Following Profit Cuts and Trading Limits, Prop Firm FundingTicks Begins Winding Down https://t.co/vIkfK9QYJ3 #finance_magnates#fm via @finance_magnates
This year will be different.
This year I'm levelling up.
This year, I'm truly committing to my financial freedom.
How many times have you told yourself that?
And then January 15th rolls around, and nothing has changed. The gym membership is untouched. The budget spreadsheet has three entries. The trading journal is still "coming soon."
We're not blaming you. It happens. To everyone.
Resolutions start with the best intentions. But intentions don't pay bills. They don't build skills. They don't compound.
Action does.
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The so-called Prop trading industry is about to be dramatically altered.
I have been a major critic of the prop industry and have been heavily trolled on X as a hater. The reality is that I have been right -- and the changes coming will begin to address the sham practices of the industry I have been critical of.
Sim trading multiple accounts will be terminated over time
Sim trading for payouts will become illegal or highly controlled by U.S. regulators (CFTC/NFA/state gaming commissions)
Here is the harsh reality. Sim trading for payouts is in every respect a form of online gaming similar to online poker and online sports betting. And in the U.S., online gaming is HEAVILY regulated and HEAVILY taxed. For example, some states charge online gaming firms as much as $1MM per year for the right to do business with residents of their states -- and then may charge up to 30% of the profits made by the gaming companies.
Bottom line: Online prop trading for payouts as it works right now is likely in violation of state gaming commission regulations.
I will write a more extensive piece this weekend for my Substack and plan to appear on TopStepTV to discuss with its team the direction the industry is headed.
Again, I applaud TopStep and its CEO Michael Patak for their eagerness to move into an new era of the prop trading industry.
Might be one of the biggest one day live P&L's we have ever seen! Anon with $104,054 in one day, one live account.
What is your biggest day in a live account? ⬇️
SIM is just a step to the top step, the live account!
#liveaccount#trading#markets#livepnls
The body of Canadaian crypto influencer Kevin Mirshahi was discovered at Île-de-la-Visitation park in Montreal, following his abduction from a condo in June. https://t.co/vF15AmsJmz
Gefährliches Pflaster