I don't disagree with you, your concerns are valid.
If I have 7 missed demos it is because I am improving the strategy aggressively, by the time I enter the challenge and so I can make it more relaxed, not like some who are desperate to pass and showing horrible accounts in the challenge.
Many of the competitors are winners in their accounts with 10% or 15% drawdown, but to enter FTMO you have to lower the drawdown to 5%,
I want to clarify that the importance of demo accounts, not risking a challenge without being prepared, I'm not ready yet.
If you ever traded actually, even demo trades... Will show you results for 10% per month is doable or not.
Some are in denial, oh this is gambling.
Learn to trade first before making laughable statements.
For those who don't know what they are doing, this is definitely gambling.
If you are a struggling trader, watch this.
It entirely changed the way I think & approach markets. After 15 yrs, trading is fun & much easier.
However, still constantly learning...
Everything in life is pretty much a gamble lol
We already know that about 8% make it through and to me this statistic sounds very reasonable.
There are traders out there that make multiple attempts before moving onto verification stage.
I would certainly like to see full statistics showing attempts at every stage by every trader from challenge to verification and finally onto funded account but this is highly unlikely to be given out.
Any trader can generate 10% gain per 30 days at some point in their career but as per challenge the real question is when will this occur.
Repaying multiple times would become quite costly.
But traders will continue to pay because they know others have shown a successful progression through to funded status even when they know that their own trading is not up to the task.
I'm not saying this is bad in fact it's good risk management but it's driving the trader to be more of a day trader rather than a longer term trader and this is more risky.
A trader does not have the option to build up a group of low risk entries over several weeks to months because as soon as end of trading week arrives the trader has to be flat.
In any case traders have to work within the trading objectives and rules of the firm in general or simply walk away.
Personally, I don't see it as a major problem but for other longer term traders I do especially if they don't have shorter term trading strategies at their disposal then they have to rethink their strategies.
Remember hedge funds report their gains so it's fairly simple to get the data.
As for your calculations please take a closer look at what you posted ... It's not correct.
watch from min 58, it gets interesting, his account got "hacked" even tho he s the only 1 that has the "keys" to that computer. they(whoever they were) traded on his account 400 lots just to violate his max daily loss on a saturday and then "they" stopped. now how do u defend against that? and i do not mean how do u defend against beeing hacked lol..only him and ftmo have access to that account, ftmo said he was hacked..so he had to rebuild himself up from 5k loss cos luckily he s daily loss limit in account metrics wasn t violated..interesting story altho makes u think
u know what the saying is...if something is 2 good to be true..then it probably is. if any1 else got "hacked" pls post about it so maybe others can avoid stuff like that. maybe once u get funded, u change ur email and new pass and stuff like that, maybe ask ftmo for change of platform credentials again..never hurts to be sure.
Anyway is always important have secured your trading computer. If its possible have one only for trade without download anything outside trading platform
A good video.
Just another risk to be aware of but hopefully an isolated case.
Certainly would not want to hear of several traders reporting a "hacking" of their account.
I also enjoyed his discussion about the long journey he took to eventually gain a funded account after failing several challenges and a few verifications along the way.
Not too many report their journey in such detail.
Congratulations to him.
ps. good practise is to have messages from your trading platform set up so any trade activity is immediately sent to your smartphone or email.
Here is what I suggest to "let me try FTMO challenge" traders.
Trade your demo account for 3 month - you do not need FTMO.
See if you can fulfill FTMO rules each month for these three months - you do not need FTMO.
If you can fulfill the rules each month, you have a good chance of passing a challenge in FTMO "real demo account".
Keep on trying and you will know if you can succeed or you will just throw your hard earned money into the fees for FTMO coffers.
If you succeed - you are ready.
That TE you put up - is that a 100k challenge account?
A few key points (Market is closed, lots of time to share thoughts)
- they only showed account matrix. An experienced trader with a point to prove (in this case hacking) would have screen shared their actual trading log.
*** my assumption: please take with a grain of salt as this is just my opinion. I’m concluding we would see potentially an Expert Advisor he left on over weekend (I’ve painfully done that before on accident) with auto trading turned “on.” The lot size was 400 likely due to an EA auto-calculating position size, and because BTC market over weekend can reach narrowing extremes, thus = massive lot size. The quick closure would probably be due to max risk $$$ far exceeded, and thus lead to an immediate closure.
- With FTMO I’ve already been in a few situations, where they could have gone in their favor. Each time they have been fair/honest and concluded in my favor (I’ll continue to post journey here, as profit split coming up on 26th). However, thus far A+ company in my opinion.
- If FTMO were indeed doing hack job 400 lot trades:
a) huge legal risk which I’m sure they are not willing to take
b) we would see it as a consistent theme across internet (Forex Peace Army etc) and you’ve seen this reputational risk sink other companies. Again, not a risk I’m sure FTMO wiling to take
Full belief everyone is innocent until proven guilty. Would really like for this YouTube trader to provided his actual full account log, however these can be manipulated too. So, would like to see a screen share, from initial platform log in, where he clicks directly on the trading log. Until that point, I’m skeptical. And can only going on the positive experience I’ve personally had with FTMO. For funded traders, let’s continue providing as much transparency on this thread. It will help everyone.
Us as traders, FTMO, future traders. Long term transparency is the ultimate solve. I.e. imagine if we had a trader actively positing here that has been trading 13+ yrs funded. That is the goal.
Either way, like you say, the reputational risk to FTMO is significantly high, so Im not convinced that anything nefarious is going on
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