com/kimmeltrading/st...33780187865088 Who wants to guess who he is talking about? My guess is Myfundedfx, fundedengineer, trueforexfunds and bespoke based on what i have been reading in various places.
I am actually not against prop firms with some type control on big lots for big payouts, since they are too risky to A book them, its part of risk management by prop firms to limiting portential loss. No one wants to bankrupt their firms because of a few crazy gamblers. Casinsos even kick you out if you take too much money from them. I am more think prop firms are more like casinos nowadays. Maybe prop firms could limit max lots, I am in Colorado here, we have max $2000 bet on blackjack tables,
  • #18,384
  • Edited 10:25am Aug 1, 2023 10:13am | Edited 10:25am
Hey everyone, I wanted to report my experience with the5ers new program called "High Stakes Challenge". I passed there 5k challenge by making 8%:

Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 120 KB


The second phase passed here 5%:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 80 KB


Passed "Phase 1" with 10% here:
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 130 KB




The issue at hand is, I requested a payout waiting 14 days (Yesterday) in which the withdrawal button was NOT available, I'm then told that because the next phase/level up (7.5k) high stakes account was blown (not pictured) I can't request a payout because the profits are automatically credited to your new 7.5K 5ERS account , I LOST ALL PROFITS I WAS ENTITLED TO although NOTHING in there terms and conditions mentions this.

So basically, 14 days after receiving a funded account AND the account is not blown because they automatically add your profits to your next phase account level as a credit, then you'll be eligible for a payout, however, simultaneously you have a 14 day counter meaning that if DON'T trade during this time, you'll lose your profit and account anyway.
  • #18,385
  • Aug 1, 2023 10:16am Aug 1, 2023 10:16am
Quoting Boulder
{quote} I am actually not against prop firms with some type control on big lots for big payouts, since they are too risky to A book them, its part of risk management by prop firms to limiting portential loss. No one wants to bankrupt their firms because of a few crazy gamblers. Casinsos even kick you out if you take too much money from them. I am more think prop firms are more like casinos nowadays
I agree 100%, EXCEPT.......If that is the case, it needs to be in the contract/rules. If you do not want folks trading big lots.....reduce the leverage.....1:5, 1:10.
The TRUE issue is they want folks to trade like that so they blow up quickly, but when the trader wins, they don't want to pay. CAN'T HAVE IT BOTH WAYS!!!!!
On a side note, that post claims if the trader is not quiet, the firm will sue them....My response if I was ever denied payout and threatened would be "BRING IT ON MOTHER FUCKERS". What are they suing me for, not paying me?
They are going to close my accounts? Which ones? The ones they aren't paying me on.
  • #18,386
  • Aug 1, 2023 10:22am Aug 1, 2023 10:22am
Quoting JosephBud
Hey everyone, I wanted to report my experience with the5ers new program called "High Stakes Challenge". I passed there 5k challenge by making 8%: {image} The second phase passed here:{image} The issue at hand is, I requested a payout waiting 14 days (Yesterday) in which the withdrawal button was NOT available, I'm then told that because the next phase/level up (7.5k) high stakes account was blown (not pictured) I can't request a payout because the profits are automatically credited to your new 7.5K 5ERS account , I LOST ALL PROFITS I WAS ENTITLED...
It's in their rules, I read it when I looked over that program. Your bonus from the challenge is credited to the live account and paid with first withdrawal from the live account.
  • #18,387
  • Aug 1, 2023 10:25am Aug 1, 2023 10:25am
Quoting Takisd
https://twitter.com/kimmeltrading/st...33780187865088 Who wants to guess who he is talking about? My guess is Myfundedfx, fundedengineer, trueforexfunds and bespoke based on what i have been reading in various places.
I think FTMO, because he was denied a payout with other traders that had similar trade setup and profited 25% of account
  • #18,388
  • Aug 1, 2023 10:29am Aug 1, 2023 10:29am
Quoting pipmaster77
{quote} I agree 100%, EXCEPT.......If that is the case, it needs to be in the contract/rules. If you do not want folks trading big lots.....reduce the leverage.....1:5, 1:10. The TRUE issue is they want folks to trade like that so they blow up quickly, but when the trader wins, they don't want to pay. CAN'T HAVE IT BOTH WAYS!!!!! On a side note, that post claims if the trader is not quiet, the firm will sue them....My response if I was ever denied payout and threatened would be "BRING IT ON MOTHER FUCKERS". What are they suing me for, not paying...
why you want to play big lots in the first place??
why can't you play like real business??
why can't you play small lots and capturing enough pips??
why you want to put big lot and capture just 1 pip and float in loss by 5 pips??
prop firms say that they want trader whose trading can be copied in real trading environment and not simulative environment
for me playing with big lots is gamble.. even if we are correct about the trade.. but because we risk big, forget money management...
that is where market will out us..
  • #18,389
  • Aug 1, 2023 10:29am Aug 1, 2023 10:29am
Quoting pipmaster77
{quote} It's in their rules, I read it when I looked over that program. Your bonus from the challenge is credited to the live account and paid with first withdrawal from the live account.
You're correct regarding the bonus. However, were talking about PROFIT from passing the challenge after the initial Step 1 (8%) which is the "bonus" you're referring to and Step 2 the additional 5% . This can either be a credit toward an additional account or just a withdrawal, this is NOT profit as the actual funded account hasn't been passed at this point.
  • #18,390
  • Aug 1, 2023 10:41am Aug 1, 2023 10:41am
Quoting pipmaster77
If you do not want folks trading big lots.....reduce the leverage.....1:5, 1:10.
-The interesting thing about this, is that reducing leverage would be the same as reducing the overall account sizes that they love to charge so much money for.

I do not think that many people realize this. Because after all, it is the draw-down that matters, but the overall account size is basically your buying power, so reducing leverage is the same as reducing the overall account size (buying power). I highly doubt that they would be willing to reduce their prices, either, even though traders would be getting less.

Quoting pipmaster77
The TRUE issue is they want folks to trade like that so they blow up quickly, but when the trader wins, they don't want to pay. CAN'T HAVE IT BOTH WAYS!!!!!
-Absolutely.

Quoting pipmaster77
What are they suing me for, not paying me?
-If I had to guess, most are probably threatening to sue for breach of contract (nondisclosure, privacy agreement nonsense and/or bringing harm to their business that results in loss of profits etc.). But contract/NDA agreements are not immune to the law, especially when fraud may be involved and when terms are flimsy at best.

Any firm that believes that they are invincible because they have a contract or nondisclosure agreement in place is delusional... unless they are operating out of North Korea or some place that would be difficult to pursue. Maybe DDOS attack might be fair game at that point.
  • #18,391
  • Aug 1, 2023 10:56am Aug 1, 2023 10:56am
Quoting DeltaCapital
{quote} I think FTMO, because he was denied a payout with other traders that had similar trade setup and profited 25% of account
this makes sense.
  • #18,392
  • Aug 1, 2023 10:59am Aug 1, 2023 10:59am
Quoting Nsak3y
{quote}-The interesting thing about this, is that reducing leverage would be the same as reducing the overall account sizes that they love to charge so much money for. I do not think that many people realize this. Because after all, it is the draw-down that matters, but the overall account size is basically your buying power, so reducing leverage is the same as reducing the overall account size (buying power). I highly doubt that they would be willing to reduce their prices, either, even though traders would be getting less. {quote}-Absolutely....
Of course, that is why they offer the high leverage. The intelligent among us know what we are receiving......a 100K account with 100:1 and 10% DD is, in reality a 10K account with 1000:1 leverage. You reduce to 10:1, now it is a 10K with 100:1 leverage. I'd still buy becuase I only use about 10:1 on the 10K, which, in effect is 1:1 on the equity. Now, from a buying power perspective, 100K with 100:1 gives you ability to trade 10 million, reduce that to 10:1 and it's only 1 mil.
Who is using 100:1 on the 100K though, it is $1,000 per pip, 5 pip loss and you violate daily DD.
These firms work for me becuase I get 20-24x to trade with for my fee, $500 gets me 10-12K. I then just trade the 10-12 K as if it is my own personal account. Simple. You are still making 20X more than you would trading your own account.
I truly do not understand the mentality of a lot of these folks.....if you had a 10K personal account, would you be trading $1,000 per pip?
  • #18,393
  • Aug 1, 2023 11:36am Aug 1, 2023 11:36am
Quoting pipmaster77
Now, from a buying power perspective, 100K with 100:1 gives you ability to trade 10 million, reduce that to 10:1 and it's only 1 mil.
-Yes, these props know what they are doing. Providing traders with inflated account sizes at 1:100 leverage, where the actual daily draw-down is only 5% of what's advertised, is one of their greatest weapons. They know that the chances of going bust are significantly increased for most traders. They even mentally-prime you for failure by setting the bar so high during the challenge phases. They want to provide you with all of the tools necessary to blow up as quickly as possible.

But... we understand the game. We are still willing to play it. The problem is when traders are not honest with themselves and truly believe that they are ready and capable when they really are not yet. But this problem is what fuels the remote prop engine.
  • #18,394
  • Aug 1, 2023 12:02pm Aug 1, 2023 12:02pm
Quoting Takisd
https://twitter.com/kimmeltrading/st...33780187865088 Who wants to guess who he is talking about? My guess is Myfundedfx, fundedengineer, trueforexfunds and bespoke based on what i have been reading in various places.
Those and Funded Next and Top Tier. All good candidates.
  • #18,395
  • Aug 1, 2023 2:18pm Aug 1, 2023 2:18pm
Quoting Capablanca
{quote} Those and Funded Next and Top Tier. All good candidates.
Apparently its ftmo.
  • #18,396
  • Aug 1, 2023 4:13pm Aug 1, 2023 4:13pm
Quoting Takisd
{quote} Apparently its ftmo.
Someone here mentioned it before how FTMO is rumored to threaten people with lawsuit if they whisper about complaints online. But again that person only heard it from his buddies and couldn't provide proof of it. One of the worst things are rumors without evidence. Since it might as well be that some competitors paid this person on this forum and even that famous twitter guy. Without proof it is nothing of substance. So one must be very careful.
  • #18,397
  • Aug 1, 2023 4:29pm Aug 1, 2023 4:29pm
Quoting labu
{quote} Someone here mentioned it before how FTMO is rumored to threaten people with lawsuit if they whisper about complaints online. But again that person only heard it from his buddies and couldn't provide proof of it. One of the worst things are rumors without evidence. Since it might as well be that some competitors paid this person on this forum and even that famous twitter guy. Without proof it is nothing of substance. So one must be very careful.
I've heard it also and seen one such email long ago in telegram.
  • #18,398
  • Aug 1, 2023 5:13pm Aug 1, 2023 5:13pm
Just got filled at 40 points over market (not in my favor) on MFF on NAS. Honestly forgot it was there from earlier today. Had a pending buy at 15681, market was closed, market opened gapped down, I should have been filled at 15640 and they actually filled it at 15681. If i had a stop loss at 15680, I guarantee it wouldn't have been honored, I would have been stopped at market open at 15640.
I'm only posting because I am always pro MFF, but they just filled me at a price 40 points away from what exists.
  • #18,399
  • Aug 1, 2023 5:27pm Aug 1, 2023 5:27pm
Quoting pipmaster77
Just got filled at 40 points over market (not in my favor) on MFF on NAS. Honestly forgot it was there from earlier today. Had a pending buy at 15681, market was closed, market opened gapped down, I should have been filled at 15640 and they actually filled it at 15681. If i had a stop loss at 15680, I guarantee it wouldn't have been honored, I would have been stopped at market open at 15640. I'm only posting because I am always pro MFF, but they just filled me at a price 40 points away from what exists.
I assume it was a buy limit and you didn't get filled on the gap as there is no tick?
  • #18,400
  • Aug 1, 2023 5:34pm Aug 1, 2023 5:34pm
Quoting Takisd
{quote} I assume it was a buy limit and you didn't get filled on the gap as there is no tick?
I'm guessing so. I never trade this time of day. I literally forgot the order was there, I had it sitting at the ADR low for the day and didn't cancel before close.
So the buy limit was 15681, market gapped and opened at 15640. My point is, if I had an active buy with a stop at 15681, I would have been filled at market open of 15640. If they wouldn't have honored the s/l there, how can they fill me there?
It's not a big deal, it was $5/pt and it's already moving back up. I just thought for sure I would have been filled at market open price......just like a weekend gap.
47 traders viewing now