Capital increase at hedge fund is slowly. On MFF (yes, myforexfunds I mean) you can get after a challenge IMMEDIATELY access to $600k, which is pretty good. I never heard any serious issues for payouts. So if you trade normally you will get your payout there. I just make this as additional income. Just recently opened also a $400k challenge on Bespokefundingprogram, because they also payout you if you break the rules on a funded account whilst being in profits. Second there is no time limit here so no extra pressure on taking trades. It is all about the money and maximizing trading income from payouts. Because you just cannot say I want 5 times more capital next month on the hedge fund. That does not work that way, they need more data and a longer track record to decide on additional funds once you reached a certain threshold. That's it. MFF is really legit in my eyes, that is why I added them. But that is my opinion.
NFP coming today - what do you expect the market will do ?
- Thread starter TrAndy2022
- Start date
Thanks for clarifying.
Have you withdrawn a substantial sum of money from MFF yet?
For me, it seems more rational to even borrow money and service the interest rate payments with the amount of money it would cost to buy such a funded account.
I've read way too many 1-2 star (there are hundreds) reviews on TrustPilot to even consider this firm.
You: Have you withdrawn a substantial sum of money from MFF yet?
No because I am still in the challenge phases. You need to relavate the number of complaints to overall number of reviews on trustpilot. And they are simply the best prop firm out there for trading FX. I heard they made some trouble in the past on using EAs, but I only trade manually so I do not have to fear anything from that. Usually in the 99% of all cases they pay. Of course it is not that perfect like a hedge fund, where you have no really hard rules than on MFF and a 100% payout guarantee. But one can make more money trading with them in addition to other funds. It is just a decision whether it is not worth the effort or not. What do I have to loose ? I can only loose a very few gran that's it. You can also choose to diversify among different prop firms, then the risk of not getting your deserved payout is also minimized. You only pay a small fee to get access to more capital. There are no better options right now for me. Because I do not see any other (easy) way to make 6-digits income per month. That is the way to go for me. I do not want to convince anyone to do the same. I just shared my experiences and my thoughts, that's it. I mean with the said 2 props I could get $2.6 million more in funded capital with allowed max. Drawdown of $272000 so if you make 5% monthly with those ca. 10% DD allowance, you can make net $100k in payouts monthly. You see it is worth a try (for me).
No because I am still in the challenge phases. You need to relavate the number of complaints to overall number of reviews on trustpilot. And they are simply the best prop firm out there for trading FX. I heard they made some trouble in the past on using EAs, but I only trade manually so I do not have to fear anything from that. Usually in the 99% of all cases they pay. Of course it is not that perfect like a hedge fund, where you have no really hard rules than on MFF and a 100% payout guarantee. But one can make more money trading with them in addition to other funds. It is just a decision whether it is not worth the effort or not. What do I have to loose ? I can only loose a very few gran that's it. You can also choose to diversify among different prop firms, then the risk of not getting your deserved payout is also minimized. You only pay a small fee to get access to more capital. There are no better options right now for me. Because I do not see any other (easy) way to make 6-digits income per month. That is the way to go for me. I do not want to convince anyone to do the same. I just shared my experiences and my thoughts, that's it. I mean with the said 2 props I could get $2.6 million more in funded capital with allowed max. Drawdown of $272000 so if you make 5% monthly with those ca. 10% DD allowance, you can make net $100k in payouts monthly. You see it is worth a try (for me).
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Wait a minute.... not only are there serious accusations that traders aren't being paid after making money, but you're telling me that they first take your money?? I'm not following this thread too closely, and have no idea what this firm even is, but if you're telling me that first you need to put your own money in, and then after being up quite a bit of money you can't get it out, even one complaint is too much!
Since you mention that you can lose a few thousand dollars, I now understand the business model.
And I appreciate your perspective and don't see you trying to influence anyone to go down the same path. So, I thank you.
It would be great if you'd share with us moving forward if you're actually successfully withdrawing capital from MFF and that other firm.
As for losses on your end, beyond the fees you're actually paying (let's agree they're small and negligible), there's obviously the time and effort you put in servicing and trading these accounts. Juggling multiple accounts could potentially affect the performance on your main account as well. Unless you have a clever way of linking your accounts such that a trade made on your main account is performed automatically in your other sub-accounts.
I once tried to juggle a funded account in addition to my live account and for me it was a bit of a headache to be honest. But we're all different here.
I think depositing a small sum to cover the cost of a try-out is completely reasonable, so no complaints with that. This is the same business model as every "trade-in-simulator-and-we'll-"fund"-you" firm.
However, there's just too many complaints about this firm for me to consider it personally. The firm basically have complete power to just liquidate your account on whatever grounds they make up.
They don't allow for copy trading and I see it's a common explanation from MFF when they liquidate accounts. I imagine just by random chance it's quite possible that trades from one trader would match up with trades from another trader over a big enough sample. But if they find that to be the case they can simply close your account.
Of course, we can't know for sure if all those 1-2 star reviews are from sore losers, but it does set off every possible alarm bell on my end. Maybe every great review is also fake.
That's the tough part in the disinformation age which we now live in. Very hard to know what you can trust and not.