Try to get funded I need bit tips

Trading Discussion Prop Firms
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i agree with both of Johnny’s comments above

ive done quite a lot of “due diligence” (careful research) on this subject, recently, for a family member who has just started off, this way (with some success)

it’s all a bit of a minefield

be aware of three important things, before you start:-

  1. most of these funding companies (they’re not “prop firms” at all, of course) make most of their income from the repeated fees of people failing their challenges

  2. in my opinion, you should automatically reject any funding company which uses “Eightcap” as their broker

  3. in my opinion, you shouldn’t pay to take a challenge until you’ve proved to yourself at least a couple of times, on a demo account, that you can comply with all their rules and still meet the profit target

my own top three recommendations, at the moment, would be (and very much in this order) …

first choice - TradeDay; they are nice, good and honest people; there’s no time limit; there’s no daily loss limit (there is, of course a “trailing maximum drawdown”); their rules are sensible; you would need to trade forex futures, not spot forex, to use this one, which slightly limits your choice to the majors

second choice - MyForexFunds; profit target 8%, maximum drawdown 12%, daily loss limit 5%, there’s a time-limit but you get infinite free resets as long as you’re plus (even $1 plus) at the end of the month and haven’t broken any of the rules

third choice - FTMO; profit target 10%, maximum drawdown 10%, daily loss limit 5%, time-limit and free resets as above, for MyForexFunds

knowing what i now know about the “industry”, i wouldn’t look beyond those three, to be honest

my second and third choices above are spot forex/CFD’s, which i consider a relative disadvantage

read ALL the rules CAREFULLY before you start …

and good luck!

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Thanks for the advice I genuinely appreciate.

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5

When venturing into trading with a funded account, keep in mind that prop companies have specific rules. Do your research, choose a reputable company, and make sure you fully understand their requirements before signing up. Good luck!

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Thank you for the advice I really appreciate.

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Do you have some spare funds you can afford to lose? Then use it to learn and become and expert in 12 months. These funding companies won’t want to throw money at you until they see you consistent winning record.

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Yes I do for now let’s say I could afford to lose aleast 6 10k accounts funded account with My forexfunds . I definitely know first or second try won’t get funded but I do believe prop firms they’re the way to go for traders who don’t have large capital to trade. I appreciate your advice.

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then why pay for them?!

why not just do the identical thing on demo, same charts, same platform,same rules, and save $100?

they’re a way to go for traders who have tried, tested and proven skills, but no capital, to go

that’s not a large group of people

there are few certainties in life, and very few in forex trading but two things are guaranteed:-

first, if you cant do this successfully a couple of times on demo, you cant do it by paying MFF to try

secondly, someone who cant trade a small or demo account safely and sticking to loss limits, certainly can’t do that with a bigger or funded account

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Honestly I’ve traded demo I do have bit of consistency but I usually get annoyed knowing can’t withdraw that’s when I over risk intentional because the isn’t any attachment. Personally prefer micro account than demo it’s just me my personal preference also the is nothing wrong trading demo.

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Hi,

Are you perhaps familiar with Lux Trading Firm? I’ve done some small research lately and they state not having a time limit and supposedly can connect through tradingview. To my opinion and experience to achieve 10% in 30 days (20 trading days) is impossible to do on a consistent basis if you apply proper risk management.

I’m looking for a firm that is:

  1. Looking for consistent traders, not gamblers, therefore no time limit on the target
  2. Can connect through tradingview
  3. Reasonable profit split

Any suggestions?

Thanks!

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12

i’m not - sorry; but i’ve now heard two things about them from a former colleague which would give me “pause for thought”, though - please note that these are second-hand information only, and either or both points could even be out of date, by now, for all i know:-

  1. if they fund you, the amount of drawdown they allow you is actually less than the fee you pay to get “funded” (in other words their “risk” is zero)

  2. they’re so strict about their “consistent position-sizing rules” that they won’t fund someone whose biggest position-size is three times the size of his smallest, and i’m told they openly admit this

i agree unreservedly!

but (if you’re referring there to FTMO?) you don’t need to do it “on a consistent basis”: you only need to do it once to get funded, and to be fair to them, you do get infinite free resets as long as you’re plus (even $1 plus) at the end of the month and haven’t broken any of the rules, so you can pay once and have countless attempts at it until you manage it once?

yes - TradeDay fits all of those parameters

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Thanks, will look into tradeday!

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Unfortunately TradeDay is no option for me, they only allow day trading and all positions must be closed before the end of the session. Also on forex they only allow trading futures, I’m not familiar with this for the moment.

If you know any other prop firms that may match I would be glad to know, thanks :slight_smile:

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the “familiarisation” process is pretty trivial, really - they’re almost the same thing: 6E is equivalent to EUR/USD; 6A is equivalent to AUD/USD, 6B is equivalent to GBP/USD etc. etc. … it’s just a centralized market and has all the advantages of that - there are no spreads, they’re a real, transparent market in which all brokers have the same prices and no broker wants you to lose

yes, this is right: they’re no good for you if you want to hold overnight

i didn’t look at “holding overnight” because the people for whom i did all the research didn’t need to know that, sorry!!

i think Lux Trading matches all your criteria, though, doesn’t it?

that’s not a recommendation, and personally their consistency rule would put me off, but if that doesn’t bother you, you might perhaps try their “free trial”? they certainly offer TradingView and are in fact recommended as a funding company by TradingView, on the TV website (though for all i know that might be because TV are Lux affiliates - i wouldn’t know about that!)

good luck anyway, Peter - let us know whether you try, and how you get on? :slight_smile:

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17

Hey @flamingoproxy and anybody else who has prop firm knowledge, are there any ‘prop’ firms you know of that are legit and fit my requirements below?

  1. Can trade with cTrader
  2. Allow automated trading
  3. Allow scalping
  4. No limitations on number of (small) positions
  5. No ridiculous monthly profit targets

I’ve never had any interest in these companies because I firmly believe they are a scam. However I’ve been thinking about my robot from my thread and think a prop firm would give me the best risk to reward.

The reason being that I can make 5% upwards per week almost every week. However there will come a day when the market breaks my system and the losses could be big. If my trading account only costs me a few hundred to trade 100k, I can comfortably get that money back and withdraw everything to keep the account at 100k, then the day it goes pop I’ll only be losing my original stake, not the whole pot that’s built up.

Comments, criticism and advice welcome. I’m not at all committed to this route

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FTMO suits these requirements. I think.

Overall, it seems to me that people with real experience think futures prop firms are very much better and more honest than CFD ones.

[If you can use cTrader, you could probably use Ninja or Tradovate instead?]

My plan, too!

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If I knew anything about futures, I’d be looking that way, but I don’t. Maybe one day.

I see FTMO, but there’s a lot of red flags with them. Firstly they’re based in Czechia so very likely Russian and maybe even part of the huge scam brokers based there.

BBC did a documentary on them and although it didn’t explicitly call them a scam, they found lots of bad things and FTMO went from being very talkative to elusive and blocking the reporter.

I’m 99% sure they don’t put money through into the market, but that doesn’t really matter if they pay out and don’t block me for stupid reasons like not placing SL as Lux do

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I know your comment was a few months ago, John, but I’m so surprised by it. You wouldn’t expect them to fund people who trade without a stop loss?

Lux looks to me like The Real Deal. Do you know of another one that genuinely opens real, funded accounts with a named, regulated broker whose customer support the funded traders have access to?

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And even more so now, than when you posted in December. Last year they were looking like one of the best, but now many traders there are getting warning emails from FTMO about “gambling,” “over-leverage” and what FTMO call “one-sided betting”, and some payouts are being denied.

I don’t, anyway. FTMO used to but no longer does. I thought 5%ers did, but (as you saw when posting in their thread, recently) they don’t either. Axi Select, obviously, are outright liars/scammers (and aren‘t even trying to spam BP any more, now that we’ve seen through them).

Loads of CFD prop-shops have recently gone under and/or understandably had Metatrader licenses withdrawn.

Lux now looks to me the best of a thoroughly bad bunch, but they also have 2 or 3 weird rules the companies don’t have. (Not sure whether that’s good or bad!).

The futures ones are obviously far, far better, safer and more honest than the CFD ones. That’s a whole different, more ethical, honest world.

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Based on your concerns about Axi Select, which you described as outright liars/scammers, could you elaborate on what specific issues you’ve encountered or observed with them?

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interesting video with pro trader on axi select program