A HUGE WARNING to PROP FIRM TRADERS (be careful)
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- Опубликовано: 16 фев 2024
- In this video I talk about the risks of prop firms, and if they are scamming you.
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90% of prop firm traders aren’t even profitable and shouldn’t worry about this. Master the skill first. The money will follow
I was in the category of failing of challenges all last year, December doh I turned over a new leaf, went up a time frame only focusing on one pair and got a 10% payout on a 25k since then I've added 3 more funded accounts and got multiple payouts. Can honestly say trading prop firms is one of the hardest things you can do and I haven't even scratched the surface yet
Here's the thing, I'm fairly new in to trading maybe only 5-6 months. Eventhough I have a proper backtested strategy and I'm profitable on a demo account, I don't know if I'm ready for a prop firm challenge.
Can you tell me how advanced you were before you got into your first challenge and how many challenges it took you to be profitable?
@@rohanramzi2926 I was ignorant and thought I knew more than I did. Best thing I would recommend to do is do the FTMO trial where you can see if you can pass the challenge only do the 10k one try and pass that 3/4 times and collect the data and only if you can pass that systemically then go and buy a challenge and even then buy a cheap one. Id only use FTMO starting off even though they are more expensive but there the best and longest around. If you pass and get a pay out buy another challenge straight away and repeat the process. Only aim for 2-3% then get Payout. Keep doing challenges and stack the accounts try get about 10 of them you'll have one to trade for every day of the two week pay cycle
@@rohanramzi2926one thing you should learn is to risk between 0.10% to 0.25% if you risk more like 1% you will lose. This is why you see so many people buying challenges it's either you go slow like a tortoise and eventually you pass or you trade like a hare (risk 1% or more) and continue to lose challenges and your money.
i started with pro firms and lost about 4. took 8 months to pass 1 from grinding
Congrats!
True, traders should use prop firms as tools to raise capital to fund their personal accounts, once you've reached your capital goals fund a personal account
Great video. Totally true Kimmel.
Guys ultimately traders can get these challenges and fail but have to learn.
Once you learn, even if people firms collapse we will still have investment firms and they only ask for proof of 2-3 years.
So once you are successful, fund a small account with your capital and be consistent.
Emphasis is on do it consistently and I am sure you will be rewarded.
Ofcourse all the pitfalls told in the video are 100% true.
This man spends hundreds of thousands of time just to help us. He helps those in need while also helping us. He alway put a smile on our faces and we should appreciate it. Hats off to Him! I love you dude. Crazy I've never payed attentions to the *VortexTrace* movement when I say ancestral our a gift to our people.!!!!!!!!!!!!!!!!!!
I personally prefer investing in a prop firm instead of just put £474 in my personal account because your more likely to blow £474 then having potential of three account from £474 if you pass 1 FTMO account
At the end of the day as a Trader it's about understanding Risk. Once you get that you can use it to work in your favour...
You are doing the best honest video with a little bit biased but still a lot of value. Love you Kimmel ❤
You’re saying probably should trade your own funds….. the whole point of prop firms is for people that don’t have $100,000 or a large sum of money to trade with can actually trade. At this point the industry just sounds like if you’re not a millionaire then don’t trade.
Bitter reality😢
Try to make capital from 300-400 dollar , good luck. Obvi if you have 10 k you should use that instead of propfirms but if you have almost nothing... propfirms still better options to use for boost your capital.
Be Profitable Trader
That is what it ultimately comes down to
There is no such thing as profitable traders in forex. Majority of people you see on internet being profitable don't know or trade better than the rest. There's a random selection that is done through mt4, it gets your wifi dns and your ip addresses and send it to a centralized system that makes sure it makes you lose. For exemple, if you just sit down and watch price without engaging, you can correctly predict the next moves, but as soon as you click on sell or buy button, price starts reversing or just stops moving until you close or it hits your stop. Ever wonder why you see your pattern repeating everyday, but you can't participate? Because MT4 is a scam, in collaboration with banks and internet providers, they make sure to wipe out majority of active trades before moving. The problem with majority of retail forex traders is not technical, nor it is psychological, the system is just designed to make them fail. The few ones who succeed, are just randomly selected. This might sound conspiracist, but this is how the forex cartel works.
There is no such thing as profitable forex trader. The ones you see on internet making it, are randomly selected through mt4. There is a centralized system that gets our wifi dns, ip addresses and make sure majority of active trades are wiped out before moving. For exemple, if you just sit down and watch price, you pretty much can always correctly predict the next move, but as soon as you enter a trade, price either stops moving or hunts your stop. Ever wonder why your setups keep happening everyday but you can never make money with it? Because there is a big difference between price doing what it does and you taking part of that, they don't let you in! Majority of losing forex traders is not because of their technical or psychology, its because of mt4 in collaboration with some big entities, make sure the majority loses, the few profitable ones are randomly selected. Might sound conspiracist but it's how forex works.
RUclips keeps deleting my comment, weird!!
There is no such thing as profitable forex trader. The ones you see on internet making it, are randomly selected through mt4. There is a centralized system that gets our wifi dns, ip addresses and make sure majority of active trades are wiped out before moving. For exemple, if you just sit down and watch price, you pretty can always correctly predict the next move, but as soon as you enter a trade, price either stops moving or hunts your stop. Ever wonder why your setups keep happening everyday but you can never make money with it? Because there is a big difference between price doing what it does and you taking part of that, they don't let you in! Majority of losing forex traders is not because of their technical or psychology, its because of mt4 in collaboration with some big entities, make sure the majority loses, the few profitable ones are randomly selected. Might sound conspiracist but it's how forex works.
My takeaways on the video is:
Whether it be a prop firms, personal account, unregulated broker. What important is you "NEED TO BE PROFITABLE" have an edge & and good risk management 💯
Keep in mind this one video is the one applicable to 98% of prop firm traders
98%?? not 100%?? what are the other 2% of prop firms that don´t do this?
@@luisbarbosa8136 I ment the part about most prop traders loosing money thru prop firms...
@@luisbarbosa8136 he said people firm traders not prop firms themselves
So which are remaining 2% propfirm name?
@@NUCLIYAGAMING I use apex, its actually gov't compliant. There is a monthy fee because of this though.
Have a minimum 3 to 5k .. make it double in a year.. then find a rich person in your neighborhood, show him your broker statement. You get funded. No need to go to prop firm
The problem is people don't want to save money. They choose to gamble on prop firm :)
Overall, I agree with the video. However, as someone who has lost quite a bit of personal capital learning to trade futures with my own account. I wish I had started with prop firms.
Because I would have saved a lot of money compared to opening up a personal account..... I definitely should have started with paper trading, but egos are dangerous....
One of the greatest benefits for me that prop firms have provided is that I feel more disciplined with my trading.
Particularly dependent upon the lost limit ..... On a 50K account with a $1000 lost limit. You really have to manage your trades well. This has led me to re-evaluate when I get into a trade.Looking for the long run setups, as often as possible.
trade your own money the winning rate is the same.. if you can trade you will make money anywhere.
You're earning potential is higher with a prop firm.
Absolutely agree with you @kimmel
The problem with the industry has never been the “prop concept” it’s alway been the prop owner… the people starting prop firm that don’t know what’s it means to run a business and try every means to run a sketchy operation to “scam” the traders instead of providing a service that the trader pay for
Fantastic video on the reality of trading
Gigachad video
Very inspiring thank you bro for the advices
Hi kimmel, in this situation, what prop firm do you recommend?
Really great video! Everything it’s true
Why you all always say "5% get to the payout". No. 0.24% (1/4 of a percent) get to the payout because MFF statistics for several month say so. Ofc they didn't mention the number but they give pass % on each stage and if you calculate: that's the number.
A video about regulated brokers you recommend would be helpful..or even just a short bro 🙏🏾
Just search for different regulators and look which brokers are regulated with them and compare.
Thanks for this hard truth man
I always see in social media lot people passing challenge and getting payout so i was like i can do it to then i got humbled by market then started take a slower path because. When i realise 90% of people fail in trading i want to be 10 % not 0.001% so thanks for reminding this
Always love your content @kimmeltrading
Prop firms are basically an online casino game. Trades never being placed in the markets, so why are there commissions, why is there slippage, why have liquidity providers, why use brokers, All simulated and any profits paid out of other traders losses. They want you to fail!
😮
Great Video Kimmel
i’ve passed 5 £10k prop challenges without having a single failed challenge me knowing i would pass is cause of my foundation
the problem is newbies call themselves traders and keep buying challenges, gurus keep pushing "the only strategy you need" never ending cycle of losing keeps rolling...
If u canaoder mathematics, a prop firm 200k challenge at 30:1 leverage is same as 12k 500:1 leverage on personal. Only difference to peoduce same results is to use 5% per trade on personal and no risk of violating rules as long as u have a proper strategy
Another huge danger is prop firms changing rules mid challenges.
Recently a few firms stopped allowing stop losses & limit orders under 5 pips stopping all m1 traders being able to use our entries and risk management. I never signed up to these rules and would never have bought the challenges under them crazy unfair
Can you mention which prop firm is that?
The funded trader and skilled funded trader
M1 timeframe is gambling. Go to Las Vegas, would be more fun.
Correction:
For brokers - the usual disclaimer is actually that somewhere around ~70-80% lose money depending on broker, so thats for sure set in stone based off statistics.
But keep in mind - this is short term statistics on a very low scale end where most of that 20-30% "profitable" side would become unprofitable if it were done on longer scale.
And this is just some random quarter period which could even be few weeks or even days if that at all.
If it were on longer scale the unprofitable losing traders number would be over 95%+, probably around 98-99% but this isnt sexy for marketing, so they cherry pick the data, EXCATLY just like You mentioned what prop firms do e.g - Yes you get refund & payout but on 4th payout and for payout must have minimum 1-2% profit etc. So be open minded & think from both perspectives always.
Not to mention that the 20-30% who "isnt losing" on cherry picked periods - most of them are around breakeven/barely in profit as well.
All the Best!
💯💯💯 well said. Stick with companies like FTMO and ALPHA capital you’ll be safest ❤
even company like FTMO does the same, check andrewFX interviews and many more
Hello, why you have not made any video about current situation going on with FP? If i'm not mistaken, you also had accounts with them, would love to hear your views about the situation. Thanks.
just got first payout yesterday on my first ever challenge
With who prop?
@@AVENTUS7777 5%ers
🧢
@@AVENTUS7777 5ers
Whats the liability aspect if you get funded and lose? Is there anything that could happen where youd owe a lot of money to the firm even if you do have proper risk management and just get below the losing threshold?
I was expecting office tour video
Id like to see a video on Apex futures..
Great info sir ❤❤❤
Thank you very much
Buy and sell the breakout after conforming with the volume. Thats the only way to make profits.
Hey , please anyone tell me...which is best prop firm for scalping ? like having low or no commission with tight spread ? for EX :- SL is 2.5 pip and TP is 5 pip
are you on suicide mission?
1000% Facts!
I just need AquaFunded to last 3 more months. Need to bring in a good ROI to fund the personal. Then it’s curtains for props on my side for now.
If i buy a 100k account and my goal to 25% in a year and i follow my rules
So it's possible
🎯 Key Takeaways for quick navigation:
00:00 ⚠️ *Prop firms are high risk and can lead to bankruptcy without careful approach.*
01:23 📉 *Low success rate in prop firm challenges; most traders don't reach payout.*
02:03 🎲 *Prop firms often prioritize marketing over trader success.*
04:48 📈 *Higher profitability potential with regulated brokers than prop firms.*
07:06 🧠 *Success in trading hinges on strategy, risk management, and psychology.*
08:02 ⚖️ *Trading is a zero-sum game; skill and preparation are crucial to avoid financial damage.*
Made with HARPA AI
Skill is the thing 7:44
Truth Be Told Kimmel, I Find Trading Personal Capital Makes More Sense Than Trading Props If You Not Looking At Props As A Get Away Ticket To Make A Lot Of Money
Thanks sir
People hace faced similar problems with brokers, regulated or unregulated. It's just that we have focused so much on prop firms we forgot about the brokers. I would say that brokers are potentially more dangerous since they have the power to manipulate things like spreads and stuff.
My Rule : All Prop Firms are now marketing accounts like the dollar store with super deals-hence they want to cash out before the collapse! RED FLAG
In my mind I am disregarding everything that is being said in this video , Kimmel will always be the Prop Firms advocate🤣and I am drowning in this misery because of him😂...
On a serious note Bro we really need content creators like in this space , I am only aware equiped of everthing that is going on because you man ..
Thanks
If ONLY profitable traders join prop firm, we will not have prop firm as business model anymore
A chapada dura na cara! É muito necessário ouvir essa verdade!
Regulated broker have a higher percentage of profit because the people that use regulated brokers are more conservative and better traders
Real ❤ knowledge and Skill it's the only way
thanks dude huge! 888
The problem is: the majority of traders dont have a lot of capital for trading. Even you have 1000 dólars and makes 10% per month would take 24 months to achieve 10.000, and maybe this is the start to try survive with trading. This is most dificult then be profitable with 100K account for 3 months, with 1% per month of payout. Thats the 'big deal' of prop firms.
exactly
then you need to consider taxes and the accountant
Guys watch out for fear mongers they kept me unprofitable for years...just trade and learn from your ownnnnn mistakes and try to improve on your ownnnnnn mistakes.....most of the time we end up studying other people's mistakes for hours and hours and even sometimes years, yet the only thing you should be really studying is yourself. Because in the end it's all about you and your execution, not some RUclipsr's risk to reward whatever😂 stay hard and stay on your track
I think it’s very important for any trader to try a challenge at least a few times because it teaches them the rules they have yet to learn themselves such as not over trading, over risking, or even noticing if they can handle larger accounts balances.
Grets video But scary We don't know where there is trust and credibility, but this is the destiny, all risks
30% of profitable traders on regulated broker is overevaluated.
According to french autorithy of financial markets, 89% lose money. Doesn't mean the remaining are earning money, and more importantly, doesn't mean they out perform S&P, CAC, DAX or any indices. If they perform less than inflation they are also technicaly loosing money. Reality is that no matter if it is prop or brokers there will be a lot of loosers because trading requires work that people are not putting in.
To me all the people that buy challenges without even having a backtested strategy and 3-6 profitable months are doomed, they have a failed logic and are not equipped to work with money, but in the end they are the same profile that try to flip account on regular broker account so that's just part of it.
Gamblers are part of the market and they will always be, without them prop firm industry wouldnt exist
If you know how to trade youll trade anything
not 10% get funded
its like less then 1%
If anyone knows of a trade copier that works from mt4 to DXTrade please let me know 🤣
Why trade demo with other ppl rules😅
Thank you for this video am having problem getting live account with fundingpips after passing the challenge phase 1 and 2
Superp 👍🏻👍🏻👍🏻
I got banned from a skilled funded trader for a silly reason(I used the same PC as my sister to access our accounts)...they will look for any excuse just not to pay you...SCAM company...sad to see you get associated with these people.
Such cases should be directed to #KUDUSHACK Cybersecurity Team
Only US traders should be crying. Rest of us are safe
If you have to make 10k on a prop firm challenge & you also have 10k as drawdown. You're basically flipping accounts.
depends what drawdown type you have
I only lost 1 prop firm account in my history of trading, I finally got funded in two different prop firms and got multiple payouts.
I already built a game plan on how I’ll reach at least 60-100k in payouts for this year. So far so good.
What strategy are you using?
Same editor as JCAP
you warn and give discount codes haha
this guy is a clown.... bs industry honestly
Easy fix. Features prop firms.non of this weird stuff going on with those props. Switched 4 months ago.soooooo much better
I think the truth of the truth is: All these traders here on RUclips make their income from their videos and not from trading bc trading is hard lol
There is no such thing as profitable forex trader. The ones you see on internet making it, are randomly selected through mt4. There is a centralized system that gets our wifi dns, ip addresses and make sure majority of active trades are wiped out before moving. For exemple, if you just sit down and watch price, you pretty can always correctly predict the next move, but as soon as you enter a trade, price either stops moving or hunts your stop. Ever wonder why your setups keep happening everyday but you can never make money with it? Because there is a big difference between price doing what it does and you taking part of that, they don't let you in! Majority of losing forex traders is not because of their technical or psychology, its because of mt4 in collaboration with some big entities, make sure the majority loses, the few profitable ones are randomly selected. Might sound conspiracist but it's how forex works.
I don't understand when say we are only paid with payout,and prop firms are like ponzi scheme, question is do we even know how forex market and brokers work😂
Absolutely true, But im just curious why are you exposing this now? You've been an advocate of prop firms for a long time. Think before you promote something which is toxic. You have an massive audience. Use it wisely
It never ceases to amaze me. That people are attracted. To paying money for a demo account. In order to pretend. That they're trading. I don't get it.
It is sensible if you are profitable. You pay a small refundable fee, pass the challenge, get refunded and now you are risk free with limitless profit potential
Then tell me, how does it matter to you if you are trading real money or virtual?? In the end you get your profit split in real money so what?
@@amen1399 If you are profitable, why would you be trading on such a platform? When you could be scaling up in the real markets? With access to options. Which is a must for any advanced trader. You are spending money on a demo account. With a company who does not have your best interest at heart. They pocket your losses. The platform is underdeveloped. You don't know what you're talking about.
@@Sebastian-zx1ek If you are trading on a platform where you don't care if your broker Pockets your losses, then fool on you. Do you really believe that they have your best interest at heart? Take some time to think about that. The data they offer you is limited. You're trading with one hand behind your back. You can't even use options. To hedge. Or profit off. Your losses go directly into their pockets. Wake up.
as long as they pay you thats all you need
why people crying where they are losers 90%?
Old story .
There is a free prop firm though 😅
The equity or trailing drawdown is the most stupid -outrageous thing inventend in prop firm trading
No, it’s to manage risk so that you don’t overestimate or over leverage the lot size to used when trading and lose the entire account. That’s what that is for. I’m glad they have it there, so I can be a better trader and make more money that way. ❤
tf happen with your eyes?
im fked sponsor me
Why everytime talk down. You yourself are a prop trader.
Reality check. we need to stop blowing accounts. start focussing on that damn psychology and profitable edge. then take that into the next challenge.
What if your like me and already have that? But i have an account with tff and ftmo lol
you forgot to mention , you make a ton of money with ref links, ofc you are biased 😉
Most Prop Firms are a scam. Most only allow 5% in one trade? STOP Rigged
Hey man, did someone punch you? You have a weird scar on your eye!
This video has no relevant information of the dangers in prop industry, u are just speaking
Guys come to the futures side. We don’t need all this crap 😂
Why are you telling people how to trade, Kimmel you talk more than show actions..
I guess some prop firms made you upset, and you are making this video for revenge😁
Such an ignorant. Prop firms are bad but there is a 10% off code for a prop firm in the description. Hilarious :)) omg
yoo, where can i contact you?
Another regurgitated video! RUclips ad sense must be nice
Kimmel , I want you to stay in side of traders , not the other side brother.
The only prop firm you should be using is willis capital