If you don't understand the difference between what these companies offer and a broker you better don't tell others "you refuse to see it" ...
I am done with this discussion, it's pointless this way.
The largest FX prop firm named MyForexFunds stopped working now, are they out of business ?
- Thread starter TrAndy2022
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If you don't understand the difference between what these companies offer and a broker you better don't tell others "you refuse to see it" ...
I am done with this discussion, it's pointless this way.
There are ways for them to make money from the money collected from evaluations being the pros in trading that they are. They can pay you from that and if they blow up they don't have to pay it's stated in the contract. You would think that brokers can't survive with $0 commission for trades but they do.
There are ways for them to make money from the money collected from evaluations
If that is what the business model is based on then it is highly volatile as if all of a sudden many of funded traders make gain where is the money going to come from? + it is deceiving to say we fund you when many of these don't actually fund and take a gamble on LIVE SIM .. what a joke
If that is what the business model is based on then it is highly volatile as if all of a sudden many of funded traders make gain where is the money going to come from? + it is deceiving to say we fund you when many of these don't actually fund and take a gamble on LIVE SIM .. what a joke
It's only deceiving for the idiots who don't read the fine print or don't read the contract before signing it.
There is nothing deceiving about the business model since it is clearly explained, is it questionable? Maybe, i would need more details that aren't available to come to a conclusion ... but it's not deceiving if they offer what they promise and don't breach the contact. Clearly the business model works, it seems like most (if not all) futures funding firms do eventually put you on an actual live account (there is no evidence against it) after they find you are consistently profitable.
You keep saying many don't actually fund, now since almost all these firms work with some kind of sim evaluation after passing the test before putting you on an actual live account that's quite the accusation, i can only assume you have a shitload of evidence to back it up and are going to share that with us very soon?
Again, your opinion doesn't make it a fact ... It's not because you don't like something it's per definition bad ...
What a joke ...
And if they gave everyone who passed a live account and all of a sudden they all blew up. These companies have their own senior traders that are consistently profitable i reckon they don't need more than a few to handle their trading. I am just glad they give me a chance to practice and pay me if i succeed not kick me off the payroll after some months. It took a long time but I think I finally put together a process that would yield some monthly income with the least stress. I am still a long ways off from trading any real money especially my own.
So, an anonymous poster with a post count less than 10 and which expressed concerns if he would actually get his money in the end is your source? And one that also complained about all the restrictions with Apex and was looking for better alternatives???
Here's what Apex says:
You may be invited to move over to a live account.
It's all just smoke and mirrors.
I maintain that anyone doing business with Apex is either desperate or an idiot. Or both.
Go with E2T or TopStep where you're guaranteed to get a live account and where a) there are not withdrawal limitations; b) there is no trailing drawdown on unrealized profits.
Trailing drawdown on unrealized profits means you may easily fail an evaluation on a day you're actually GREEN if a limit order fails to fill and go back to breakeven.
Makes ZERO sense except from Apex perspective which wants you to fail such that they won't have to pay you out of their own pocket.
Some of them themselves say that after passing the test you would be on LIVE SIM.. WTF? is live SIM if you say we will fund you that in simple English means Real Money funding ! as simple as that .... any way since you see nothing wrong in this deceptive conduct there is nothing else to say
So, this thread has become people shilling for other firms.
Why not just work a job, save your money and try to run up a small stake of maybe a couple thousand dollars?
Why not just work a job, save your money and try to run up a small stake of maybe a couple thousand dollars?
There are several cruxes:
1. Misrepresentation
2. The fact that trades which occurred on sim - not in the live market - represented off-exchange forex and retail commodity transactions (irrespective of how they were presented). This applies to all sim operators. It's quasi-CFD/acting as a brokerage
It is worth reading the whole CFTC complaint and the corresponding legislation if you don't understand something. Also read all the terms of all the evaluators.
My $0.02 - this will affect all evaluation companies that put people in live sim when funded (irrespective of how long or for whatever reasons).
I doubt that's the case, Topstep has been around for over a decade, CFTC would have caught on if that's the case.
MFF promised that all trades of funded traders would go to a third party, which wasn't the case. It's much easier to check if something like this happens in the futures market by looking at the times and sales.