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Nairaland Forum / Nairaland / General / Business / Forex Trade Alerts: Season 23 (538470 Views)
Forex Trade Alerts: Season 22 / Forex Trade Alerts: Season 21 / Forex Trade Alerts: Season 20 (2) (3) (4)
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Re: Forex Trade Alerts: Season 23 by charly20(m): 9:20pm On Sep 01, 2023 |
charly20: The news did not allow my setup to breathe. Recorded a loss. Back to waiting. 7 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by Elliotwaveforec: 9:46pm On Sep 01, 2023 |
Shorting Gold 1940 TP 1920 |
Re: Forex Trade Alerts: Season 23 by Hussein8(m): 10:13pm On Sep 01, 2023 |
Nice one, looking forward to this month. OfficialP: 1 Like |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 11:15pm On Sep 01, 2023 |
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. 1 Share
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Re: Forex Trade Alerts: Season 23 by Donsheddy: 11:51pm On Sep 01, 2023 |
karkinase: 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 5 Likes |
Re: Forex Trade Alerts: Season 23 by altteemy: 12:05am On Sep 02, 2023 |
Donsheddy:From that Reddit post, seems them entering into the brokerage business was what hurt them. |
Re: Forex Trade Alerts: Season 23 by Hussein8(m): 12:05am On Sep 02, 2023 |
karkinase:So the outcome will be they will shutdown operations or? |
Re: Forex Trade Alerts: Season 23 by Donsheddy: 12:09am On Sep 02, 2023 |
altteemy: Yeah seems so . |
Re: Forex Trade Alerts: Season 23 by GabsonFX2: 1:37am On Sep 02, 2023 |
5 Likes 1 Share |
Re: Forex Trade Alerts: Season 23 by Olawale86(m): 2:16am On Sep 02, 2023 |
EASYLIFE4US: Less than 12hrs, I thought I'm the only one who's thinking 🤔🤔🤔 this Way |
Re: Forex Trade Alerts: Season 23 by OfficialP: 2:21am On Sep 02, 2023 |
karkinase:but bubble don't burst this quick. Anyways this will make others sit up and do whatever is needful. |
Re: Forex Trade Alerts: Season 23 by EASYLIFE4US: 2:28am On Sep 02, 2023 |
Olawale86: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 |
Re: Forex Trade Alerts: Season 23 by Geovanni412(m): 3:58am On Sep 02, 2023 |
EASYLIFE4US: 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. |
Re: Forex Trade Alerts: Season 23 by haryodehjia(m): 6:11am On Sep 02, 2023 |
From discord
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Re: Forex Trade Alerts: Season 23 by BrightFuture48: 6:31am On Sep 02, 2023 |
EASYLIFE4US: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. 8 Likes |
Re: Forex Trade Alerts: Season 23 by Donsheddy: 7:06am On Sep 02, 2023 |
hassan50: Hmmmm |
Re: Forex Trade Alerts: Season 23 by Darkpal: 7:08am On Sep 02, 2023 |
Geovanni412: 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. |
Re: Forex Trade Alerts: Season 23 by Nextt: 7:12am On Sep 02, 2023 |
GabsonFX2: 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. 1 Like |
Re: Forex Trade Alerts: Season 23 by Nextt: 7:16am On Sep 02, 2023 |
BrightFuture48: Word. 👏 |
Re: Forex Trade Alerts: Season 23 by Theyoungmaster(m): 7:29am On Sep 02, 2023 |
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: 1 Like |
Re: Forex Trade Alerts: Season 23 by Geovanni412(m): 7:35am On Sep 02, 2023 |
Darkpal: 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. |
Re: Forex Trade Alerts: Season 23 by Geovanni412(m): 7:41am On Sep 02, 2023 |
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/ |
Re: Forex Trade Alerts: Season 23 by BrightFuture48: 8:06am On Sep 02, 2023 |
karkinase: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. 2 Likes 1 Share
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Re: Forex Trade Alerts: Season 23 by Jameselias: 8:17am On Sep 02, 2023 |
Could this be true Every successful trader is a product of 5-10 years of hard work, failure and experience. 3 Likes |
Re: Forex Trade Alerts: Season 23 by Lanshile(m): 8:28am On Sep 02, 2023 |
BrightFuture48: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
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Re: Forex Trade Alerts: Season 23 by Hussein8(m): 8:46am On Sep 02, 2023 |
Donsheddy: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. |
Re: Forex Trade Alerts: Season 23 by Hussein8(m): 8:49am On Sep 02, 2023 |
Jameselias:Very true, consistency and determination are the key to a successful trader. 1 Like |
Re: Forex Trade Alerts: Season 23 by Supremefx(m): 9:10am On Sep 02, 2023 |
seeteazain: Yeah, just hit 9% |
Re: Forex Trade Alerts: Season 23 by Supremefx(m): 9:15am On Sep 02, 2023 |
Re: Forex Trade Alerts: Season 23 by Supremefx(m): 9:16am On Sep 02, 2023 |
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Re: Forex Trade Alerts: Season 23 by Mirallas: 9:29am On Sep 02, 2023 |
Theyoungmaster: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. 3 Likes |
Re: Forex Trade Alerts: Season 23 by karkinase(m): 9:32am On Sep 02, 2023 |
BrightFuture48: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. 1 Like |
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