I Saw this on my email today and wondered why more brokers don’t do the same? They have access to your book. They can see who’s consistent and/or not reckless.
Anyone here have experience with this or something similar? I also think they could copy trades without any of us knowing about it. Maybe this is just a promo to pump deposits?
…and extremely probably can see all our MQL4 and MQL5 code. I would be astounded if brokers and Metaquotes did not have this ability.
This is just like FTMO and MyForexFunds. However, this is an actual broker doing it. Interesting. I just chatted with them. Since when does Osprey even accept US clients? He said there has never been a restriction. They are not on our list and nobody here has ever mentioned trading with them.
Tax season is coming. Anyone have anything good to say about any of the tax software available? (obviously not financial advice, just sharing experience) I am considering filing without an accountant this year. Considering HR Block or similar… I wonder if any particular provider does a better job than others when it comes to filing capital gains and similar.
They were mentioned here a couple of years back. That’s how I found them but I don’t know why they aren’t listed. Maybe something negative happened?
Search this thread for Osprey and you will get a bunch of hits. They use the same backend as Hugosway I believe.
On the topic of Funded Accounts, I’ve very impressed with FTMO’s demo. So far, I am only doing the free demo. If the challenge is like this, I will very likely do the $10k to start. Before trying the demo I thought chances of failure were high, but trading conditions are really good across the board. They drop the leverage on some instruments, but it actually ends up evening out risk nicely across all instruments. Once again, an example of how I should have listened to you guys sooner. 
I will keep everyone posted. If I fail, no big deal. All I can say so far is I really like the platform they offer.
since they open,.
hugosway, same as eaglefx, cedarfx and many more, you will see most brokers using the same prime broker service, like coinexx, turnkeyforex, finpro trading and hankotrade, this will be the norm
Osprey use the same prime broker service as prosperityfx, sagefx, nash markets, kot4x, fxsway and many more
i have a personal list of brokers that use the same service, there are a lot
-Absolutely. But offering funding is a cash-cow, especially when you can see how many failed traders you already have.
-I personally would never use HR. As far as I understand it, they are just trained on basic things and are not really accountants/CPA’s. I could be wrong. I do know that one of my accountants charges less than HR anyway, and he is actually qualified to do what he does. But I have another CPA that charges quite a lot, comparatively speaking.
That being said, all cases are different. Depending on your needs and the complexity of your return, then you may consider other options. Definitely shop around and do not be afraid to ask questions. Some service providers will be better than others, depending on what you require.
They are trained to use the software provided by HR Block, but if you have any complex issues, look for an accountant
Yes, folks need to be very careful choosing. I’ve been with FTMO since June 2020 and added MFF July 2021. Only other firm that will be around long term is the 5%ers, but their model is such you’ll actually earn more placing their fee in your own personal account. When researching a firm, if you find it to be a one man show (which 80% that pop up are), it’s really just common sense at that point to avoid until they demonstrate some type of track record. I’d love to add a 3rd, for both additional funding and risk diversification, but there truly are no viable options at this point.
MFF statistics:
October
New live accounts: 3544
Passed phase one:18%
Passed phase two: 31% of traders who passed phase one.
Reached first profit split: 4% of traders who passed phase two.
So 2/1000 of new live accounts reached first profit split.
November:
New live accounts: 5718
Passed phase one:10%
Passed phase two: 24% of traders who passed phase one.
Reached first profit split: 3% of traders who passed phase two.
So 7/10000 of new live accounts reached first profit split.
Yep, right in line with the success/failure rate of trading one’s own personal account. Shouldn’t be this high though. The entire point of trading with more capital is to be able to risk less% of account. If , let’s say, you wish to make $5K per month trading and you have a $5K personal account, you’d have to take on crazy risk to make 100%. If you have a 200K account with FTMO or MFF, it’s 2.5%. Obviously, you can reduce risk dramatically. The problem is folks are joining these firms and trying to make 6 figures monthly. It all circles back to fear and greed.
The interesting thing is the failure rate among those who trade new live accounts are higher than those who trade phase one.That means those who are newly funded immediately place big bet in order to make big money at firm’s risk .
I know, the mentality is absurd. Imagine you are a decent trader, just do not have the discretionary income to invest, so you are trading a 2K,3K, 5K personal account. You spend 60-90 days to pass the challenge and now have 100K or 200K and then blow it in 1 or 2 trades. You should be able to make $200-300 per day on average without taking on much risk at all. It makes no sense. Only possibility I can come up with is these folks are passing in a few days with 1 or 2 big bets and then that’s how they trade the account when they get it.
Completely agree.
I suspected traders who reached consistency is lower than 1%, maybe even lower.
Also have to figure when you are counting tens of thousands of challenges, some are going to get lucky which won’t last
If demo goes well, I will take $10k challenge. If I fail, I will reassess. If cause of failure was some random.event, might try once more. If pass $10k, will do a $100k challenge. If pass that, combine accounts, do $200k challenge. Done. Combine accounts and just scale keeping risk low.
FTMO has good conditions for about everything I have looked at. Other brokers might have good BTCUSD, but Indices are high spread or vice versa.
Even beyond the funding, I want to be able to trade using these conditions. I have yet to have a freeze, or see big spreads. This is quite nice.