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Thanks for the update, and glad to hear you got a realization. but how do you observe specifically that new staff were hired or that the staff are working weekends ? That feels like information only someone from inside the company would know
and while it’s good they are upgrading servers, and are having good success, I expect a company to handle customer and not complain they have too many people. If their servers can’t handle the load then reject new signups or increase the cost to reduce the inflow of signups
Can you help answer these questions from other members on NexusFi?
How do you know this? (Or did you perhaps mean to say "Apex claims that …" at the start of your statement?)
That doesn’t happen at the other futures prop firms I know about, because people taking their evaluations get an error message through their trading platform, if they’re in danger of not trading the front month.
Is Apex trying to help people out, or to catch them out?
I had been active in the CFD prop space for the past few years thru the collapse. I had also been with Apex since last fall. I saw the influx of new members piling into the space. Stumbling into various firms TopStep, TradeDay, etc. The volume of obvious newcomers was increasing on the socials and their server had become increasingly painful to witness. Most were piling into futures without taking any time to learn the basics.
Most had no idea what they were doing in the CFD space as it was. That space has the dumbest of the dumb.
If people are going to jump into the pool blindfolded, they should at least know which end to dive into and how deep the pool is.
It shouldn’t be the firms role to hand out copies of “Futures for Dummies.”
You mentioned that large numbers lost their Apex evaluation accounts by trading the wrong month on rollover day, so I pointed out that this doesn't happen at the other futures prop firms I know about, because people taking their evaluations get an error message through their trading platform, if they're in danger of not trading the front month. And I asked the obvious question arising from that: whether Apex is trying to help people out, or to catch them out (which you didn't answer, but perhaps we can all easily deduce the answer for ourselves.)
You are correct, typical whatever platform you’re on will tell you about the roll. Tradovate is popular for a lot of beginners and tells you when at launch. You still have to manually change your contract.
There were notifications (via ) starting early in the week regarding upcoming roll, multiple times and yet there were still many that had no idea what that meant or what to do. You ever explain something to someone multiple times and yet they still don’t know what you’re talking about?
When I jumped into futures around 2019 I experienced a learning curve coming from FX CFD. It’s completely different in a lot of aspects. MT4 is child like easy and simple. I made my fair share of rookie mistakes but took the time before placing any trades.
Futures platforms, contract specs, all of it needs to be absorbed and understood to reduce costly mistakes. Many are more concerned with reaching that pot of gold before understanding how to get there.
User has been banned permanently, after originally being banned for 7 days for repeated rudeness by . That was then extended to one month by me after his appeals made it clear he did not understand and needed more time to think it over.
That is now a permanent lifetime ban after he created a duplicate account, another violation of forum rules.
Can you explain a little about the "CFD prop space" and in particular its "collapse"?
I have never had any familiarity with the CFD world, other than knowing CFD's are not permitted in the US, and have no idea what has been going on there.
Not to go off-topic, but it might help me and others to understand what is happening in futures funding firms like Apex. I definitely have gotten the impression that Apex in particular has been overwhelmed by its volume recently, just based on what has been recounted in this thread.
Thanks.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
There's a lot that transpired during the time, but in essence the Forex CFD prop space got wildly popular, popping up all over, offering anyone who paid access, regardless of any regulation. CFD's have been banned in the US via DODD FRANK legislation after the housing collapse.
As popularity increased in became easier for anyone to create their own prop firm with very little $$$. You had sketchy actors/teenager's with zero knowledge of trading starting their own CFD prop firm.
Many of this new ones were nothing more then quick money grabs and folded overnight. The space attracted the sketchiest of people.
The bigger ones like MyForexFunds caught the attention of regulators and had their domain seized, bank accounts frozen, etc, shutting them down overnight. Acting as a unlicensed broker, Market Maker, various other claims That sent shockwaves thru the CFD space and many had to change. There were always claims of "live accounts" but really the model was people were paid out from challenge fees. The entire industry was a slight of hand was only a matter of time till regulators caught up.
The dominate platform in the CFD space was Metatrader. It also got caught in various lawsuits involving "pig butchering" and was forced to become restrictive on who could run on their platform.
As a result of regulators bringing the pain, and Metatrader shutting down access to non regulated firms. Many prop firms shuttered from client distrust and operating environment became increasingly difficult.
The CFD world is largely decentralized with many liquidity provider's with their own price feed that varies to others. There are tools available to manipulate feeds. freezes, slippage etc. It was widely known and used to the advantage of the broker. This is something not seen in futures, which is primarily centralized. Everyone is trading the same instrument at the same price. There is no ability to manipulate Rithmic, CQG feeds other then setting spreads and commissions.
The CFD space was cheap to enter.
The low barrier to enter with Apex allowed those displaced from cfd prop into futures. And they came in droves.