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

TrAndy2022 said:
Those prop firms exist because of ONE fact. 90/90/90 rule. 90% of traders loose 90% of their account in 90 days. So basically they are less than 1% consistent profitable traders. That is why those props can make such offers of additional capital. All the trading environment and rules cannot defeat any real profitable trader. They just can profit from this prop business. Out of those 135000 customers MFF had, probably 1000 traders were able to make regular payouts. So in the end it is a good business and not a bad "Ponzi" which needs to be regulated or shut down to protect any other people, which are only loosers. Those loosers are guilty themselves and not the prop is the bad.
More...

Exactly. However regulations wouldn't hurt.

And currently there is absolutely 0 evidence other firms are also applying dirty tricks to make traders lose or don't put them on a live account after a certain time. Even Apex does so apparently, according to a recent post on this very forum.

Like someone else said earlier, this Laissez guy is like the flat earther of ET, they also have 0 hard evidence, no point in arguing with stupid.
 
The thing is there is no real interbank market for smaller FX orders which are 99.9% of all orders on such props. That would start around 50 lots or 100 lots in increments of at least 50 lots. If anyone buys with 2.5 lots any FX it means they never hit the interbank market in FX. So that is why there are such slippages and delays and different quotes. One needs to be counterpart anyways, if that is the prop, or the broker, or the liquidity provider behind. To say from regulators, it is all ilegal b-booking is just too simple, as it is not the case in the real world trading Spot Forex. The CFTC cannot compare this to FX Futures traded on the CME which they have in focus.
 
TrAndy2022 said:
If anyone buys with 2.5 lots any FX it means they never hit the interbank market in FX...
More...

Well apparently at MyFF they weren't hitting ANY market, just some BS order matching system running on a server in someone's basement, disconnected from any real market.

Like in amateur radio, if you wanted to test your output power without actually transmitting real radio waves through the antenna, you'd shunt the output to what is called a dummy load.

That's effectively where MyFF orders were heading. Into a dummy load to be dissipated into the ether.
 
There is actually possible to buy fractions of shares. IB is offering that. I guess there is no real market and also everytime a counterparty here. Just do not forget, there are more counterparties working in trading, otherwise it would not work and there would not be such liquidity available at prices like it is.
 
I guess if you have an active account with MFF now, you won't get your money back, whether it is evaluation account fee or money you made from funded acccount.
 
TrAndy2022 said:
There is actually possible to buy fractions of shares. IB is offering that. I guess there is no real market and also everytime a counterparty here. Just do not forget, there are more counterparties working in trading, otherwise it would not work and there would not be such liquidity available at prices like it is.
More...


Dude, you're making an analogy with fractional shares? Regardless the shares are in inventory at your broker, you fool.
 
TrAndy2022 said:
The thing is there is no real interbank market for smaller FX orders which are 99.9% of all orders on such props. That would start around 50 lots or 100 lots in increments of at least 50 lots. If anyone buys with 2.5 lots any FX it means they never hit the interbank market in FX. So that is why there are such slippages and delays and different quotes. One needs to be counterpart anyways, if that is the prop, or the broker, or the liquidity provider behind. To say from regulators, it is all ilegal b-booking is just too simple, as it is not the case in the real world trading Spot Forex. The CFTC cannot compare this to FX Futures traded on the CME which they have in focus.
More...


Literally ZERO of that 3 lot order is hitting any dealer other than the dude holding your account. Dealers like Oanda do not route your order to an ECN, CBOE FX, etc. They use triangular arb and net it when an exposure reaches a predetermined level on their book. It's never done at the client/end user level.
 
destriero said:
Literally ZERO of that 3 lot order is hitting any dealer other than the dude holding your account. Dealers like Oanda do not route your order to an ECN, CBOE FX, etc. They use triangular arb and net it when an exposure reaches a predetermined level on their book. It's never done at the client/end user level.
More...
yes.
 
destriero said:
Literally ZERO of that 3 lot order is hitting any dealer other than the dude holding your account. Dealers like Oanda do not route your order to an ECN, CBOE FX, etc. They use triangular arb and net it when an exposure reaches a predetermined level on their book. It's never done at the client/end user level.
More...

Not a "spot foreign exchange" trader here but I do trade CME FX futures.

From what you are saying here, the dealers such that retail has access to are really no different than sports books? Maybe even closer to Rocco the bookie?
 
You must log in or register to reply here.
Back
Top