I've seen a few videos that exposing the YouTuber prop firm scheme. It's an affiliate deal with a higher than usual commission rate. The firms also fake account data for these "gurus" to make them look profitable. It's the same game with the offshore brokers. IE: Hugosway, HankoTrade, etc. A lot of these YouTubers are making money from ad revenue, commissions by "prop firms" and commissions also from offshore brokers. To my surprise (although I shouldn't be surprised), a lot of traders didn't even know what futures were until forex "prop firms" started banning U.S. traders. They're now finding out that indexes, metals, energy, etc. are actually futures markets and not forex.
Hello Money Trust, You are 1000% absolutely correct on everything you stated. All Trading Youtubers are liars trying to sell trading courses to get rich. ABSOLUTELY NOONE that is profitable trading will waste their time making Youtube videos if they was actually making money trading. NOONE EVER EVER EVER in a million years. They all just scamming and lying. Only an idiot would share how they getting rich trading. Noone will ever do this. Not in a millions years. I sure wouldn't.
If I lose 100K it's my problem but if I lose 10M it's the broker's problem So guys the conclusion is lossses are unlimited but if you can incur 10M drawdown then the broker will have to eat it u p
I've asked a few of these guys in their comment sections....if you're profitable and wanna teach, why not hire and train other traders to trade your money?
Only a handful of people on these boards I know of that that could maybe pass, take a pay out and keep a prop firm account active. Hardly no one here is skilled at intra-day, most people here use time, account size and natural bullish bias of major US equities to turn a profit. The reason I bring this is up is because most of them are using live accounts, which is surprising that some actually think they can't end up owing more than initial balance (regardless of how low probability it is). What you said is a great overall point though, there's almost no reason not to use a prop firm unless you don't have the skill set to intra-day trade. The established ones have a very good track record of paying out and also will move you to a live account if you're consistent as well.
thanks for the opinion. i made this graphic to kind of illustrate how you could end up owing the broker if NG had a big move. it wouid have to be really big but I guess it could happen. granted, this move was at the "open" but i think sometimes spikes like that can happen at random times and catch traders off guard. you never here them complaining though about things like that or getting slippage on their stop loss but how could that not be happening?
there is one trader who put out a video complaining how he couldn't find people that would place the trades he told them they couldn't follow directions so he would fire them. a three strikes and you're out kind of thing. oh and they had to pay attention to what he was saying in the chatroom and not just trade some random stocks because it was HIS money they were trading! i wouldn't have believed someone like that existed but there it was in black and white on youtube. i'm not sure if he still offers that opportunity to people to trade with his money. but i think they have to pay to be in his chatroom.
and here we have an example of a momentary SPIKE in gold then the price goes right back to normal. it all happened in a single minute maybe in seconds. i wonder how many futures traders got stopped out by that. their stop loss would have needed to be at least $300 to withstand it. again though you never hear them complaining about these type of things or maybe i just don't know where the "complaining forum" is for futures bad beats.
Strange ... Why are you shy to disclose the date? the spike could be bad/garbage data, or it could be good data (price really went up and down rapidly). Day traders love such massive movement.