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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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  • #42,741
  • Sep 30, 2024 6:57pm Sep 30, 2024 6:57pm
The first step to opening a prop should be to hire and retain a knowledgeable financial lawyer.
If you can't afford that, don't even start.
  • #42,742
  • Sep 30, 2024 7:14pm Sep 30, 2024 7:14pm
Quoting Jemook
I never thought I would see the day that retail traders would be cool with getting a demo account as a “funded” account.
//-----

tell you something harder to believe than that....... how many of us would have ever thought that 20 demo accounts would direct deposit in excess of 10,000$......

20 demo accounts that each cost less than 120$ including lifetime license......

merlin would have banned anyone even suggesting such a thing might one day exist...... shudder to think what the long gone knights from the round table would have done......

heck i might have even used a couple "expletives deleted" myself......

still waiting to wake up from this dream......h
//-----

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to trade and code, keep both simple... no call to impress....h
  • #42,743
  • Sep 30, 2024 7:19pm Sep 30, 2024 7:19pm
I really think the principals involved should be real traders and able to actually make money unlike most, if not all prop owners who are in it to take advantage of the wannabe traders.

You'd have to have web skills, financial law knowledge and a source of funds for your adventures. The stream of fees will come later after all the other necessary stuff is in place and in play. The source of funds is the actual ability to trade and make money to bring to the table..or a rich uncle or something like eBay that funded everything for Elon Musk for example.
  • #42,744
  • Sep 30, 2024 7:22pm Sep 30, 2024 7:22pm
Quoting hayseed
{quote} //----- tell you something harder to believe than that....... how many of us would have ever thought that 20 demo accounts would direct deposit in excess of 10,000$...... 20 demo accounts that each cost less than 120$ including lifetime license...... merlin would have banned anyone even suggesting such a thing might one day exist...... shudder to think what the long gone knights from the round table would have done...... heck i might have...
Priscilla must love that. Lol
  • #42,745
  • Sep 30, 2024 7:51pm Sep 30, 2024 7:51pm
Quoting Jemook
{quote} Thanks! I believe you are correct in all you say. What additional revenue streams would you have in mind?
have a look at Lux , they offer real accounts after passing the evaluation

https://luxtradingfirm.com/lux-elite-traders-club/
  • #42,746
  • Edited Oct 1, 2024 3:57am Sep 30, 2024 8:20pm | Edited Oct 1, 2024 3:57am
Quoting Jemook
{quote} Thanks! I believe you are correct in all you say. What additional revenue streams would you have in mind?
Trading is a lifelong speculation game. Profits depend on skill and luck throughout the episodes of time. Potential revenue sources include:

1. Entry Fee: The cost paid by the trader to secure monthly fixed funding. Broadly speaking, 90% statistically fail, while 10% succeed, either slightly or significantly (once your prop firm is established, you'll get real data). This mechanism should be a Demo.

Once a trader manages to achieve 5.95% in a month, it means they have passed the filter. If they experience a drawdown of -5.62% in a month, it means they failed that month, and the entry fee for the filter becomes the company's. Just offer one option at first, which is a 50k live account if they succeed.

The risk for the company with a live account: a -5.62% drawdown on a 50k account means a risk of $2,810 per account. There needs to be a dedicated risk limiter tool for trading software (trades breaker).

Out of 1000 traders, if the entry fee and evaluation are set at $281 per account, the revenue generated would be $281k. The capital required for the 10% who succeed would be 100 x 50k = $5M. The risk of failure for 100 live accounts would be $281k (in the first month).

2. Profit sharing from trader’s profits, where the company will receive at least 1/3 or 33% (later in Live Account).
3. Spread
4. Commission
5. Advertising that generates profit for the company
6. Investor
7. Other
fooled by randomness in art
Meditation All Time Return: 8.9%
  • #42,747
  • Edited 9:01pm Sep 30, 2024 8:45pm | Edited 9:01pm
Just bought an APEX 50K just to have some YOLO fun. Had the perfect little breakout setup for Silver. 3 hours later and no credentials.

They used to have automated credentials. Guess that's not the case anymore.

Silver popped 15 cents since purchase. Woulda made a quick $1500 and been half way to the target. Oh well
Pride always comes before destruction.... -Proverbs 16:18
  • #42,748
  • Sep 30, 2024 9:21pm Sep 30, 2024 9:21pm
This is where the long term benefits of Darwin kick in. Beginning the month with score of 78.17.....2% this month (which I've done every month) will get me 75K this month. 30K from first month would drop off, but I'll trade 135K in November.

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  • #42,749
  • Sep 30, 2024 9:28pm Sep 30, 2024 9:28pm
Quoting pipmaster77
This is where the long term benefits of Darwin kick in. Beginning the month with score of 78.17.....2% this month (which I've done every month) will get me 75K this month. 30K from first month would drop off, but I'll trade 135K in November. {image}
I guess you are a Gardner trader.
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  • #42,750
  • Edited 1:20am Oct 1, 2024 12:36am | Edited 1:20am
MFFU has a new starter plus plan up...

daily limit removed
no activation fee
a little bit more expensive than regular starter 50K for $120 ($96 20% off currently) vs. $80
a bit higher target/dd ratio... 50K = 1.5 vs 1.2 for regular starter

cons
50% consistency during eval but not in funded just like topstep
  • #42,751
  • Oct 1, 2024 12:48am Oct 1, 2024 12:48am
Quoting Jemook
{quote} Watch and learn young Padawan. I never thought I would see the day that retail traders would be cool with getting a demo account as a “funded” account. The best way to get me to do something is to say it can’t be done. and to whoever says they want to pay commission because zero commission is a a scam - you are right with a prop shop but not with us. {image} Have a listen to this recent podcast where I call out the entire prop firm space and we talk about how we are able to offer zero commission on zero spreads. https://podcasts.apple.com/au/podcas...=1000671292980...
I'm not going to waste 28m of my time listening to a podcast if you can't explain in a paragraph why you can do this but the fuss around no commission has been around for a long time and FXIFY already brought it to the prop arena long time ago.

They have 2 plans, one no commission and another raw spreads. I had two accounts there of each type, one I lost in the meantime, to see what what was each of them and it is exactly what we expect: Raw account with very tight spreads + $6/lot commission and no commission account with wider spreads, incorporating more than the $6/lot commission. My conclusion using both accounts was that raw spreads were a superior choice in FXIFY.
  • #42,752
  • Oct 1, 2024 12:56am Oct 1, 2024 12:56am
Quoting Nsak3y
I also believe that profit caps are a must for any trader that is trading on an simulated account. Not having caps is just foolish, in my opinion. Caps do not need to be unreasonable. 20k to 40k/month should be enough for anyone that is lacking capital.
A rule like not more than 20% of profits coming from a single day may be also a strong rule to solve the same problem that caps would address (keeping the one/two/three trade lucky gamblers away) and at the same time doesn't cut the potential of the really good traders. Some time ago I played with numbers around several % and this rule it's quite effective because demands a strike of luck from gamblers to get an high payout (which is the problem to the solved).
  • #42,753
  • Oct 1, 2024 12:57am Oct 1, 2024 12:57am
Quoting Expo33
Just bought an APEX 50K just to have some YOLO fun. Had the perfect little breakout setup for Silver. 3 hours later and no credentials. They used to have automated credentials. Guess that's not the case anymore. Silver popped 15 cents since purchase. Woulda made a quick $1500 and been half way to the target. Oh well
Keep us posted please. This is the one thing they had working very well.
  • #42,754
  • Oct 1, 2024 1:39am Oct 1, 2024 1:39am
Just submitted a payout request to Apex, will see how fast is it as advertised by all the paid youtubers
  • #42,755
  • Oct 1, 2024 1:53am Oct 1, 2024 1:53am
I am impressed. 5 minutes approval.

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Do they hang around here?
  • #42,756
  • Oct 1, 2024 1:59am Oct 1, 2024 1:59am
That's amazing. Please keep us posted about how long for the money to hit your bank (was it a bank request ?)
  • #42,757
  • Oct 1, 2024 2:04am Oct 1, 2024 2:04am
Quoting Capablanca
That's amazing. Please keep us posted about how long for the money to hit your bank (was it a bank request ?)
it is via Plane to my Revolut account. Will update when money arrived
  • #42,758
  • Oct 1, 2024 2:26am Oct 1, 2024 2:26am
Quoting Capablanca
A rule like not more than 20% of profits coming from a single day may be also a strong rule to solve the same problem that caps would address (keeping the one/two/three trade lucky gamblers away)
-Absolutely. Having consistency rules is necessary. As mentioned, higher barrier-to-entry and stricter requirements is probably needed in order to achieve what he has described.
  • #42,759
  • Oct 1, 2024 2:49am Oct 1, 2024 2:49am
Quoting pipmaster77
{quote} Same reason I will not use Topstep with their new TopX or whatever platform......I know everyone is sim (atleast initially), but the no commission just screams fake feed, plus their own platform plus rumor has it they are not actually futures contracts but CFDs. I want good 'ole fashion rithmic on quantower and yes I want to pay commission.

Hi pipmaster77,

I just read this post & want to know what your views are on using TopStep & not the TopStepX? I have been entertaining the idea of opening a TopsTepX challenge, but after talking with several other traders that are saying the same thing as in your post, I have decided against TopStepX. I agree there is no free lunch. I don't mind paying the commissions. Thank you for your views on TopStep without the X.
  • #42,760
  • Oct 1, 2024 3:13am Oct 1, 2024 3:13am
Quoting OutThere
{quote} ftmo has a consistency measurer but it says it's for your info and doesn't really matter. So, if ftmo with their model doesn't care, then consistency rule is implemented as a barrier to success or maybe -long shot but- they actually may put to play someone's signal and it's nice to use consistent signals. No one is stopping them to actually use some of the accounts at their disposition to use for real trades. I would consider that with great study and care of course.
Having a disclosed consistency rule is much more honest because trader knows what he is obliged to. And a rule of 20% in a single day, for example, is really a potent thing to keep gamblers away and can almost eliminates all other rules like news rules and others. I think it would make life easier for props and more transparent for traders. Swing traders would heve to be address, I guess (which they aren't these days, anyway).

Reason why they don't implement such a rule is because they need the gamblers to keep business alive.
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