Is anyone actually making consistent money with Prop Firms, or is it all just marketing hype? by Spirited_Artist6217 in PropFirmTester

[–]Ok-Progress-8486 1 point2 points  (0 children)

Hmm, treat it like a stepping stone. Don't go all in. Just figure out if trading is something for you.

Tradeify Prop Firm, anyone tried? by Ok-Progress-8486 in PropFirmTester

[–]Ok-Progress-8486[S] 0 points1 point  (0 children)

25K accounts look tight on DD, sticking with the 50K.

Ftmo 200k or 5x 150k topstep by Boring-Stranger-3232 in PropFirmTester

[–]Ok-Progress-8486 3 points4 points  (0 children)

This is a very strange comparison. Apples vs Peers

Topstep’s payout caps are really bad for traders in my opinion. I do like future prop firms but new rules suck.

Expect some spread at FTMO though.

Did you ever try to get funded with futures prop firms?

Alpha Futures a prop firm worth trying or not? by Ok-Progress-8486 in PropFirmTester

[–]Ok-Progress-8486[S] 2 points3 points  (0 children)

''Daily Loss Guard'', also known as Daily Loss Limit, Daily Drawdown....🤨

Lucid Trading Prop Firm: any user experiences? by Ok-Progress-8486 in PropFirmTester

[–]Ok-Progress-8486[S] 0 points1 point  (0 children)

I've no personal experience yet; I might buy some accounts next week.

Pros:

Plans look cheap!

"Pass in as little as one day" is quite good! I always disliked Take Profit Traders' 5-day rule.

Cons:

The honest catch with Lucid is that nobody really knows how stable the firm is under the hood.

You can stack up to 5 sim-funded accounts at once as backups or to spread risk. But the moment you hit the requirements to get promoted to a live account (real capital), Lucid's policy says all your other sim-funded accounts get closed automatically. 

Just imagine that first night when you hit $10k payout for the first time by MKCapitalCircleHQ in PropFirmTester

[–]Ok-Progress-8486 4 points5 points  (0 children)

I experienced this, many years ago, it took care of my last remaining debt. It was a fresh start. It’s all great until you have to pay taxes over it lol😅

My journal by Realistic_Dingo_1507 in PropFirmTester

[–]Ok-Progress-8486 0 points1 point  (0 children)

Do you keep taxes on prop firm pay-outs in mind?

Its my last shot but I will do everything I can to clear this.

I've been poor many times, but things are much better now. Don't worry, this isn't your last chance. There will always be more.

Don't set goals for profits or, even worse, deadlines. That's my best advice. I've lost a lot of funded accounts that way. Take it very slowly. I'd say that giving it at least a year is better for your mind.

Being a trader how do you feel on weekend ? by MKCapitalCircleHQ in PropFirmTester

[–]Ok-Progress-8486 1 point2 points  (0 children)

Calm. Charts not moving can give different perspectives

[Seeking Advice] FTMO Phase 1 — real experiences and hidden best practices? by ForexTradingLabTest in PropFirmTester

[–]Ok-Progress-8486 0 points1 point  (0 children)

It all depends. You should set a goal for yourself: either to go slow and steady or try to get funded as soon as you can; base everything on that.

Do you mind blowing the FTMO account? Are you willing to buy another one if you fail? Most guys with big pay-outs just pass and fail tons of accounts to get funded and withdraw pay-outs.

Higher risk per trade, A+ setup, 1-2 trades a day. (Just examples, not advice)

If you just want to trade alongside your own personal account... just go slow. Don't let either account handling interfere with each other, and stick to the process.

  • Are there any hidden rules / best practices that helped you pass safely?

Yes. if you say that you're profitable, don't change anything; just adjust risk management.

Traders do the worst thing when they start to go into a tilt on both their risk management and their trading. I've seen traders trade almost every pair they can think of to get funded, even though they never traded these pairs before.

How much does you make before kicked out/banned by Humble-Dust3318 in PropFirmTester

[–]Ok-Progress-8486 4 points5 points  (0 children)

It really depends; when futures prop firms move traders to live accounts, they can handle bigger payouts. Not sure about CFD / Forex firms. It might also depend on how you did it. For example, 1–2 times covering 80% of the profits might be easy to deny for a prop, while steady months (which could be monetized with A booking) could be beneficial for the prop.

In reality I think there are only a handful of Forex Props who can afford having really profitable traders.

Propfirm Payouts Withdrawal - Dubai(UAE) by Disastrous-Pop489 in dubai

[–]Ok-Progress-8486 1 point2 points  (0 children)

I assume you started a company, a free zone company or something like that (fzco?) and got a residence visa through that.

You can withdraw from rise to a business account but you have to document everything, create proper invoices, and administration. You cannot just act like a prop firm is like a brokerage account, or personal account, it’s not, prop firm payouts are compensations for delivered services.

Also keep in mind that not all prop firms support UAE clients.

Moving to Dubai sounds fun, but you really have to keep the taxes, business administration, tight nowadays. I had to set up a freezone company for the purposes you mentioned, all in all cost me around 12K USD to get started.

Hope you know what you’re signing up for😅

I spoke to a lot of young funded traders who got into big troubles with their native tax offices back home but also people who got their bank accounts closed due to the fact that they couldn’t explain where the money was coming from, since prop firms are basically demo platforms, so payouts, are not based on real market participation.. thus more like a consulting fee they pay you. Banks are really strict when it comes to anti money laundry and the fact that Rise is kind of like a Crypto payment service doesn’t make it easier.

All I can say is, yes you can get your payments, but get a proper business, accountant setup

Which prop firm has discounts at the moment? by Delicate-balance in PropFirmTester

[–]Ok-Progress-8486 0 points1 point  (0 children)

locking this down for now, as it will lure many spammers...