You must be delusional if that is your conclusion from my post. Could very well be that they go out of business, however that would surprise me if the numbers they post on their socials are anywhere near true. I don't use them anyway so I don't care. But anyway, thanks for bringing 0 valid arguments, once again. Had to read back some of the old posts to remember you were they guy arguing with 0 arguments. Glad my memory got refreshed, now i remember how little value your posts have.
Okay then, so Step One of The5ers High Stakes Program lasts for 30 days, and the goal is to realize 8% profit of the opening balance, with the minimum option being a $20,000 initial balance. You already noted in your previous post that this would be $1,600. Assuming the 30 days consist of the ones on which the market is open and not 30 calendar days (if you decide to do this program, be sure to get clarification on this point) that would be $1600 ÷ 30 = an average of $54 per day. (Thirty calendar days would be $1600 ÷ 20 = an average of $80 per day. If a profitable day is a day on which the closed positions made a positive profit of at least ½ a percent of the initial balance, that would be 0.005 × $20,000 = $100.
What are HUB credits? I tried to find out, but when I searched the term via Google and clicked on the link, it took be to The5ers sign in page. Unfortunately, I seem to have forgotten my password, and when I clicked on the site's password reset link, this is all I got... I tried using the chat instead, but it just made me fill out a ticket, so I'm still waiting for an answer/explanation.
They have a video with an explanation. https://the5ers.com/faqs/ Since you ignore me, you probably won't see this.
Hello Xxxxxx, We reward your performance at every level with HUB credits. HUB credits will subsidize the cost of a new challenge in your trading dashboard. They will be rewarded to High-stakes traders that pass onto a new level and can be redeemed at the checkout when purchasing a new challenge. If you need any further assistance, please do not hesitate to contact us. Best regards, The5ers Support Team So then, these guys are now all about encouraging traders to PURCHASE NEW CHALLENGES, just like almost everybody else. No thanks! I've found my solution to earning substantial returns, even though trading with (my own) limited capital, via the Knock-Out contracts offered by the North American Derivative Exchange (NADEX), where I neither have to pay to qualify nor to advance to higher levels.
Given that The5ers is no longer as good as they were three years ago (when they STARTED traders off with a LIVE account for only 50 bucks), I'm now planning to look into MyForexFunds...
Rule #01 Take it slow. Observe risk management You have plenty of time to achieve your target and move to the next phase. Take it slow, observe good risk management techniques. Most traders who pass the evaluation quickly fail on their live account. Be one of the few and not the many. Follow your plan and if you aren’t quite at the target at the end of the 30-day period, get in touch, maybe you qualify for an extension or retake! Rule #02 The Models, Evaluation and establishment phase and targets. We currently only offer a standard evaluation model. Due to poor success we have removed our aggressive model. There are two phases you must pass in order to become a funded trader. Read More First the evaluation Phase (Phase I) The evaluation phase is to test your trading skills and give us an idea of what type of trader you are. During the evaluation phase you must achieve a profit target of 8% within 30 calendar days with no other rule breaches. The establishment Phase (Phase II) The establishment phase is just to confirm the results of the evaluation phase. During the establishment phase you must achieve a profit target of 5% within 60 calendar days with no other rule breaches We do NOT have any negative day rules in our programs. A trader can choose when they start the evaluation process. The calendar day countdown starts from the time you take your first trade. Rule #03 Trading Behavior Its imperative that you have a trading plan, trading strategy and risk management profile to successfully complete the evaluation. At My Forex Funds we encourage good trading behavior but do not limit a traders ability to trade in their own style or time. We ALLOW news trading, scalping, long term trading, short term trading etc. on all accounts. We do not have a lot size restriction for total open lots on a single account however advise all users to be wary of their risk management profile. Trading activities that are used to take advantage of the inefficiencies of Metatrader. Gap trading, latency arbitrage, Long short arbitrage, Reverse arbitrage, opposite account trading are all unacceptable trading methods with MyForexFunds. Anyone part-taking in such activities will have their trades adjusted to the executed fill price that we have received from the liquidity pool. Repeat offences will result in account termination. Rule #04 Instruments We constantly are looking for the best products and best conditions for our traders. Currently you can trade FOREX, CFD’s including index CFD’s as well as commodities like oil and metals. Every now and then the product list may be updated based on the availability of margin, leverage, liquidity, and various other factors. We adjust our products to increase the profitability of our traders where possible. We may remove a product if there are no users currently passing the phases of the evaluations due to those products. Crypto trading on weekdays is allowed. Rule #05 Expert Advisers & robot usage We allow Expert adviser/robot trading on your accounts. We no longer require you to send us your source code unless there is suspicion of the following: Tick scalping, Arbitrage, signals from a 3rd party, gap trading, account management services or any other services that break our other rules. Using third party expert advisers is OK so long as it is not managed or traded by another party. All signals must be your own and based on your own set up. Prop trading is about your ability to trade and not about using other peoples ability to trade. Rule #06 Account types, details and house keeping After program purchase you will receive your login details within 24-48 hours. You are not allowed to change the details of this account under any circumstances. Doing so will be a breach and your account will be suspended. At My Forex Funds, we are looking for individual traders to grow with us long term. What this means is that we want YOU to be the trader. Its ok to learn your skills from other experts, however, use of signal bots, trade management services or trade copiers will not be accepted. If we notice someone using these services, we will suspend their account. This rule may not apply if you have submitted your expert adviser or bot for prior approval and approval has been granted. We are constantly monitoring all accounts to make sure the rules are being followed. Rule #07 Profit-split The most important question our traders have is “when do we get paid”. You you will receive your first payout 1 month after you place your first trade in the live account. The first payment is monthly and every payment after that is bi-weekly. Read More Month Profit-split First 75% Second 80% Third 85% For the first month of live trading you will be required to trade a minimum of 10 days and first month’s payout will be initiated after one whole month. This minimum day requirement is removed on the second month. All payout requests must be sent to billing or submitted via our internal back-office system. Our live accounts are being held on the Traders Global Group server using MT4. In order to receive 50% of your profits if you have violated your account and it is in profit you must comply with the following 3 parameters: 1) You must have a stop loss on every trade 2) You must not be "all-in" on your trades and violate from a single trade or single batch of trades 3) You must have traded 10 trading days. Note: If you have compiled all 3 rules mentioned above, you will have to contact with us in 7 days after the violation for the profit split. Any request about the 7 day period will be rejected. Rule #08 Getting paid If you have reached your profit-split time, firstly, congratulations. You may request your pay out from the ‘Pay out request’ button on your analyzer. In case, the pay out request button is still not enabled, please get in touch with billing@myforexfunds.com. You can request your payout via Cryptocurrency or DEEL, If you wish to receive your payout in Cryptocurrency, then you can receive BTC, LTC, ETH, USDC and/or with Deel, you will be able to withdraw with Wise, Paypal, Bank transfer, Payoneer, Revolut, Mercury, etc. Rule #09 Scaling up (To the moon) My Forex Funds offers a competitive scaling up plan so that we grow with you. If you have achieved a profit of 10%(and withdrawal) or more within a 4 month period and 2 of those 4 months were profitable, we will increase your account size by 30% of the original account size. At the time of scale up request, trader should be breakeven or positive with the account balance. Rule #10 Drawdown rules In any of the My Forex Funds evaluation programs you must not have a daily drawdown of 5% of equity OR balance on any given day. This is monitored closely by an automated system, includes open trades at the time of roll-over and any breach is shown in your account dashboard. Please be mindful of your trading and be sure to check your available drawdown at 00:00 server time every day. Read More On top of the daily drawdown, we have an overall account drawdown of 12% for any pay period. Breaching this will result in a termination of your account. If you breach your daily drawdown rules whilst in profit. A review will take place to determine whether you followed proper risk management practices (no excessive position size, trade numbers etc.) and we may, at our discretion, issue you your profit share at the time of termination. If, however, you participate in risky trading and breached the daily drawdown, you will not receive payout of your profits for a breach of the daily drawdown whilst in profit. If you receive an account suspension or termination, you may reset your account for program cost -10%. Rule #11 Losses No trader at My Forex Funds will be liable for any trading losses. All being said, we encourage you to practice good risk management practices and engage in a trading plan to maximize your chances of not incurring a loss. Rule #12 Retakes and extensions My Forex Funds are always encouraging traders to practice good, safe trading. Those that do, shouldn’t be punished. If your Phase I 30 day limit is reached and you are in profit without any breaches on the account you are entitled to 2 free extensions of up to 14 days each OR unlimited free retakes. Our extension is only offered to users who are in profit and trade using proper risk practices. Users who do not breach however do not have consistency or risk practices in their trading are only entitled to a free retake. Trade safely, be consistent, get rewarded. Rule #13 Resets If you find that you have breached one of the rules, you are entitled to a discounted reset of that account. Mistakes can happen, and we understand that. We want you in our team so if you have breach the rules enjoy the following discounted prices: 10k – $75.60 20k – $125.10 50k – $269.10 100k – $449.10 200k – $881.10 Rule #14 Refunds All traders who pass Phase 1 and Phase 2 will receive a refund of their fees when they reach their first profit-split period at the end of the first month on their live trading account. A trader qualifies for a payout and refund only if they have made: • $50 in profit on a 5k, 10k, and 20k account • $100 in profit on a 50k to 100k account • $150 on a 200K to 300K account Updated 30/12/22 Rule #15 Account Credential Safety You are responsible for making sure your account credentials are safe. We do not reinstate accounts that have been hacked or distributed to third parties for trading and lost. If your account has been hacked, get in touch with our team so we can lock the account and change the password and run you through security protocols. No reinstatements of accounts will occur so it is important for you to get to us as quick as you can if your account has been hacked. Rule #16 Inactivity If your account is inactive for 30 days it will be automatically breached. If you do not inform us within 10 days of the breach the reason for the inactivity, the account will be permanently suspended. This rule is to prevent us having thousands of hedged trades on abandoned accounts. If you are planning to be away for a prolonged period of time, please inform us and we will make sure your account continues. Rule #17 Clarification on the use of third party software/vendors for trading As our original rule suggests, it is vital that all trading activity with MyForexFunds is your own. This means that every decision made, every trade made comes from your creation and not the hands of others. Since this rule has been causing requirements for clarity, we have decided to include this rule as an addition to make sure there are no grey areas. Anyone using any vendor that promotes the passing of a prop firm evaluation or challenge will be banned. These vendors generally do not work, and their usage has resulted in many problems with our liquidity providers and their customers who have failed using these services affiliating us with them in some way. Therefore, any third-party vendor selling any service, whether its account management or an EA, that promotes usage on any prop firm, is forbidden. The market does not function in a manner where every user can trade the same and it remains efficient. Having pending orders bigger than the market does nothing but ruin the prop firm opportunity for everyone else and so use of such services is prohibited. We are here to provide capital to aspiring traders and we want this opportunity to last a long time. We will not allow the actions of a few to ruin the experience for the majority of traders who come to us for funding.
I might actually seriously consider MyForexFunds, except I need to find out more about DEEL, and review what is the best way to open an account that accommodates bitcoin.
Ultimately, I decided to go ahead and risk 49 bucks with MyForexFunds. However, they were unable to authenticate my payment method... So... that's that as far as me and these so called prop firms are concerned. I can now leave this thread behind and focus 100% on using Nadex knock-outs to parlay my measly little trading account into what I hope to multiply exponentially into a relatively substantive amount, God willing.