Josh Dentrinos - NOT SUPPORT

Adding another set of examples now for more scenarios requested.

I don't understand PFM. You know litigation is coming, multiple companies have suggested it, and then you make that statement, don't you have a lawyer?

I have to sleep now but I will be back again tomorrow to catch up anything i missed. Again I do appreciate everyone being so cordial and polite even in disagreement. Have a great weekend everyone.

Round Two. Q: If I get a strike then return to partner, then my next trade profits can I take rewards? A: yes Q: What if my trade goes up 50k on the first trade can I take that payout? A: Yes Q: Can I use all the strike value per trade? A: If you want to but I wouldn't recommend it Q: Will you do risk interviews still? A: No, unless some weird kyc thing happens its unlikely you will interact with us via video call. Q: Can we choose which we want 3x2% or 2x3% at check out? A: Yes, although 3x2% is statistically better for people, thats your choice for 2 step. 1 step only has the 3x2% available, for now. Q: Can I use my gained equity as a buffer without penalty? A: Yes, we encourage it, if you have a buffer of 5% you get 10% extra split. If your buffer is 5% you have 7% of drawdown you can use and no daily drawdown rule. Same goes if you have 100% gain in the account, you can run your account back down all the way to -2% of initial balance without penalty and you can choose to take your rewards at any time. Q: Why cant you just run the old model? A: Old model isn't financially viable anymore without additional rules that we all hate (not 1 rule, 5 or 10). We have all had the risk emails, interviews, we have seen the payout denials. This model allows you on demand from day 1 no requirements rewards, conflictless and secure. Make 100k, 1million, we dont care, we hope you do it as it doesn't negatively impact us. My personal battery is getting a bit low, I will continue replying to as many people as I can - I appreciate that so far there has been sincere conversations its very soul warming.

A few questions have been posed based on misunderstandings, I will try to answer them very directly so that its clear and easy to understand. Doing this in direct format - no emotion for clarity I want things to be as clear as possible. Q: In challenge will i breach if i get a strike? A: Striking system doesnt exist in the challenge Q: If I go -2% once and then -2% again (net -4%) I will lose my account A: No, after going -2% your regular challenge rules apply (3% daily DD applicable at the time of -2% so you have 5% of room if you go from partner to intern and stay in intern). 10% max drawdown applies in intern. Q: If I go up 5% and down -2% i get a strike!? A: No if you go up 5% you have 7% of drawdown and no daily drawdown limits or margin usage/risk limits. You can use all of your profits to trade how you see fit, or take them out whenever you want. Q: What drawdown am I upgrading with the DD upgrade? A: The strike drawdown, in 1% increments until 100% Q:How much does a DD upgrade cost in points? A: Approximately 12 lots per 10k of balance will get you 1% increase. (this is scheduled for an trader sided upgrade in february once we have some trading data) Q: Why do I have to take a payout to upgrade my account? A: You do not, you can upgrade any time you have the points to do so Q: Why is the program negative EV A: Its not unless your plan is to only use 2% of the dd available to you across the entire funded account and do that in 1 single trade then abandon the account. There is 10% of available drawdown to manage the account and 6% of strike drawdown. If you strategy requires full porting every trade, sure its not for you, I get that. Q: My strategy requires I have 3% risk per trade A: No it doesnt Q: What does strike reset mean? A: It means the count goes to zero if you have had 1 or 2 strikes Q:Why do I have to hold 10% to get a reset? A: You don't its calculated based on your total gain from payouts not what is in your account. So if you have 100k account and have been paid 7000 or more it will reset. Q: Why do I have to have a buffer? A: You don't, you get a bonus in the split if you do as it raises your positive expectency if you hold a buffer. The bonus is to encourage good practices so that your account lasts longer and you gain more over time. Traders who hold positive equity tend to have less volatility as opposed to those who do not. Q: The rules are too complicated!! A: No they aren't. Its one rule that is more complicated in order to eliminate the plethora of rules in the space, if you extract that rule, there are basically no rules. Your challenge is a standard challenge without any fussy rules (no consistency, no news rule, no margin rules, no holding rules). Your funded is that with 1 layer which is mapped from trader expected outcomes. Which is the striking rule. Most users are concerned about range bound equity volatility (traders equity goes up and down and up and down and up and down). Which is very unlikely in a pool of 500,000 retail prop traders (data driven). The most likely scenarios, in order of probability are -2%, go to intern and stay there and breach daily/max dd(striking system has no different outcome than a normal 2023, prop model) -2%, further loss towards -10% then back to break even (user is break even with 1 strike, still 2 to go) followed by a next trade payout of small significance (likely evaluation cost + a bit) User goes in profit, stays in profit - takes payouts then goes -2% stays in intern and breaches. (typical churn style or probability based prop user) These are the main scenarios, all data driven that will occur. The probability of 3 strikes (after the update) is extremely low less than 2% of people. People who have 1 strike will either lose and stay lost or go back to profitability and reset. The most likely outcome in volume terms is that 60% of traders will only strike once, but compared to old models (2023) trade 2 additional trades and last 2 additional days longer before losing the funded stage account in intern status. Is the probability of a 3rd strike 0? no, it is less than 2%. If you are concerned about an open trade with the equity swinging about wildly in 2% increments, you need to derisk, your account should grow in the megaphone pattern in the picture below, note that the upper line is your earnings, not your account balance. If your equity is vibrating up and down regularly on any prop account, your expected outcome is negative - not financial advice but derisking is better for you in the long term (you will not swipe your credit card any where near as much). I think some of the tension is coming from users who are thinking about a single trade with 2% risk, for your own experiment, think about that same trade with 0.5% risk and tell me the probabilities of you zipping to the 3rd strike. I am very open to your thoughts on this because most traders, even the not so good ones, have positive R:R expectations of each trade. I added a second image of an equity curve that would need to happen for you to strike out with 0.5% risk across 60 trades at 1:1 using random walk (randomness) but with the striking system as a specific outcome. Very few traders have this type of equity curve in prop. If you are willing to ask me more questions without insults attached, about the model, I will happily add to this list for you and answer them.

All this talk about cookies and milk. What a space.

:(

The team are putting together the releases, hopefully today everything will be ready and pushed out. I want to take a second to discuss KYC issues (not mff related). KYC is vital, its vital for the user and the firm. You want to be able to prove your KYC (take it seriously, make sure everything is clear) and the firm wants to make sure they are onboarding good standing people (which 99% of prop people are). I will give you an example of why KYC matters. In my years in Prop, I haven't really denied many accounts to people for KYC reasons. The most recent example of doing this was one guy who had a terrorist financing flag in many national databases. This was confirmed by the photo ID and the photo provided in national databases. Obviously, you dont want to be working with someone doing that its a risk to everyone, the prop, the honest traders etc. 95+% of cases of KYC denial are purely KYC quality issues, using a mobile phone bill as opposed to an electric bill or something similar as an example. Doing KYC for a country of which you are not a resident (being from one country and using UAE residence permit is very common). As a functioning adult in society it is important you can pass KYC effectively. Here are my tips for you. 1) Make sure your ID is a passport or government issued national ID, not a library card (i have seen many membership cards used as photo ID in my time). Passport always beats drivers license in terms of approvals and some drivers licenses are simply not accepted due to quality control. In 2026, its better to have an ID that doesn't have any written in ink pieces. An example, my old greek ID was written in ink by a police officer then sorta plasticed over, it has been rejected a few times. My new ID is chipped and electronic and has not had any issues. 2) Make sure you are using the right type of proof of address document. Depending on what you are signing up for sometimes a bank statement isnt accepted. For Prop, bank statements typically are ok but Utility bills always are #1 as it shows you are paying for something at a static address. Mobile phone bills are not advised unless it includes some sort of wired internet connection (adsl/cable etc). 3) When you do KYC, don't let anyone be in the room with you at the same time, dont' talk to anyone don't have a conversation, dont let anyone talk to you do it on your own without help. In Prop most of the cheater groups are doing assisted KYC with other people, its a big red flag now so even if you have to lock yourself in the toilet to do kyc, do that. 4) If it is denied for some reason, politely request to try again utilizing 1 2 and 3. Most firms will let you do it again. If they don't I'd argue I am on your side. But if you fail 3 times, you've lost me. 5) don't do KYC on a vpn/s, you need to expose your real IP address. I understand that every country has different documentation etc , most of the KYC companies understand that themselves and the main culprit for denial is using the wrong document or being in a country that differs to the residential details. If you have to wait until you are in the right country, wait, ask for a minute because you are travelling or w/e. Will probably be back to chat today, so in the meantime hopefully this KYC info helps.

Patchwork / update for Evolution is done. We will announce notes tomorrow and update the website in the next day or two (it requires a bit extra work). This was planned for January its now moved forward. Next patch/update of the model wont be until Jan/Feb from here. December is in the way trading data wise anyway. Still finishing all the documentation for infra update so won't be back and forthing tonight on it as I started at 9:30 and its now 23:22 and still 2-3 hrs of work to do. Will communicate with you guys more tomorrow hopefully. Be careful what you believe on the internet. Be well.

Hello everyone, Lots of messages, lots of feedback etc. We will be putting out clarification about the 4-6 months thing, the email was supposed to say UP TO 4-6 months. @HaiderMFF is working on that now. Some good constructive conversations I have tried to get into in the moments where I have a breath to talk to people. I am currently close to working on adding the 3rd 2% to the program, some technical things to check first but looks like a possibility of doing it. Also working on a way to bring the reset value down to make it easier to reset the switch either by points earned or some other means. We are preparing some additional information for people and to do some side by side comparisons to allow a clearer perspective. One of the things that stands out from the constructive criticism is that folks keep mentioning there are so many rules, but the only rule that really is the friction point is the only one mentioned. Our focus is on expanding that in the traders favor scientifically because in reality there arent many rules, just one people dont like. If you cover over that rule and look at the rest of the program your perspective shifts so there is a middle ground to look at there that isn't just "bring back the bankrupt models". There is a lot going on behind the scenes, and I do read most of the messages. I am muting some loud people who can't control themselves/ represent themselves poorly and says things that don't belong in a global community (racism and all that crap) but your constructive comments are heard and appreciated.

Lots of questions, lots of misinformation, lots of real grievance. Today has been very busy, so I haven't been able to send many replies - tomorrow when I have had a moment of sleep I will do a write up. Today was filled with infra building and working on the trading side of things. Speak with you tomorrow.

Lost for words, just saw someone comparing their favorite prop to pump fun in a positive light. Nope... too much internet for today.

On the A-book stuff there is a something that people are missing. I think Gandalf might have eluded to it but im tired and cant go digging it up. You can a-book prop traders, but the prop firm itself lives on net PL of the entire Abook, not the trader individually. So you could have 100k payouts and 20k PL on the abook, with a shortfall of 80k (eval fees/other revenue you might have make up the difference). With the massive churn, without a pass rate figure its hard to quantify it, but if some of the churn figures are real, your net PL on a-book would be negative depending on the pass rate. For the instant account, there is no risk, you can a-book them and fees = revenue. What bothered me the most about this time line and I did promise others I wouldn't speak more about it but just this once I will due to your great video - You cannot make a market and be a-book at the same time, you are basically just sending orders to a bucket somewhere else. For me that was a massive trigger, it felt a bit offensive to my soul but I gave up talking about it because some special cryptobros tried to bro science me.