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FTMO - For serious traders

  • #781
  • Nov 8, 2019 6:22pm Nov 8, 2019 6:22pm
Guys, I'm an average trader and I can tell you it's very easy to reach the 10k account profit target of $1000 /30 days. I mean if you have been trading for over a year or two like me this is not hard to achieve. Also, I don't understand why people have problem understanding the policy of "not trading" 5m in and 5m out of news events; why would you even risk a perfect trade on a news event, specially a "high impact" news event? I trade my own money and i don't even do that; it's a recipe for disaster unless your are doing butterfly/martingale approach, but even then it's a bad practice, hence can really hurt your account.
To be honest, I rather trade someone's money with proper money management (which is the first thing a good trader should learn how to do) than trade your own money; it's only for one reason and one reason only: "Psychology". Any good trader here can tell you trading is 95% psychological approach, the rest (technical analysis and fundamentals) is bullshit that you can master in a year or two...
*The only problem I have found with their program is that the payout is "once" per month. Which if you live in the US like me, we got bills to pay every week FTMO if you can make this a by-weekly process would be much better for most traders.*

I'm going to join the challenge/verification and post an update once reached a live account.
  • #782
  • Nov 9, 2019 4:28am Nov 9, 2019 4:28am
Quoting dioninet
Guys, I'm an average trader and I can tell you it's very easy to reach the 10k account profit target of $1000 /30 days. I mean if you have been trading for over a year or two like me this is not hard to achieve. Also, I don't understand why people have problem understanding the policy of "not trading" 5m in and 5m out of news events; why would you even risk a perfect trade on a news event, specially a "high impact" news event? I trade my own money and i don't even do that; it's a recipe for disaster unless your are doing butterfly/martingale approach,...
Hi! The problem with the policy of “not trading” -5 +5 minutes around news events is not about keeping profitable trades running and the prospect of losing them if the price goes against you. It is absolutely logical to close profitable trades before the news.
However the problem about this rule is that trades are unable to take advantage of one of the most profitable approaches. That is place pending orders at respectable distance (for example above last (14) highs and below last (14) lows) on both sides of the price just seconds before the economic data is released. This way you can catch the direction of the breakout and generate good profits in just seconds. And if the price spikes in both directions then you will have a hedge. Your pending (unrealized) loss will be locked by the hedge and you can deal with this hedge later as you will always be able to solve that hedge in you favor.

This and some other restrictions do not make sense as they restrict the number of profitable strategies that a good trader masters and can use, Hence pushes traders to take risky chances and make improper decisions, while counting on luck in order to generate profit. This is not a good practice and it is not something good and knowledgeable traders do.

I wish you good luck. You may need that...
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #783
  • Nov 9, 2019 4:36am Nov 9, 2019 4:36am
Here is what they say on their website

"
Which instruments can I trade and what strategies am I allowed to use?

  1. FAQ
  2. Rules
  3. Which instruments can I trade and what strategies am I allowed to use?

Your trading style is completely up to you. We have no reasons for limiting or restricting your trading strategy, whether it’s discretionary trading, hedging, algorithmic trading, EAs, etc. We don't even impose any limits on instruments or position sizes you trade. You can trade all the instruments and assets that are offered by the broker where you trade your Challenge or Verification. We give you complete freedom here. If your system is profitable while respecting the rules, we're happy to see you profiting with us."

Completely up to you WITHOUT any restrictions, so, if they cancelled your account without break the drawdown rules etc, it's not normal.

  • #784
  • Nov 9, 2019 5:20am Nov 9, 2019 5:20am
Quoting Gregv
Here is what they say on their website " Which instruments can I trade and what strategies am I allowed to use? FAQ Rules Which instruments can I trade and what strategies am I allowed to use? Your trading style is completely up to you. We have no reasons for limiting or restricting your trading strategy, whether it’s discretionary trading, hedging, algorithmic trading, EAs, etc. We don't even impose any limits on instruments or position sizes you trade. You...
“We give you complete freedom here” yet the traders are not allowed to open positions -5 +5 minutes around certain news releases nor are traders allowed to keep positions open during the weekend.

Good traders know how to handle positions during the weekend and around big news events, as all this is based on good technical and fundamental analysis. The price will always move against traders occasionally no matter how many stupid rules you need to follow. The truth is - the more restrictions you need to obey, the more difficult it gets for you to reach your goal. This truth apply to everything and every project you run. Good traders do not need to obey all kind of rules that makes trading difficult. Good traders know how to handle different market situations.

These rules need to change. Otherwise this concept is regarded as not fitted for traders who master profitable strategies and who really have good knowledge about technical and fundamental analysis and DO NOT NEED LUCK IN ORDER TO GENERATE PROFIT.

BTW it looks like TraderOtakar has left the discussion and do not wish to comment on the matter.

Good luck everyone!!!
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #785
  • Nov 9, 2019 1:09pm Nov 9, 2019 1:09pm
NotAtrader, you seam to be stuck within the trading restrictions ...

https://ftmo.com/en/faq/how-does-acc...echnical-side/
Since the trader has a demo account that is copied into real, the restriction of -/+ 5m around news releases makes sense. I wonder how they deal with the unplanned spikes (twitter/...) where coping trades during such events have a poor performance.
You can always trade -/+ 5m elsewhere and if you can adapt and have other type of trades, then trade with FTMO too.

With such approach, FTMO don't need to reserve the same amount on the real backend (100k demo matched with 100k on live), but only the trader max daily/monthly loss, the aspect that should matter for the trader too as the account value can be marketed in different ways.

TraderOtakar, what is the difference between the 50k aggressive and 100k normal that a trader should take in consideration when going for a challenge? as I see it, them are having the same characteristics (max loss/profit target) ... the 100k acc has more buying power.

We allow a maximum of 3 $100,000 accounts per trader or per strategy, at any given time. In other words, the maximum allocation per trader or strategy is $300,000 and this can be spread out as 3 accounts with $100k, or 6 accounts with $50k, or 12 accounts with $25k, etc. This is due to a risk diversification as we don't want to allocate a big portion of our investment on one card.

Can the 300k be formed from 6x50k aggressive accounts or it will be seen as a double risk per trader?
  • #786
  • Nov 9, 2019 6:36pm Nov 9, 2019 6:36pm
Quoting Neptun
NotAtrader, you seam to be stuck within the trading restrictions ... https://ftmo.com/en/faq/how-does-acc...echnical-side/ Since the trader has a demo account that is copied into real, the restriction of -/+ 5m around news releases makes sense. I wonder how they deal with the unplanned spikes (twitter/...) where coping trades during such events have a poor performance. You can always trade -/+ 5m elsewhere and if you can adapt and have other type of trades, then trade with FTMO too. With such approach, FTMO...
I am not stuck with anything. I have enough money to trade exactly the way I want to. I just try to help these people understand that passing these rules does not necessarily mean the trader has what it takes to be classified as a good trader. These rules do just the opposite - they prevent good traders from utilizing their skills and push them to make risky decisions while the portion of luck is crucial for the final result. This is not a good practice and you will not become a good trader if you learn to trade the way these rules require you to do.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #787
  • Nov 10, 2019 2:42am Nov 10, 2019 2:42am
TraderOtakar, In regards to pay-outs do these have to be reported to the HMRC?
  • #788
  • Nov 12, 2019 8:45pm Nov 12, 2019 8:45pm
I finally successfully completed my challenge. I strongly believe it is possible to do so with excellent risk management. That is the best and probably the only way to do so. Mi win rate is 36%, but my average RRR is 8.5. Which allowed me to complete the challenge with minor losses and a steady growth of the balance graphic.
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  • #789
  • Nov 12, 2019 11:09pm Nov 12, 2019 11:09pm
Great brother keep it up and also share with us how you manage your risk management if you like what strategy you use during trading..............................
  • #790
  • Nov 13, 2019 2:18pm Nov 13, 2019 2:18pm
Never risk more than 1-2% of your total balance on at least a -50 pips SL. This means, if your trade goes against you -50 pips, you only lose 1-2%. Take full profits at +50 pips (2% profit), and always put SL at BE when you are passed +25 pips. Focus on the QUALITY of your trades. This means, take only 1-3 trades per day, High quality ones. Dont guess. Other than that, I mostly trade key levels, trend lines, fibos and a lot of fundamental reading (news).

Hope this helps brother. Warm regards and good luck on your challenge.
  • #791
  • Nov 13, 2019 3:07pm Nov 13, 2019 3:07pm
if your stoploss is at -50 and profit at +50 and your win rate is only 36% how does that work out? also, what timeframe do you trade? Congrats on the Challenge the Verification should be a breeze.
  • #792
  • Nov 13, 2019 3:37pm Nov 13, 2019 3:37pm
You need at last 1:2 up to 1:3 RR strategy to win these game and that in shorter timeframes because with daily strategies you dont have time to pass the challange ... these guy have made exellent analytics inside how to pas the challange and verification just you need to find strategy that fit these rules...
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  • #793
  • Edited 6:58pm Nov 13, 2019 3:57pm | Edited 6:58pm
Quoting TheForexProf
if your stoploss is at -50 and profit at +50 and your win rate is only 36% how does that work out? also, what timeframe do you trade? Congrats on the Challenge the Verification should be a breeze.
I have a low win rate, because since I use a high SL, usually trades that were in drawdown, I would close them in very small loss or near break even. I only took 1 big loss of 540$. My biggest drawdown was 1700$ (1.7%). That is why I always tell people to take only quality trades, with high RRR, like mizi123 said earlier, MINIMUM 1:1.5. But always aim at 1:2 or 1:3 for best results. I trade 4H charts.

My RRR is around 5. In the challenge I had 8.56 average on around 60 trades. RRR of 1:2 or more will definitely make you win.

Use Fibonacci and key levels to see where could the price go in the worst case scenario. Most traders focus a lot on the entry, but the exit (In my humble opinion) is much more important. Accepting a loss, waiting for break even or knowing when to take profit are a must, to have a successful trading. Instead of thinking ''How much money will I make'', think ''How much money I could lose If this goes 100% straight wrong''. Preserving capital and studying risk should be your main focus. Money will come as a consequence.

Finally, focus on a minimum of 2 pairs non correlated. And a maximum of 5 instruments. Master your pairs. Good luck on your challenge brother, warm regards.
  • #794
  • Nov 14, 2019 2:36am Nov 14, 2019 2:36am
Scalping allowed?
  • #795
  • Nov 14, 2019 4:35am Nov 14, 2019 4:35am
you can trade with your own style of trading unless you violate trading objectives and trading rules..................
  • #796
  • Nov 14, 2019 9:57am Nov 14, 2019 9:57am
Quoting Beli
Scalping allowed?
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  • #797
  • Nov 14, 2019 10:03am Nov 14, 2019 10:03am
Just beware that there are some restricted events that you can't scalp. Notably important major economic news. You can't take a trade from 5min before to 5 min after the event. You must follow "Real market conditions" as well. More information to be found at their website, go to the FAQ section.
  • #798
  • Nov 14, 2019 7:49pm Nov 14, 2019 7:49pm
Have anyone fidelcrest.com?
  • #799
  • Nov 16, 2019 6:42am Nov 16, 2019 6:42am
Just signed up for a demo , can’t wait to get real
  • #800
  • Nov 16, 2019 5:33pm Nov 16, 2019 5:33pm
To FTMO,

What's the monthly average % profit for your qualified trader?
I suppose it has to be at least 10% monthly.

Most experienced trader who trade long enough
Know that how do you know that this month is
Going to be a plus month and it has to be 10%.
Consecutive the verification has to be on the plus
Side too.

So it is fair you reset the challenge for those who meet all criteria except the profit 10%. So upping the lots or more
Trade is one of the few option to meet it.
I know one can reset the challenge as long as it meet the criteria. My question is doesn't the guy who got his account reset 3 times with average 4 to 6%. Is more profitable statistically than most one time wonder 10% trader. Shouldnt you put this into one of your selection?

There is no extension period for those who fell short..
Stop and think. I heard so many people say 10%
Is easy. Why no trade your own and compound your capital. Do the math and you know you don't need
Capital from them.
My conclusion is The objective target not realistic..
Its so much into encouraging big risk. Good quality trade need time and time is not on your side with lock up time frame.

It just my opinion.
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