He will learn!
Today was normal, again I took video and screenshots. It ranged between 6-12 pips. Even GA and GN ranged between 6 and 12 pips as well. This is normal high rollover spread. But for FTMO to say all broker are experience 60 pips on ECAD, they are keeping the blinders on.
I've seen GN go up to 20 pips during rollover cause its value is only like 0.65 a point (6.5$ a pip, so not a standard lot). So a 20 pip jump is really only like 14 pip standard on monetary value. That, again, is normal during rollover. But my first challenge i saw GBPSGD hit a rollover spread of 86 pips. Thats like not even trying to cover your tracks.
Here is one of the screen shots.
This topic was created in 2017. Almost 3 years have passed. Since then, several FF members have shown that they have passed the challenge and verification. But I still haven't seen any of those people coming back here to prove that their profits have been paid. This does not mean that such posts do not exist, only that I have not yet found them.
IF FTMO were a scam I believe that many people would already be exposing them. Positive testimonials in Forex Peace Army and Trust Pilot may be false, but where are the negative reviews from people who haven't been paid?
FTMO is certainly legit, from my experience with them thus far. Also, several proof points online from reputable sources.
Well, I'm done testing FTMO. I will not take the challenge. Even if I think I can pass it. I get antsy whenever I see huge spread on the pair I trade. I trade pairs that are moving and most of the time it's not the major pairs. It seems the spread on FTMO is only good in major pairs. It sucks for other non major pairs like GBPNZD )4 pips to 5 pips spread) Meaning round trip is 10 pips they steal from the trade I'm used to the spread of Pepperstone and ICMarkets. This FTMO platform will go side by side with those bucket shop brokers like XM Markets . I pass, I have seen enough Yeah, I'm sure those passers gets refund and their profit. But, this is not for me.
What happened? They used to have multiple brokers with better spread than this. Now there is the only dreaded FTMO Platform. Other than that, there are others here who complain of unusual price movement. Sounds like a bucket shop renamed. This fish will not bite the hook this time. Maybe if they offer multiple brokers like before and I'll think about it again. PASS
Edit: Well, 7 mins after posting. Spread on GBPNZD got worst now. Now it's hitting 6-7 pips. Ah hah hah. No thanks, you can have your challenge.
The truth is, your capital is only what you can lose. So they are funding you with 10k and not 100k. You cannot use the 90k when reaching 10k in losses. It's game over for you.
It also means that the challenge is to make a 100% profit in 30 days *. And 50% more in the verification step.
Nominal capital: 100,000
True capital: 10,000
Target profit within 30 days *: 10,000 (100% of your true capital)
Maximum daily loss: 5,000 (50% of your true capital)
Maximum total loss: 10,000 (100% of your true capital)
* In fact you will actually have 21-22 days, as Saturday and Sunday the market is closed. Unless you are allowed to trade cryptocurrencies on the weekend.
They could announce that you will have a 1 million account and impose a maximum loss of 10,000, it would be the same, your capital is only what you can lose. You will not be able to trade as if you have 100k or 1 million, but only 10k. It also means that you are going all-in, risking 10k to win 10k, 100% in the 1st stage and 50% in the 2nd stage. That's why it's not as easy as it looks. How many people manage to earn 100% in 22 days?
Why can't you do this on your own account with your money? Because in your account, you know you're going all-in, risking losing 100% and psychological pressure gets in the way. In the challenges of these funding companies you are also risking 100%, but why can you do it? Why do you think you're only risking 10%, and also why most of that money is not yours. Your real loss will be just the registration fee, € 540 to operate with a real capital of 10k. That is why it is still worth a try, as long as the company actually pays its profits.
I see the following advantages of the FTMO over some competitors:
No company on the planet will hand out 100K trading accounts to strangers on the internet, use your head people.
The "trading capital" is DEMO money, winning traders are a loss leader for them, they pay the winners with money they collect from the losers challenges.
They operate like a casino, it's the exact same business model, people so dumb.
STAY AWAY from all "Prop firms" they don't exist anymore, it's not the 1990s. Save up your money and trade for yourself that's the only option you have.
I seriously hope FTMO is not a thing anymore once people figure this out, it's super sketchy stuff.
Why don't you detectives take a break from dissecting FTMO buiseness model, if you can't do it everything is shit don't it. Let people decide for themselves.
Sick and tired of this know it all whiners.
the 100k is buying power!
5 gold lots @1:100 Req margin is about 10k .. so it's 10% of the 100k
and of course, you could not do that size with a 10k capital
Your real capital is only what you can lose.
This trick is similar to the deposit bonus offers that some brokers offer.
but when sl hit
if it is 50 pips
2.5% of 100k
25% of 10K
When you reach 10k drawdown on a 100k FTMO account what happens? Here a 10% loss is game over (or 5% in 1 day). The other 90k is an illusion.
10k with 1000: 1 leverage and maximum loss of 100% (10k).
100k with leverage of 100: 1 and maximum loss of 10% (10k).
1 million with 10: 1 leverage and maximum loss of 1% (10k)
Your purchasing power and loss limit would be the same.
make 10% monthly of 100k = 10k which may take only 2 weeks to do!
or trying to make 100% monthly of small capital 1k or even 10k?
I couldn't help but make a comment.
First off.. your risk is the amount of fees you pay, period. Some of us take longer than others to get funded. But lets say the average "cost" for the ftmo challenge is roughtly $1900 (3 attempts and you failed on the fourth and you are done) .
So in actually the loss you experience is not $10K but $1900.
Lets also say the FTMO is a scam!!! LOL...
Then its a question of getting some $$$$ before they close tent and go away, right?
Its the same logic when scalping... get the dang pips and run!!
In my case I have experience the ftmo challenge and passed it (passed it using a simple dumb EA too). Got the fee back and some more with the profit that has been generated. So in my case I can afford to have ftmo close shop and go away.. cause I already have gains that are actually in my personal bank accounts.
But in general, scam or not, this is still the great opportunity for folks that have little or no funding.
In the past, I easily blew $20K of my own money as I was starting to LEARN to trade.
So if ftmo was an option back when I started, I think my logic would of kicked in and I would of blown $1900 instead of $20k.
as a trader one has nothing to lose; FTMO has everything to lose.
99% of traders lost more than $1000 in their trading.
the odds of a trader going bankrupt by trading with prop firm is ZERO.
most of the guys in these forum, focus on irrelevant things.
if one blames trading conditions, guess what, every broker has shortcomings.
the reason I ignore these people is, they don't add any value to the FTMO trader.
they just keep saying, look at that, look at this, see that Spread manipulation, see...I caught FTMO doing this or that firm doing that.
They probably great people; technically great, fantastic traders; but in this forum, what they offer is ALL BS.
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