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  • #34,041
  • Apr 3, 2024 2:23pm Apr 3, 2024 2:23pm
Quoting PropDude1234
I knew a senior director at one of the largest and one of the first CFD firms in Europe. He said out of the 100s of 1000s of traders he saw, there was only one who was consistently profitable more than a couple of years.
Last year one of the directors of the FCA said publicly (broadcast live on TV, UK Parliamentary Channel), when giving evidence to a parliamentary committee on financial services, that the FCA knew of only ONE CFD customer of an FCA-regulated firm who was profitable for all 4 consecutive quarters (of 2022, that was). And those are the least dishonest, most closely inspected CFD brokers there are.

Quoting PropDude1234
Naturally no one on here, because everyone on a trading forum is profitable.
Lol, naturally nobody on here, because nobody on here would use an FCA-regulated broker: they don’t want any nasty regulators or governments protecting their interests.
  • #34,042
  • Apr 3, 2024 2:27pm Apr 3, 2024 2:27pm
Quoting sampat
{quote} Tradovate is pretty expensive (percentage wise) like per challenge and activation it is like 10-15 bucks extra plus 10-15 extra for PA. So it is almost equivalent of 50K free challenge..
Depending on number of contracts you trade, tradeovate may work out cheaper, challenge 4 bucks more (50k) PA activation $20 more but comission $1ish cheaper per round turn.

Commission only appears to be different for full contracts. So if trading micros rythmic will definitely be cheaper.

Just realised micro contracts are a rip off commission wise compared to full contracts.
  • #34,043
  • Edited 2:42pm Apr 3, 2024 2:32pm | Edited 2:42pm
While I am not an idiot, I can be a nincompoop at times. That said, I wanted to cheer on anybody else who has doubted themselves in the recent past. I remember as early as Sept. of last year, I was really struggling.

But the futures prop / trailing DD super-short-term quick scalping environment suits me. It suits me because emotionally I can kill a bad trade IMMEDIATELY. I use no SL or TP -- I either kill trade immediately or I take profits almost as soon as they arrive. I need direction, volume, and momentum to trade like this. So I trade 10-11am NY time (7-8am for me in California). Sometimes I stick around longer if I haven't made $200 for the day yet.

I've attached a pic from today. The red circled evals I passed around 10:05am NY time, the yellow evals I passed about 10 minutes later. Still have 3 evals in process (pink), and the purple PA ones are new "funded" accounts.

Notice I put "funded" in quotes? I know how this goes. It's a video game, but it can pay very nicely. Do I know what happens if people stop buying Apex challengess? Yes, I do. Do I believe we are okay for quite some time? Yes I do. Do I believe that eventually the inevitable doodie will hit the fan? Not sure, but leaning towards YES.
Attached Image (click to enlarge)
Click to Enlarge Name: apex-evals.png Size: 22 KB


PS - if these evals / challenges / funded accounts all get destroyed, I'll share that too. I'm not a braggart. More of a cheerleader than anything else because there's got to be a TON of new traders reading this thread :-)
.
A snails pace wins the race :-)
  • #34,044
  • Apr 3, 2024 2:45pm Apr 3, 2024 2:45pm
Quoting Quickly
{quote} Last year one of the directors of the FCA said publicly (broadcast live on TV, UK Parliamentary Channel), when giving evidence to a parliamentary committee on financial services, that the FCA knew of only ONE CFD customer of an FCA-regulated firm who was profitable for all 4 consecutive quarters (of 2022, that was). And those are the least dishonest, most closely inspected CFD brokers there are. {quote} Lol, naturally nobody on here, because nobody on here would use an FCA-regulated broker: they don’t want any nasty regulators or governments...
Well the large ESMA review which went on in 2027 (?) to limit retail leverage and offer further protections (evil governments and regulators!) looked at millions of trades and essentially came to the conclusion that everyone lost money and all leverage did was increase the rate in which that occurred.

CFDs were designed to be sophisticated investment products but ended up being marketed to and used used by people who were essentially gamblers who had no idea of the risks.
  • #34,045
  • Apr 3, 2024 2:49pm Apr 3, 2024 2:49pm
Passed a 50k account apex in second try.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot 2024-04-03 at 3.45.18 PM.png Size: 5 KB
Extreme gut feeling trader
  • #34,046
  • Apr 3, 2024 2:54pm Apr 3, 2024 2:54pm
Quoting Quickly
{quote} Last year one of the directors of the FCA said publicly (broadcast live on TV, UK Parliamentary Channel), when giving evidence to a parliamentary committee on financial services, that the FCA knew of only ONE CFD customer of an FCA-regulated firm who was profitable for all 4 consecutive quarters (of 2022, that was). And those are the least dishonest, most closely inspected CFD brokers there are. {quote} Lol, naturally nobody on here, because nobody on here would use an FCA-regulated broker: they don’t want any nasty regulators or governments...
I would love to use a FCA-regulated broker.......the irony is, the regulator "protecting" me doesn't allow me to. True story bro.
  • #34,047
  • Apr 3, 2024 2:56pm Apr 3, 2024 2:56pm
Quoting rizla101
{quote} Depending on number of contracts you trade, tradeovate may work out cheaper, challenge 4 bucks more (50k) PA activation $20 more but comission $1ish cheaper per round turn. Commission only appears to be different for full contracts. So if trading micros rythmic will definitely be cheaper. Just realised micro contracts are a rip off commission wise compared to full contracts.
lol, I remember when I discovered it as well. It is about 60% cheaper.....$3.98 for a mini, $10+ for 10 micros.
  • #34,048
  • Apr 3, 2024 2:59pm Apr 3, 2024 2:59pm
Looking at the documents about that Lex Warner guy who is the friend and business partner of Matt Leech. My gosh what a fraud, his backstory is fake his history is fake but he sure is excellent at posting buzzwords on the internet.
  • #34,049
  • Apr 3, 2024 3:01pm Apr 3, 2024 3:01pm
Quoting PropDude1234
Futures firms are shit, most CFD firms are a scam. Prop is a slightly more sophisticated form of gambling that most punters are addicted to. The statistical overwhelming probability is you'll all lose money in the long-term. I'm not in touch with him anymore, but I knew a senior director at one of the largest and one of the first CFD firms in Europe. He said out of the 100s of 1000s of traders he saw, there was only one who was consistently profitable more than a couple of years. Naturally no one on here, because everyone on a trading forum is profitable....
So TakisD and you have both been working in the industry and both of you sound very pessimistic overall. Its nothing new that theres many gamblers. Swing trading obviously is more risky I noticed in the bigger picture. Daytrading in the most volatile can be very adaptable and less likely to have fluctuations in losses as you so much enjoy to scream about.

Ive tested NQ 2005 using minute charts and its behavior is more or less similar apart from that HFT changed the arena some. So what I dont get it is.
Why do you and TakisD sound like as ive you have given up and know it all how trading works from just working a little in that environment without probably grinded it out like the most trader nerds have for 5 -20 years each day for 3-8hours alone and plus instead of working in a pretty office talking about soap operas.
It takes learning the mind psyche to succeed in Daytrading I noticed. To have a negative attitude unwilling to learn about yourself your own mind directly puts in the category of not serious and someone whos just mad and got no patience to learn actual trading.

Newbies here who are newer than me actually listen to you and think you bring any value. But you dont. Its not our fault you dont have the patience or willingness to be humble and learn to trade properly. Dont try to bring everyone else down into your own abyss like TakisD seems to enjoy too.

I think when someone stops being able to adapt to the change in market. Thats the when losses will happen, that might come as people age or get more tired of trading. Or if they have worked alot in the environment. But for experienced profitable traders I dont see they would fail to adapt to the markets that easily in time as you make it seem.

I start to write novels here again.

PS I expect no one to read this long reply. But noticed a pattern in these so called forum gurus whos worked with trading"brokers of propfirm" for 30 years or more being very sour souls without self reflection from what I can see.
  • #34,050
  • Apr 3, 2024 3:02pm Apr 3, 2024 3:02pm
Quoting montygoldy
Passed a 50k account apex in second try. {image}
here's me toiling away day after day, and your blasting an account in half a session.

Perhaps more risk more contracts is the most efficient way to clear this first stage.
  • #34,051
  • Apr 3, 2024 3:03pm Apr 3, 2024 3:03pm
Quoting labu
{quote} So TakisD and you have both been working in the industry and both of you sound very pessimistic overall. Its nothing new that theres many gamblers. Swing trading obviously is more risky I noticed in the bigger picture. Daytrading in the most volatile can be very adaptable and less likely to have fluctuations in losses as you so much enjoy to scream about. Ive tested NQ 2005 using minute charts and its behavior is more or less similar apart from that HFT changed the arena some. So what I dont get it is. Why do you and TakisD sound like as...
I think props will be good after the clean out. Just waiting for the clean out. Can't say I expected Angelo to be the international mastermind of fraud that he turned out to be. He even has laundering layers in the company. Its going to take a while.
  • #34,052
  • Apr 3, 2024 3:09pm Apr 3, 2024 3:09pm
Quoting JustPipMe
While I am not an idiot, I can be a nincompoop at times. That said, I wanted to cheer on anybody else who has doubted themselves in the recent past. I remember as early as Sept. of last year, I was really struggling. But the futures prop / trailing DD super-short-term quick scalping environment suits me. It suits me because emotionally I can kill a bad trade IMMEDIATELY. I use no SL or TP -- I either kill trade immediately or I take profits almost as soon as they arrive. I need direction, volume, and momentum to trade like this. So I trade 10-11am...
Nicely done.
  • #34,053
  • Apr 3, 2024 3:10pm Apr 3, 2024 3:10pm
Quoting rizla101
{quote} here's me toiling away day after day, and your blasting an account in half a session. Perhaps more risk more contracts is the most efficient way to clear this first stage.
More risk and more contracts is part of it. His edge is in his timing.
Trade with confidence, trade without fear.
  • #34,054
  • Apr 3, 2024 3:19pm Apr 3, 2024 3:19pm
Quoting labu
{quote} So TakisD and you have both been working in the industry and both of you sound very pessimistic overall. Its nothing new that theres many gamblers. Swing trading obviously is more risky I noticed in the bigger picture. Daytrading in the most volatile can be very adaptable and less likely to have fluctuations in losses as you so much enjoy to scream about. Ive tested NQ 2005 using minute charts and its behavior is more or less similar apart from that HFT changed the arena some. So what I dont get it is. Why do you and TakisD sound like as...
Tasksd and I clash a little, but he clearly knows his stuff and has some quality sources.

I think it was ever thus. The late Mark Douglas who worked in the old pits (when working with a broker) said, "all commodity traders were terminal. Our job was the make them comfortable".
  • #34,055
  • Apr 3, 2024 3:20pm Apr 3, 2024 3:20pm
Quoting Cryptosurf
{quote} More risk and more contracts is part of it. His edge is in his timing.
Yes, the bigger the risk, the more precise the timing must be. Many ways to get it done.
  • #34,056
  • Apr 3, 2024 3:29pm Apr 3, 2024 3:29pm
Quoting rizla101
{quote} here's me toiling away day after day, and your blasting an account in half a session. Perhaps more risk more contracts is the most efficient way to clear this first stage.
no only 3 contracts and used dow and scalped my way 10 point a time... literally picked 200 points scalping..... dow has at noon a fixed tight range lovely to pick 10 points easy. First try i yolloed hard 10 contracts aim for 60 point tp to pass eventually it went up 42 point and came back to my breakeven boom lost the account.
Just now purchased 4 evaluation account
Extreme gut feeling trader
  • #34,057
  • Apr 3, 2024 3:30pm Apr 3, 2024 3:30pm
Quoting montygoldy
Passed a 50k account apex in second try. {image}
Out reckless king Expo33 is in risk of losing his throne

Well done mate! Make sure you understand the consistency rules in funded account, namely the 30% in a single day, 20% max flipping days and the 10 minimum trading days.
  • #34,058
  • Apr 3, 2024 3:34pm Apr 3, 2024 3:34pm
Just a signal for tomorrow dow longs only tomorrow nicely tested the bottom now in the last hour of the session.
Extreme gut feeling trader
  • #34,059
  • Apr 3, 2024 3:39pm Apr 3, 2024 3:39pm
Quoting Capablanca
{quote} Out reckless king Expo33 is in risk of losing his throne Well done mate! Make sure you understand the consistency rules in funded account, namely the 30% in a single day, 20% max flipping days and the 10 minimum trading days.
20% max flipping days??? I'm in a very narrow profit per day range so I'm sure it won't get me.......but I must've missed that one......what is the 20% max flipping days?
  • #34,060
  • Apr 3, 2024 3:42pm Apr 3, 2024 3:42pm
Quoting montygoldy
{quote} no only 3 contracts and used dow and scalped my way 10 point a time... literally picked 200 points scalping..... dow has at noon a fixed tight range lovely to pick 10 points easy. First try i yolloed hard 10 contracts aim for 60 point tp to pass eventually it went up 42 point and came back to my breakeven boom lost the account. Just now purchased 4 evaluation account
I just passed a batch in two days...yesterday trading 4 minis on S&P (very high for me), my live I trade 3 micros for comparison purposes..... figured I'd give the yolo thing a try on a couple to break up the monotony, same thing found the range, rinsed and repeated 5 times....left me with $850 to pass today, 1 mini on the dow 3 separate times, same thing first trade wasn't until 11:50
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