Welcome to your morning briefing! Today's headlines are packed with stories shaping the Industry."

Mr. Prop

On today’s Menu:

• FirmityFunding Finally Finished? 🔥

• MYFF potential to Collapse!🧨

• New products at Glownode?😉

🔥 FirmityFunding Scam Continues

Another Day, another firm finished operating.

After a hectic week, with back and forward communication from the “CEO” and the firm reopening discord

It dosen’t look like FirmityFunding is coming back

With over 1M in payouts, traders waiting for 6+ months, re-closing discord, and review sites removing FirmityFunding’s listings, its clear the firm has fallen to far to recover.

even though FirmityFunding struggled we admire them for trying to release new features such as “pay-as-you-go” where the trader pays a small fee upfront and another fee upon passing (similar to futures).

So we wanted to reach out to FirmityFunding for a request to comment…

but after further research it appears our friends over at TheTrustedProp have already tried.

and although TheTrustedProp couldn’t get comment from the CEO we still want to share our thoughts.

Why did FirmityFunding go under? What caused them to Fail?

The answer is simple. Mismanagement. 

but how?

The mismanagement actually starts with the offering (Pay-as-you-go) they were trying to pioneer. It doesn’t work for CFD Firms.

why?

Traditionally CFD firms operate by starting traders with b-book funds (even during live environment) meaning all trading capital is simulated, however FirmityFunding is trying to operate similar to futures where the two most popular models end up with the trader being fully backed when getting funded.

assuming the firm had limited start up capital (similar to most companies launching in 2024) with over 1M in outstanding payouts, they quickly burned the b-book funds with no real strategy of how to build a warchest for the a-book when missing a substantial amount of fees from the “pay-as-you-go” model.

🧨MyFlashFunding about to Collapse!

Popular firm MyFlashFunding in question of collapse after a multitude of issues arise while Blake | CEO tries to cover up with claims with new announcement stating “Live liquidity connected to charts”

This Morning Blake, CEO of MyFlashFunding, took to discord to announce the recent data feed discrepancies, claiming to now have “connected charts to live liquidity.”

Knowingly, MYFF does not own a main label license

leading us to believe the firm was previously set up on a side-server with data feed delays before making the switch to supposed “live liquidity”.

With these new changes we wanted to do a few tests and after further inspection it seems to only affect the data feed display and has not improved or affected spreads.

😉Glownode teases new product launch

Sam Bradbury, CEO of GlowNode, released a new poll asking traders what trading tools they use the most.

Sam phrases his tweet leading traders to believe theirs something bigger planned behind GlowNode and a new product launch may be imminent.

The poll details over 117 votes currently sitting at 42.7% of traders finding trading journals to be the most popular tool used, making us believe traders could potentially find a trading journal being added to GlowNode in the near future.

What do you think?

Will Sam build his own trading journal or will he partner with a journal company to bring a new offering to traders?

📈 7 easy steps to Create an Automated Trading strategy

For those new to algorithmic trading, understanding the foundational structure of a trading system is crucial. Here’s a streamlined guide to getting started:

1./ Data Ingestion and Processing

• Connect with market data sources or APIs.

• Process incoming market data feeds in real-time.

• Store and update market data in your system.

2./ Strategy Development

• Use mathematical models, statistical analysis, or machine learning to create trading signals.

• Establish rules for trade entries, exits, position sizing, and risk management.

• Integrate proprietary algorithms tailored to your firm's unique strategy.

3./ Order Generation

• Convert trading signals into actionable orders.

• Select the order type (e.g., market, limit) and determine quantities based on your strategy.

• Ensure compliance with pre-trade risk checks and regulatory constraints.

4./ Order Routing and Execution

• Connect to trading platforms via APIs for order execution.

• Choose trading venues that optimize for factors such as liquidity and transaction costs.

• Manage real-time order confirmations and make adjustments using smart routing technologies.

❤️ Community Highlights

A fan favorite of PropFirmFactory and a great researcher, SheikAlgo, has been working on a new copy trading script written in Python and released new updates today:

At first glance MT5 is being used as the master account copying to DXtrade and Match-Trade with notable latency copying to Match-Trader.

Both TradeLocker and cTrader API’s having issues causing delay in testing

Hopefully kept as an opensource trade copier, we look forward to furhter updating our community on this experiment by SheikAlgo

🤣 Daily Memes

Submit memes to [email protected] for a chance to win a 100k trading account every week.