Donvic4u:


I was kinda surprised too when I saw those stats on their Facebook group...

Mehn forex is not easy o..

Forget all the lambos and Ferrari those guys post on Instagram


This game not easy gan

It is a difficult way to make smart and easy money. And that only 5 traders survived up till 8 months.
And those stats were based on the fact that the violation system was not 100% efficient o.

infofirst:


It is a difficult way to make smart and easy money. And that only 5 traders survived up till 8 months.
And those stats were based on the fact that the violation system was not 100% efficient o.

Their violation system isn't efficient because their way of calculating maximum daily loss is very wrong, they should learn from other prop firms..
Well this is an eye opener Sha...

Thanks for bringing it here

infofirst:


First try out 10k first. And let the profit from 10k be used to start 100 or 200k. 200k is much more a comfortable figure to start with in my view

Yeah, that's the plan Boss!
Abi u think say I wan carry 500k take dash ftmo when I never chop belleful?

The ultimate goal sha is to manage 200k by the end of next year.

infofirst:
October
New live accounts: 3544
Total amount paid out: US$1,482,627.31
Most traded pair: XAU/USD

Most profitable pair: GBP/AUD
Least profitable pair: GBP/JPY
Passed phase 1: 18%
[ 638 Traders]
Passed phase 2: 31% of traders who passed phase 1[b] [ 198 traders][/b]
Reached first profit split: 4% of traders who pass phase 2
[ 8 traders]
Important note: The pass rate was particularly high this month because our violation system was missing a large number of violations.


October Summary = 8 Traders Successful!

infofirst:
November
New live accounts: 5718
Total amount paid out: US$2,848,357.40
Most trader pair: XAU/USD
Most profitable pair: XAU/USD
Least profitable pair: GBP/JPY
Passed phase 1: 10% [572 traders ]
Passed phase 2: 24% of traders who passed phase 1[b][137 traders ][/b]
Reached first profit split: 3% of traders who passed phase 2[b] [4 traders][/b]
Important note: For the start of the month the pass rate was high due to our violation system missing a large number of violations
.

November Summary = 4 Traders Successfull!

In two months:
Total Traders = 5718 + 3544 = 9262 traders
Successful traders = 8 + 4 = 12 traders (0.1%)

The story is same with other prop firm. This means that there is something fundamentally wrong in traders approach in taking these prop firm challenges. A wake up call and proper instropect of our strategy and risk management.

BrightFuture48:

October Summary = 8 Traders Successful!


November Summary = 4 Traders Successfull!

In two months:
Total Traders = 5718 + 3544 = 9262 traders
Successful traders = 8 + 4 = 12 traders (0.1%)

The story is same with other prop firm. This means that there is something fundamentally wrong in traders approach in taking these prop firm challenges. A wake up call and proper instropect of our strategy and risk management.

80% of trader knows nothing about trading,
I'm in a channel for a prop,
You need to see the sort of questions being asked,
It's just clear indications there's more gamblers than traders.
It's good for me, Atleast i know for sure, that prop would always be able to pay me

If you don't discipline yourself, mother market will.

Gasive:


Yeah, that's the plan Boss!
Abi u think say I wan carry 500k take dash ftmo when I never chop belleful?

The ultimate goal sha is to manage 200k by the end of next year.

I believe in you,
One trade at a time.

BrightFuture48:

October Summary = 8 Traders Successful!


November Summary = 4 Traders Successfull!

In two months:
Total Traders = 5718 + 3544 = 9262 traders
Successful traders = 8 + 4 = 12 traders (0.1%)

The story is same with other prop firm. This means that there is something fundamentally wrong in traders approach in taking these prop firm challenges. A wake up call and proper instropect of our strategy and risk management.

Thats not correct. Total live accounts already means those that have passed the two stages.
Other accounts were demo not live

Yes. Traders are the issue as 90% have a wrong understanding of the market and how it works. They have poor risk appetite and a not good psychology

infofirst:
And the one that summed it all and surprised me the more below
Some takeaways from our trading data:

Over 60% of traders in our database do not use a stop loss and have a high risk of ruin

The traders who have made it to their 4th pay cycle all have a risk management strategy of below 3% risk on any given day

The profitable traders are in the market less than 4 hours per day

The most profitable traders do not hold traders overnight

A trader who holds trades over the weekend has a 60% high chance of failing or losing their account

When the market is more volatile more traders fail because of a lack of risk management discipline

If volatility is prolonged, it is a blood bath of epic proportions

There are 5 traders who are on their 8th payout on evaluation live accounts.

All of them trade conservatively and make sure they get paid. None of them risk more than 2% per trading day and they stop when they have reached 4-8% in profit until pay cycle has ended

All traders who received record payouts have lost their accounts within 3 weeks of the record payout due to excessive risk.

There are many, many more fun facts about the traders in our database and as we grow, more of those facts are coming to light. 
Our advice is to take it easy when you reach live, many people seem to be unable to control their greed emotion.

Make sure you get paid and keep your risk as low as possible. After all, it’s a marathon not a sprint.



Happy trading everyone!

Forex trading is more on risk management than strategy. For a prop account, ur risk management and money management must be top notch.

infofirst:


Thats not correct. Total live accounts already means those that have passed the two stages.
Other accounts were demo not live

Yes. Traders are the issue as 90% have a wrong understanding of the market and how it works. They have poor risk appetite and a not good psychology

You're missing the point sir. Do those initial/demo trader didn't pay for the challenge unless otherwise. All started with a mission of been a funded traders and ultimately being get paid. But unfortunately many choose to answer the call but very few make it to promise land.

GabsonFX:
A good example is the TCF monthly package: the rules are so strong that they expect that you keep coming back to pay the monthly fee in order to keep your account active: lot size limitation, limited leverage, etc. If their rules were better, we would see few people winning the contests.

34 participants from the 1st contest, about 38 participants from the 2nd contest; now imagine these 34 + 38 = 72 ish participants had paid for the monthly package, imagine how much (72 x $345 = C$24,840) into the prop pocket just in 2 months. now imagine the number of participants all over the world taking this monthly package.

PS: I do not insinuate that the participants are not good enough for prop (not all) but all I'm saying is that these prop firms understand the concept behind fx trading, thus legally or reasonably turning a legit business (fx) into a ponzi scheme or so called MMM but LEGALLY all in the name of proprietary firm trading....

You're right boss, and that is why is always good to simulate the real challenge and practice on trial/contest for months like the one you organise and infofirst and after satisfactory performance one can now go for the real challenge. But the impatient of people make them do lots of mistakes and loss their hard earned money.

I played a lot with demo/trial/ contest just to make enough mistakes to learn from it. You wouldn't believe the last contest I am still trading it with same parameter, learning/ unlearning along the line until I will be consistently profitable with it and then satisfy to go live/ real challenge with it. So it's matter of patient and understanding our limitations while honing our skills along the line.

I still want to believe that those prop might actually invest in selected few of Expert Traders that are consistently make profit without necessarily paying them with failed challenge fee.

Feshizzy:


80% of trader knows nothing about trading,
I'm in a channel for a prop,
You need to see the sort of questions being asked,
It's just clear indications there's more gamblers than traders.
It's good for me, Atleast i know for sure, that prop would always be able to pay me

If you don't discipline yourself, mother market will.

I concur and yet this people want to go prop firm directly. In fact if one is not consistently make profit for three month on trial account they don't have business paying for the challenge because it's obvious they will end up losing it.

GabsonFX:


Above all, 99% of the prop firms, including FTMO uses peter to pay paul and take the rest of the proceeds......

Boss, this is truly deep.
I sometimes ago read or watched a youtube video that most of these prop trading firms' accounts are demo and explained how these prop firms make money. These firms know that 90℅ of traders lose money and they even make the rules more strict than it is already. They firstly present you demo to play with and use peter to pay paul if at all you eventually win. Only a very few that can control their emotions and check their greedy nature can hardly win the race.
Prop trading firms are cashing out far more than brokers these days that's why they are littering the internet now.

Still a humble learner.

The fun part of all this was
There was an argument about capital being the problem of losing,
Now prop firm exist,
Where are those always complaining of low capital?
They left the chat obviously.

Some seasons ago,
There was an heated argument when i keep saying its more of discipline than capital.
Of cause, you have to ideally have a decent capital to start with like 200 usd for instant.


Everything boils down to discipline/psychology

BrightFuture48:

I concur and yet this people want to go prop firm directly. In fact if one is not consistently make profit for three month on trial account they don't have business paying for the challenge because it's obvious they will end up losing it.

You are very correct,
I have a similar model which i am abiding by it.

For intending traders,
It's okay to loose accounts
But let it be demo and always learn from your losses.
Before indulging in fx, you need to read, read, read, read, before even opening an account to trade
And when you finally do, please just remove your mind from cashing out) in fact delete the thoughts) your goal is explore as much strategy as you can till you put up the pieces to make your personal strategy.

My advise, don't pay anyone shishi for training those guys won't tell you the truth, they just want your money and in turn they promise you castle in the clouds.

After you have find something different, you will eventually know that you are ready,
Then just open a realistic demo and trade for 6 months,
If you fail to be in profit,
Keep trying and when you succeed,
Open a small live account and trade with without the mindset of withdrawing for Atleast 6 months

Feshizzy:


I don't think this is how a trade journal works,
An indicator on your platform can get you this,
Or a myfxbook like mine can get you this,
What a journal is, is more detailed than this,

You need,
1. To have the chart and mark entry and exit,
2. Reasons for entry and exit
3. Possible improvements to entry / exit.
4. How does similar pattern played out in the past
5. The % probabilities of such kind of setups
6. Finally, would you take such kind of setup again?

I was falling in love with MFF not until I came across this review about them >>https://www.forexpeacearmy.com/forex-reviews/18099/my-forex-funds-review-mff

After seeing the bad reviews on that link, mmeeinnn I no go enter there o. And again just check, if only 8 traders could meet up with their trading target this month which to me it's very feasible, it means something is really wrong in there.

EeGooBetter:
I was falling in love with MFF not until I came across this review about them >>https://www.forexpeacearmy.com/forex-reviews/18099/my-forex-funds-review-mff

After seeing the bad reviews on that link, mmeeinnn I no go enter there o. And again just check, if only 8 traders could meet up with their trading target this month which to me it's very feasible, it means something is really wrong in there.

Most of those reviews are just hoax actually,
I get to see some of these guys in the channel,
Just that MFF doesn't have good publicity like FTMO
And FTMO is better with their automation.

My personal opinion they gave been consistent.

I had my own experience as well,
I'm 3 month deep in them now,
The first one was very terrible, they sent me an account that was already violated,
I send mail, no response,
Na hin i para for them for live chat, say i want my money back like this so,
This was over a week, the Bros no even waste time, he sharply initiate refund, thus was on a Friday by Tuesday i don see my alert back.

I had to wait while to observe things,
Then i realise the time i bought account,
They were actually experiencing serious difficulties and people complained bitterly,
There was a massive surge that they couldn't manage and that time sha.

They actually lack management, and greatly understaffed.
Though they did try to compensate with giving discount but bad news travels further than good news.

In all, they seem to want to be in business, my worries is that they don't like to spend money to get the job done.

Oh! They are always been heavily exploited by very shady traders that's why bad review full everywhere.
Because those shady trader/mentor will tell minions in their group chat to post negative comment.

If you tell them to bring evidence,
Na only like 1% go fit.
The rest just dey lie anyhow.

Feshizzy:


I believe in you,
One trade at a time.

Thanks Boss...

Those stats are something to think about.

I usually tell my pals "we are still too young and there is plenty of time"

All the kids these days want to Lambo at 20 years

Next year, I'll be practicing the 10k FTMO package probably from January to mid -year (I've got time). When I'm satisfied with how disciplined my trading gets, then I can see how to go about paying for the challenge. I already did the challenge free trial and repeated the feat twice and passed all but I'm not confident yet.

In a case where I don't get enough satisfaction, I'll do it for the rest of next year.

The year is already ending and I haven't blown that 200usd demo account. It means I'm probably doing something right.

To any young trader as myself in this community, please there is time. A lot of it

All it takes is one year and you'd be managing 200k.

GabsonFX:

PS: I do not insinuate that the participants are not good enough for prop.

Boss, there's no need to sugar coat things.
In that contest, we failed woefully and we know it.
To fail once is understandable, but to fail twice means we're not good enough.

I just wish you will give us another opportunity come next year.

charly20:
Those stats are something to think about.

I usually tell my pals "we are still too young and there is plenty of time"

All the kids these days want to Lambo at 20 years

Next year, I'll be practicing the 10k FTMO package probably from January to mid -year (I've got time). When I'm satisfied with how disciplined my trading gets, then I can see how to go about paying for the challenge. I already did the challenge free trial and repeated the feat twice and passed all but I'm not confident yet.

In a case where I don't get enough satisfaction, I'll do it for the rest of next year.

The year is already ending and I haven't blown that 200usd demo account. It means I'm probably doing something right.

To any young trader as myself in this community, please there is time. A lot of it

All it takes is one year and you'd be managing 200k.

Oil dey ur head....

No matter what is stated. Only tiny % will excel in fx trading. It is a rule of life thats applicable in fx as well. If we give every man $1 billion today. Its just a matter of time. Those that will be broke will be more than 90% even when there is no inflation as a result of the free cash.
Life is a pyramid. The top is narrow.
It is what it is.

Gasive:

Boss, there's no need to sugar coat things.
In that contest, we failed woefully and we know it.
To fail once is understandable, but to fail twice means we're not good enough.

I just wish you will give us another opportunity come next year.

That is the plain truth. If you have a great strategy and poor risk and poor psy, you are not good enough. You must have right combo for all three. And @charly20
It might take more than one year and it might be less o. It all depends.

infofirst:
No matter what is stated. Only tiny % will excel in fx trading. It is a rule of life thats applicable in fx as well. If we give every man $1 billion today. Its just a matter of time. Those that will be broke will be more than 90% even when there is no inflation as a result of the free cash.
Life is a pyramid. The top is narrow.
It is what it is.

Boss I have a strategy that have backtested 60 trades on. It generates 50 percent return. Should I conclude the strategy is okay or I should backtest more??

infofirst:


If you have a great strategy and poor risk and poor psy, you are not good enough. You must have right combo for all three.

You've said it all.

infofirst:


That is the plain truth. If you have a great strategy and poor risk and poor psy, you are not good enough. You must have right combo for all three. And @charly20
It might take more than one year and it might be less o. It all depends.

The importance of trading psychology and mindset is neglected by most traders. Currently reading trading in the zone and I'm like "wow". A lot of things need to be unlocked in our mind

charly20:
Those stats are something to think about.

I usually tell my pals "we are still too young and there is plenty of time"

All the kids these days want to Lambo at 20 years

Next year, I'll be practicing the 10k FTMO package probably from January to mid -year (I've got time). When I'm satisfied with how disciplined my trading gets, then I can see how to go about paying for the challenge. I already did the challenge free trial and repeated the feat twice and passed all but I'm not confident yet.

In a case where I don't get enough satisfaction, I'll do it for the rest of next year.

The year is already ending and I haven't blown that 200usd demo account. It means I'm probably doing something right.

To any young trader as myself in this community, please there is time. A lot of it

All it takes is one year and you'd be managing 200k.

Well said comrade, well said

WallStreetfx:


Boss I have a strategy that have backtested 60 trades on. It generates 50 percent return. Should I conclude the strategy is okay or I should backtest more??

You will know hehe when you are ready.

All these 1 hour skimm through chart is never enough,
Back test it for Atleast 10 years if you want to be business in the next 10 years.

Feshizzy:


You will know hehe when you are ready.

All these 1 hour skimm through chart is never enough,
Back test it for Atleast 10 years if you want to be business in the next 10 years.

Thanks boss