Funded forex account
Discussion
Probably hard to prove to someone that does not want to listen….then when they lose their money they wont want to hear the “told you so”
My friend sold his company and had about 2.5mil, he told me about this forex platform that would pay him 6% per month, I told him it was BS as did others…he lost all £350,000 that he put in and it didn’t take long either.
My friend sold his company and had about 2.5mil, he told me about this forex platform that would pay him 6% per month, I told him it was BS as did others…he lost all £350,000 that he put in and it didn’t take long either.
Countdown said:
Apologies if it's a stupid question but what is a "funded ForEx account"?
An account that some kindly and unknown foreigner has placed £10,000 in for your friend - because he's very kind and likes giving money away to random people. Or it's bulls
t, whichever you consider more likely 
Pretty much my thoughts on the matter.
t, whichever you consider more likely Yeah, utterly bizarre. There's got to be a catch.
Shame because they're preying on people who don't have much money.
Simpo Two said:
Countdown said:
Apologies if it's a stupid question but what is a "funded ForEx account"?
An account that some kindly and unknown foreigner has placed £10,000 in for your friend - because he's very kind and likes giving money away to random people. Or it's bullst, whichever you consider more likely Shame because they're preying on people who don't have much money.
Hoofy said:
Shame because they're preying on people who don't have much money.
Poor and stupid - well let's say naive - is a dangerous combination.A friend of mine (before I knew her or she would have asked me first) lost a five-figure sum on a Christmas tree scam. She was convinced it was genuine because they sent her a brochure with photos of Christmas trees in it...
Presumably something like this
https://www.fundedtradingplus.com
Become a Funded Trader Today
We are searching for experienced traders who are able to predict how the market will move. If you are able to demonstrate your talent for trading through our programs, you'll be invited to join our team. You'll be able to maximise your potential whilst being treated like a VIP, thanks to our exceptional support package which is designed to nurture your talent.
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us and that they can get to share up to 90% of the account profits.
Our programs are designed to be straightforward, transparent and fair. We have simple and clear rules. We believe that pressuring people to trade by imposing time limits makes people make bad decisions, this is why we don’t charge monthly fees. If you're an experienced trader you’ll be able to move through the trades quite quickly. If you're less experienced, you may take a little longer. Unlike many firms in the market, we actually want high quality traders accessing funding with us.
https://www.fundedtradingplus.com
Become a Funded Trader Today
We are searching for experienced traders who are able to predict how the market will move. If you are able to demonstrate your talent for trading through our programs, you'll be invited to join our team. You'll be able to maximise your potential whilst being treated like a VIP, thanks to our exceptional support package which is designed to nurture your talent.
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us and that they can get to share up to 90% of the account profits.
Our programs are designed to be straightforward, transparent and fair. We have simple and clear rules. We believe that pressuring people to trade by imposing time limits makes people make bad decisions, this is why we don’t charge monthly fees. If you're an experienced trader you’ll be able to move through the trades quite quickly. If you're less experienced, you may take a little longer. Unlike many firms in the market, we actually want high quality traders accessing funding with us.
Simpo Two said:
Hoofy said:
Shame because they're preying on people who don't have much money.
Poor and stupid - well let's say naive - is a dangerous combination.A friend of mine (before I knew her or she would have asked me first) lost a five-figure sum on a Christmas tree scam. She was convinced it was genuine because they sent her a brochure with photos of Christmas trees in it...
Andy 308GTB said:
Presumably something like this
https://www.fundedtradingplus.com
Become a Funded Trader Today
We are searching for experienced traders who are able to predict how the market will move. If you are able to demonstrate your talent for trading through our programs, you'll be invited to join our team. You'll be able to maximise your potential whilst being treated like a VIP, thanks to our exceptional support package which is designed to nurture your talent.
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us and that they can get to share up to 90% of the account profits.
Our programs are designed to be straightforward, transparent and fair. We have simple and clear rules. We believe that pressuring people to trade by imposing time limits makes people make bad decisions, this is why we don’t charge monthly fees. If you're an experienced trader you’ll be able to move through the trades quite quickly. If you're less experienced, you may take a little longer. Unlike many firms in the market, we actually want high quality traders accessing funding with us.
Sounds pretty much the way it was described to me. What's the catch? Doesn't sound like they can lose money. I reckon it's all a demo even if the company says it'll be live trades, and then there's a next level where the victim loses lots of real money.https://www.fundedtradingplus.com
Become a Funded Trader Today
We are searching for experienced traders who are able to predict how the market will move. If you are able to demonstrate your talent for trading through our programs, you'll be invited to join our team. You'll be able to maximise your potential whilst being treated like a VIP, thanks to our exceptional support package which is designed to nurture your talent.
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us and that they can get to share up to 90% of the account profits.
Our programs are designed to be straightforward, transparent and fair. We have simple and clear rules. We believe that pressuring people to trade by imposing time limits makes people make bad decisions, this is why we don’t charge monthly fees. If you're an experienced trader you’ll be able to move through the trades quite quickly. If you're less experienced, you may take a little longer. Unlike many firms in the market, we actually want high quality traders accessing funding with us.
Simpo Two said:
Andy 308GTB said:
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us
That makes no sense. Someone like DonkeyApple will be able to explain.I also would guess that no one actually gets to trade with a 'fully funded' account.
Andy 308GTB said:
Simpo Two said:
Andy 308GTB said:
Our funded traders can relax in the knowledge that all losses on the funded accounts are covered by us
That makes no sense. Someone like DonkeyApple will be able to explain.I also would guess that no one actually gets to trade with a 'fully funded' account.
Putting aside the viability and honesty of this which is highly questionable, imagine sitting in front of a computer all day trying to catch this tick and that tick, it would be soul destroying.
I came across an American broker and can’t recall their name but on forex futures they allowed 100,000 usd exposure with $500 margin, one move against you and margin is used or stopped out, of course if the market moves in your favour, it can be multiples return but really it’s a coin toss and that’s before slippage and fees.
The problem is and I include myself in this, we somehow fool ourselves that these things are simple or easy and for me I messed around for year’s running my luck. What I know about my business is immense so why do we think we can enter someone else’s business with little or no knowledge, my speculating has changed beyond belief when I bothered to learn and apply myself, I studied options trading for 2 years before I ever traded an option and I realise that it’s a fallacy one can’t learn new things.
I recently started investigating automated trading and no it’s not high frequency trading, it’s just automating the order placement but in probability it will go no where but my son gets frustrated with me as he sees that I do okay out of options but I remind him that my interest in those was in the face of many so called experts declaring how risky and volatile they are.
Forex is favoured because of liquidity and low margin but for a small account, I found from my research you cannot apply a macro theory to the market so it then becomes a sort of gamble because the trend might be right but the volatility moves take the highly leveraged trader out before that theory comes good
I came across an American broker and can’t recall their name but on forex futures they allowed 100,000 usd exposure with $500 margin, one move against you and margin is used or stopped out, of course if the market moves in your favour, it can be multiples return but really it’s a coin toss and that’s before slippage and fees.
The problem is and I include myself in this, we somehow fool ourselves that these things are simple or easy and for me I messed around for year’s running my luck. What I know about my business is immense so why do we think we can enter someone else’s business with little or no knowledge, my speculating has changed beyond belief when I bothered to learn and apply myself, I studied options trading for 2 years before I ever traded an option and I realise that it’s a fallacy one can’t learn new things.
I recently started investigating automated trading and no it’s not high frequency trading, it’s just automating the order placement but in probability it will go no where but my son gets frustrated with me as he sees that I do okay out of options but I remind him that my interest in those was in the face of many so called experts declaring how risky and volatile they are.
Forex is favoured because of liquidity and low margin but for a small account, I found from my research you cannot apply a macro theory to the market so it then becomes a sort of gamble because the trend might be right but the volatility moves take the highly leveraged trader out before that theory comes good
The typical catch is when you start trading this account, if it “draws down” by a relatively tiny amount E.g. 5% it all resets and you start again, and there is a minimum profit amount you need to hit to make money and withdraw.
For example. You make £100. Happy days. You then go on to have some losing trades and the account drops back by £550. Not unusual. But I am sorry Mr wannabe trader, you need to do the exam and pay again.
I’ve been trading and involved in it for 25 years. Like so many things, these sort of things are not for the benefit of the punter.
For example. You make £100. Happy days. You then go on to have some losing trades and the account drops back by £550. Not unusual. But I am sorry Mr wannabe trader, you need to do the exam and pay again.
I’ve been trading and involved in it for 25 years. Like so many things, these sort of things are not for the benefit of the punter.
limpsfield said:
The typical catch is when you start trading this account, if it “draws down” by a relatively tiny amount E.g. 5% it all resets and you start again, and there is a minimum profit amount you need to hit to make money and withdraw.
For example. You make £100. Happy days. You then go on to have some losing trades and the account drops back by £550. Not unusual. But I am sorry Mr wannabe trader, you need to do the exam and pay again.
I’ve been trading and involved in it for 25 years. Like so many things, these sort of things are not for the benefit of the punter.
Ah, so that's where they make the money. Making you resit the exam.For example. You make £100. Happy days. You then go on to have some losing trades and the account drops back by £550. Not unusual. But I am sorry Mr wannabe trader, you need to do the exam and pay again.
I’ve been trading and involved in it for 25 years. Like so many things, these sort of things are not for the benefit of the punter.
What happens when you win money? Do they really pay out?
Edit:
Just googled and found this:
Not all Funded Trading Companies are good
Funded Trading companies do not all run the same type of business models. We’d like to think that some of them really do want to find great traders as that is what benefits their business model rather than making large sums from customers who can never pass their tests.
Here are the 5 types of funded trading companies you should stay away from:
1. Open a broker account model: these companies force you to open a broker account from which they get paid a large broker commission
2. Re-set fee model: These companies often set difficult to follow rules and tight drawdown limits that force their customers to pay re-set fees
4. Demo account model: The companies make a demo look real and limit your chance of success through unrealistic rules. They often make their money from customer monthly fees.
5. Shared Funded Account: These companies promise that customers will get a large account, but the reality is that successful traders find it is shared with all the other funded traders and they are only able to access a small drawdown sum.
Edited by Hoofy on Sunday 30th July 10:03
Chatting to him again last night about these accounts. He's adamant he's going ahead with it.
I wouldn't mind so much except we were going to work on a business idea together but he's now shelved that as he wants to build up some investment money using FX that he can then put in the business.
I wouldn't mind so much except we were going to work on a business idea together but he's now shelved that as he wants to build up some investment money using FX that he can then put in the business.
Reminds me of a friend who recommended an FX company that promised to pay enormous trading profits to him, despite him having no knowledge of the market, instruments etc.
I told him it was a scam, and even sent him a notice from the FCA confirming it. He was so brainwashed, he ignored all warnings.
He lost his shirt of course.
With this display of poor judgement I would be very wary of entering into business arrangements with him...
I told him it was a scam, and even sent him a notice from the FCA confirming it. He was so brainwashed, he ignored all warnings.
He lost his shirt of course.
With this display of poor judgement I would be very wary of entering into business arrangements with him...
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