Besides the ugly 10 minutes rule (more than 50% of the trades must last longer than 10 minutes), but 'I don't know whether that is only checked when applying for a Darwin. I never read that a Darwin was suspended because of violating that rule.
Ah... About the consistent rule, MFF offer NCA (non consistent account). If choose this, you can skip consistent rule.
I'm trading 10k$ acc of MFF with CEA (consistent account enable) to test the water and check whether I can adapt with consistent rule or not. Since CEA have biweekly payout benefit. While NCA only monthy payout.
If not, I will change to NCA.
Everything so far so good. I choose TickMill VIP account, and the condition is awesome (both spread and com)
These are for FX Traders who have an intimate understanding of various successful strategies and market movements.
- You complain about the fee. There is no any fee on this firm. Just, open your own account on IcMarket (with minium required deposit, 100% controlled by yourself). Show your trading skill to reach 20% profit with max 7% relative DD in 6 month. You funded up 300k$ and can scale up to 1.2M$, 50% profit share.
I tried to figure out how this prop firm get cash in with this no fee rule. The only way is affiliate commission with IcMarket.
One other way is the tough target: 20% profit with 7% max relative DD. This will harm traders. If traders is not enough skill of risk management. But even this, your money flows to IcMarket, not this prop firm.
If there is no any hidden rule, this prop firm seems to be the one that tries to locate real talend traders and get benefit from their skill not their money.
That is the point.
There is a balance between requirements and subscription fee.
So we have TFs with no requirements and a fee or TFs with high requirements and no fee.
High requirement and no fee is more similar to Darwinex and its Darwinia.
20% with 7% DD means a very lucky semester, after that there is a 90% probability the next semester will be a loser so no fees to earn for the trader and we have 1 year of commissions for ICMarkets and for "funded-traders".
Actually, I dont thinh much commission generated for IcMarket.
A good trader might not fullfill the target but be profitable in 6 month is very normal.
I mean that we just trade as usual and wait for our lucky semester. If not, we can target some profit, since we are trading on our own account.
And 50% profit share is better than 15% of Darwinex so much. Also, we no need to care about back and forth of dumb money in our normal DD.
90% if investors are dumb money that is the reason I compared with Darwinia allocation.
Business model is also similar, they collect commissions from everyone and they pay ~20k per month to the luckiest or most skilled.
It seems convenient but somenone has to verify if they pay.
I understood your mean. So, I corrected my comment.
And you're correct. Payout proof is an important thing now.
In facebook group "forex prop firms" (almost 1k members), day by day, we discuss, share all info related to prop firm. Which is good, which is NG, which is fishy, which is supportive, friendly, payout proof and their improvement. So, I will update soon.
Their site is pretty empty and recently designed, and this is NG
Where are the winners and their trackrecords?
A myfxboock trackrecord of a real 300k account would add much more credibility.
The most likely explaination is that they are not a real prop firm, they are only an introducing broker.
Thy will reward the few winners with a demo account with some excuse like FTMO is doing.
The only real risk is your, they collect some kind of rebates redistributed as prizes.