Welcome to Lost In The Exchange, the only newsletter where you will find the truth about the FX industry.
What to expect from this issue:
Prop firm alerts: DeiFunding reportedly delaying traders payouts
Terror attacks in Russia haven’t yet caused any major volatility in the early hours of trading
DXY strength looks to continue
The Dishonesty continues in the prop firm space
This week, it appears DeiFunding are at the forefront of the prop space limelight.
There have been countless reports from traders claiming they have waited up to a month for payout, all the while DeiFunding took to twitter to share a payout certificate with a well known trading influencer.
After so much controversy in recent months, there is one thing that is certain; and that is it pays to build a personal brand and build an audience if you depend on prop firms for payouts.
Imagine the scenario:
Trader A (no audience) requests payout and its either delayed or denied upon some BS excuse
Outcome for the firm: Nothing
Trader B (substantial social following) requests payout and is paid immediately. Trader shares on social media (promoting the company) and the firm continues to sell new challenges as a result.
Therefore I strongly believe not only do you have to tread carefully in the prop firm space. There is no reason why you can be building a social presence via any platform you wish.
Consider it an insurance policy for when that day comes that some shady prop firm owner tries to screw you.
There is a clear winner with the prop firm space, and until you max out your allocations here, I would exercise caution buying more challenges. Below is a link to the most trustworthy company there is (yes it’s an affiliate link, small commissions go a long way to support the newsletter). Thank you in advance.
Markets remain stable despite terror attacks in Russia
When we consider geo political events impacting markets, a terrorist attack on Russia has to be up there.
However, markets remain stable in the early hours, with low volume in safe haven assets and energy prices.
With that being said, it would be wise to monitor the situation and any comments on retaliation from President Putin will likely be considered as a risk to financial markets, escalating political tensions in the middle east further.
In such scenario, the gold short bias would likely go out the window and we could expect the bullish run to continue.
Moving onto some of our outlooks for the week.
After a heavy week behind us of red folder news, GBPUSD has flipped back on the bearish path, eyeing up the lows below 1.2500.
Some of you will know I have been expecting this for quite some time now, and the market may just provide us with an opportunity to short into the lows before considering any medium term swing back towards 1.31.
XAUUSD is a market of key interest also. After a huge manipulation to the upside last week followed by a roll over, the bias remains bearish assuming peace in the political arena.
We are expecting initial targets around 2130 to be met this week.
Happy Trading.