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Anyone trading with a Prop firm 31 replies

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  • #25,441
  • Nov 3, 2023 1:01pm Nov 3, 2023 1:01pm
Quoting CableJ
{quote} I probably would not say that with Apex... I think they operate similar to MFF where 1% is STP to their own futures broker accounts instead of offshore FX broker accounts with MFF or they will eventually push user to their own personal futures account like topstep (have not seen this happen to anyone yet). So the payouts are coming from fees, but the additional profit opportunity they have that FX props don't... all trading is off a CME feed & lot size limits are in line with realistic fills within 2 levels deep of order book, this makes...
Yeah that's basically what they say as I posted earlier. https://www.forexfactory.com/thread/...7#post14642567
Trade with confidence, trade without fear.
  • #25,442
  • Nov 3, 2023 1:02pm Nov 3, 2023 1:02pm
Quoting TrAndy1
{quote} No Futures trading is not forbidden. Second you should not need to pay sales tax because these are financial transaction which are subject to be sales tax free see here: https://www.gesetze-im-internet.de/ustg_1980/__4.html Also you do not need a firm, a self employed from your "Finanzamt als Freiberufler registrieren" is enough. But you need to ask your local tax department how they treat this. What you get from the prop firm is "Provision" based on your profit split. And financial Provision is sales tax free also, but you pay...

Thank you for the reply although I'm still unsure what is the final position on futures trading by retail investors based on these reports... " BaFin - Pressemitteilungen - Produktintervention: BaFin will Privatkunden bei Handel mit Futures … "
the "freelancer" and based on the freelncer list is not recognized by the tax office so the solution is to start a company but because I had read in comments in various socialmedia that some people had problems with the local authority regarding the description of the activity and also that some others succeeded and got the business license to start a company, I am in a dilemma if I finally pay for various Evaluations where it would be a pity in case I pass and get a funded account not to be able to open a company to be able to manage the funded account afterwards.
Also another problem that exists is that in case I go from a virtual account to a real account as it says here in the apex " https://support.apextraderfunding.co...accounts-live- " then the law says that one needs a license to be able to manage foreign capital.
In FTMO you don't need this license because they never give you a real account but only a virtual account. the most reliable solution though is futures because there the prices are through central exchanges
  • #25,443
  • Nov 3, 2023 1:09pm Nov 3, 2023 1:09pm
Quoting Capablanca
{quote} What will you do in these 2 days ?
You can yolo to pass since there is no <30% profitable trading day consistency during eval. They also allow 1 micro flipping to satisfy min trading days during the eval.
  • #25,444
  • Edited 1:38pm Nov 3, 2023 1:11pm | Edited 1:38pm
Quoting rizla101
{quote} I noticed they were a fpfx tech partner about month ago, when you mentioned possible metatrader issue for props. Thought we'd sooner or later see props use DX trade. Surprised to see FTMO first though, thought they utilised there own tech?
I noticed reading the ongoing court docs for the MFF case that they also utilized FPFX.
  • #25,445
  • Edited 1:30pm Nov 3, 2023 1:15pm | Edited 1:30pm
Quoting montygoldy
{quote} My goal is not long term Prop firm account instead 200k personal account. For that u just need to pull 15k-20k from 8-10 different firms.
Unfortunately, that may be your eventual problem.
  • #25,446
  • Nov 3, 2023 1:24pm Nov 3, 2023 1:24pm
Quoting James-nova
Any news from myforexfunds?
Court orders...
Receiver replaced for working with CFTC instead of being down the middle protector of assets
MFF contractors allowed to handle chargebacks
Kazmi personal non MFF related funds unfrozen to pay lawyers & living expenses
MFF money unfrozen to back pay MFFs staff
CFTC wanting contempt for MFF not turning over 2.3M offshore denied
MFF wanting protection from 7 hour all questions asked CFTC disposition denied

Hearing is scheduled for 11/6 and looks like MFF & their legal team are ready for war.
  • #25,447
  • Nov 3, 2023 1:29pm Nov 3, 2023 1:29pm
I found this payout rule in APEX - For Trandy

I was thinking that on a 300K account you could ask a payout only after 20000$ profit. It is not so. It will be just after 7600$ profit. That is equal to the max DD + 100$. This makes again very interesting the 300K account.
So the profit goals for each program are just for the Evaluation, but for the funded account here are written the account balances where have to be.
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in holiday till end of November
  • #25,448
  • Nov 3, 2023 1:38pm Nov 3, 2023 1:38pm
Quoting CableJ
{quote} Court orders... Receiver replaced for working with CFTC instead of being down the middle protector of assets MFF contractors allowed to handle chargebacks Kazmi personal non MFF related funds unfrozen to pay lawyers & living expenses MFF money unfrozen to back pay MFFs staff CFTC wanting contempt for MFF not turning over 2.3M offshore denied MFF wanting protection from 7 hour all questions asked CFTC disposition denied Hearing is scheduled for 11/6 and looks like MFF & their legal team are ready for war.
Who knows. May be MFF will win, they attacked the number one, and after this case all the industry will know how to manage such business, how to re-design and re-write all text, rules, policy, terms and so on in each websites.

I don't know how long it can take, but I hope they solve the case and they find a deal, without jail the number 1, pay a fine probably to target US citizens, Canada or whatevver, and give a clear rule for the industry, if it will be allowed as business. I don't even think that they will pretend a license for this business, but clear rules yes. But who will write rule for this industry unregulated? we will see, but I think lots of prop firm will move all abroad US and EU, and the place of business will be UAE and similar countries with perhaps no income tax and almost 0% tax.
in holiday till end of November
  • #25,449
  • Nov 3, 2023 1:39pm Nov 3, 2023 1:39pm
Quoting CableJ
{quote} Court orders... Receiver replaced for working with CFTC instead of being down the middle protector of assets MFF contractors allowed to handle chargebacks Kazmi personal non MFF related funds unfrozen to pay lawyers & living expenses MFF money unfrozen to back pay MFFs staff CFTC wanting contempt for MFF not turning over 2.3M offshore denied MFF wanting protection from 7 hour all questions asked CFTC disposition denied Hearing is scheduled for 11/6 and looks like MFF & their legal team are ready for war.
The lawyers they picked are top (and I guess very expensive). On of the lawyers joining the team even went out of DoJ very recently (a couple of weeks).
  • #25,450
  • Nov 3, 2023 1:39pm Nov 3, 2023 1:39pm
Quoting CableJ
{quote} You can yolo to pass since there is no <30% profitable trading day consistency during eval. They also allow 1 micro flipping to satisfy min trading days during the eval.
No minimum time to open / close like 2 minutes ?
  • #25,451
  • Nov 3, 2023 1:55pm Nov 3, 2023 1:55pm
Quoting CableJ
{quote} Unfortunately, that may be your eventual problem.
Im thinking a good chunk of those firms are going to find a way to deny payments.
Trade with confidence, trade without fear.
  • #25,452
  • Nov 3, 2023 1:57pm Nov 3, 2023 1:57pm
Anyone used toptier trader ??? recently getting a lot of marketing from them.
Extreme gut feeling trader
  • #25,453
  • Nov 3, 2023 2:01pm Nov 3, 2023 2:01pm
Quoting CableJ
{quote} I noticed reading the ongoing court docs for the MFF case that they also utilized FPFX.
Yes I think MFF left them not long before someone whisleblew...
  • #25,454
  • Nov 3, 2023 2:03pm Nov 3, 2023 2:03pm
Quoting CableJ
{quote} Unfortunately, that may be your eventual problem.
Meaning???
Extreme gut feeling trader
  • #25,455
  • Nov 3, 2023 2:14pm Nov 3, 2023 2:14pm
New funded account with nova funding 25K
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  • #25,456
  • Nov 3, 2023 2:16pm Nov 3, 2023 2:16pm
Quoting montygoldy
Anyone used toptier trader ??? recently getting a lot of marketing from them.
Only firm that denied me the funded account. Still today I have no clue why because they don't care in responding. They refunded me and I moved on.
  • #25,457
  • Nov 3, 2023 2:19pm Nov 3, 2023 2:19pm
Quoting mizi123
New funded account with nova funding 25K {image}
I hope they are not the same than Nova trading because nova trading were the guys from blueforexfunds and firstclassforexfunds.

Maybe is just similarities in the name.

Edit: they may be, yes, because trust pilot is horrible (+20% one star reviews).

Good luck, you will probably need it.
  • #25,458
  • Nov 3, 2023 2:19pm Nov 3, 2023 2:19pm
Quoting Capablanca
{quote} Only firm that denied me the funded account. Still today I have no clue why because they don't care in responding. They refunded me and I moved on.
Thanks bro for the heads up
Extreme gut feeling trader
  • #25,459
  • Nov 3, 2023 2:38pm Nov 3, 2023 2:38pm
I was reminded by my boy driven18 of the importance of keeping an eye on Apex's trailing DD.

Quote
If you started at 50K and achieved 53K during the day and then back to 50,200 - Account is lost

Although you are in profit of $200, you still fucked

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Its a Intraday scalpers paradise and have stay frosty. Once you're up by a good amount then call it day.
Trade with confidence, trade without fear.
  • #25,460
  • Nov 3, 2023 2:39pm Nov 3, 2023 2:39pm
Quoting montygoldy
Anyone used toptier trader ??? recently getting a lot of marketing from them.
If your willing to take 10% for 10% challenges may as well be with FTMO.
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