The hidden truth of a Prop Firm | At the Table #12
Good morning good evening good afternoon welcome everyone to another episode of At The Table by Urban Forex. So today we're gonna be talking about a important topic which has been very popular right now it's about being funded as a trader everywhere you look you'll see messages about being funded funded funded now what we wanted to do is shed some light on what it means to be funded or should we all just hop onto the bandwagon and try to look to be funded so what is being funded what does it mean to be funded and what's with all the hype around it so i've invited three people to the panelists today you know tuning in we have Lucas if you can just introduce yourself. Hey guys I'm Lucas and i'm tuning in from Malaysia Kuala Lumpur one of the platform traders in Urban Forex and nice to have you guys here all right and we also have Armand tuning in hello my name is Armand tuning in from Thailand and i run the urban forex operations there you have it there you have it and we also have Ian joining in hello everyone i'm tuning in from east coast Australia like Lucas i'm on the on the prop firm as well so nice to see everyone here excellent excellent thank you guys for being here on onto the panel so we need you guys help to distinguish what's with all this funded stuff that's been going around like i open instagram i open facebook i open i go i look anywhere i talk to anyone and it's all about being funded it's almost like you know there's corona and then right next to it there's funded you know like these two are really neck and neck in terms of popularity it's it's like what is it what is it about being funded why is this so popular like what's going on well that's a million dollar question right for this podcast at least yeah yeah so what what is your best opinion on what you think being funded means well i think there's always just that aura around like you see movies and whatnot of people trading for big firms and like trading big money so i think it's always the ultimate goal almost like as an accomplishment but i've made it now because i'm you know i'm funded by this big institution or whatever you know what i mean right i think it's a sense of accomplishment you know for a lot of people that way i think for for anyone who's unclear about the topic i see someone asking in the chat what actually is a prop firm so nobody do you mind explaining what that is yeah is it legit so prop firm basically means proprietary firm so what what you're basically doing is you're trading a technique that is given to you generally by the prop firm and you're trading the firm's capital whether that firm decides to trade only the firm's capital or brings in outside money but you're actually working for a firm and the whole whole objective is to grow that capital further and further and further that's a prop firm basically and 99 of the time you'll be trading the prop the firm's money not outside money okay when you're taking in outside money you become a fund okay so now with all this prop firm stuff going on every little guy on the internet saying we are a prop firm no registration no license no destination no no home base anywhere but they're a pro firm and they're funding people from funding people like it's it's a it's a weird cycle i i don't know how to explain it it it's like money comes in one hand and it funds through the other hand wait do you have your own capital at all okay anyways i'm not going to get into that part of things today i just wanted to talk about what's with all the upper level of funding what is this funding stuff so you know let's dig in deeper Lucas when you first heard about funding what is your what what what's your experience with it what do you feel it means where is it heading i think like everyone else if you if you hear the word funded it automatically means you're getting a lot of money whether or not you know what to do with you know that kind of money that big lump sum of money that's not a story but i think on a surface level if you're funded you know on a surface level again you might think you have a lot of capital to work with and you could get rich with that capital so so let me understand i'm gonna get a lot of fire from that yeah let me let me understand this so let's say i'm a baker okay i bake bread for a living and then i started trading forex or stocks five days ago okay and in those five days on my demo account i made a ton of money and now i'm like if i only had more capital i would destroy this planet by showing them my p l that will shine with the trophy on my head i want to get funded what do i do is that is that my goal am i am i looking to is that how funding works like you say most bakers think that way let's not make fun of bakers i love bakers man they make awesome bread like but yeah it seems to be this vibe of if i only had more capital it would rain down money on me now in Lucas you guys are you know in prop firms actually talking about that Armand later on today you're gonna be doing an interview today if i'm not mistaken right after this podcast on the webinar right yes hey you wanna explain a little bit about that what's gonna be happening in that webinar so we're actually going to talk to a somebody who is funded and who trades for the Urban Forex prop firm and we're going to ask all kinds of question on what it means to be funded how it works how he got funded and you know everything around it so stay tuned for that if you're already here live and if you're not here live then you'll find a link to that recording in the description yeah yeah and Lucas and Ian are also funded prop traders as well over at Urban Forex yes but we're not gonna talk too much about their experiences because that will be future interview with them separately and perhaps i can even do one with uneven what it means to you know own a prop firm and what it means to to you know run it and everything that that's related to it from that side so that could be fun as well yeah i'll be happy to share my inputs on what is my view on things as people are coming in to be funded and i'm telling you right now before i even get to that episode when it comes into the future that it's not pretty it is not pretty okay let's let's let's leave that as a cliffhanger no but it'll be interesting to talk to you about you know how do you select people to to be trading for your prop firm and how do you select them to to get funded basically but again we'll we'll leave that for yeah so even putting that all aside right even putting it outside you see even when you bring up that notion of what it means to be funded by Urban Forex or by me directly and how can someone get funded all that's beautiful right but this urge of being funded that just showed up out of nowhere it's like where did this happen like you know i i'm sitting there i used to get emails saying Navin thank you for your teachings blah blah blah another email i open it up same day it says Navin i want to learn more how to trade and be better how do i do it okay another email Navin i heard you talk about meditation techniques i want to learn how to do that so i can focus more on my entries okay these are normal questions and then now i'm suddenly i'm saying seeing that hey guys do you guys fun traders what did any of you guys go outside and make a public statement that we're funding traders like because i never talked about it publicly and we do fund traders but where is this coming from like where is this whole hype in the industry of fun fun fun fun you know this is very fascinating to me when i see this and it's all over all over it's like brokers have lost the grip on the market and fun firms have a strong grip on the market now yeah they've taken the limelight correct maybe maybe then that created some artificial demand or something yes and they're paying cash ridiculous amounts of cash for marketing they're showing up on interviews they're showing up on all these places they're just bringing random people and like talk about your funding experience and stuff like that like what the guy doesn't even trade like like you listen to some of these interviews i'm like there's no way that guy tries it's impossible like it's ridiculous you know so it's it's but they're going full force full force but why is that is it just to find that one person is like it's really hard you know to to develop a trader so i'm wondering how a lot of these firms are actually operating you know if if the whole goal is just to fund someone how how does one actually get funded in the first place like can anyone just join and is there like challenges rules not on my first one not in my firm not in my from not anyone can join but if you look outside Urban Forex anybody who can pay fifty dollars hundred dollars two hundred dollars and sometimes monthly fees can join suddenly if you're not a trader you have the hope to pay to be funded that is weird like like if you really think about like i don't know Ian what's your take on that like you can actually pay to be funded well to me it kind of sounds like you're trying to just buy a lottery ticket like you just keep paying and then maybe this time i'll get it and then just might as well just go to the convenience store yeah i'll tell you a story like i had a friend of mine he's been talking to me about trading for a while now and then suddenly one day he's like Navin i'm getting funded what happened to your trading he's like yeah yeah i'm doing that anyways but i'm going to be funded so i'm going to have more capital to trade so someone just gave you money to practice is that what happened is that what a firms are doing these days they're like you know what let me give you 20 000 enjoy buddy let me see what you do with it no you you have to perform you must perform so so he he joined the firm he had like 50 000 terms in condition you know how when you buy something with apple you get that do you agree and you have you can scroll forever there was like you can't trade at this time of the day and hold trades you can't scale in you can't scalp you can't do this you can't do that what do you do if you can't lose either right yeah and you can't lose you have to make money like there's so many terms and conditions it's like i i don't understand you just want me to give you money and walk away like it really sounds like that doesn't it so he he started the funding he he got past the first round from what i understood and then he failed but then he got an email saying he can try again so you have to start in the first round again right you got to pay you got to pay for free oh i thought it was for free i'd have to be generous with that second time there are some who's saying for free you know they're sensing it's just oh my god when i look at the industry i'm like what what is happening what is happening it's it's actually sad it's very sad but why are why are so many people looking to get funded then it's it gives they're purchasing hope because with let's say let's say i'm a small trader right and i'm getting started and i feel i'm doing well i feel i'm doing well not proven i feel i'm doing well and i have 200 in my account obviously if i trade correctly and trade one percent one and a half percent on a 200 account it means nothing but if someone tells me hey man since you trade well why don't you join our firm and for 50 application fees you know processing processing we can possibly see if we can give you fifty thousand dollars and one percent is worth it and there will be profit share company take some you take some enjoy buddy how many of these people do you think actually get funded not too many because i i don't imagine like i don't get the idea that the selection rounds are very long that they're like three to six months long to make sure somebody's can actually consistently trading well i don't get the idea that this is the case so yeah maybe some people will pass the first round maybe some people pass a second or a third round and they they break one rule once they they get funded a little bit and then they're out and i guess that's what works yeah it's not like it's malintention from the firms firms might have good intentions like they just want this is a quick way to find and pull out good traders right you know firms might have good intentions but the people suffering in the process is the average joe because the average joe is just literally paying for hope might as well go to casino at least see flashing lights and have a good time you know yeah so it's it's it's it's really sad and and you know it's not just like two or three firms it's like every single company out there is talking about funding these days you remember how things used to be five years ago or six years ago it was all about signal service go further back another five years back is all about automated trading robots because you have no control over your emotions but a robot does therefore doesn't it make more sense to have a robot trade your money yeah yeah right so if your psychology is the problem give it to a robot robot has no psychology you know emotions are evil yeah fine and now we don't hear about robots ever it says quiet it's now about being funded that's like the new thing is it the right path though as a trader it is an option for a trader okay one of the things we you know you know i think Ian and Lucas will probably remember this is being funded is a is a side effect of you trading well being funded further is a direct response of you continuing to trade well being funded even further adds to that continuations of you're doing better you know how to grow you know how to actually learn from your mistakes without that notion it's an it's an illusion you can't just show up to the door when they say hey i showed up so do i get funded no you're not going to waste my money then no way like so it doesn't make any sense to for a normal person to just show up and saying how do i get funded well you got to trade like that's the core piece right so i can't like i was ex using the example as a baker i can't be a baker one day and then show up and say hey can i get funded why do you want to be funded oh because bakery is boring yeah i made a cake once can you fund me as a maker it's absolutely nuts i think even there's a some people think too that even once you are funded then then that's kind of it you know okay i'm funded now but that is that right like once you get funded like is that is that just it you've made it and you know in your opinion from there like no and and and that's that's you know touching on that question is the reason why i've arranged for Olly to meet with Armand today to actually do this interview to actually get inside an actual funded trader's mind and find out you know explain to me now that you're funded where are all the roses and bentleys and Ferraris and you know private jets all around the world that's happening like we want to know firsthand what's happening what's happening once you're funded what happens next because everyone dreams about what happens next but what is the reality what happens next once you're funded i see someone typing in the chat if in the live chat that it cost someone 4 500 Jesus Jesus Christ and Krishna like i don't want to say one god all the gods are on alert right now like come on what's going on here like wow that is crazy yeah i'm sad to hear that yeah and it's it's nuts it's nuts another one saying i've paid 200 per month at 200 you know to be to be funded you know just avoiding names of these firms and stuff and you know it'd be nice to pull out people saying all right you tried this process what happened what happened did you get funded you know what was the process what terms and conditions stopped you this time that's that's what that's what happens when when a non-experienced firm just goes out there and says you know what everybody apply there's no there's no support system i think i think that's one of a very important piece that if there is no support system and the firm and the traders dream vision goals are not lined up it doesn't matter if you're a funding firm if you're a baker or if you're a corporation if your goals and your employees goals do not line up you're not going to make it it's simple as that that means you're just going to have to rotate and rotate and rotate like brokers do right they have to rotate bring in the next client trade as much as you want okay you no more money next you know that's not in the same interest the trader's interest is i want to make as much money as possible brokers interested is i don't care that doesn't line up that doesn't line up so when when there's a conflict of interest between the people going to a firm and the firm managing if there's a conflict of interest there is no growth there can never be growth and it's not it's not just a support i mean the support is i think it's very important but you also need to start from a certain kind of knowledge right like if you if you have everyone just coming in you and you don't you have no idea how they're trading you have no idea where their knowledge comes from if there is knowledge at all so yeah it makes sense that there's no support because how how would you support that you got you know how expensive support is like i i feel like i'm already doing the podcast right now i'll probably leave it for the other time but it's so expensive support is ridiculously expensive you know like i think Lucas and Ian can tell you how expensive support is based on time alone like three o'clock in the morning sometimes i get a message from one of these guys like hey man i got a question okay hold on it's tough it's tough but you need to believe in your traders as a firm you must believe in your traders and saying i got you you've already proven you have what it takes at this stage that's why i brought you in now let's fine-tune it okay we also know they're almost their education you know their skills already yeah yeah what what does a bank do when you go to get a loan from a bank because the bank's like come here's 50 application fee you'll you'll get your loan thank you bye they don't do that even a bank to give you a loan says either you give me collateral or you show me your business plan so i can see is it worth me investing in you because at the end of the day you need to make me money while simultaneously you'll make money but it needs to be solid plan and i need to judge that plan well that's how it works that is the synergy of you make money i'll make money at the same time we have you know we have coherence but if the bank literally says he's not going to make it it's okay let him come and pay the 50 application fee just sit here listen to his interview and tell him get out that's wrong that's unethical that is shady that is absolutely unethical that is malignant business practices in my opinion well i'm really getting heated in this conversation and maybe i should stop talking this this is your your therapy session to vent so yeah there you go yeah i'm venting to the whole world i think i'm just nodding our heads i think on the same token you know the traders themselves they have to take responsibility as well you know some of them trying to go for this kind of funding program right after doing one month of education that's not gonna work that's not ever gonna work even if you pass it the first time around you know like like when Navin was saying before you're gonna give the account back sooner or later so unless you're really really ready or you know you're really sure of how good you are as a trader i don't think that's something you know everyone wants to try and get on board yeah i think people sometimes get carried away with just with that goal of being funded and it's important to have that foundation just with your trading alone before because that's what's going to carry you further you know in the long run yeah funding is just one step if there's one thing we can end this podcast with and if there's one thing anyone can remember is if you're good doesn't matter what line of work you're in if you're good money success fame will find you you don't need to look for it it will find you it will follow you you just gotta be good at what you do it will run after you you don't run after it so the whole notion of running after being funded is already a precursor of i must not be good if you're good my firm other firms we will find you we will seek you out from the corners of this earth and be like there you are you work for me it's like i will find you wherever you might be hiding if you trust me if you can make good money i will find you faster than we found Osama i'm telling you this is how it works if you're good we will find you money will find you you know someone is gonna huh you were part of the team that found Osama no no i wasn't part of that just someone double agent somebody's gonna make a meme out of what he just said with the the the guy from taken Liam Nelson right like he said yeah no matter where you are who you are i have a special set of skills i will find you and i will fund you like all right all right guys all right guys so thank you all i'm gonna i'm gonna hand it off to Armand. Armand you know thank you for doing taking over for the next webinar from here Ian Lucas i really appreciate you guys coming here on to the panel as well and sharing your insights again as Armand said you know he'd be interested in hearing what your personal experiences are i will also be listening in you know so just to let you guys know i want to hear what your experiences are so these guys cannot vent because so yeah so Armand i'll hand over the controls to you thank you everyone for listening and again if you want to watch the live webinar of the prop trader Olly going through his own experience and talking about it with Armand you know you can use the links below this podcast or around the podcast and to access it and watch it look okay those of you guys who are here live stay tuned just stay on board we're going to continue thank you.