Trying to Manage these Trading Combines. Anyone else?

[wmwmw]

In my opinion way too much "gotcha" wide discretion here in their wording as it appears to be they have sole discretion as too what they deem to be "normal" or "tolerable" in their opinion and of course they could change what that means at any time. So--no problem with them creating these rules and having that discretion as to what they feel is normal or tolerable as it is their business and they can run it any way they want but just not a good deal for a trader in my opinion. What would be more acceptable would be hard black and white math rules such as
1) grow your account by at least % per month for at least ____ months
2) have an average RRR of ___ or greater
3) have a profit factor of ____ or greater
4) do not violate rules (kind of obvious as if you break the rules or violate loss threshold your acct is closed anyway)
Do all of the above and you qualify--period, no discretion or other gotcha wording generalizations

Also this particular rule of theirs "Any EA/Robots being used on the account otherwise will cause a breach in contract and loss of account." is completely ridiculous https://myforexfunds.com/accelerated-accounts-rules/ so in my opinion no matter what other positive(s) they may have in their program--the inability to use any EA in your trading is a deal killer in my opinion

Myforexfunds is very generous on EA rules. I have seen many traders complaining other firms EA rules but never seen one who complain MFF. You are the first one but you even never trade with them.

If you really interested you can read through this thread to see how MFF deal with complaints so to get an idea if their rules are fair.
https://www.forexfactory.com/thread/1046279-my-forex-funds-discussionqa?page=32

And in this thread you can find complaints about other firms :
https://www.forexfactory.com/thread/1067970-prop-firm-hub?page=739

Just wondering why you cherry pick on a best firm while ignoring those much worse firms.

BTW, accelerated account is not a good option if you trade prop firm. Not for any firm because this type of account offers no or negative values.

Out of 3 types of account for MFF: rapid, evaluation, accelerated, only evaluation offers good value. This is also true for any other prop firm.

 

[trade2020]

Myforexfunds is very generous on EA rules. I have seen many traders complaining other firms EA rules but never seen one who complain MFF. You are the first one but you even never trade with them.

If you really interested you can read through this thread to see how MFF deal with complaints so to get an idea if their rules are fair.
https://www.forexfactory.com/thread/1046279-my-forex-funds-discussionqa?page=32

And in this thread you can find complaints about other firms :
https://www.forexfactory.com/thread/1067970-prop-firm-hub?page=739

Just wondering why you cherry pick on a best firm while ignoring those much worse firms.

BTW, accelerated account is not a good option if you trade prop firm. Not for any firm because this type of account offers no or negative values.

Out of 3 types of account for MFF: rapid, evaluation, accelerated, only evaluation offers good value. This is also true for any other prop firm.

Not cherry picking--just replied about this firm as that was the firm your post was about. In reality none of the firms offer clear black and white scenarios for achieving the status of qualifying to get daily payouts. In my opinion FTMO offers the best overall deal for a $200k account (even though like all of these firms in reality it is not a $200k account and the real account size "amount" with any of these firms is simply the daily loss limit and max loss limit--if it is a fixed drawdown below the zero line and not any type of trailing drawdown- (in the case of FTMO $200k acct that is $10,000 daily loss limit fixed drawdown and $20,000 max loss limit fixed drawdown) so that is the real size of the account in my opinion. But to my knowledge FTMO does not offer a scenario to achieve/qualify for daily payouts--so even in their scenario with a fixed drawdown what they offer is still not going to mirror the same scenario as just putting $20,000 of your own money in a regular account where you can withdraw profits at any time with no qualifying or discretionary evaluation intervention. Any firm that only offers a trailing drawdown of any type should be avoided in my opinion and only firms that offer fixed drawdowns below zero line are the only ones that should even be considered.

The reality is --that if you are a good consistent trader with proper and consistent risk management to the point where you would never violate a daily loss limit or max loss limit--then you are better off just using your own money and having no restrictions on payouts, use of EA's, trading hours, trading styles, and no percentage to pay to firm of your profits. If you are still trying to develop into a consistently good trader (meaning you have a tendency still to violate the daily loss limit or max loss limit) then the challenge firms (with the right rules and drawdowns) can be good alternative as the most you can lose (in most cases) is your challenge fees (and any reset fees if applicable) and losing a $550 or $1100 challenge fee fee for violating a $10,000 loss limit is certainly better than losing $10,000 of your own money which would be the case if you put $10,000 in an account and had a loss of $10,000 in one day

 

[wmwmw]

Not cherry picking--just replied about this firm as that was the firm your post was about. In reality none of the firms offer clear black and white scenarios for achieving the status of qualifying to get daily payouts. In my opinion FTMO offers the best overall deal for a $200k account (even though like all of these firms in reality it is not a $200k account and the real account size "amount" with any of these firms is simply the daily loss limit and max loss limit--if it is a fixed drawdown below the zero line and not any type of trailing drawdown- (in the case of FTMO $200k acct that is $10,000 daily loss limit fixed drawdown and $20,000 max loss limit fixed drawdown) so that is the real size of the account in my opinion. But to my knowledge FTMO does not offer a scenario to achieve/qualify for daily payouts--so even in their scenario with a fixed drawdown what they offer is still not going to mirror the same scenario as just putting $20,000 of your own money in a regular account where you can withdraw profits at any time with no qualifying or discretionary evaluation intervention. Any firm that only offers a trailing drawdown of any type should be avoided in my opinion and only firms that offer fixed drawdowns below zero line are the only ones that should even be considered.

The reality is --that if you are a good consistent trader with proper and consistent risk management to the point where you would never violate a daily loss limit or max loss limit--then you are better off just using your own money and having no restrictions on payouts, use of EA's, trading hours, trading styles, and no percentage to pay to firm of your profits. If you are still trying to develop into a consistently good trader (meaning you have a tendency still to violate the daily loss limit or max loss limit) then the challenge firms (with the right rules and drawdowns) can be good alternative as the most you can lose (in most cases) is your challenge fees (and any reset fees if applicable) and losing a $550 or $1100 challenge fee fee for violating a $10,000 loss limit is certainly better than losing $10,000 of your own money which would be the case if you put $10,000 in an account and had a loss of $10,000 in one day

There are a lot of misunderstandings about prop firms in your post but I am not obligated to educate.
Anyone who is really interested in prop firms should do his own research , not to keep so much misunderstanding after so many years.
I don't think someone who doesn't even care to read through the threads I provided is really interested.

I am done with this conversation.

 

[legionx]

It's been a while . So, I am trying the Game Changer out at Savius and so far, so good. I feel less pressure because I only paid the data fee to try the 20k and if I pass then I will have to fork up around 1200 US dollars to manage 20k. Not bad, one of my gripes is that I can mostly get 12,800 per month provided that I reached the 16k goal every time and also that I stay within the constraints of 35% of the overall 16k target which is 5,600 daily. If I go over 5600 then the system will move to a higher number than 16k. I really wanted to make 20k/month at least. Imagination is a hell of a thing.

Next week the plan and funded plan is to risk 1k per day with two trades of risking $500 each. A good buy rally would be nice like the past two days.


They are doing somewhat the same thing with Uprofit when it comes to profits at the consistency level. Consistency was only in evaluation, now it’s in live. I do not know who started it first but it’s a bug I can deal with. For instance, if you are with Uprofit and live 30k freedom, to withdraw 100 or more of 500 dollars your best day should be 30% or less of the overall 500 dollars profit which 30% is $150.

 

[legionx]

Crap, now I gotta fork up around 1200, 10 days max to get the funds they give you, to start managing 20k. Already set the MM risk to 600/day, 1 to 3 trades/day. If first trade loses then no more trades for that day. I may continue on if first trade works out and how I feel. Hopefully the market won't suddenly go into a range if first trade is a winner. I have smaller "projects" in place, so I won't zestfully try to get to the 16k profit target every month. Truth to be told, I did not stick to my said plan and almost blew it in two days but made around 17k on one day.

 

[legionx]

This week was not good, but I am reluctantly thankful for the MM strategy I put into place, 2k Daily Loss Limit, which locks my account until the next trading session. You have to restart the platform in order to trade on the next session or else the "locked out" will still be in effect. I don't think I will be able to make reach 16k by the end of the month for profit. Also, I might downsize to $500 a trade compared to $1000. Still trying to understand the MM system on their platform. I may have a drawdown reset if I am in profit but not sure yet.

 

[legionx]

Missed the Window (25th to end of month) for pay out by one day, should get it at next window provided that the new account is in the positive.

 

[legionx]

The week did not go as planned and instead of 5k profit I am down 5.5k in drawdown, hopefully I can bounce back this week. Aim to trade less aggressive. Overall, I think my mindset was more of a stay in profit mentality than aim for the profit target which influenced some of my decisions. That’s a fractured approach which I think backfired. Gotta love "Infamous" Mondays and "Ridiculous" Fridays.

 

[legionx]

Not much to say just another bad week, let's see what happens in the two weeks to come.

 

[ZTrader888]

What type of strategy are you using? Is it automated?