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  • #20,501
  • Sep 4, 2023 9:04am Sep 4, 2023 9:04am
Quoting Masterrmind
Social media on a feeding frenzy with all this fraud accusations put against My Forex Funds. Looks like everyone has come out from under their rock to post a video or two and sling mud. Goodness me it's just nasty. Masterrmind ............
yes, for clicks.
Intraday only.
  • #20,502
  • Sep 4, 2023 9:04am Sep 4, 2023 9:04am
And I asked a simple question in Fundedengineer at Discord and they kicked me out and banned me. What a joke. I am not a customer from them, perhaps they did not know that before. Funny. Because now they do not get my money for sure.
  • #20,503
  • Sep 4, 2023 9:08am Sep 4, 2023 9:08am
Quoting Tovip
Looking to add more prop firms to my list, trying to avoid the ones based in US or Canada atm...Funded engineer and Fxify and 5ers seem interesting...but does anyone on ff have an actual payout from funded engineer? Their scale up plan with increased daily loss seems too good to be true. For Fxify, I can't seem to find any info on their scale up plan on their website. When I went to their live chat, the staff said 10% return within 3 months would lead to 25% scale up, and in another 3 months, it would be even double that. E.g. 400k at month 0, 500k...
Bummed indeed.

Especially considering that the main players here rated it at the top of the list for a Gray Prop Firm.

They were paying for ages and now it's stopped.

Well at least until Sept 11 but who knows what is going to happen after that date.

Masterrmind ............
Master your Mind then Master your Trades
  • #20,504
  • Sep 4, 2023 9:08am Sep 4, 2023 9:08am
Quoting TrAndy1
{quote} I have 800k funded accounts there. They are very good. In customer service, trading conditions and prices for their challenge fees with regular promo codes. My experience.
do you have any other accs?

or you jump on an 800k acc giving your money to this guy? I mean, what does your gut tell you? Mine tells me that this kid saw one too many episodes of "Gangs of London"
  • #20,505
  • Sep 4, 2023 9:12am Sep 4, 2023 9:12am
Quoting LehmanBrotha
{quote} do you have any other accs? or you jump on an 800k acc giving your money to this guy? I mean, what does your gut tell you? Mine tells me that this kid saw one too many episodes of "Gangs of London"
I never experienced anything kidding or unserious with Bespoke. MY EXPERIENCE with them. I bought 5 $400k accounts and I am fine with them. Can tell you more when I get my first payout in two weeks with them.

The only negative point I am watching, but this does not affect my trading style. That any scalping is not welcomed. They regularly ban people for trading with scalping style. That is all on accs what I can say. So if you are Scalper then you cannot choose them.
  • #20,506
  • Sep 4, 2023 9:13am Sep 4, 2023 9:13am
Quoting navk
{quote} yes, for clicks.
Exactly.

Then you have other Prop Firms trying to take advantage of a bad situation in the hope of driving traders their way.

It's all happening.

Masterrmind............
Master your Mind then Master your Trades
  • #20,507
  • Sep 4, 2023 9:13am Sep 4, 2023 9:13am
Quoting TrAndy1
You as trader can even go to jail if you are not licensed or the prop firm and you take real money for trading from the prop his funds. Not for small money but for big money for sure when it comes to court.
while it s true there are legal consequences if u act like a financial adviser without beeing 1, there s no way for u to take funds and trade them from a prop firm or hedge fund without knowing exactly who trades for whome, who is licenced if any1, specially if trades run to live markets. unless u falsify documents that attest u are a certicated financial advisor, u have 0 liability when signing up with a hedgefund or propfirm. it says so on the tin!!
u d have to be really stupid to sign a contract that puts u at risk in case of losses. moreover, Tge 5s are 1 of the oldest props outthere, and that owner isn t 20 years old. i reckon he knows what he s doing or has great legal advice for staying outside of the regulatory spotlight for so long.
  • #20,508
  • Sep 4, 2023 9:14am Sep 4, 2023 9:14am
Quoting TrAndy1
You as trader can even go to jail if you are not licensed or the prop firm and you take real money for trading from the prop his funds. Not for small money but for big money for sure when it comes to court.
Not true. I can trade anyone's money as long it is theirs and theirs alone. Just to be on the safe side from the muppets living in muppet world you can call yourself a contracted signal provider.

Also just because you have this fantasy "licence" you are banging on about doesn't stop you being a criminal does it?
  • #20,509
  • Sep 4, 2023 9:17am Sep 4, 2023 9:17am
Quoting Masterrmind
Social media on a feeding frenzy with all this fraud accusations put against My Forex Funds. Looks like everyone has come out from under their rock to post a video or two and sling mud. Goodness me it's just nasty. Masterrmind ............
Well now we've got something to talk about again, it got a bit boring on here... how many times can you post about slippage and be interesting?
  • #20,510
  • Sep 4, 2023 9:17am Sep 4, 2023 9:17am
Another thing...some people mentioned finotive here...I took a look at their T&C..their scaling up conditions seem to be a bit sketchy.

"8.2.3.4.3. If the trader choses to scale, the trader understands that they fully forfeit the profits exchanged, as these cannot be withdrawn. I.e., The trader cannot use profits to scale and also withdraw. If a trader wishes to withdraw profits made on top of the scaling target, they must request the withdrawal BEFORE requesting the scaling or the excess profits will be lost."

With their profit split ratio, the scale up is pretty much non existent with their conditions since they don't allow the "profit req to scale up" to be withdrawn ever. If it's 200k account with 75% profit split, 8% target is req to "scale up" to 340k. If you choose to withdraw this 8% instead of doing the scaleup, you get 200000*0.08*0.75=12k. If you forfeit this 12k and choose scale up instead, you get the 340k funded account with max overall loss 34k. With profit split still being 75%, if they STP this account, the max loss they cover is just 34k*0.75=25.5k.

In this case, I might as well withdraw the profits and deposit it into my own account, instead of doing the scale up lol...Just be careful...'Cause I was very tempted by their big jump from 200k to 340k scale up at first until I looked into their T&C.

There are better prop firms with actual scale up plan out there I think.

With Bespoke, not a fan of banning martingale strategy...makes it very easy for them to ban the account on the basis of violating terms.

With fundedtradingplus, I was very tempted by their aggressive scale up plan with no time limit, but their trailing drawdown is just...forget about it lol
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memento mori
  • #20,511
  • Sep 4, 2023 9:18am Sep 4, 2023 9:18am
Sorry guys. 5ers CEO I guess he is not a good trader. Second his knowledge is not good and I have watched the whole video now.
Third, you cannot take someone else his real money and trade on your own with it and that without any license. Only virtual trading and virtual funds can solve this.
  • #20,512
  • Sep 4, 2023 9:19am Sep 4, 2023 9:19am
Quoting TrAndy1
{quote} NO !!!!
depends on what you call long. Ive seen grids running profitably over a year with many trades each day. So a couple of thousands in total without a problem. They could run even longer with less agressive settings imho
Money is made by sitting, not trading
  • #20,513
  • Sep 4, 2023 9:20am Sep 4, 2023 9:20am
Quoting Tovip
Looking to add more prop firms to my list, trying to avoid the ones based in US or Canada atm...Funded engineer and Fxify and 5ers seem interesting...but does anyone on ff have an actual payout from funded engineer? Their scale up plan with increased daily loss seems too good to be true. For Fxify, I can't seem to find any info on their scale up plan on their website. When I went to their live chat, the staff said 10% return within 3 months would lead to 25% scale up, and in another 3 months, it would be even double that. E.g. 400k at month 0, 500k...
Funny that you say this because in my notes about scaling in FXIFY I have this:
"25% balance when 10% is gain in 3 months. Thereafter the balance is doubled up where 10% gain is achieved in 3 months (to a max of 10x initial balance)"

And I'm sure I copy / pasted this from their site or FAQs. Now I don't find it anymore so I'm not sure if it's still in place...
  • #20,514
  • Sep 4, 2023 9:22am Sep 4, 2023 9:22am
Quoting Vitore
{quote} depends on what you call long. Ive seen grids running profitably over a year with many trades each day. So a couple of thousands in total without a problem. They could run even longer with less agressive settings imho
I want to stop here this discussion. I guess it is not fruitfull nor the topic to this thread. But up to 6 months or 1 year everything can work. I said about the longer run.
  • #20,515
  • Sep 4, 2023 9:22am Sep 4, 2023 9:22am
Quoting Tovip
Another thing...some people mentioned finotive here...I took a look at their T&C..their scaling up conditions seem to be a bit sketchy. "8.2.3.4.3. If the trader choses to scale, the trader understands that they fully forfeit the profits exchanged, as these cannot be withdrawn. I.e., The trader cannot use profits to scale and also withdraw. If a trader wishes to withdraw profits made on top of the scaling target, they must request the withdrawal BEFORE requesting the scaling or the excess profits will be lost." With their profit split ratio, the...
Yep, long time ago we discussed Finotive scaling and the DD increases basically based in your profits kept in the account. Not worth it.
  • #20,516
  • Sep 4, 2023 9:25am Sep 4, 2023 9:25am
Quoting TrAndy1
To make it simple if I give a trader real money to trade then I need to have a license to do so, otherwise it is not allowed. That is in Germany and EU and also in USA and all major jurisdictions. Everytime when real money is involved then a license is required and you are fully regulated. Point. Any prop firm which is saying the traders are trading REAL funds is just too stupid. AND if the prop is not regulated then the traders needs to have a financial advisor license so (s)he allowed to take foreign real money for his own trading. Point. Otherwise...
Similar here in Australia.

It's not worth the risk and the law suites that will follow if operating a shady Prop Firm are simply not worth it.

The rules and definitions are quite clear in the Corporation's Act 2001 along with various amendments.

Get an ASIC license or trade your own funds.

Masterrmind...............
Master your Mind then Master your Trades
  • #20,517
  • Sep 4, 2023 9:29am Sep 4, 2023 9:29am
Quoting Capablanca
{quote} Yep, long time ago we discussed Finotive scaling and the DD increases basically based in your profits kept in the account. Not worth it.
I'm with you on that, give Finotive a big miss.

Masterrmind............
Master your Mind then Master your Trades
  • #20,518
  • Sep 4, 2023 9:32am Sep 4, 2023 9:32am
Quoting Fagin
{quote} Well now we've got something to talk about again, it got a bit boring on here... how many times can you post about slippage and be interesting?
Ha ha ha .... so true.

Masterrmind .............
Master your Mind then Master your Trades
  • #20,519
  • Sep 4, 2023 9:33am Sep 4, 2023 9:33am
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My first reaction was to laugh at this.

Then I though about Madoff. Not sure if everybody is aware but in Madoff case they tried to return the maximum they could.

BUT....

Let's say that each one should receive 65% (losing the other 35%). What they did was to look in the past records for people that received more than these 65% or people that received everything and closed their accounts. And asked them to return the money above this 65%, threating with a legal case. They were able to collect a lot of money from some people.

That was a ponzi, yes, and different from MFF. But this comment it's not so stupid as it may seem. Let's see how all this mess unfolds.
  • #20,520
  • Sep 4, 2023 9:37am Sep 4, 2023 9:37am
Quoting Tovip
Looking to add more prop firms to my list, trying to avoid the ones based in US or Canada atm...Funded engineer and Fxify and 5ers seem interesting...but does anyone on ff have an actual payout from funded engineer? Their scale up plan with increased daily loss seems too good to be true. For Fxify, I can't seem to find any info on their scale up plan on their website. When I went to their live chat, the staff said 10% return within 3 months would lead to 25% scale up, and in another 3 months, it would be even double that. E.g. 400k at month 0, 500k...
FXIFY has very good scale up.

On 10 % profirt every three months :

100k
125k
250k
500k
1 Million
Intraday only.
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