My way...my journey toward a million dollar funded account

Trading Discussion Trade Journals
#1

hi,

introduction:

my name is Z.
i am planning to record my journey toward a funded prop account here…

while there is plenty of pay-to-play “prop firms” that have popped up ( and keep popping up about every week),
i have always preferred those that were more track record-focused than fee-focused.
just some personal preference.
lately, time isnt a factor anymore to either type, but it isnt used to be that way.
profit targets, maximum scaling up in funding, and performance fees% also are factors, however, i dont look at prop trading as a lucky lottery, i prefer things to last longer.

the brokerage i have traded ( lets just name it A, to comply with the mods?, lol), has offered a funded program until end of 2022, when they decided to rework it, and launched a month ago the new version.

it was unfortunate to me, since i was already at 500k+ funding.
and bcos i had to restart building up everything again.

the same time this new program is very promising, offering up to 1 million maximum prop funding, and way higher performance fee% than the previous versions.

i will journal here my pathway to that million dollars. fingers crossed.

Z

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#2

What did that mean for you? They wiped your account clean to start a new one?

#3

Wow. This is such a massive breach of trust, that I would refuse to make business with them ever again. What if they do it again in a couple of years?

Don’t you have enough money already to trade on your own account? I mean you were at 500k…

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#4

the old program was stopped. not really unexpected, had quite a few issues relating to the coding side ( had no issues with payouts).
it meant that all account that was due payout got paid, and everything ceased to exist in that form.
in one shape or another, it had ran since 2017, or approx 6 yrs.

a new program was launched last month. similar yet different to the old one.
it meant everyone had to start building it up once again, from ground zero.

the upside that it doesnt take 6-12 months track record to be eligible for some funding, and the payout went from quarterly to monthly, with a higher % share.

too early to say yet how far i can scale up, if 200+k then i would say due the %share it will definitely be better in comparison than the old one.

#5

the cease of old program was announced in advance.
what if happens in the furute?
frankly, no one really missed Myspaceafter Facebook came out. if the new product prove to be better, it is just natural evolution.
if it runs another 5 yrs good enough for me. after all it has a brokerage behind, not just a white label website.

of course i trade my own account/s also.
think of it like leveraging yourself out.
driving 1 taxi, or having 10 taxis, of which 1 you driving, and 9 what earns for you also the same time. :wink:
that up to 500k was enough to earn me a very solid 5 digit amount.
my intention is something similar with this account as well.

#6

and even after that, you’re still willing to do business with them again, apparently?!! :open_mouth:

i must say you’re a lot more trusting and tolerant than i would be :confounded:

you can only withdraw your money once a month, not just “whenever you want to”?! what kind of deal is that? :crazy_face:

i wish you good luck with this, but i surely wouldn’t myself be using the same company as you …

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#7

well, what can i say?
i have been paid many times during the years, as per the agreement.
they stopped the program. had a now program. different rules, different terms.
why not happy with the stop and needing to build things up, could be worse. plenty so called props out there that was/is/soon will be turning out to be a scam.

for the payout frequency, idk what have you traded with, or ever traded with any prop firms.
fwiw, i am not depending on that income solely, but even if i would, i think of it as any conventional job. and most of the jobs i held before ( before i went full time trading in 2017) were paying once a month salary.

the same time i can always withdraw my own personal accounts “whenever i want to” :wink:

#8

here is a little context how things work with this prop trading:

it is free. i had to pay no upfront fees. and no time limits for maximum time.
trade a personal account, that serves as a master account to be copied to the ‘funded account’

initial stage is entered after 20+ trades made, based on a so called Edge score, that needs to be 50+ (0-100 scale)

i have passed this automatically really, since i had a personal account at this brokerage since years, with decent enough tradign results. :slight_smile:

this got me to the 1st of 6 stages.
lets call it stage#1 ( or they named it Seed),
where i got up to 10x matching, to a max 5000$ funded acct.
not a lot, not yet.

had a few simple rules,
a max DD less than -10%
+5% profit to make
a minimum 1 months time at this level
and 20 trades to take

neither was an issue really.
however a small master account also meant a little higher general risk than i tend to use.
my simple solution was to be pickier with the setups i took.
it worked out just fine.
i have cleared this “Seed” stage #1, and moved to the next level…

to be continued…
Z

#9

lol … let me guess? :crazy_face:

it’s “free” but to take part, you have to pay a few hundred dollars into an account at the “broker” running it?

and that “broker” isn’t actually acting as a broker at all, but is actually the counterparty to every trade you make?? :open_mouth:

good luck with that (you’re promoting it in the right place, though, in a sense: this forum is actually full of people naive enough not to see through it!) :stuck_out_tongue_winking_eye:

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#10

hmm, FWIW i am trading with more than one brokers.
and wait for it:
all of them require me to deposit my own money to do so!!

the difference that basically non of them offer any funding in addition to my own account.
not 10x, not more.

as for how the ‘retail forex broker’ scene works…i am no noob to it. i have been trading forex since 2009, from the full bucket shop era, till today where it is mostly sort of a hybrid A & B book setup. that is, if someone is lucky to not be from the USA for example where it is still good old full scale bucket shop that is, with Oanda and Forex.com, with a generous 2-3x spread to pay that elsewhere the trading cost is.

but assume you would prefer “pay-to-play” prop trading type, with a “simulated funding” and “simulated daily drawdown limit” with a basic website and zero regulation and accountability.
horses for courses.
my preference is different, and hope that is OK for you! :wink:

frankly, i prefer to trade a live server, my track record as a base, and my own account as a master acct than other scenarios.
and why shouldnt i?
for me “prop trading” is to leverage out my money, in a way that has the least inconvenience on my regular trading. it isnt a get rich quick project for me.

ok, this out of the way, probably sometimes next i can continue to post something that would put my journal back on track to be my journal? :slight_smile:

Z

1 Like
#11

Your last post was 13 years ago? How did you remember your username and password??

What has your journey been like the last 13 years?

#13

If that’s your decision then good for you bro. They only “restart” the prop firm right? Your initial deposit to the broker was not gone yet?

#14

i know my email, same since 2000…
then password recovery function :wink:

my journey took me from part time, aspiring trader to full time trading from 2017, making the leap a part for a prop trading invite to Fixi, based on someone’s recommendation who saw my track record.
i can mention their name, bcos they are long gone.
it was a similar scenario than this time with broker A’s prop offer.
i got there a 25x multiplier, meaning i had a 10k personal acct as a master, and 250k fund.
then i was scaled up to 125x multiplier after about 6 months.
then they closed their retail arm of their brokerage, and this opportunity ended.

of course it was not exactly what i hoped for when left my job, but my own money was still there, and some other opportunities came up, so i have stayed trading full time.
some ups, some downs, as expected, but nearly 6.5 yrs later i am still trading full time, and generally have no regrets for making the move and living my job behind.

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#15

correct.
my own account was and always is my own money, profit or loss; with full authority over it.
they only “restart” their prop offering.
i look at it really like an additional bonus to my own trading.
make profit it can earn extra money.
lose money only lose from my own acct, no different then only trading my own.

#16

Same email? Wow! My first email was along the lines of megacoconut4829827@yahoo. There’s no way I can use that now haha

13 years is a long time…How has your trading developed?

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#17

mine is a yahoo.com as well, but not megacoconut or similar. :rofl: :rofl:

the 13yrs part answered you above, just i am a slow typer

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#18

That’s great! Congratulations! Thanks for sharing your story. It’s always nice to hear how someone overcame adversity.

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#19

OK, where i have been in the story?

so there was stage#1 ( called seed here), which needed to be passed.
i have done that 2x, once during the beta testing phase, and once after the launch in early September.

that brought you to stage#2 (called Incubation here), where trading actually starts to earn money.

perf curve
perf curve799×711 36.1 KB

a rather crude picture how it looks the journey at this moment…

the account already earning something, but at this stage, the maximum available funding is 10x or $20.000,
so it wont make a windfall, nor is expected to.

my attitude to this is “one day a time” , in for the long run not the lucky home run.

tbc…

#20

but you are discussing them as a prop firm, and surely no other prop firm requires you to deposit $500 to start, and is then the counterparty to your trades with that money?! :crazy_face:

isn’t this basically the same kind of thing that got FXCM kicked out of the US, and very closely related to why MyForexFunds is currently in receivership?!

how ironic - you couldn’t be more mistaken in those assumptions!! :open_mouth:

it is - but not (i hope) ok for other members here, for many, many reasons! but still, as i mentioned above, i wish you well with it, if the company’s history and rules and policies really haven’t put you off!! :wink:

#21

You are so negative flamingo

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