What do you all think about a new idea for getting capital? Instead of paying high fees for a challenge, how about we gamify the process? People could put money into a prize pot and join competitive groups. Then we reward the top performers by splitting the prize pot among them. There would be rules, like needing to be in a positive balance. Just wanted to hear your thoughts since prop firms aren’t really great at the moment with payouts and all that
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This idea probably won’t work since a profitable trader wouldn’t want to join for a shared prize pool. They’d likely prefer free competitions that offer big rewards, like a 100k challenge. Also, go for the well-known prop firms like ftmo or 5%ers to avoid scams. It’s surprising how many people get fooled by cheap firms that just started and then get scammed
Cade said:
@Eden
What do you mean by free? You still have to pay for prop challenges
They mean competitions… every prop firm has these monthly contests where the traders with the highest profits get rewards (usually the top 10) and it’s free to enter.
Cade said:
@Eden
What do you mean by free? You still have to pay for prop challenges
Kind of? Most prop firms refund the challenge fee if you pass, so you’re only paying if you lose.
@Dakota
You really don’t understand the financial markets. Big players don’t care about the small trades that retail clients make… it’s the brokers who have a conflict of interest with retail clients, pushing them to lose. Retail orders (CFD) are never sent to the market. The goal is to use brokers and beat them at their game
Honestly, the idea doesn’t matter much since I can tell you won’t take action on it
Blake said:
Honestly, the idea doesn’t matter much since I can tell you won’t take action on it
What are you getting at?
Blake said:
Honestly, the idea doesn’t matter much since I can tell you won’t take action on it
What are you getting at?
Why think of ideas like this if you’re not willing to invest a lot of money to make it happen?
@Blake
If I know I can start a business, I might. There’s a big issue in the trading industry for retail folks and they are at a disadvantage. Prop firms aren’t really looking out for you
Cade said:
@Blake
If I know I can start a business, I might. There’s a big issue in the trading industry for retail folks and they are at a disadvantage. Prop firms aren’t really looking out for you
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No, you won’t
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So what? What business exists for the consumer’s benefit? Do you think brokers are working for your good? Sure
Cade said:
@Blake
Exactly, retail traders are at a disadvantage and we need to change that.
That’s the exact opposite of what you’re saying. There’s nothing you can do
Cade said:
@Blake
Exactly, retail traders are at a disadvantage and we need to change that.
That’s the exact opposite of what you’re saying. There’s nothing you can do
There’s a lot that can be done. If you have no useful suggestions, why bother arguing?
Cade said:
@Blake
Exactly, retail traders are at a disadvantage and we need to change that.
Retail traders will always be at a disadvantage, that’s just how it is. Why do you think retail trading exists? It’s not because the big firms want you to get rich; you’re simply a source of funds for them. They’re not running support and servers because they want you to succeed. They need to profit from you, just like any other business does to their clients.
In the end, prop firms are still businesses. They aim to make as much money as they can from trading or from traders.
Correct me if I’m wrong, but even after you pass their challenges, you’re still trading on a demo account. So, basically, prop firms don’t lose real money when a trade goes bad. Plus, no one really knows how much they earn in actual trading. They might copy the trades of some top performers but it’s likely limited.
@Weston
They do lose money when they pay out winners. That’s why they have strict rules and ban traders nowadays.
Cade said:
@Weston
They do lose money when they pay out winners. That’s why they have strict rules and ban traders nowadays.
They ban traders? Which firms do this? I want to avoid them.
These rules might actually help you become a better trader if you apply them to personal accounts. For example, daily drawdown limits, staying away from news trades, or capping maximum losses per trade are good practices.