19/03/2024
UNOFFICIAL ANNOUNCEMENT ๐ฃ
The Prop Trading Industry is currently facing its toughest time ๐ฐ๏ธ after MetaTrader's removal. However, they are holding their nerves and trying their best to deliver the best possible outcome to their customers. But traders donโt need to worry; if we can trade, we can eventually make money. We just need to cope with the situation & keep patience ๐ง
1. No More MetaTrader with Prop Firms: MetaTrader won't allow brokers to provide services to proprietary firms. Additionally, US users can no longer use MetaTrader. Some proprietary firms still offer MetaTrader using their own licenses, but they are unable to provide services to US clients. In the near future, MetaTrader will no longer be available there either probably.
2. DXTrade and other platforms : Platforms like cTrader, MatchTrader, and ThinkTrader are currently considered the future of prop firms. Firms using MetaTrader (MT) are also providing these types of platforms to avoid any future issues. TFT currently offers DXTrade (for the US) and cTrader (for non-US ). More platforms will be added soon by TFT. DXTrade needs to be upgraded, and work is ongoing in this regard.
3. DXTrade to cTrader Switching : TFT switching from DXTrade to cTrader for non-US clients. Approximately 30% of accounts have already been transitioned to the cTrader platform. The remaining accounts will be switched soon for those who have requested it. You can create a ticket through Live Chat and please be patient during this process. Whether you have traded on the account or not, funded or Challenge, there's no need to worry โ you can still request a platform switch. Most Prop firms are doing the same thing ๐
4. Delay to get response from Ticket : It sounds like there's a significant volume of tickets across prop firms, particularly with TFT due to their large client base. Patience is key, as it may take 5-7 working days or more to receive a response. It's reassuring to know that this challenge isn't unique to one firm, though TFT might experience it more due to their extensive client roster.
5. Compensation: Due to delayed responses and DXTrade server issues, all existing clients have received substantial compensation, such as 50% profit targets balance added to their accounts. Your time is valuable, and they are working hard to make it right. If your account hasn't been compensated yet, please be patient as it will be soon.
6. Compensation overage issue: Some accounts have been breached due to overcompensation (Phase 1/2/3).
7. Incorrect Breaches: Due to overcompensation, some accounts may have experienced breached emails. Please rest assured that you will either regain unbreached status shortly or receive a new account.
8. Further Compensation: For those who are still using DXTrade and have encountered server issues but haven't received compensation yet, don't worry, further compensation is on its way for you. You can create a ticket ๐ซ regarding this, although it will be automatically approved if you don't create tickets on Live Chat๐. Please be patient.
9. Payouts Delay: Firstly, the remaining accounts need to be migrated to cTrader as requested. There have been some errors in compensation, which need to be resolved by the end of this week. For those whose accounts have already been migrated to cTrader, they should review their funded accounts and release payouts. We've seen many payout proofs shared by TFT traders this morning. So, it's important to remain patient. Isnโt it better to receive delayed payments than none at all? I hope you understand the situation. TFT has more clients than others, so patience is necessary. Even my payouts are pending. Hold on, guys! ๐"
10. Payouts Denied ๐
: This occurs frequently in most prop firms, including FTMO, The 5ers, Fundednext, etc. Most denials stem from the use of HFT, account management services, copy trading, Martingale, Tick Scalping, prohibited EAs, and fake KYC. Traders should exercise discipline during the funded phase, avoiding gambling and attempting to rapidly increase capital. Aim for a consistent 2-3% return on each payout cycle. Over time, it will accumulate. Even without gambling, you can achieve a higher percentage, which shouldn't be a problem. This advice applies not only to TFT but to all prop firms. Remember, it's free money! Progress steadily and reach your targets ๐ฏ. Avoid gambling ๐ฐ.
11. Prop firms disappear and then reappear: We understand the sadness we feel when prop firms vanish, but for those who are committed to their business, they never give up. Through their hard work, they bounce back. The same holds for Funded Engineers and True forex Funds . Maintain your faith in where you are investing to make money, even through challenging times."
12. Our Targets ๐ฏ : Firstly, we should remain calm. The proprietary trading industry is growing rapidly, with some reputable brokers now offering proprietary trading services. So, the future is promising, but we need to adapt to the changes. Embrace the challenges, overcome them, and secure funding. The most crucial aspect is during the funding stage. If you want to capitalize on this opportunity, proceed cautiously and avoid gambling ๐ฐ altogether. Refrain from using prohibited strategies. Aim to steadily earn money from any proprietary firms ๐
Happy Trading Trader โ๏ธ๐ฅ๐๐
