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Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

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  • #35,581
  • Apr 28, 2024 11:14pm Apr 28, 2024 11:14pm
Quoting procrude
{quote} Don't waste money on small challenges.... instead use your strategy on free prop trials or demo accounts. In the mean time save some money. I personally believe any challenge less than $100K is not even worth it. Your mind plays games on you. Your thinking will be different on a small account versus a big account. I see you have been on forexfactory since 2020. I am sure you know how to trade, you probably just need to polish yourself and be better. Just my opinion.
I also did that.
Lost 200k $ challenge phase 1
Lost 100k $ challenge phase 1
Lost another 100k $ challenge phase 2
Lost 50k $ challenge phase 1
Lost 25k $ challenge phase 1

all these challenges could have changed my life a bit, I would have come of this hell but no, god has stored something else for me in his diary
but now I have some strategy on which I can rely on, earlier I was playing here and there but now I have a solid approach fully backtested & forward tested as well
i need just one chance and later in future years like in next 3-5 years my life will be changed
yeah, but there is no guarantee that strategy will always work
but if it worked, will pass phase1, phase2 and eventually get some payout to start my prop firm journey again
from 5k $ challenge to 100k $ challenge
getting my first bigger funded account & first bigger payout is going to be very challenging

this trading is a treasure for sure
no doubt, nobody will never gets easy access to this treasure of money
  • #35,582
  • Apr 28, 2024 11:29pm Apr 28, 2024 11:29pm
Quoting Tobiazzek
{quote} In my opinion he shouldnt even be thinking about giving anymore money to Trading IF he doesnt even have 20$ to his name. He should develop a strategy with edge (or learn one from a mentor, there is actually a lot of good info on theinternet, even youtube, unfortunately all these peaople have less than 10k subs which is sad cuz all the ones above are BS gurus) backtest the last 1,5-3years , write at eBay house you trade, what marketu, what are you looking for in detail etc. But tbh needs to see a psychologist as from earlier posts he is only...
thank god, that am not that poor that I can't change my life
I have still left enough money to my name but I have no access to because parents will never give me
Because I have already lost huge amount of my hardwork + parents money
Earlier it was 50k $, now it has increased to 55k $
& believe me our total net worth is below 30k $ now
If we sell our everything, it will not even realise 30k $
& now I cannot do the mistakes I have been doing from the last 5 years that I am trying to recover my loss
so to recover that I put big money, and lost big money in a very short span of time

the only asset which I consider I have is my time, energy, strategy and mindset
I have decided that I have to change my life at any cost
No matter how much time it will take
& it is now just a matter of time
I am sure fully confident that now my life is going to be changed
as now I have some strategy, some approach to grow the account

it took me like 5 years to understand what actually strategy is
earlier I thought let me first recover my loss, after that I will make some strategy and work on risk management, till that keep playing here & there with whatever lot
but things like this will happen only to super luck people, and may be they will loss again after recovering their loss because they don't have any well written plan

now I better know that, i am not going to get out of this mess easily, but one day definitely
it may take 1 year, 2 year, 3 year or may be just 10 months, I don't know
it just depends on the capital amount & if the strategy got worked that's it

if you thinking its just strategy, no
it is also about mind control, risk management, how accurately you apply your strategy etc etc

just one chance, just one push in life is needed
hopefully i will come out of this burning hell
& start living my life again
  • #35,583
  • Apr 28, 2024 11:46pm Apr 28, 2024 11:46pm
Quoting genuine007
{quote} thank god, that am not that poor that I can't change my life I have still left enough money to my name but I have no access to because parents will never give me Because I have already lost huge amount of my hardwork + parents money Earlier it was 50k $, now it has increased to 55k $ & believe me our total net worth is below 30k $ now If we sell our everything, it will not even realise 30k $ & now I cannot do the mistakes I have been doing from the last 5 years that I am trying to recover my loss so to recover that I put big money, and lost...
I wish you good luck in the future. I will not argue but I will tell you one very important thing "Please only invest what you can easily afford to lose". Take care.
Drawdown is more important than Account Size !
  • #35,584
  • Apr 29, 2024 12:13am Apr 29, 2024 12:13am
Hi genuine,

I feel your pain my friend. This can be an unforgiving business at times. I agree with Procrude, only trade with money you can afford to lose.

"You Only Fail When You Quit." Quote by unknow.

I wish you many pips in the weeks to come. Keep us all updated as to your progress.
__________________________________________________________
  • #35,585
  • Apr 29, 2024 1:54am Apr 29, 2024 1:54am
Quoting anthon25
{quote} {quote} Compairing between fxify and fundednext; i choosed fundednext : a Stellar 2-Step Challenge 15K worth usd 119 which gave more oppurtunity : FundedNext is the only firm to offer a 15% profit sharing from the profit we make during the challenge phases and i wrote a simple EA to trade. I open for any suggestion of running the account with my simple AZR EA to accieve good goal. any suggestion will be very high apreciated. Here the credintial : MT4 Login: 22134726 Pass : ysdIG16## Server: FundedNext-Demo I'll share the result on this thread...
Just confirm in FAQ's or support if they allow such ea's or strategies.
Extreme gut feeling trader
  • #35,586
  • Apr 29, 2024 2:03am Apr 29, 2024 2:03am
Quoting genuine007
{quote} I also did that. Lost 200k $ challenge phase 1 Lost 100k $ challenge phase 1 Lost another 100k $ challenge phase 2 Lost 50k $ challenge phase 1 Lost 25k $ challenge phase 1 all these challenges could have changed my life a bit, I would have come of this hell but no, god has stored something else for me in his diary but now I have some strategy on which I can rely on, earlier I was playing here and there but now I have a solid approach fully backtested & forward tested as well i need just one chance and later in future years like in next...
You're in a vicious cycle of deposit, hoping to make big and then lose. I've been in that place and my only suggestion is never be dependent on trading for survival (coz then emotions will takeover and messes everything). First thing is to get a stable job or a stable income that covers up everything and then focus on trading with the money ou can afford to lose.

Rather than depositing why not take part in competitions of all these firms. If you're sure you can pass a eval you can surely pass those and get a free eval.

"the magic you're looking for is in the WORK you AVOIDING "
Extreme gut feeling trader
  • #35,587
  • Apr 29, 2024 2:22am Apr 29, 2024 2:22am
Quoting montygoldy
{quote} You're in a vicious cycle of deposit, hoping to make big and then lose. I've been in that place and my only suggestion is never be dependent on trading for survival (coz then emotions will takeover and messes everything). First thing is to get a stable job or a stable income that covers up everything and then focus on trading with the money ou can afford to lose. Rather than depositing why not take part in competitions of all these firms. If you're sure you can pass a eval you can surely pass those and get a free eval. "the magic you're...
Aside fundednext, which monthly competition firms can you recommend? Thank you.
  • #35,588
  • Apr 29, 2024 2:25am Apr 29, 2024 2:25am
Quoting anthon25
{quote} {quote} Compairing between fxify and fundednext; i choosed fundednext : a Stellar 2-Step Challenge 15K worth usd 119 which gave more oppurtunity : FundedNext is the only firm to offer a 15% profit sharing from the profit we make during the challenge phases and i wrote a simple EA to trade. I open for any suggestion of running the account with my simple AZR EA to accieve good goal. any suggestion will be very high apreciated. Here the credintial : MT4 Login: 22134726 Pass : ysdIG16## Server: FundedNext-Demo I'll share the result on this thread...
Stay away from Fundednext.
  • #35,589
  • Apr 29, 2024 2:38am Apr 29, 2024 2:38am
Quoting TraderTero
{quote} Stay away from Fundednext.
Hi TraderTero. Can you please give your reason(s)?
  • #35,590
  • Apr 29, 2024 2:43am Apr 29, 2024 2:43am
Quoting Maroka
{quote} Hi TraderTero. Can you please give your reason(s)?
High risk that you won't get paid. Please read their rules and Trustpilot reviews.
  • #35,591
  • Apr 29, 2024 2:46am Apr 29, 2024 2:46am
Quoting Takisd
{quote} I am trying to come up with some math for this to build a different prop firm program for fun (I am a nerd like that). I have a few accounts lately at "different" prop firms for research not for suggestions or comments or even profits. Thetradingpit is another one i have to see what its like as well. I think there is potential for a great new model that could lead to some sort of "a book" or feed more into a quant strategy than the random walk gambling that exists out there now. Maybe tomorrow I will obsess about something else but the existing...
Buoytrade model will likely survive because it allows much better risk management for the prop.
  • #35,592
  • Apr 29, 2024 3:02am Apr 29, 2024 3:02am
Quoting TraderTero
{quote} Stay away from Fundednext.
Thanks bro.... but its done. so let see the result for next 3 months?
I am completely a lazy Trader & Pennies Rebate Hunter
  • #35,593
  • Apr 29, 2024 3:07am Apr 29, 2024 3:07am
fishing for best prop model. Reminds me of open forum to gather ideas and later on sell them in advisory circumstances. But yeah, why not.
That is why VAR is in any prop firm. You can count sitting costs also. But as said in the past: its the %share and leverage all along.
  • #35,594
  • Apr 29, 2024 3:27am Apr 29, 2024 3:27am
Quoting genuine007
{quote} thank god, that am not that poor that I can't change my life I have still left enough money to my name but I have no access to because parents will never give me Because I have already lost huge amount of my hardwork + parents money Earlier it was 50k $, now it has increased to 55k $ & believe me our total net worth is below 30k $ now If we sell our everything, it will not even realise 30k $ & now I cannot do the mistakes I have been doing from the last 5 years that I am trying to recover my loss so to recover that I put big money, and lost...

Start from bottom with cheapest 5k challenge and built discipline and consistency. It's process. And don't think your strategy will last, it will not market changes all the time. You need to catch quickly changes and adjust strategy to new conditions. That is why i believe best traders are sort of half discretionary and half being stick to rules and system. It's a bit of art and needs intuition to see what is going on.
  • #35,595
  • Apr 29, 2024 3:43am Apr 29, 2024 3:43am
genuine reached the next stage of revenge trading - revenge living
  • #35,596
  • Apr 29, 2024 3:44am Apr 29, 2024 3:44am
Quoting youngD
{quote} Start from bottom with cheapest 5k challenge and built discipline and consistency. It's process. And don't think your strategy will last, it will not market changes all the time. You need to catch quickly changes and adjust strategy to new conditions. That is why i believe best traders are sort of half discretionary and half being stick to rules and system. It's a bit of art and needs intuition to see what is going on.
Yeah... agreeeee

thats why i used EA which reflect of my own startegies... discreation is an option.

for this challenge i will use 100% of my own system and no discreation allowed.
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I am completely a lazy Trader & Pennies Rebate Hunter
  • #35,597
  • Apr 29, 2024 5:33am Apr 29, 2024 5:33am
Quoting anthon25
{quote} Yeah... agreeeee thats why i used EA which reflect of my own startegies... discreation is an option. for this challenge i will use 100% of my own system and no discreation allowed. {image}
exactly. EA uses the strategy very strict. No chance of overtrading, revenge trading or other kind of psycologic failure. Furthermore the trade is taken instantly. Stoploss is not moved. Profit is set as the target which is defined by the strategy. However I do adjust profit to zones at the chart after the trade is taken.

Are you using MT4 or MT5?
MetaTrader 4 - so many advantages.
  • #35,598
  • Apr 29, 2024 6:22am Apr 29, 2024 6:22am
Some rumors that a bunch of props (mostly FPFX ones) have bound themselves together with major rule changes and are about to release them. They appear to all be hesitating so far. Things such as leverage, profit caps, no refunds etc.

Myflashfunding has dropped leverage for funded accounts which suggests that most of scammer Sean's companies will do the same.

Rumor from FP staff is that Fundingpips revenue is down 70% and that they do not execute any orders.

MFFX and swift set to change more rules.

I stand by my statement that all of this is not specifically because these guys are scammers (as much as i despise them) but because the game has been found out and counter-gamed. And it lead to my discussion about models and what could be an actual valid prop model that appeases most retailers whilst being investment safe (so that it is actually real money). VaR is a starting point in that, sales revenue would be way lower but so would risk. The problem also is that the vendors (bridge etc) have raised prices to insane heights to benefit from the prop bubble. So there are minimum requirements to operate a legit business probably about 60-80k a month to do it right before payroll.

I have seen multiple data sets that show that a large portion of virtual funded traders aren't actually the traders on the account. But without hardcore proof, you burn your business to the ground banning them. The use of tools such as IP mixers has made it almost impossible to get hard proof to remove them, they learned from the early days and adapted the same way props learned from fundingtalents massive mistake of not having real conditions.
  • #35,599
  • Apr 29, 2024 6:51am Apr 29, 2024 6:51am
Hi Guys,

Reading through all of this, are there any prop firms you would actually recommend to sign up for? New to the space and find it really hard with mixed reviews everywhere.

Appreciate any input!
  • #35,600
  • Apr 29, 2024 6:58am Apr 29, 2024 6:58am
Do you think alpha capital group will implement a profit cap per payout?

Quoting Takisd
Some rumors that a bunch of props (mostly FPFX ones) have bound themselves together with major rule changes and are about to release them. They appear to all be hesitating so far. Things such as leverage, profit caps, no refunds etc. Myflashfunding has dropped leverage for funded accounts which suggests that most of scammer Sean's companies will do the same. Rumor from FP staff is that Fundingpips revenue is down 70% and that they do not execute any orders. MFFX and swift set to change more rules. I stand by my statement that all of this is not...
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