Prop firms? legit ?
- Thread starter cashclay
- Start date
They exist for their fees, in finance everything is absolute no matter what the interpretation everyone uses, Dennis Turtles essentially 2 out of the 23 failed which is 92% success rate, invert it and you have the failure rate of prop firms, then understand the definition of success is to make $1 profit and you have a reference point.
legit: conforming to the rules; legal
Sorry just looked up the word to answer the question. My answer is, I do not know. However I've gotten paid from TST, Uprofit and Savius.
My advice is to thread cautiously. Do your own research and if you choose to go with one or several, goodluck.
Unless you have an advantage because of demo trading conditions on the particular (FX) prop firm you are considering (on Futures prop firm you cannot have better demo trading conditions), it is not worth the effort. If you can pass it with high probability you better scale on your own personal account. If you cannot meet the goals usually then it is not worth either, because you need to many attempts to get funded. So the path a prop firm is valuable is very narrow to be attractive. So all in all just do not attend them. If you can find a loophole to pass the challenge you will certainly get it much more difficult in a short period of time because the prop firm will detect any loophole sooner or later. Then when any loopholes are closed it is not worth the effort anymore to do the challenges on any prop firm. You can also take out a certain amount on profits regularly on your personal account together with any similar rules to any prop firm if you want. But you are totally free on your own personal accounts. Last the scaling you can do on your own personal account is not any limited so much more attractive in the long run too. (The only reason for joining a prop firm I see for intraday leverage on stocks on real prop firms without any challenges, where you can get 100:1 leverage here. But only up to limited $100k risk capital this can be interesting as you cannot scale up here that much too. And for trading Forex or Futures better avoid any prop firms.)
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First thing. Let's call them by their proper name, Funder Firms.
Second thing. Do they pay out? If you follow their rules, then yes. They will 100% pay you out
Second thing. Do they pay out? If you follow their rules, then yes. They will 100% pay you out
thank you for that...
Must be careful with prop firms though and find a trustworthy one. I agree many are legit and pay out, but some are run by bunch of crooks who steal millions from their traders. I have trading floor, trade equities and options, and trade with a prop firm to get much better leverage and much lower fees than my group could get by ourselves, so it is much better deal even though they keep some of profits. And they pay on time every time, no excuses.
But I have also dealt with other firms in the past who have stolen money, so BE CAREFUL. If you talk to prop firm and see the name Simon Librati involved with that firm, for example, RUN. You can see many places on Elitetrader with many people who have had money stolen by this crook (including me, though luckily not close to as much money as many others).
But I have also dealt with other firms in the past who have stolen money, so BE CAREFUL. If you talk to prop firm and see the name Simon Librati involved with that firm, for example, RUN. You can see many places on Elitetrader with many people who have had money stolen by this crook (including me, though luckily not close to as much money as many others).