Prop Firm Hub | Page 1489 | 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

  • #29,761
  • Feb 8, 2024 3:38pm Feb 8, 2024 3:38pm
Needless to say, I’m experimenting w DxTrade. Probably be banned from using it by March. Yay…
A snails pace wins the race :-)
  • #29,762
  • Feb 8, 2024 3:48pm Feb 8, 2024 3:48pm
Quoting Vitore
Attached Image (click to enlarge)
Click to Enlarge Name: 2024-02-08_15-45-43.png Size: 5 KB
-Some of us were already speculating about this and Meta's access to the app store as a potential driver for their recent decisions. However, what does the FCC have to do with this? Why would they be telling Meta to restrict US clients? Is this related to Ukraine sanctions or something else?
  • #29,763
  • Feb 8, 2024 3:54pm Feb 8, 2024 3:54pm
So US traders are probably fucked( unless the CFTC will ignore DXtrades)or some of the props like ACG or 5ers make their own trading platform. For the non US people we will be left with the larger props with inhouse brokers. Shit sucks. I do think tho if it goes back to there beinfmg only like 6 funding companies in the market(the ones that are their own brokers) they still would be able to survive without the US traders due to people not vbeing scattered across hunders of shit props. But the pay outs will get more restrictive I guess.
  • #29,764
  • Feb 8, 2024 3:59pm Feb 8, 2024 3:59pm
Quoting KarlKraus
Any properly regulated, genuine broker (CFTC/NFA/FCA/ASIC) - as long as your account is regulated by one of those regulators you’ll avoid at least 95% of the "broker problems" that have filled this forum and so many others for decades (not 100%, sadly).
-The problem with this, is, the options available to US citizens are very poor and restrictive, and risk and value are measured in many different ways.

Not everyone is the same, with the same circumstances, opportunities and risk-tolerance levels etc.. We should respect each other's differences and choices.
  • #29,765
  • Feb 8, 2024 3:59pm Feb 8, 2024 3:59pm
Quoting pipmaster77
So, regarding FTMO, the CFTC is going to allow those of us that got in prior to them no longer accepting US clients to continue trading CFDs on MT4? What a loophole. Perhaps every firm should stop onboarding NEW US clients in an effort to keep their existing ones. Ah, but wait a minute, existing clients who CANNOT purchase new challenges are a liability only and no longer a revenue stream if the model is what everyone suspects.
Same as offshore brokers that currently have some of us grandfathered in
  • #29,766
  • Feb 8, 2024 4:44pm Feb 8, 2024 4:44pm
Quoting Nsak3y
-Some of us were already speculating about this and Meta's access to the app store as a potential driver for their recent decisions. However, what does the FCC have to do with this? Why would they be telling Meta to restrict US clients? Is this related to Ukraine sanctions or something else? {image}
-Maybe Takisd or someone can shed some light on this, but based on my limited understanding, the issue with Meta, is that the white label service provides all of the servers and tools for brokers, basically facilitating their activity and potentially exposing Meta from a legal and regulatory standpoint. Fully-licensed brokers, with their own servers and such, may not expose Meta to the same regulatory scrutiny, and could potentially be left alone. Which could be why we are still seeing some offshore, unregulated brokers offering Meta and onboarding US clients etc..

But I wonder, if this push for Meta to drop US clients is a result of Ukraine-related sanctions, and not actual regulation, then perhaps these alternative platforms might be left alone, since there is not much that can be done by regulators; similar to how we cannot hold gun manufacturers responsible for what people choose to do with them, nor could the courts rule that VCR's were illegal just because people could copy movies with them. But in the case of Meta, since they are basically facilitating the activity by providing servers, plugins etc., then they are essentially exposed.

Perhaps, if these alternative platforms can fully-separate themselves from the activity of their clients by requiring all license holders to provide their own servers and such, then they can remain untouched from regulators, allowing brokers/firms to carry the weight of that risk on their own shoulders. And if this is true, then all we would need is a prop to relocate to a jurisdictional safe-haven, similar to what most offshore brokerages are doing.
  • #29,767
  • Feb 8, 2024 4:55pm Feb 8, 2024 4:55pm
Quoting Nsak3y
{quote}-Maybe Takisd or someone can shed some light on this, but based on my limited understanding, the issue with Meta, is that the white label service provides all of the servers and tools for brokers, basically facilitating their activity and potentially exposing Meta from a legal and regulatory standpoint. Fully-licensed brokers, with their own servers and such, may not expose Meta to the same regulatory scrutiny, and could potentially be left alone. Which could be why we are still seeing some offshore, unregulated brokers offering Meta and...
ever since dodd Frank, the US regulators have pursued a policy of no retail FX/CFD's unless over regulated. It worked for like 4-5 yrs and then the offshore small brokers started appearing and accepting US in a quiet way. The offshore brokers never really got big so they let it be as resources were not worth it. It slowly expanded until props came along and blew it up. The US regulators are now reverting to mean. In order to do so they have to apply pressure to the people facilitating the ability for people to "exchange contracts" to put it in their words. Metaquotes is that vehicle. It is resource effective to go after Metaquotes. To go after each individual company instead will be expensive and if you lose a case or happen to lie on the stand, you end up with egg on your face and your position is weaker.

They have the power to do this, they are almost the only regulator who does unless you are located in the country the regulator regulates. It was very predictable in hindsight. No grey area will stop them.
  • #29,768
  • Feb 8, 2024 5:10pm Feb 8, 2024 5:10pm
Quoting Takisd
ever since dodd Frank......
-Thanks. That all makes sense. But I cannot understand why the FCC would get involved. Do you think that this could be a political move involving sanctions, or that this is purely regulatory? If I recall, Apple removed Meta from the app store, using some bogus reasoning, and that the matter was never really disclosed publicly. I could be way off on that, though.

I think, if this move is purely regulatory, then wouldn't these new platforms be okay so long as they position themselves properly? It's not like regulators can shut down a software business just because there may be a few users that might be using the software for illegal purposes. That is not legal. If it was, many software businesses would have been shut down already.
  • #29,769
  • Feb 8, 2024 5:22pm Feb 8, 2024 5:22pm
Everybody stay calm and don't panic From 2030 nothing to worry about
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20240208_231828.jpg Size: 333 KB
  • #29,770
  • Feb 8, 2024 5:23pm Feb 8, 2024 5:23pm
Quoting Nsak3y
{quote}-Thanks. That all makes sense. But I cannot understand why the FCC would get involved. Do you think that this could be a political move involving sanctions, or that this is purely regulatory? If I recall, Apple removed Meta from the app store, using some bogus reasoning, and that the matter was never really disclosed publicly. I could be way off on that, though. I think, if this move is purely regulatory, then wouldn't these new platforms be okay so long as they position themselves properly? It's not like regulators can shut down a software...
I dont understand well enough how the 50000 powers of government of the US function. FCC perhaps got involved due to the international nature? I try to think of the US government as a single entity, just with different lipsticks.
  • #29,771
  • Feb 8, 2024 5:25pm Feb 8, 2024 5:25pm
Quoting martinez1
Just like Desbinary said "Human Spirit will Always Ever Triumph, Never Doubt It''. This what some people don't understand, with all my huddles when i tried to do an online business years ago just because i am from a third world country yet i manage to survive and had enormous success in trading, huge withdrawals ( my trading profit in few millions). It tells me that you and i can overcome any huddles, break any barrier if we work hard enough and also have enough time on our side. Everybody should relax and take comfort in the fact that nobody can...
do you still use props after earned millions? should not your opportunity costs are so high, that it will lose you money (win less money) against trade in private account full concentrated? or you diversified so much that you dont have enough money for trading in private account?
  • #29,772
  • Feb 8, 2024 5:36pm Feb 8, 2024 5:36pm
Quoting Takisd
{quote} ever since dodd Frank, the US regulators have pursued a policy of no retail FX/CFD's unless over regulated. It worked for like 4-5 yrs and then the offshore small brokers started appearing and accepting US in a quiet way. The offshore brokers never really got big so they let it be as resources were not worth it. It slowly expanded until props came along and blew it up. The US regulators are now reverting to mean. In order to do so they have to apply pressure to the people facilitating the ability for people to "exchange contracts" to put...
Agree 100% and have witnessed the FX regulatory witch hunt over the past decade.

You had also mentioned a work around solution would be to create your own platform. That would most likely get shuttered as well. Perfect example is 1Broker.com that had its own platform and was seized and shutdown by the feds.

Mentioned the story here:https://www.forexfactory.com/thread/...8#post14714348
Trade with confidence, trade without fear.
  • #29,773
  • Feb 8, 2024 5:36pm Feb 8, 2024 5:36pm
Quoting Takisd
I dont understand well enough how the 50000 powers of government of the US function.
-Most of us don't, not even Americans. Probably, the government is very comfortable with that.

Quoting Takisd
FCC perhaps got involved due to the international nature?
-I can understand the FCC's involvement when dealing with the app store, but I cannot understand how or why the FCC could tell a foreign business entity to drop US citizens. That just seems bizarre to me. I am no expert, admittedly. Maybe we are missing context. Perhaps this is strictly a demand in order to keep Meta on the app store.

But it circles back to why. Regulation or sanctions? Or what?
  • #29,774
  • Edited 6:49pm Feb 8, 2024 6:04pm | Edited 6:49pm
Quoting Ferna
{quote} I hear you. But wouldn't it be best if just let U.S run things? Make a good case/presentation for congress, about advantages and disadvantages with having retail traders and people all over the world participating in market. I'm a big critic of U.S and it's crazy regulations, but have anyone tried to make a case in form of a mutually beneficial business deal? surely if they get convinced they will call their bloodhounds in CFTC off the back of many traders/prop firms/brokers. CFTC is just carrying out whatever agenda they got from the top....
Black Friday for poker was back in 2011.

Grassroots poker groups have been organizing and lobbying Federal and State entities for 12 years and have barely gotten anywhere.

Meanwhile, billions are bet and lost on sports. Billions are lost in casinos. And the average child has consumed 1000 hours of pornography before entering High School.

But, yeah, adults playing poker online have to be stopped. Why? Because the Federal Government wasn't getting a piece of the tax pie.

The Government was meant to be a voice "for and of" the people. Unfortunately, it has become an inefficient, bloated business, filled with immoral bureaucrats who live to enrich themselves on the taxpayer's dime and to serve their masters who will do anything to stay in power

The point is that presenting anything that may be good for the citizens and their freedoms to the government would take years if not decades to come to fruition
Pride always comes before destruction.... -Proverbs 16:18
  • #29,775
  • Feb 8, 2024 6:13pm Feb 8, 2024 6:13pm
Quoting woody70
{quote} Same as offshore brokers that currently have some of us grandfathered in
Hopefully. I hope some others ban new US clients. Just don't know which ones to load up on. TBH, I'd be fine using FTMO and the 5%ers.
  • #29,776
  • Feb 8, 2024 6:14pm Feb 8, 2024 6:14pm
Bought a 70K 3 phase from E8 the other day with 6%/3%/3% targets for $196.

I'm gonna blow that account up before Purple Brokers goes bye-bye just to spite the CFTC.
Pride always comes before destruction.... -Proverbs 16:18
  • #29,777
  • Feb 8, 2024 6:16pm Feb 8, 2024 6:16pm
Quoting Takisd
{quote} ever since dodd Frank, the US regulators have pursued a policy of no retail FX/CFD's unless over regulated. It worked for like 4-5 yrs and then the offshore small brokers started appearing and accepting US in a quiet way. The offshore brokers never really got big so they let it be as resources were not worth it. It slowly expanded until props came along and blew it up. The US regulators are now reverting to mean. In order to do so they have to apply pressure to the people facilitating the ability for people to "exchange contracts" to put...
Right, every other regulator minds their own fucking business in their country in which they regulate. Why does the US think they own and control the entire fucking world?
  • #29,778
  • Feb 8, 2024 6:20pm Feb 8, 2024 6:20pm
Quoting youngD
Everybody stay calm and don't panic From 2030 nothing to worry about {image}
Exactly where we are heading and half the population votes and continues to vote for it. Heads in the sand, glued to the NY Times and The View with no clue as to what is really going on. Then wake up one day and say "How did this happen?"
PAY ATTENTION PEOPLE. ALL OF THE CLUES ARE RIGHT IN FRONT OF YOUR FACE EVERY SINGLE DAY!!!!!!
  • #29,779
  • Feb 8, 2024 7:00pm Feb 8, 2024 7:00pm
Quoting pipmaster77
Then wake up one day and say "How did this happen?"
-This will happen, regardless of who gets elected, I'm afraid.
  • #29,780
  • Feb 8, 2024 7:00pm Feb 8, 2024 7:00pm
Quoting pipmaster77
Just don't know which ones to load up on.
-US traders that are willing to trade with offshore brokers would be wise to sign up with as many as they can and get their KYC in, just in case.
93 traders viewing now