Passive Income Earner Best investment ever. Prophet trading. Automated money

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Cas

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Sorry, yes i meant October. This is my first month so just trying to learn the processes a bit still.

Must have been a few convenient slow patches then that married with their trips
ahh okay .

You will get there in time, im still learning as well.
 

The Reverend

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I'm in the same boat as you, assume you started at the beginning of November? No way in hell is it going to hit the 20% promised, or even 15% for that matter.(before they take their fees). Part of me wants to opt out already and part of me wants to last another month.

The other thing that is annoying, is they seem to go on lots of 'trips' and holidays, and during those periods the trades slow down and today nothing at all is happening. Not sure thats a good image to have to your clients.
 

Riddler

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Sorry, yes i meant October. This is my first month so just trying to learn the processes a bit still.

Must have been a few convenient slow patches then that married with their trips

But what would be the incentive for them to slow things down whilst they're away? It results in less commision for them. How come you want to leave? Because the 20% is not being achieved or the customer service? Was going to join tomorrow myself but just doing a quick final check first
 

Riddler

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There's a lot of talk about joining chat groups, Prophet "staff" being away or delivering bad customer service and @Afcafc invited me to join a group too so I can learn the ropes and keep informed etc etc but what I cannot currently fathom is why is that necessary or recommended?

My understanding of this is you put money in the account pass over the details for the setup to be completed and the automated system trades and you get to copy the trades for 30% plus £15 per month on the profit. Unless I am missing something could anyone help me to understand why if I am correct, why I need to join a group or worry about customer service levels? What kind of things do I need to ask in a group if the trades are executed automatically? Or is the group useful mainly for those thinking about joining?

What I am seeking to do is let this run in the background whilst I get on with other stuff. For instance, if I did not join the group and there was another "rogue trade" would I not know about it or would I be emailed anyway about it?

Also, I take it this is not ISA compatible, anyone know about the UK tax situation? Is it CGT that needs to be paid?
 
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Cas

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There's a lot of talk about joining chat groups, Prophet "staff" being away or delivering bad customer service and @Afcafc invited me to join a group too so I can learn the ropes and keep informed etc etc but what I cannot currently fathom is why is that necessary or recommended?

My understanding of this is you put money in the account pass over the details for the setup to be completed and the automated system trades and you get to copy the trades for 30% plus £15 per month on the profit. Unless I am missing something could anyone help me to understand why if I am correct, why I need to join a group or worry about customer service levels? What kind of things do I need to ask in a group if the trades are executed automatically? Or is the group useful mainly for those thinking about joining?

What I am seeking to do is let this run in the background whilst I get on with other stuff. For instance, if I did not join the group and there was another "rogue trade" would I not know about it or would I be emailed anyway about it?

Also, I take it this is not ISA compatible, anyone know about the UK tax situation? Is it CGT that needs to be paid?
You don’t need to join the groups . But would say it is handy for knowing about when the system if off for billing , new trades etc.

But if that stuff is not of interest , then you can just wait for the invoice to arrive in your email and then pay.

I believe it is CGT , but would advise you speak to accountant to be 100%.
 
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Riddler

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You don’t need to join the groups . But would say it is handy for knowing about when the system if off for billing , new trades etc.

But if that stuff is not of interest , then you can just wait for the invoice to arrive in your email and then pay.

I believe it is CGT , but would advise you speak to accountant to be 100%.

I see, well you've just given me a good enough reason as I recall that one cannot withdraw their money if there is an active trade on. I will look into the CGT question a bit more and update everyone later when I know for sure. Perhaps if I was part of the group I could have asked that question there too so at least 2 reasons to join now identified. I'll sign up soon. Thanks
 

homie

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I'd have thought it was income tax rather than CGT as it is short term trading.
 

Afcafc

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I'd have thought it was income tax rather than CGT as it is short term trading.
This is a very difficult one because part cgt and spread betting has been mentioned. They do advise speaking to an accountant because everyone has different circumstances so that's something they don't give advice on.
 

MattDamon

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But what would be the incentive for them to slow things down whilst they're away? It results in less commision for them. How come you want to leave? Because the 20% is not being achieved or the customer service? Was going to join tomorrow myself but just doing a quick final check first
Both really, poor customer service and not hitting 20% stated. Going to give it another month and see what occurs.

I've seen a few posts from a whatsapp group that they run, how do you go about getting in that? Does anyone know
 
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Riddler

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This is a very difficult one because part cgt and spread betting has been mentioned. They do advise speaking to an accountant because everyone has different circumstances so that's something they don't give advice on.

Sounds as if no one is paying anything ;)

@homie good call, might be income tax (if you exceed the personal tax allowance in the fiscal yr). If unemployed or on low wages then a £1k entry shouldn't be too much of a worry anytime soon but if it's CGT then I imagine that's due every time a withdrawal is made so it'll become 30% fee, £15 fee AND HMRC's bit too which makes paying the fees from another source a tad more attractive but riskier also.

Each time I post about this it gets more and more unappealling, the taxman isn't someone I want banging my door down so I'll have to find out about this on Monday.

Thanks for your answers, I'll be back soon
 

Riddler

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I just set up the MT4 account with IC Markets, I used the Prophet FX brochure for the step by step (though it appears to be outdated so common sense came into it for instance, the brochure says to select 'True ECN' account when registering with IC Markets, the option today is 'Raw Spread' account, the former is no longer an option but it's the same account type). Also, the brochure mentions having to upload ID and bank card documents, I haven't been asked for that (though it may come) and my account is approved and live following an electronic check by IC Markets on myself.

We've read previously in this thread that you don't have to turn over your login details for the account which you have funded, that is to say your IC market account login details are seperate from your MT4 account one and it is only the MT4 account login that need be given to PFX. This is true but my understanding from the screen I am looking at currently on the IC Market 'Deposit Funds' page is that although the money is being deposited through IC, the funds will land on the MT4 account which the PFX team will have full control over once you send them your username and password. The MT4 account number I was given by IC defaults into the 'Trading Account' field on the 'deposit funds' page and cannot be changed. Therefore, I conclude that this MUST MEAN that I and others who previously raised concerns about this were indeed right, you do have to send login details to an account which holds your money over to PFX. And like I said previously, if someone changes your password then you're permanently seperated from your capital UNLESS it is still possible to withdraw funds from the IC without knowing the MT4 password. This of course I won't be able to check until I've made a deposit but is my greatest current concern.

I will hold off funding the account for now, what I may do next is join the chat group I previously wanted not to have to bother with, in order to find out more.

Thus far however, the sign up has been seamless. I cannot find anywhere a 'close account' button and I have default leverage of 500-1 (though I selected at the beginning of signup that I was a BEGINNER in FX trading). There you go, I'll update again when/if I make more progress and also if anyone needs me to use a referal code or name, post it now and I'll be happy to oblige, I'll just take the first one I receive back via a post here if I decide to complete this process.
 
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Afcafc

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I just set up the MT4 account with IC Markets, I used the Prophet FX brochure for the step by step (though it appears to be outdated so common sense came into it for instance, the brochure says to select 'True ECN' account when registering with IC Markets, the option today is 'Raw Spread' account, the former is no longer an option but it's the same account type). Also, the brochure mentions having to upload ID and bank card documents, I haven't been asked for that (though it may come) and my account is approved and live following an electronic check by IC Markets on myself.

We've read previously in this thread that you don't have to turn over your login details for the account which you have funded, that is to say your IC market account login details are seperate from your MT4 account one and it is only the MT4 account login that need be given to PFX. This is true but my understanding from the screen I am looking at currently on the IC Market 'Deposit Funds' page is that although the money is being deposited through IC, the funds will land on the MT4 account which the PFX team will have full control over once you send them your username and password. The MT4 account number I was given by IC defaults into the 'Trading Account' field on the 'deposit funds' page and cannot be changed. Therefore, I conclude that this MUST MEAN that I and others who previously raised concerns about this were indeed right, you do have to send login details to an account which holds your money over to PFX. And like I said previously, if someone changes your password then you're permanently seperated from your capital UNLESS it is still possible to withdraw funds from the IC without knowing the MT4 password. This of course I won't be able to check until I've made a deposit but is my greatest current concern.

I will hold off funding the account for now, what I may do next is join the chat group I previously wanted not to have to bother with, in order to find out more.

Thus far however, the sign up has been seamless. I cannot find anywhere a 'close account' button and I have default leverage of 500-1 (though I selected at the beginning of signup that I was a BEGINNER in FX trading). There you go, I'll update again when/if I make more progress and also if anyone needs me to use a referal code or name, post it now and I'll be happy to oblige, I'll just take the first one I receive back via a post here if I decide to complete this process.
You give your mt4 details so trades can be copied. You don't give your ic market details where your funds are. So they are secure.

Although I started this post. I'm happy for any other prophet members to invite Mr Riddler to take the referral etc. @Cas
 

Riddler

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You give your mt4 details so trades can be copied. You don't give your ic market details where your funds are. So they are secure.

Although I started this post. I'm happy for any other prophet members to invite Mr Riddler to take the referral etc. @Cas

Yes this is what you told us before in the thread and it is important I clarify that yes, the source funds cannot be accessed by a person with the MT4 account credentials but once the funds leave the source and arrive in the MT4 account, the funds are at third party risk and any compunded funds too so uf £1k from source ends up as £80k after year 3, if it remains in the MT4 it's at a 'password change' risk. This is crystal clear now that I've gone through the setup process so isn't really a question anymore, I undertook to diarise my findings here so that's all my post is about.

And I recall you did previously let me know you wouldn't get anything from my signing up hence my broad invititation but otherwise I 100% would have sought your own personal code as is right since you kindly brought this to our attn.
 
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Afcafc

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Yes this is what you told us before in the thread and it is important I clarify that yes, the source funds cannot be accessed by a person with the MT4 account credentials but once the funds leave the source and arrive in the MT4 account, the funds are at third party risk and any compunded funds too so uf £1k from source ends up as £80k after year 3, if it remains in the MT4 it's at a 'password change' risk. This is crystal clear now that I've gone through the setup process so isn't really a question anymore, I undertook to diarise my findings here so that's all my post is about.

And I recall you did previously let me know you wouldn't get anything from my signing up hence my broad invititation but otherwise I 100% would have sought your own personal code as is right since you kindly brought this to our attn.
Top man! From my own experience since Feb I haven't had any password issues. Referral scheme is 1% off your bill for every 10k invested buy your referrals based on 2 deposits. Just for anyone who was wondering thought I'd clear it up.
 
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Riddler

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Top man! From my own experience since Feb I haven't had any password issues. Referral scheme is 1% off your bill for every 10k invested buy your referrals based on 2 deposits. Just for anyone who was wondering thought I'd clear it up.

Just out of interest did you ever consider this risk before and if not, would it have made a difference to you if you did?

Should also clarify for others that this password risk seems to be consequential, that is, they cannot put you on the trade copier without your login details but in turning over your login details for that genuine reason a new risk is now created. I would be interested to know if you or anyone else knows of an EA where by you are entered onto the trade copier without having to turn over the account login details? I guess the other way would be for the client to be given the copier details but of course that's not a realistic option for a business otherwise the client would have no incentive to pay the requested fees.
 

Fort98

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Quite interested in this, been hearing good things, still making good profits O.P?
 

Afcafc

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Quite interested in this, been hearing good things, still making good profits O.P?
Hello, hope you are well. Yes still making money. I have attached a screenshot of today's results
 

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Fort98

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Hello, hope you are well. Yes still making money. I have attached a screenshot of today's results

Not bad, nice to see its making money, could you add me to the telegram? I fancy checking it out, username:Forty98
 
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