Prop Firm Hub | Page 1005 | Metals Mine

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 31 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

  • #20,081
  • Sep 2, 2023 1:21pm Sep 2, 2023 1:21pm
Actually the wording virtual and simulated can also be interpreted the wrong way, that there is no real trading and thus a "Ponzi" scheme to payout any profits from fees of challenges. And there are many other things to be considered, like CFDs trading now allowed on the US and slippage behavior and charging comms when there is none.
  • #20,082
  • Sep 2, 2023 1:22pm Sep 2, 2023 1:22pm
Quoting CableJ
{quote} By the CFTC's own admission, those traders were legit A booked.... so it seems MFF had absolutely no confidence in the majority of that group being profitable in the real market (years of data), so perhaps the thought process was at least we can make money on every execution to offset some of the losses of the overall live book... 96. In a June 22, 2022, email with the subject line, “STP discussion,” the Advisor told Traders Global Employee A: “I think we need to all subscribe to the concept that your clients will almost never have alpha....
That was the line of thought, for sure.
We learned in the case that they would deposit, for example, 24K (which is the max loss) for a 200K account for STP customers.
Then they marked-up the real time spreads to give worse executions. This would allow to lose less than those 24K if the trader busted the account. If the trader was profitable they would pay less.
I understand the logic (most will bust the account sooner or later) but it's wrongdoing, obviously. Real time conditions should be the worse that a trader should face.
  • #20,083
  • Sep 2, 2023 1:22pm Sep 2, 2023 1:22pm
Quoting pipmaster77
{quote} However, here is some changed verbiage{image} Everything is now "virtual".....yeah, that'll save 'em
Im sure were going to see a lot of changed verbage
Trade with confidence, trade without fear.
  • #20,084
  • Sep 2, 2023 1:24pm Sep 2, 2023 1:24pm
Quoting TrAndy1
Actually the wording virtual and simulated can also be interpreted the wrong way, that there is no real trading and thus a "Ponzi" scheme to payout any profits from fees of challenges. And there are many other things to be considered, like CFDs trading now allowed on the US and slippage behavior and charging comms when there is none.
I guess this is a quick fix thing before they think in a better solution. But you're right, they may be digging themselves even deeper.
  • #20,085
  • Sep 2, 2023 1:24pm Sep 2, 2023 1:24pm
Quoting longcanlun12
{quote} So what happens if they don't match?? they just use their computer to analyze all the profitable accounts data and do some modifications to turn their traders's strategy into their own, cause all the traders must accept their policy to get a payout right? it turns out they using their investors (or their revenue) to trade by their "own" strategies. if you think this way, it is way easier than matching traders with investors like Darwinex don't you think?? is there any kind of regulation related to this kind of business model? or is it that...
Did not say illegal on Darwinex. But you need here to be licensed and registered as financial advisor before you can start at Darwinex. That takes time and a lot of cost and legal fees is involved too. If that would be needed for any prop that they had no customers. That is what I wanted to say.
  • #20,086
  • Sep 2, 2023 1:26pm Sep 2, 2023 1:26pm
Quoting TrAndy1
Actually the wording virtual and simulated can also be interpreted the wrong way, that there is no real trading and thus a "Ponzi" scheme to payout any profits from fees of challenges. And there are many other things to be considered, like CFDs trading now allowed on the US and slippage behavior and charging comms when there is none.
They are scrambling like roaches trying to cover their behinds the best way they think possible to avoid being the next one lined up in the gun scope.
  • #20,087
  • Sep 2, 2023 1:28pm Sep 2, 2023 1:28pm
by now changing to "sim" they admit that what they did before was illigal??
tampering with evidence??
Muni loves you all!
  • #20,088
  • Sep 2, 2023 1:28pm Sep 2, 2023 1:28pm
stolen from telegram
Attached Image (click to enlarge)
Click to Enlarge Name: photo_2023-09-02_16-55-48.jpg Size: 88 KB
  • #20,089
  • Sep 2, 2023 1:29pm Sep 2, 2023 1:29pm
TFT changed their verbiage quick, LOL
Attached Image (click to enlarge)
Click to Enlarge Name: screenshot.png Size: 37 KB
  • #20,090
  • Sep 2, 2023 1:34pm Sep 2, 2023 1:34pm
Quoting Zebi
{quote} i never met a usa resident/citizen able to trade with offshore brokers unless youre exaggerating to make a point
Been trading with FxChoice for 10 years with no problems
Pride always comes before destruction.... -Proverbs 16:18
  • #20,091
  • Sep 2, 2023 1:35pm Sep 2, 2023 1:35pm
Quoting AaronPriest
TFT changed their verbiage quick, LOL {image}
they should be now full speed amending T&C and traders agreements

yesterday they said all was normal and fine
  • #20,092
  • Sep 2, 2023 1:35pm Sep 2, 2023 1:35pm
Quoting TrAndy1
{quote} Did not say illegal on Darwinex. But you need here to be licensed and registered as financial advisor before you can start at Darwinex. That takes time and a lot of cost and legal fees is involved too. If that would be needed for any prop that they had no customers. That is what I wanted to say.
Okay, I get it. If that is the case seems like the only option is to move to another country that doesn't need to register anything. For more context tho, does it only require these types of licenses in German only? or the entire EU?
  • #20,093
  • Sep 2, 2023 1:39pm Sep 2, 2023 1:39pm
Quoting longcanlun12
{quote} Okay, I get it. If that is the case seems like the only option is to move to another country that doesn't need to register anything. For more context tho, does it only require these types of licenses in German only? or the entire EU?
Not 100% sure, but I think it is EU wide. Germany for sure.
  • #20,094
  • Sep 2, 2023 1:41pm Sep 2, 2023 1:41pm
Since we are talking about models for talented traders to fit into, how about mql5's signals?
You can run your own account and others pay a subscription per month to copy you.
One guy has 247 people copying him at $45/mo. That is over 11K per month just so he can run his own personal account.
No need for regulators and fancy setups and wait for payouts etc.
For some reason it doesn't seem 'cool' to traders or is below them to put their performance on display.
I do understand that it takes a consistent trader to month after month do the deed to stay attractive.
Given most traders here passing challenges in a day or two they are just not the type for the long haul trading and establishing a presentable record.
  • #20,095
  • Sep 2, 2023 1:47pm Sep 2, 2023 1:47pm
Quoting Capablanca
{quote} they should be now full speed amending T&C and traders agreements yesterday they said all was normal and fine
until they all read the CFTC charges... and were like roh oh.
  • #20,096
  • Sep 2, 2023 1:48pm Sep 2, 2023 1:48pm
A guy in telegram said he emailed MF and got this answer. I don't know if this is fake or not.

Hello,

I hope you are doing well.

We understand that this situation is less than ideal, and we apologize for any inconvenience it may be causing you.

We encourage you to regularly check our website for official updates regarding the status of our services. As soon as our servers are back online, you will be able to resume trading without any interruptions. We are working hard towards a swift resolution and anticipate positive news following our hearing, which is scheduled for September 11th.

Our team is working tirelessly to resolve the issue and restore normal operations as quickly as possible. Once our service is resumed, we will conduct a thorough assessment of all accounts that were affected by this interruption.

We understand the importance of providing a reliable and stable trading environment, and we appreciate your trust in us. We will keep you updated on the progress of the issue and notify you as soon as our platform is back to full functionality.

Your satisfaction is our top priority, and we are here to support you every step of the way.

Thank you for your understanding and for being a valued member of our trading community.
Regards,
Clara J
Trader Experience Team
My Forex Funds
  • #20,097
  • Sep 2, 2023 1:53pm Sep 2, 2023 1:53pm
Quoting Capablanca
A guy in telegram said he emailed MF and got this answer. I don't know if this is fake or not. Hello, I hope you are doing well. We understand that this situation is less than ideal, and we apologize for any inconvenience it may be causing you. We encourage you to regularly check our website for official updates regarding the status of our services. As soon as our servers are back online, you will be able to resume trading without any interruptions. We are working hard towards a swift resolution and anticipate positive news following our hearing,...
Not fake, I emailed MFF too and questioned where is my payout and got the same answers from different staff, 100% same answer several times.
  • #20,098
  • Sep 2, 2023 1:54pm Sep 2, 2023 1:54pm
Quoting OutThere
Since we are talking about models for talented traders to fit into, how about mql5's signals? You can run your own account and others pay a subscription per month to copy you. One guy has 247 people copying him at $45/mo. That is over 11K per month just so he can run his own personal account. No need for regulators and fancy setups and wait for payouts etc. For some reason it doesn't seem 'cool' to traders or is below them to put their performance on display. I do understand that it takes a consistent trader to month after month do the deed to stay...
Not allowed in Germany without written permission from Bafin regulator at least, I cannot speak for whole EU but usually it is the same in every EU country. So you need to be registered and licensed as financial advisor for giving advice in form of trading signals. That is complicated and makes it totally unattractive doing those MQL5 signals thingy. Same reason you cannot just open a telegram channel to give signals, or give signals from Zulu etc.
  • #20,099
  • Sep 2, 2023 2:07pm Sep 2, 2023 2:07pm
[quote=Capablanca;14560788]{quote} They only put real money for STP traders (profitable traders and a "risk" for them) For example, if you had a 200k account with a 24K DD they would deposit 24K in the real desk account. From then on this would be the maximum risk for them.[/quot

Ah ok mate got it. So actually never any "fund" as such of their own and then as @cableJ said they made the decision that the ones selected for STP likely just got lucky and decided to clip them on fills, spreads etc. With friends like that there really isn't a need for enemies especially the guy mentioned who had zero losses but they decided to clip him on trade costs anyway. It's clear to me and all but the blind that Kazmi never wanted profitable traders but a few were a necessary evil for him to contend with in order for the easy money to keep rolling in from the plain deluded and no hopers. Anyway I've had enough of MFF for now and no doubt it will all come out in the wash and as ever, as traders all we can continue you to do is assess the risk one day at a time.
  • #20,100
  • Sep 2, 2023 2:07pm Sep 2, 2023 2:07pm
Quoting bluesteele
{quote} Not really sure...But it wont be based on what he has for assets currently..There are no limits to the financial penalties...Could be 300mill. As well it gets difficult with jurisdiction for the US reaching into a Canadians pocket. I personally know of trader(s) here in Canada fined many millions from the SEC and they have been unable to seize any future earnings etc.. But there is no way out for this guy,,he is toast. Im thinking there had to be an insider/whistleblower... Probably someone who believed in the concept of helping traders...
I think you're on point here.

As judge, jury, and executioner I pronounce Kazmi guilty as charged. No trial needed. Send in the firing squad.
Pride always comes before destruction.... -Proverbs 16:18
71 traders viewing now