DislikedHello everyone. I have recently took and passed the challenge and now I have a €80000 Euro account. I have just finished my first month and I have nothing but good things to say about ftmo. They paid me my 70% on the same day of the profit share and instead of refunding my Challenge I told them I wanted to do another challenge so they gave me the next one for free. I have now started my second challenge and hopefully soon I will be trading with 160000 Euro. Every time I have emailed them they have responded within a few hours and they have been...Ignored
{quote} my problem is in verfication and challenge itself.. rules yes seem easy .. and if you experience trader you can do it.. what's hard all you need trade 10 days ... but what if this 10 days didn't achieve 50% positive days you just made 45%? Then you trade again and trade not go well your positive days drops ..for example in my real account with 8% and positive days 46% .. if i was in challenge and tried to over trade i was now lose my 8% to 4% . rules is easy but when you involve in it .. then things change.. of course it's would be nice...
And wish you all the best on the journey to succeed in this world.... Have a nice weekend . Cheers
{quote} no, not a scam. they seem to be legit, right? they seem to do what is promised up front. there is some traders (with payment proof), so it is workable and doable. overall, from similar products offered by other firms of this kind, i think the conditions are fairly good. keep in mind, in most case these accounts are notional, and not necessarily "cost" the same amount of funds for the firm; they really need to securely put up with as much risk as your allowed max DD would be. and that is largely covered by your 'test out fee'. there is other...
Rather they have clearly stated the rules.
I havent tried their service, neither promoting.
If i am an investor ofcourse i will ask for the security of my money, their rules seems pretty fine & workable. We all want such style of trading right? If agressive max 10% drawdown a day if normal then no more than 5% a day. In none of the cases account balance shall fell below 10%(normal) or 20%(aggressive) of primary balance & trading 50% time of a calendar month. They do the verification once again to make sure you didnt achieve that by luck. If you can do that consistently i mean maintain that risk management & be profitable then you are a good trader actually.
Even if a ftmo trader fails after passing the tests they will lose either 5% or 10% which is daily loss limit, OR 10% or 20% of primary account balance. But the chances are low because the traders are passed traders not the usual traders. This is business you will have risks inbuilt with it.
They are running a business here based on probability like we all are using in our trades. They calculated their risks well ahead & designed that way.
The interesting thing i find here is they have an advanced automatic trade copier as said by Otakar in this thread. I assume thats an algorithm,which just do not copy trades directly but uses the successfull traders trades as indicators in a complex way on their live account. Anyway its just a wild guess, not my headache how or what they do, as long as they pay the traders thats fine. So far none complain here regarding that.
And yes ProfitFarmar is right, if you are consistent enough & have confidence in your trading ability, you dont need to pay upfront fees like this & might failing, you can trade your way without the pressure that you are trading somebody elses money & anytime you break the rules you are out, better you gather 6-12 months track record of your live account which shall be fine to get funded if it is within the acceptable range of those companies.
Regards.
How big can you think!
- | Commercial Member | Joined Aug 2014 | 3,646 Posts
{quote} yes i understand what you say... challenge + verfication process is 90 days .... profit 10% (i know that remove later after pass) ... and drawdown is 10% is ok .. but what not logic to me 50% positive day... that term is enough to kick you out the game if you looked closer ... for example if you trader use risk to reward 1:5 and you always loss 3 and win 2 for example then you always be under 50% positive day.. what if in one month you made 46% positive day ( as i know only profit target remove after pass ) .. i don't know it's seem not...
every place, some sort of framework is needed to be set to qualify.
i believe this winning day part is for the qualifying only, not thereafter.
assume, it is to take luck factor out, sort of, from the results.
also, again, assume, it is to better establish that a minimum number of trades needed to get a better picture what to expect from a trader.
and finally assume, some rules need to be added to level the fields some, if a trader fail, but only by a bit off, more likely the try out again.
it is a business, not a charity after all!
perfectly fit one of my favorite quote: "if you got lemons, make lemonade".
either for some days make a trade for less than 1:5 RR, or hope you have enough winners in the tryout period, as even if average distribution would be 2 win 3 loss, that doesnt mean you cant have say 6 losses in a row, followed by 8 wins, or whatever.
maybe concern would be along that line the downside, the per risk trade, and the consecutive loss count...vs the profit target.
would be very valid issue.
on a relative short term things can easily swing either direction.
thus my previous comment, that this may fit a certain type of trader, vs other prop options another, etc.
genghistar mentioned about "without having to reveal how I trade." - i dont think one needs to reveal anywhere into deep details how he trades.
in prop trading if anything, it is always a minor concern, ( we all like to believe something that we possess something super special, whereas more often than not success or failure hangs on nuances like position size, or general money management approach, something that more important than the indicator the entry was based on).
i believe there are more important issues, least i had few that were always ahead this.
to give a hint, all the more important ones (for me) relate directly to the trader's earning in the end.
PS. plenty comment from me for a while here. no intention to make more, OP can comment on their set up if he feels ( doubt he will go into much details though on the model).
happy weekend!
there is always, always another trade!!