There's a thread about them on elitetrader. I havnt read it but there should be some info there.
Forums - Introducing 4XProp
Forums - Introducing 4XProp
No I think what they are doing is as follows. First they tell you no money up front, no training fees etc etc. However in order to qualify to be 'hired' you need to prove you are profitable. In order to do this they tell you to open a retail forex account with a specific broker (it was FXCM but may have changed). The excuse is that they have special software to monitor your performance, they also encourage you to trade a lot.
In reality what is most likely happening is that they are collecting a portion of the spread from the broker every time you trade. They will encourage you to trade more often and keep at it for 6 or 8 weeks all the time collecting their commission. The vast majority of people trading retail forex will lose money over time so there is very little chance anyone will 'pass' and call their bluff on the 'prop job'.
At the end of the day this may not be much more than an elaborate 'introducing broker' operation. Its quite clever in its own way but once you understand that there's only one way they can make money from it you can see right through it.
I've been accepted for the evaluation period. Just waiting on moving some funds from my normal account to a new FXCM account. I'm not too crazy about FXCM but at least they have an MT4 option now.
I'll post an update afer 8-10 weeks.
The guy I've been dealing with, Jeff, seems pretty cool.
I'll post an update afer 8-10 weeks.
The guy I've been dealing with, Jeff, seems pretty cool.
p-lab
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Yeah roll on
My FXCM account is now funded and I am now in the evaluation period. I may occasionally post an update here on how I"m doing with it. The trading style they're looking for is intraday 5-10 trades a day. That's a bit much for my typical style, but I've adapted to it over the last month "warming up" for the evaluation period and have been doing very well.
Since the evaluation period is using their preferred IB, I"m guessing they're after rebate pips. Allegedly, they don't see the rebate. It goes to some analytics provider. I'm not so sure about that. Either way I don't care as long as they're legit and payout according to the payout scale and schedule.
4xprop is a subsidiary of Nevis Trading. Nevis Trading Group LLC
I know nothing of them but will be googling them and searching over at elite trader for info.
Since the evaluation period is using their preferred IB, I"m guessing they're after rebate pips. Allegedly, they don't see the rebate. It goes to some analytics provider. I'm not so sure about that. Either way I don't care as long as they're legit and payout according to the payout scale and schedule.
4xprop is a subsidiary of Nevis Trading. Nevis Trading Group LLC
I know nothing of them but will be googling them and searching over at elite trader for info.
Hi, I don't post here at t2w very often. I'm more of a forexfactory guy. so i apologize for the late update.
my experience with 4xprop was limited. i have a full time job and wasn't able to trade as frequent as they wanted. they're looking for traders to make 8-10 trades a "day". Not really my style since I'm more of a 2-3 trade a day max kinda guy. my results were up/down over about a 3 week period trying to get in 8-10 a day and adjusting my methods/style. Not exactly the smartest thing to do without practice. they specifically use fxcm and you have to use the account type that uses the fxcm trading platform and not mt4. i didn't care for that either. I ended up withdrawing my funds and going back to my primary broker.
there was nothing about them to lead me to believe that they are a scam. you don't have to pay any fees or buy any education materials/courses or anything like that. you just need to fund an fxcm account through them at the fxcm account type minimum which I believe was $2k. it's been a while so I don't recall.
since the account is in your name, there's not much to lose other than losses on your trading performance and if you don't like it, withdraw. I didn't stick around long enough to get access to a funded account so I can't comment on that. they were responsive and professional in their communication and response times. i probably would have stuck around longer but trying to hit 8-10 trades a day just isn't my style.
my experience with 4xprop was limited. i have a full time job and wasn't able to trade as frequent as they wanted. they're looking for traders to make 8-10 trades a "day". Not really my style since I'm more of a 2-3 trade a day max kinda guy. my results were up/down over about a 3 week period trying to get in 8-10 a day and adjusting my methods/style. Not exactly the smartest thing to do without practice. they specifically use fxcm and you have to use the account type that uses the fxcm trading platform and not mt4. i didn't care for that either. I ended up withdrawing my funds and going back to my primary broker.
there was nothing about them to lead me to believe that they are a scam. you don't have to pay any fees or buy any education materials/courses or anything like that. you just need to fund an fxcm account through them at the fxcm account type minimum which I believe was $2k. it's been a while so I don't recall.
since the account is in your name, there's not much to lose other than losses on your trading performance and if you don't like it, withdraw. I didn't stick around long enough to get access to a funded account so I can't comment on that. they were responsive and professional in their communication and response times. i probably would have stuck around longer but trying to hit 8-10 trades a day just isn't my style.
Here's what I know.
Most prop trading firms allocate funds to their traders. Over time, the better you are, the more funds you get. If you are no good, you get out.
Every portion of fund given to you is expected to be fully utilised, not sitting there doing nothing. So the expectation to do 8-10 trades a day should not come as a surprise.
My friend was a trader in a prop trading firm. He has to watch the following all the time
1. No Y% of funds allowed idling for more than X days.
2. Max Y% of capital per trade
3. Stop loss must be in place.
4. There must be a logical portfolio i.e. why these portfolios.
5. Mandatory day off when designated stop loss is hit.
They do a variety of trading - options, futures, stocks, forex, commo.
Most prop trading firms allocate funds to their traders. Over time, the better you are, the more funds you get. If you are no good, you get out.
Every portion of fund given to you is expected to be fully utilised, not sitting there doing nothing. So the expectation to do 8-10 trades a day should not come as a surprise.
My friend was a trader in a prop trading firm. He has to watch the following all the time
1. No Y% of funds allowed idling for more than X days.
2. Max Y% of capital per trade
3. Stop loss must be in place.
4. There must be a logical portfolio i.e. why these portfolios.
5. Mandatory day off when designated stop loss is hit.
They do a variety of trading - options, futures, stocks, forex, commo.
there's a huge thread over at elitetrader over that very issue. For the most part I didn't care as long as it's not tacked on to the existing spread. with 4xprop the spread wasn't increased for them to get their rebate. Also, the account type you open with FXCM is a standard account and not a mini so allegedly has a lower spread.
