Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
I don't think new comers are more attracted to forex, the reason to trade with forex companies is simple: their challenges are easier.
The trailing drawdown rule in topstep is too hard.
I made money with both futures and forex funding companiea. But with fx companies I made 8x the amount of money.
Honestly who cares if the company take the other side of my trades or not. Traders.lose money anyway..... companies are not moving the candles.
To be honest, this thread doesn't surprise me. I think most of these companies that offer trading combines and funded accounts are BS that prey on fledgling traders' desire to trade for a living.
I totally disagree, I have lost most of my money trading my own account when I first started to trade. Prop firms allowed me to keep trading and also withdraw some good money.
You pay 500 USD to risk 10K, it's a bargain. People blow accounts after account becuase they are degenerate gamblers.
It's as if you explain somebody how blackjack works and you allow himg to be the dealer. You take the random guy in the street and he will go bust being the casino.... he will accept someone placing a huge bet and
he will blow up.
I don't know what was your bad experience with topstep but do some math and you will see that prop firms are a bargain for everyone.
Quick analysis: there were 135.000 customers, and MFF received 310-173 millions (fees minus the payout). That is customers lost in total 137 million, divided by 135000 customers= 1014USD on average!!
Wow!! they lost 1014 USD trading.
Had they opened an account with 1014 USD they could not have made a single operation. And if they had opened an account with 10000USD they would have lost 90% of it in 90 days.
Funnily enough, most of the negative reviews for Apex claim that they lost the account due to "ghost" orders being placed while they weren't even logged on. This at first glance could easily be someone not cancelling all orders left on their chart before logging off, however there seems to be a pattern with Apex.
The pattern being someone does well and makes quite a bit of money. They receive their first few payouts(Apex limit payouts for the first few months), but once they are eligible to get their whole account balance, the ghost orders appear and their account is wiped out overnight.
So you could get a few thousand, say $2000 a month for 3 months, then be expecting to be able to withdraw $50k on the 4th month, then suddenly your account is blown.
I'm not saying this is true, just that quite a few of their negative reviews claim this.
Both a shortsighted and a nonsensical statement. Traders lose money? Except for those that profit year after year?
Who cares if the company takes the other side? Well, clearly they're in legal trouble over this, so someone cares. And as for trading real money, you know that your goals are aligned with the prop firm.
Personally I'd rather be trading real money than trading a sim that can be easily manipulated. A sim is after all a software simulation of live trading, they'll almost certainly be tweaking parameters behind the scenes, and not always in our favour.
I’m broadly speaking on your side of the discussion anyway (no surprise there).
I also think spot forex/CFD “funding companies” are probably a whole different world from futures funding companies.
I suspect, however (because so much of the regulators’ information seems to come from an internal whistleblower, and at least some of it appears to be documented) that MFF may have been very dishonest in their marketing representations, but of course it’s too early to know for sure.
I can easily understand regulators and other authorities being “interested” especially if it turns out that MFF owned the alleged liquidity provider (as was so notoriously shown to be the case with FXCM) and that the customers were being deceived about that.
This is a very big and important issue because, if true, it raises significant questions about motivation and incentivization: to put it mildly “We win when you win” is radically different from “We win when you lose.”
Regarding MFF, there will be a longer wait than expected: the court date has been postponed!
I think most people probably care. I definitely would. And courts rightly care hugely if they do but claimed (expressly or impliedly) that they don't. Because that's obviously dishonest.
I agree (about Apex). I've always been very suspicious and always said so. I may still be wrong, though.
I highly doubt the claim of "ghost" orders. I'm in a few discord groups myself where I've seen people post that, and I think it's just that those people are just not very proficient with their trading software. One guy posted a video claiming his ninjatrader chart was showing he didn't have any open orders. Turns out he just didn't know chart trader only shows orders for the account selected in chart trader, and in his positions tab were a list of all the "ghost" positions he didn't even know were open.
Also all the screenshots I've screen people post are using tons of custom addons, not just chart indicators, but special addons that completely change the way chart trader looks, special overlays, etc. I think the vendors make it very easy to lure new people into their software without actually teaching them the basic fundamentals of how ninjatrader works without addons. In one group I'm in, half the people don't even know ninjatrader has a built in chart trader function because they're so reliant on their addons
I think Apex just may need to change their marketing pitch, but I believe the actual business model is legit.
For example, take a look at one of their competitors, Leeloo. They've changed their website over the last couple of months and no longer call it "getting funded" and are more honest about it