Today's the 1° year anniversary of @MyForexFunds going down.
When MFF went down 1 year ago, I had made over $220k with them, all starting from a small edge in the market and 1.000$.
This was the firm I started my Prop Firm journey with, and it quite literally changed my life, going from being a "normal guy" to earning at least 20k a month every single month, while your favorite influencers were begging for free accounts and not even reaching 1 payout. In fact, back then the pass rate was so extremely low, that probably around 1% or less of traders would get 1 payout from a challenge.
In April 2022 I bought 2x100k challenges for a little less than 1.000$ and by reinvesting the profits to buy new challenges, I turned it into 64k with only 1 firm by the end of the year. And that was intentional to remain in the "simplified tax regime", for the italians in here I was in "regime forfettario - 5% tax", turns out it was a bad decision because Italy would then change the law in late December for the upcoming 2023 for the first time since the regime inception and I had to change plans, I decided to move to Dubai.
All of these are verified facts, in fact initially I was posting small videos on YT simply showing my journey to inspire people, without really committing.
Why have I made "only" 700k in total profits among all prop firms then? Because I was focused on being a trader and not an influencer. I didn't want any distractions and was just doing my job: trading.
Turns out if i acted less as a trader and more like an influencer, accepted all those interview invitations, "honest reviews" and affiliations, i would have made at least twice as much money being shielded with influencer status and promoted by prop firms themselves and wouldn't have to go through the stress of my payouts getting denied and accounts breached, this behavior from firms really ramped up around March-May 2024
If I could go back would I choose the influencer path knowing this? No. I have nothing to sell, I don't plan to sell anything. I am just trader. That's what I've always been.
And to all the traders who are trying to change their lifes through trading and prop firms, but are getting treated like sh*t by the firms, I feel you, I really do because I have experienced it myself, unfortunately the best period was 2022-2023h1, it's still very much possible, just be very careful who you listen to and which props you choose.
I do not recommend any specific prop.
Today's the 1° year anniversary of @MyForexFunds going down.
When MFF went down 1 year ago, I had made over $220k with them, all starting from a small edge in the market and 1.000$.
This was the firm I started my Prop Firm journey with, and it quite literally changed my life, going from being a "normal guy" to earning at least 20k a month every single month, while your favorite influencers were begging for free accounts and not even reaching 1 payout. In fact, back then the pass rate was so extremely low, that probably around 1% or less of traders would get 1 payout from a challenge.
In April 2022 I bought 2x100k challenges for a little less than 1.000$ and by reinvesting the profits to buy new challenges, I turned it into 64k with only 1 firm by the end of the year. And that was intentional to remain in the "simplified tax regime", for the italians in here I was in "regime forfettario - 5% tax", turns out it was a bad decision because Italy would then change the law in late December for the upcoming 2023 for the first time since the regime inception and I had to change plans, I decided to move to Dubai.
All of these are verified facts, in fact initially I was posting small videos on YT simply showing my journey to inspire people, without really committing.
Why have I made "only" 700k in total profits among all prop firms then? Because I was focused on being a trader and not an influencer. I didn't want any distractions and was just doing my job: trading.
Turns out if i acted less as a trader and more like an influencer, accepted all those interview invitations, "honest reviews" and affiliations, i would have made at least twice as much money being shielded with influencer status and promoted by prop firms themselves and wouldn't have to go through the stress of my payouts getting denied and accounts breached, this behavior from firms really ramped up around March-May 2024
If I could go back would I choose the influencer path knowing this? No. I have nothing to sell, I don't plan to sell anything. I am just trader. That's what I've always been.
And to all the traders who are trying to change their lifes through trading and prop firms, but are getting treated like sh*t by the firms, I feel you, I really do because I have experienced it myself, unfortunately the best period was 2022-2023h1, it's still very much possible, just be very careful who you listen to and which props you choose.
I do not recommend any specific prop.
@monkeybuttman69@Jamesglyde@thepipfarm I believe the trading functionality is automatically disabled during this window (greyed out buttons prevent opening new trades), but it's better to hear directly from James
@TungstenOre@PhenomFX_ I got 10k the other 8 is denied and I need to go from 52600 to 54600 at least, but with the new rules im trying to understand how should I trade. the 30% max loss limit is unclear to me for now
I dont know what apex trading is doing anymore
approved and paid 5 accounts for 10k and rejected 4 accounts for 8k, although both were traded exactly the same
That's why I ran from Italy as soon as I could
Personal Income 43% tax + 26% SS
Capital Gain 26%
Corporate: minimum 24%, many prop firms don't allow to register as a business