charly20:



Trade management
My target is last month's high and I'll be buying the dip weekly (around Tuesdays/Wednesdays)

I plan to manage 3-4 positions.
Be safe.

The news did not allow my setup to breathe.
Recorded a loss.

Back to waiting.

Shorting Gold 1940 TP 1920

Nice one, looking forward to this month.

OfficialP:
I have a lot to say, but without evidence it will make no sense.

By Gods I will be dropping weekly updates as one of the competition equirements


I have also decided to drop updates on the challenge account I was gifted

Last two weeks I was almost through with phase 1 before something happened, but that's part of the scars that's makes a star.

. May September be good to everyone of us.

Happy New month @ all

Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

karkinase:
Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

Prop is the future and is just getting started.... This simply means the model was profitable and wasn't a scam...
They didn't close down because it wasn't sustainable....
Which means other available firms will learn from mff mistake and improve on it

Donsheddy:


Prop is the future and is just getting started.... This simply means the model was profitable and wasn't a scam...
They didn't close down because it wasn't sustainable....
Which means other available firms will learn from mff mistake and improve on it

From that Reddit post, seems them entering into the brokerage business was what hurt them.

karkinase:
Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

So the outcome will be they will shutdown operations or?

altteemy:

From that Reddit post, seems them entering into the brokerage business was what hurt them.

Yeah seems so .

EASYLIFE4US:
Wtf, how can one hit over 33% in less than 24 hours in tft competition, if they can do that then what do they need the competition for...l'm really pissed right now

Less than 12hrs, I thought I'm the only one who's thinking 🤔🤔🤔 this Way

karkinase:
Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

but bubble don't burst this quick.
Anyways this will make others sit up and do whatever is needful.

Olawale86:


Less than 12hrs, I thought I'm the only one who's thinking 🤔🤔🤔 this Way

Is it possible for any of us to find out why this is happening, we have to do something cos it's so frustrating and definitely mind blowing to see a fellow trader hitting over 33% of a 100k in less than a day

EASYLIFE4US:

Is it possible for any of us to find out why this is happening, we have to do something cos it's so frustrating and definitely mind blowing to see a fellow trader hitting over 33% of a 100k in less than a day

Nothing to over think....

You are using 20 pips stop loss on eurusd, others are using 2-5 pips stop loss with big lot

As market moved 70 pips, with 2 pip stop loss and 2%, the gain is 35%.

Also, there are high frequency scalpers in the game.

From discord

EASYLIFE4US:

Is it possible for any of us to find out why this is happening, we have to do something cos it's so frustrating and definitely mind blowing to see a fellow trader hitting over 33% of a 100k in less than a day

Why stressing yourself with GAMBLERS. Your goal has a trader is to see how you can consistently make a decent profit not this unsustainable percentage profit in a day. Even doing that to pass a competition does not worthy because that's probably how is going to trade going forward and I can bet it it wouldn't make it to funded account. If he does he will loose the account in a jiffy.

You see there are NO short cut to these things. You either trade responsibly and last long than just trading recklessly and go burst in short time. Can't you see the start of those that won TFT competition last time. Just few make it funded without those useless stat they posed during competition. It's really annoying.

Please don't bother to look at leaderboard again, just focus on your trading and see yourself progressing excellently. Don't ever consider those gambler has anything they are the worse.

hassan50:
Posting on behalf of this user@Hussein8
@infofirst

Hmmmm

Geovanni412:


Nothing to over think....

You are using 20 pips stop loss on eurusd, others are using 2-5 pips stop loss with big lot

As market moved 70 pips, with 2 pip stop loss and 2%, the gain is 35%.

Also, there are high frequency scalpers in the game.

Are you trying to say the lot size rule doesn't apply to them? How can a trade yield 35% from a 70 pips move if the maximum position size is 5 lots.

GabsonFX2:
MFF will not escape this cos Canadians are at all time fully supported by regulations guiding all financial institutions. If MFF likes, he should continue to accept challenge fee payments from Canadians until the court date, the smart ones would have paid for the challenges via their various credit cards; and now that MFF is facing this breakdown, all the citizens/residents need to do is to charge back - takes 2secs to do on their mobile banking app, and the banks credit them the full amount in 2 to 4weeks without any questioning. I don't even stress at all, or try to liaise with the agent - this I have done with those fake and unreliable flight agents (no time for negotiation).

All those fees they continued to charge will be purged.

If the US sets a precedent with this action against MFF citing fraudulent possession of customers' fees, and knowing MFF has set a record for being transparent in their dealings, it will greatly discourage US-based prop firms from springing up. If they do eventually, the rules for participation for US & Canada residents will greatly diminish their potential for profits beyond the scope of regular brokerages.

That idea of using credit cards to pay for services is worth cloning in African countries. Africans are ripped off daily as there is less payment facility to secure their funds in the event of non-performance on the side of the seller.

BrightFuture48:

Why stressing yourself with GAMBLERS. Your goal has a trader is to see how you can consistently make a decent profit not this unsustainable percentage profit in a day. Even doing that to pass a competition does not worthy because that's probably how is going to trade going forward and I can bet it it wouldn't make it to funded account. If he does he will loose the account in a jiffy.

You see there are NO short cut to these things. You either trade responsibly and last long than just trading recklessly and go burst in short time. Can't you see the start of those that won TFT competition last time. Just few make it funded without those useless stat they posed during competition. It's really annoying.

Please don't bother to look at leaderboard again, just focus on your trading and see yourself progressing excellently. Don't ever consider those gambler has anything they are the worse.

Word. 👏

I totally agree. MFF committed serious fraud. I read through the indictment letter from CFTC. I'm really shocked. How does a genuine company float their own broker and liquidity provider? It's just textbook fraud. You fix prices and doctor slippages and swap fees at will. Even commissions paid on trade. They were more or less playing in the field and yet still referees. Imagine Sport betting sites owning all the football teams they offer odds for. They will easily fix games to suit their financial model. It's exactly what MFF has been doing. OMG!

To say I'm shocked is an understatement. The matter has really weakened me. To even place a trace on my prop challenge account don tire me. What's the essence of going through the stress of analysis when the company can easily doctor price spikes and what-not to take out traders. The system is just too corrupt. I trusted MFF gan!

The probability of MFF coming back is almost nil. Best case scenario, they will float a new company and the circle continues.

GabsonFX2:
MFF will not escape this cos Canadians are at all time fully supported by regulations guiding all financial institutions. If MFF likes, he should continue to accept challenge fee payments from Canadians until the court date, the smart ones would have paid for the challenges via their various credit cards; and now that MFF is facing this breakdown, all the citizens/residents need to do is to charge back - takes 2secs to do on their mobile banking app, and the banks credit them the full amount in 2 to 4weeks without any questioning. I don't even stress at all, or try to liaise with the agent - this I have done with those fake and unreliable flight agents (no time for negotiation).

All those fees they continued to charge will be purged.

Darkpal:

Are you trying to say the lot size rule doesn't apply to them? How can a trade yield 35% from a 70 pips move if the maximum position size is 5 lots.

If maximum lot is 5 lots, then one trade cannot give 35% like you pointed out.

But recall, that I wrote, there may be high frequency scalpers as well.


You don't know how many trades they are taking and looking for 2-5 pips on various instruments.

Just saw this on my news feed

If you deal with cryptos, it is worth a read

Another company in trouble ...smh

https://techcabal.com/2023/09/01/float-fx-trades-5bn-losses/

karkinase:
Seems MFF might be gone and forgotten.. don’t see them coming back.. anyways prop firms are like a bubble and seems we might have reach the peak. Remember they are means to an end and not an end itself.

The charges against seems like broker dealer acting as bucket shop. Trading a counterplay to their customers while dubiously manipulating price against them. If this true then this very good for traders and we all need the sort of protection and regulations because it will get worse if other prop firms follow the same model. I think FTMO also use similar approach but don't think they manipulate the price much like MFF.

That's means the quality of any prop firms we largely depends on type of brokers they are using as their liquidity provider. You cant compare CFTC or FSA regulated brokers with any others.

Could this be true

Every successful trader is a product of 5-10 years of hard work, failure and experience.

BrightFuture48:

The charges against seems like broker dealer acting as bucket shop. Trading a counterplay to their customers while dubiously manipulating price against them. If this true then this very good for traders and we all need the sort of protection and regulations because it will get worse if other prop firms follow the same model. I think FTMO also use similar approach but don't think they manipulate the price much like MFF.

That's means the quality of any prop firms we largely depends on type of brokers they are using as their liquidity provider. You cant compare CFTC or FSA regulated brokers with any others.

Executing trade at worse price as it is in the picture you posted
I made a complaint about that sometimes ago when I picked the same trade on my live account andnprop account during time of time limit and my point of execution was pushed to a point where I was in huge loss and my live account picked at the point of my limit order but a lot of people termed it as slippage but the thing doesn't look like slippage that time
The chart was my live account while the closed trade in loss was my propfirm account cos I was really scared so was unable to make screenshot of it as evidence

Donsheddy:


Hmmmm

I told him to post it for me, i was not able to make a comment on the thread but now I've been given access.

Jameselias:
Could this be true

Every successful trader is a product of 5-10 years of hard work, failure and experience.

Very true, consistency and determination are the key to a successful trader.

seeteazain:


I can withdraw any time I want right?

Yeah, just hit 9%

OfficialP:
interesting. What's d DD and MDD

DD - Daily Draw Down ,

MDD - Max Draw Down

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Theyoungmaster:
I totally agree. MFF committed serious fraud. I read through the indictment letter from CFTC. I'm really shocked. How does a genuine company float their own broker and liquidity provider? It's just textbook fraud. You fix prices and doctor slippages and swap fees at will. Even commissions paid on trade. They were more or less playing in the field and yet still referees. Imagine Sport betting sites owning all the football teams they offer odds for. They will easily fix games to suit their financial model. It's exactly what MFF has been doing. OMG!

To say I'm shocked is an understatement. The matter has really weakened me. To even place a trace on my prop challenge account don tire me. What's the essence of going through the stress of analysis when the company can easily doctor price spikes and what-not to take out traders. The system is just too corrupt. I trusted MFF gan!

The probability of MFF coming back is almost nil. Best case scenario, they will float a new company and the circle continues.

It's not surprising that situations like this were inevitable for large proprietary trading firms like FTMO. The key issue is that if they don't engage in practices like "b-booking" trades or manipulating prices, the cost of their evaluation challenges would have to be higher due to a higher pass rate or a lower profit split percentage. Looking ahead, as regulations become more robust and the dust settles, proprietary trading firms are likely to become more transparent, and the fees for their evaluation programs may increase. Essentially, this business model relies on most traders failing because if all trades were placed in the real market, these firms would incur significant losses since the challenge fee is only a small fraction of the drawdown limit. This doesn't necessarily mark the end of proprietary trading firms; rather, they are now reaching a size where regulators are taking notice. Given the continued demand for such services, they will likely find a way to adapt and continue to operate.

BrightFuture48:

The charges against seems like broker dealer acting as bucket shop. Trading a counterplay to their customers while dubiously manipulating price against them. If this true then this very good for traders and we all need the sort of protection and regulations because it will get worse if other prop firms follow the same model. I think FTMO also use similar approach but don't think they manipulate the price much like MFF.

That's means the quality of any prop firms we largely depends on type of brokers they are using as their liquidity provider. You cant compare CFTC or FSA regulated brokers with any others.

FTMO are lucky they not operating in the US or in Canada .. more regulations will come for prop firms and make them use genuine liquidity providers.