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  • #23,961
  • Oct 11, 2023 2:32am Oct 11, 2023 2:32am
Question for all you wise folks.

Would it be wise for a prop firm to disclose their social media policy (how they will use social media) and their promotion policy (how promotions are decided etc) ? Is this information of value at all or just wasted web space?
  • #23,962
  • Oct 11, 2023 2:44am Oct 11, 2023 2:44am
Quoting Takisd
Question for all you wise folks. Would it be wise for a prop firm to disclose their social media policy (how they will use social media) and their promotion policy (how promotions are decided etc) ? Is this information of value at all or just wasted web space?
I would say zero value for me, unless we're talking about paid reviews, paid interviews, etc. If that happens then it's good to know.
  • #23,963
  • Oct 11, 2023 2:53am Oct 11, 2023 2:53am
Quoting Capablanca
{quote} I would say zero value for me, unless we're talking about paid reviews, paid interviews, etc. If that happens then it's good to know.
Right but you wouldnt do that if you are going to disclose it. It was more of a "Don't expect our CEO to be on social media waving his dick around" and "we dont respond to social media calls for support" type of disclosure.
  • #23,964
  • Oct 11, 2023 3:09am Oct 11, 2023 3:09am
Quoting Takisd
{quote} Right but you wouldnt do that if you are going to disclose it. It was more of a "Don't expect our CEO to be on social media waving his dick around" and "we dont respond to social media calls for support" type of disclosure.
Depends what you're model is, if you're panning for fee's then I would expect it, which would dictate how representable of the company it is. Although if it was more of a quasi hedge fund type prop looking for quality signals providers / data breeders or whatever then I would expect a more level professional approach. Personally I will avoid all props bragging of payouts, big obvious red flag now which kinda rules them all out at the mo.
  • #23,965
  • Oct 11, 2023 3:21am Oct 11, 2023 3:21am
Is there any update about MFF so far? if I remember correctly today is the hearing day right?
  • #23,966
  • Oct 11, 2023 3:25am Oct 11, 2023 3:25am
Quoting longcanlun12
Is there any update about MFF so far? if I remember correctly today is the hearing day right?
Receiver requested a delay of 3 days, but court was not available until the 6th. So its 6th november now.
  • #23,967
  • Oct 11, 2023 3:50am Oct 11, 2023 3:50am
Quoting Takisd
{quote} Receiver requested a delay of 3 days, but court was not available until the 6th. So its 6th november now.
ngl man, this feels like forever. Nothing gonna make sure the court will not delay again by then right? So if CFTC decided to regulate the prob industry, I think it will take a long ass time, it can be said the probs have at least a couple of years in order to prepare and modify their business model
  • #23,968
  • Oct 11, 2023 3:56am Oct 11, 2023 3:56am
Quoting longcanlun12
{quote} ngl man, this feels like forever. Nothing gonna make sure the court will not delay again by then right? So if CFTC decided to regulate the prob industry, I think it will take a long ass time, it can be said the probs have at least a couple of years in order to prepare and modify their business model
I have 0 clue. I believe that by new year it will be all tied up and done but its just speculation and I have no idea. Its not about the business model, its about registration. Whether you b book or virtual or simulate or prostate these businesses who accept US residents need to be registered in the US according to the CFTC/SEC/FINRA. So all those guys who changed their text to say virtual, they will look like right clowns soon. Same as the ones who re-domiciled.
  • #23,969
  • Oct 11, 2023 4:18am Oct 11, 2023 4:18am
yeah you're right, it's hard to tell what gonna happens next. But at least, we all know right now the probs that are located in the US-CAN are the ones that will be affected the most, so staying away from them right now is the best way for us as retail traders. Still think CFTC needs to do more work to propose and publish a new law regarding the industry, I mean it is not easy to new draft laws, so the longer it took to solve this case the more chance that they "care" about prob traders, or else they just banned all the probs inside the US it's way more easier and faster to handle the case. So time is also important factors
  • #23,970
  • Oct 11, 2023 4:23am Oct 11, 2023 4:23am
Quoting longcanlun12
yeah you're right, it's hard to tell what gonna happens next. But at least, we all know right now the probs that are located in the US-CAN are the ones that will be affected the most, so staying away from them right now is the best way for us as retail traders. Still think CFTC needs to do more work to propose and publish a new law regarding the industry, I mean it is not easy to new draft laws, so the longer it took to solve this case the more chance that they "care" about prob traders, or else they just banned all the probs inside the US it's...
They will not make new law, they are looking for precedent to require all these firms who have US residents as customers to register. They will get it.
  • #23,971
  • Oct 11, 2023 4:41am Oct 11, 2023 4:41am
I am also pretty sure that a registration will be required. Regulators want to regulate. So in case you are unregulated you then need to register so you are regulated.
  • #23,972
  • Oct 11, 2023 4:44am Oct 11, 2023 4:44am
Quoting TrAndy1
I am also pretty sure that a registration will be required. Regulators want to regulate. So in case you are unregulated you then need to register so you are regulated.
Right, but from my research, I can tell that these businesses wont survive regulation as their margins are not high enough.
  • #23,973
  • Oct 11, 2023 4:53am Oct 11, 2023 4:53am
Quoting Takisd
{quote} Right, but from my research, I can tell that these businesses wont survive regulation as their margins are not high enough.
Only FTMO and MFF may have the money to register in US
  • #23,974
  • Oct 11, 2023 4:57am Oct 11, 2023 4:57am
I don't like Maven CEO and I never tested Maven but he came in twitter that they defined all the vague things they had on order to be much clear what they mean.

This is it:
Attached Image (click to enlarge)
Click to Enlarge Name: Maven.jpeg Size: 169 KB


If props decide to have special rules I think it's a good example how they should be clear about it.
  • #23,975
  • Oct 11, 2023 4:58am Oct 11, 2023 4:58am
Quoting DeltaCapital
{quote} Only FTMO and MFF may have the money to register in US
It's probably not just the registration issue. It's also have the traders to have some sort of certification or so. This would kill the market.
  • #23,976
  • Oct 11, 2023 5:09am Oct 11, 2023 5:09am
Quoting Takisd
{quote} Right but you wouldnt do that if you are going to disclose it. It was more of a "Don't expect our CEO to be on social media waving his dick around" and "we dont respond to social media calls for support" type of disclosure.
OK, I see your point. Let's imagine that a new prop comes in and says that they don't give a dime for social media. At this point I don't value or devalue this information (that's what you asked). I only care about conditions and then if they play without tricks.

But I think I'm not a good example because I'm an anti-social trader. People care a lot these days about being engaged in communities, having discords and telegram channels, twitter presence, interacting with CEOs, etc.


What I see is more of a consequence (and not if I value or not the policy). If they are not in social media they would have to have an excellent support in order that I'm not stuck with something and thinking that maybe a Discord and Telegram or twitter would be a faster way of getting a response (my example of FXIFY - I was only able to sort my payout with Telegram).

It would also attract false claims because cheaters know that the company won't even respond.

The most similar one to "I don't give a sh* for social media" it's probably TFF.
  • #23,977
  • Oct 11, 2023 6:15am Oct 11, 2023 6:15am
Quoting Capablanca
I don't like Maven CEO and I never tested Maven but he came in twitter that they defined all the vague things they had on order to be much clear what they mean. This is it: {image} If props decide to have special rules I think it's a good example how they should be clear about it.
Toxic order flow is not cheating. Its just toxic. He defines it as cheating, which is dumb. Because scalping is toxic flow.
  • #23,978
  • Oct 11, 2023 6:17am Oct 11, 2023 6:17am
Quoting DeltaCapital
{quote} Only FTMO and MFF may have the money to register in US
I dont think so. The cost to run the company as a registered company will kill it imo. This is why oanda etc have wide spreads/high cost of trading because you have to be able to afford to exist.
  • #23,979
  • Oct 11, 2023 6:28am Oct 11, 2023 6:28am
Quoting Capablanca
I don't like Maven CEO and I never tested Maven but he came in twitter that they defined all the vague things they had on order to be much clear what they mean. This is it: {image} If props decide to have special rules I think it's a good example how they should be clear about it.
I find them by far too strict and too many rules to consider. I think I would not be affected but with so many rules I would not want to join anymore. Also they reduced max. capital to now 500k per trader and max. account size of 200k, which is no more attractive to me anymore too. Maven is out of the game for me.
  • #23,980
  • Oct 11, 2023 6:47am Oct 11, 2023 6:47am
Quoting TrAndy1
{quote} I find them by far too strict and too many rules to consider. I think I would not be affected but with so many rules I would not want to join anymore. Also they reduced max. capital to now 500k per trader and max. account size of 200k, which is no more attractive to me anymore too. Maven is out of the game for me.
This comment shows why props avoid transparency in the special rules and prefer vague and unclear rules (I'm not provocating you TrAndy, I'm just saying that your reaction is the one from most people).
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