The largest FX prop firm named MyForexFunds stopped working now, are they out of business ?

[FTDK]

Jesus Christ. What a shit show.

There's zero surprise on my end as this is pretty much in line with my expectations and assumptions regarding these firms and which I've warned about multiple times on this board (and by doing so being ridiculed by quite a few here).



No surprises here. This is precisesly what I've been saying about these firms.

You win - they lose.

It's a win/lose relationship and anyone entering such a 'business relationship' have to be out of their mind if they think it's going to lead anywhere.

But plenty of people here have said this is no concern and that they're happy to be trading in the simulator since their 'profits' will be off-set by all the losing traders who participate. Sure, but even within that framework, no such company have any interest in paying out profits if they can avoid it.



My only surprise here is this number.

I only did some napkin math and conservative assumptions earlier on E2T, but I have to say this figure was much higher than I had anticipated.

It's not because one firm do this it automatically means they all do it.

I do assume they are going to investigate the others as well so the rotten apples will be closed down soon enough.

 

[Laissez Faire]

Next up should be Apex and similar 'bucket shops'. Hell, maybe even E2T and Topstep which are the only two firms I've said could be worth your while since they allegedly (I wouldn't know for sure) put you on a real live account effectively making it a win/win proposition provided it's an actual live account.

By the way, I was recently surprised to learn that an aquaintance of mine had started pursuing day trading and was going down the 'funded firm' path. Guess which firm? My Forex Funds.

I expressed some concerns, but not in such brute language as I use here, but he brushed it off saying My Forex Funds was one of the 'legitimate' ones.

I won't be reaching out to him and express any schadenfreude as I imagine his dreams just got crushed, but I do hope that my posts here can at least prevent those reading here from doing any business with these type of firms which in my book is nothing more than a modern bucket shop.

Fool me once, shame on you. Fool me twice, shame on me.

 

[Laissez Faire]

It's not because one firm do this it automatically means they all do it.

I do assume they are going to investigate the others as well so the rotten apples will be closed down soon enough.

Buddy,

If you actually understand the business model (which I've outlined many times now) of these firms, you would be delusional and outright gullible to believe anything else.

 

[FTDK]

Next up should be Apex and similar 'bucket shops'. Hell, maybe even E2T and Topstep which are the only two firms I've said could be worth your while since they allegedly (I wouldn't know for sure) put you on a real live account effectively making it a win/win proposition provided it's an actual live account.

By the way, I was recently surprised to learn that an aquaintance of mine had started pursuing day trading and was going down the 'funded firm' path. Guess which firm? My Forex Funds.

I expressed some concerns, but not in such brute language as I use here, but he brushed it off saying My Forex Funds was one of the 'legitimate' ones.

I won't be reaching out to him and express any schadenfreude as I imagine his dreams just got crushed, but I do hope that my posts here can at least prevent those reading here from doing any business with these type of firms which in my book is nothing more than a modern bucket shop.

Fool me once, shame on you. Fool me twice, shame on me.

I guess it depends, Apex doesn't promise to put you on a live account such as Myforexfunds did. I also recently saw a poster here that confirmed he was placed on a real live account with Apex.

Myforexfunds also used all kind of illegal practices to make sure traders lost, we won't know if any of the other firms use similar tactics until they are investigated.

This isn't about being on a live account or not, but much much more than that.

 

[FTDK]

Buddy,

If you actually understand the business model (which I've outlined many times now) of these firms, you would be delusional and outright gullible to believe anything else.

Well, as i have said plenty of times before, buddy, i prefer to stick to the facts instead of assuming and making up shit, ciao.

 

[FTDK]

Buddy,

If you actually understand the business model (which I've outlined many times now) of these firms, you would be delusional and outright gullible to believe anything else.

If anything this Myforexfunds shit PROVES it is a good business model that can work for both parties if they place winners on live accounts, but instead of wanting to know if they do or not, you just say and assume they don't, even though there are people who already confirmed it.

Talk about being delusional and not understanding the business model ...

 

[Laissez Faire]

I guess it depends, Apex doesn't promise to put you on a live account such as Myforexfunds did. I also recently saw a poster here that confirmed he was placed on a real live account with Apex.

I've spent enough time discrediting Apex. Since they're blatantly open about having you on a simulated account you can know for a fact that a win for you is a loss for them. It's really simple.

Why the hell would they want you to win and pay you? And please. Save your breath if you're talking about withdrawing $1000 bucks.

Which poster was that?

Myforexfunds also used all kind of illegal practices to make sure traders lost, we won't know if any of the other firms use similar tactics until they are investigated.

Well, as i have said plenty of times before, buddy, i prefer to stick to the facts instead of assuming and making up shit, ciao.

Well, you don't know the facts. It's all smoke and mirrors. Yet, you choose to give them the benefit of doubt.

My assumptions which are based on rationality, logic and common sense are quite sound.

But if you want to believe otherwise, feel free to do so at your own risk.

 

[destriero]

Today I got this message, because I could not make a trade nor did I get any current payouts.

"
Traders

Yesterday we learned that, without prior notice or discussion, a provincial securities regulator in Canada and the commodities regulator in the United States issued orders preventing us from trading securities or accessing funds in our bank accounts.

Until these freeze orders are lifted or modified, our business is effectively, and at least temporarily, frozen as well.

We will be reaching out to the regulators to discuss their concerns, and the first court date to determine whether the freeze orders should be lifted or modified is currently scheduled for September 11 in the US, with another hearing later that same week in Canada.

We hope to have this matter resolved as soon as possible and will update this message as events occur."

What does this mean for MFF ? Anyone can explain ? Is this a shutdown or only temporary halt ? They owe me over $10k in payouts, so it is concerning me.

your hedge fund blew up? I wonder what impact this will have on markets come Sunday when futures open. Fingers crossed!

 

[Laissez Faire]

If anything this Myforexfunds shit PROVES it is a good business model that can work for both parties if they place winners on live accounts, but instead of wanting to know if they do or not, you just say and assume they don't, even though there are people who already confirmed it.

Talk about being delusional and not understanding the business model ...

No offense, but you come across as a bit of a clown. My Forex Funds got busted and here you are defending these firms still giving them the benefit of doubt.

For all I know, you may be Darrel Martin or associated in some other way.

No, i opened this account to prove the haters wrong.
I will withdraw a few thousands bucks and then leave it at that, i don't want this to become a distraction from trading my personal account.

Here's what you wrote in Sekiyo's journal in early August. Quite amusing actually.

Who the hell opens an account with a bucket shop in order to prove 'haters' wrong? Did you withdraw your thousand bucks yet to prove the 'haters' wrong?

Thanks for the comical relief.

 

[TrAndy2022]

your hedge fund blew up? I wonder what impact this will have on markets come Sunday when futures open. Fingers crossed!

What are you talking about ? My hedge fund is not affected at all !!! I get a payout of $14k for August performance. They are safe.

But you are right that I am affected on MFF as prop firm, because I am waiting for $10k to be paid out.