I have a question on PROP TRADING I READ SOME NEGATIVE STUFF basically my son is n accountant and his take on them is they are a mostly a Ponzie scam my idea was to perfect my trading and if I ever became good enough to make a living at it I would try my luck with a prop firm apparently some prop firms pay for your wins because so few win with the losers coin that is what I have learned from reliable sources
I have been using FTMO since May, I have not had any problems with them paying out. If you’re able to pass their trails, which 10% in a month is a tough order. But you only have to do that once, and if you can’t get the 10% but are still positive at the end you get to go again for free.
Now let’s say you pass both trails, the second trail is only 5% and you get 60 days, you get your fee refunded once you make your first monthly profit withdrawal. The fee is dependent on your account size you select.
Now they state they are trading on live accounts with their broker. There are some firms that the winnings you make do come from fees of the losers. But the question would be, does it matter? Whether you trade with a prop firm or a broker with your own money. You’re taking someone else’s money, so as long as you’re profitable and they pay, and as long as their broker has good spreads and is honest then good for it.
Your always going to find negative reviews on everything but just have to do your due diligence on which ones are good firms. I don’t have any other experience with other firms but FTMO so I can’t speak for any others.
I thank you for the reply it made me shy to keep going or to ask the question. Mostly because my son is a very successful accountant working for large companies so I was feeling a bit depressed having developed a winning strategy on demo and having spent a couple years at it but I am learning daily I myself am just a regular guy who as had little to no success in life. That said I ALWAYS REMAIN POSITIVE THAT WITH PERSISTENCE ANYONE CAN ACHIEVE great things its how I raised my children and they are all professionals I guess its important to know that this is worthwhile with the right companies is there a place to learn more about the quality of these prop firms is another question that beckons to be asked.
Well besides the internet and if you know anyone personally. Just with the internet it’s difficult to weed out the honest and the not honest people or firms. Since anyone can pay for fake reviews now a days.
If you got any questions feel free to ask.
I appreciate your honest and forthright answers it brings this trading a real sense of something worthwhile. FOR YOU to have taken time to write back is so so important on my endeavor to know someone who is a prop trader and successfully reaching goals. Can I ask what strategy are you using is it short term trades you mentioned price action and was the trading something you took on because of something that happened. I myself although I am still on demo make profits on long term but I can obviously see to trade as a prop trader you can not actually trade on long term trends because invariably they get reversals and sometimes dramatic. I TOTALLY UNDERSTAND TRADING PRICE ACTION is key or fractals and knowing when divergences trigger the changes that we experience as we are trading. I have always identified support and resistance seems like that is my go to start on trades but maybe there is better ways
ON ANOTHER POINT
I originally thought of trading my own money but that in itself is kind of foolish if we can be consistently successful I am considering starting with a prop firm in the new year my goal of course is to be successful if I FAIL not saying I WILL lol but I plan on trying till I am but any pointers are greatly appreciated my father used to say experience is the sum of all your errors but obviously learning from them and fine people who have made trading a part of there life in this case is of PRIME IMPORTANCE.
No worries, glad to help when I can.
Since my FTMO account isn’t a swing account all my trades take place with-in a weeks time. I have to have all my positions closed by end of trading day Friday. They have accounts now that you can hold over the weekend, it’s called their swing account.
I have a thread with how I trade, but I’ll also do a breakdown of it a little later this evening(about to head out the door again). But I also work off support and resistance along with accumulation areas. My style has evolved our time from where I begun. It’s a little more discretionary than most.
One of the main points for me as well was trading someone’s else’s money. Why trade mine when I can make money trading another firms money along with having a bigger account than I would start with as well.
I do want to start my own personal account once I have a $100k saved up. Cause you just never know when someone is going to fold up shop, then I would be left in the wind if I didn’t have a contingency plan.
This is the only time I’ll respond. @tradecode
Your example of a car dealership is totally different than what you’re asking. A car is a product you’re buying and like everyone should look into the history of the car as to know if it’s a good car or not. You’re not asking that, you’re asking for someone’s personal finance data which is why I’m guarded. And just out of sheer principle I will not prove or feel the need to prove anything to you.
And a few minutes of reading through the internet and you would know that the MaverickFX is a tough company that maybe a little fishy. Not the same business models. As MaverickFX requires a much larger fee and smaller capital at the beginning to work from.
And even in your own argument you show how little you know about their rules. You literally said their rules are so tricky then right after you say “I don’t know the current FTMO rules are”. Such a contradiction of your own argument. Then you went into a rule for another trading company not even FTMO,
And also understanding the rules is easy, passing it is tougher. You think they just give anyone that comes along and says they’re a trader an account. Even your example of MaverickFX doesn’t do that but of course you don’t know that since you also said you haven’t checked up on then in a while as well.
Also you are allowed to have trades open during a major news event. There are two account types.
The normal account: you can have trades open during news, I have even posted, that I trade during NFP. But you are not allowed to open any new positions 2 minutes before and after a major news release.
Their swing account allows all of that. But wouldn’t know since you admitted to not knowing their rules.
Then you ask the question “who decides what a major news event is” . The market does, and then you also show your obvious lack of why they don’t want traders trading during news. It’s due to the fact that how volatile the market is when major news is released. If you don’t know what news is considered major, since you obviously don’t as well. Check out babypips.com they have economic calender, it’ll help you get started with that.
My trades are posted through the week at the entry of my trades before the moves are made, win or loss. You can literally go through the thread and see the time stamps. Also it’s not my fault you can’t read a tradingview chart. The graphs you can’t read seem to work for everyone else. And if you can’t read them I’ll even help you read them.
Then I post what I call a weekly roundup with all the trades I opened through the week and how they finished along with the journal. You can’t post anymore transparent.
So I usually don’t respond to things like this but you seem to have it out for traders that are doing ok (and I say ok lightly) cause maybe you’re not that good and haven’t made money or whatever the reason maybe. And then you hide that under your flag of doing due diligence. You’ve shown that you actually don’t do your due diligence in your own voice message there.
I won’t respond like this again and if this continues I will get the mods involved. So I think it’s best you keep my name off your post and out of your mouth and I’ll do the same.
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Also to the OP, sorry for turning your thread into what it is. Feel free to do whatever you feel is best.
i looked thru several weeks of your posts and i was unable to see where you openly declare your trades.
would you mind showing to us your current trades?
kind regards.
Here’s the original post. Take a look at the time stamps at the top right of post.
Then just scroll down a few more and you’ll see the result of said trade.
For each trade I post where I enter and my targets and my SL. It’s done for all of them, literally. The green area is the direction I want the price to go, top of the green is my Full TP, and most of the time I mark where I’ll take partial profits. The red is negative and the end of the red is where my stop-loss is.
Then at the end of the week I make one big post with all my charts and trades and how they finished out.
i still can not see where you post a trade before it plays out.
maybe i am blind.
and hey, those charts that you post are so fuzzy that i cant read the text on them.
regards.
Why do you keep harassing members for their personal details? What gives you the right to demand personal details from any forum member?
Mods, can we please have this troll banned or something. It’d make sense to go after a member if he were soliciting or selling services. This guy is just going after people with unsubstatiated claims now.
Where’s evidence of your due diligence? Evidence of fraud perpetuated by FTMO and Alg? Put those up first and be transparent with your claims.
go ahead.
i only asked if he could point me to where he documents his trades as he places them, as he claims to do.
it is no problem for me if he doesnt want to do this.
no skin off my nose.
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Proper evidence. Not some audio of you ranting on and on.
Give up proper evidence of fraud perpetuated by FTMO. Preferably substatiated by proper evidence that can be examined in public. Where is the evidence of your due diligence.
i am conducting my due diligence regarding the company of FTMO.
sometimes, instead of looking for hard evidence of fraud, sometime one might look for evidence that would show the company to be credible.
i have never seen any documentation from any FTMO trader that shows any kind of monies earned from this company.
i only get a bunch of fluffy words.
its ok with me.
these testimonial videos on youtube are so purely outrageous, they remind me of a cross between a timeshare salesman and a fast talking used car salesman.
I have and it’s not our fault you can’t read a chart. They’re not fuzzy when you click on them. Unless you have a slow internet connection. So not sure what to tell you from here, maybe you’ll figure it out. But all my trades are literally called before the moves are made. It is right there in the thread.
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You have no evidence. None whatsoever.
Your record of due diligence is to harass well-meaning members for their personal records, none of which you have the right or authority to demand.
A fraud in this case is where an entity fails to deliver on it’s promised services? You’re the one claiming the fraud, so where’s your evidence that FTMO has defrauded other entities?
Is this the extent of your evidence? What about evidence of individuals getting defrauded?
sure enough, i was looking at it wrong.
my bad.
either way, enjoy your trading.
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