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FTMO - For serious traders

  • #1,041
  • Jan 20, 2020 2:51pm Jan 20, 2020 2:51pm
Quoting NotAtrader
{quote} That is not up to you to investigate, paid dog. Your activity here requires much more attention than the the profile of here2there. How much did you get to defend FTMO?
I think what's more interesting, and by this I am not defending FTMO, but why would you waste your time worrying about a few saps blowing a few dollars trading with FTMO or direct through the usual bucket shops. Whats the difference?

You clearly state here how good you are .... https://www.forexfactory.com/showthr...78#post9628178 so why waste your time?

Something doesn't add up, yes Otkar should put in an appearance but to be this vehemently against FTMO also rings a few bells.
  • #1,042
  • Jan 20, 2020 3:44pm Jan 20, 2020 3:44pm
Quoting moodybot
{quote} I think what's more interesting, and by this I am not defending FTMO, but why would you waste your time worrying about a few saps blowing a few dollars trading with FTMO or direct through the usual bucket shops. Whats the difference? You clearly state here how good you are .... https://www.forexfactory.com/showthr...78#post9628178 so why waste your time? Something doesn't add up, yes Otkar should put in an appearance but to be this vehemently against FTMO also rings a few bells.
Hehe Thanks for reminding me.
Actually this is not a wasted time mate even though you feel so. I don’t like dishonest and unfair people. This way of making a living is dirty enough from before and young and inexperienced traders get burned time and time again. Why would you allow people take advantage of newbies like that? They have been criticized a lot for hiding and not responding to request for transparency. You pay for something where you have only 5% chance of getting what you pay for. Is that good? They have to do something for this money and they have to give you something back for this money.

You fail = you lose the money Is this some kind of game?
Of course you will fail. 95% fail and the 5% left are not making enough for them.
They make money on fee paid by inexperienced traders and at the same time shout that they are proud of giving the opportunity to good and disciplined traders. This is the stinky business model.

But like someone mentioned - Let people pay if they want to pay. If they lose, they’ll lose their own money. I am tired of this shit.

BTW what happened to this guy Connors?
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #1,043
  • Jan 20, 2020 4:18pm Jan 20, 2020 4:18pm
Quoting NotAtrader
{quote} Hehe Thanks for reminding me. Actually this is not a wasted time mate even though you feel so. I don’t like dishonest and unfair people. This way of making a living is dirty enough from before and young and inexperienced traders get burned time and time again. Why would you allow people take advantage of newbies like that? They have been criticized a lot for hiding and not responding to request for transparency. You pay for something where you have only 5% chance of getting what you pay for. Is that good? They have to do something...
Another thing our not-so-friendly objectors don't seem to be putting into perspective here is people from foreign countries who make very little money for their hard labor might be sold on the idea that such programs are a way out of the hard life they live. An opportunity of a lifetime, so to speak. It may have taken them months to save up that $155 worth of whatever their currency is, or perhaps they were able to borrow the money. Then dive in, not knowing how high the failure rate is. What a heartbreaking experience it could be when they lose their hard earned money!

Now if FTMO had a screening process wherein they would only allow experienced traders to take on the challenge, then paying a fee probably wouldn't be so bad. But that is obviously not the case. The question is why? And the bigger question is why charge a fee at all to begin with?
Learn from your mistakes and march on.
  • #1,044
  • Jan 20, 2020 4:40pm Jan 20, 2020 4:40pm
Quoting here2there
{quote} Another thing our not-so-friendly objectors don't seem to be putting into perspective here is people from foreign countries who make very little money for their hard labor might be sold on the idea that such programs are a way out of the hard life they live. An opportunity of a lifetime, so to speak. It may have taken them months to save up that $155 worth of whatever their currency is, or perhaps they were able to borrow the money. Then dive in, not knowing how high the failure rate is. What a heartbreaking experience it could be when they...
Exactly! Why charge a fee in the first place?!
They would never filter the traders to allow only experienced ones to take on the challenge. They need the money paid by the failing ones and the failing ones are the inexperienced and uneducated ones. A good, disciplined and experienced trader would understand that there’s a need for unprofessional approach because achieving 10% profit while keeping under 10% DD is hard to do if you don’t take risky chances and if you don’t rely on luck. The market is different every day, every week and every month. You have absolutely no guarantee whatsoever of making 10% profit while keeping the account’s DD under 10%.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #1,045
  • Jan 20, 2020 6:12pm Jan 20, 2020 6:12pm
Quoting here2there
{quote} Another thing our not-so-friendly objectors don't seem to be putting into perspective here is people from foreign countries who make very little money for their hard labor might be sold on the idea that such programs are a way out of the hard life they live. An opportunity of a lifetime, so to speak. It may have taken them months to save up that $155 worth of whatever their currency is, or perhaps they were able to borrow the money. Then dive in, not knowing how high the failure rate is. What a heartbreaking experience it could be when they...

No different to them placing $155 into a bucket shop and losing, the odds sound about the same to me so if you are going to use that as an argument against one of the prop firms then I think it’s fair that you factor in the losing rate with the bucket shops. I don’t think anyone is objecting to you asking questions but everyone on here, is or should be, an adult, it’s their decision to get involved. And to be involved would require at the very least a laptop/phone/internet connection, how long would they have to save before resaving again to get the gambl... trading money. On this one I think your point is moot.

Now why do these firms they charge a fee and why is commission paid on a demo account...because to get involved that’s their rules.
Don’t like the rules, don’t get involved.
  • #1,046
  • Jan 20, 2020 6:14pm Jan 20, 2020 6:14pm
Quoting NotAtrader
{quote} Exactly! Why charge a fee in the first place?! They would never filter the traders to allow only experienced ones to take on the challenge. They need the money paid by the failing ones and the failing ones are the inexperienced and uneducated ones. A good, disciplined and experienced trader would understand that there’s a need for unprofessional approach because achieving 10% profit while keeping under 10% DD is hard to do if you don’t take risky chances and if you don’t rely on luck. The market is different every day, every week and every...
They charge a fee because traders will pay it.
I agree with the rest of your comment.
  • #1,047
  • Jan 20, 2020 6:30pm Jan 20, 2020 6:30pm
Quoting moodybot
{quote} They charge a fee because traders will pay it. .........
Exactly my point. They take advantage of people who have no idea what they get involved in while lying that they fund good and disciplined traders with real money. And that is not even true.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #1,048
  • Jan 20, 2020 6:34pm Jan 20, 2020 6:34pm
Quoting NotAtrader
{quote} Exactly my point. They take advantage of people who have no idea what they get involved in while lying that they fund good and disciplined traders with real money. And that is not even true.
Once you clean up Forex then how about Greyhounds, Geegees, online casino’s .....the list is endless...
  • #1,049
  • Jan 20, 2020 6:50pm Jan 20, 2020 6:50pm
Quoting moodybot
{quote} Once you clean up Forex then how about Greyhounds, Geegees, online casino’s .....the list is endless...
I know mate. Take care and happy trading.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #1,050
  • Jan 21, 2020 3:06am Jan 21, 2020 3:06am
Quoting mcquak
Guys ang gals, couple of details: FTMO has legal form of 'club/association' in Czechia so neither form of Corporate nor LLC. Just like e. g. the gardeners club FTMO's main and only registered purpose/business is providing 'Training members of the association and the wider public on Forex and CFD trading to manage other corporates funds' as per the national register (see attached or on URL both in Czech though) FTMO doest not hold licence for providing trading capital or for any other sort of such business activities and is regulated by neither Czech...
Hello everyone,

I can see that this thread has become really busy. I know that it is probably impossible to ask, but it would be beneficial for ForexFactory readers to keep the thread organized, but unfortunately this is how it goes in forums. I will consider delegating this to other people so you get your answers faster. I picked the most important questions, from the last two pages.

Hi mcquak,
Thank you for your questions.
1) Due to the regulation and EU laws, we had to distinguish testing of traders in the Challenge and in Verification and actual management of our capital into two companies. As far as I know, our main competitors have the same structure. For this reason, the evaluation course is run by educational company FTMO z.s. and trading is administered by our trading firm FF Trader s.r.o., which also does trading frameworks for other companies. Initially, we ran the whole FTMO project just under FF Trader s.r.o. (which btw is local abbreviation for Ltd), but from the legislation point of view, it wasn’t the best solution and therefore we changed it one year ago. For you traders, there is absolutely no difference. The only difference is that after you pass the Verification, you sign the same contract and become a partner of FF Trader s.r.o., which does all the trading related activities.
2) We are asked a lot about a licence from a regulator and we also wanted to be properly regulated. That would certainly raise the credibility of our company. We reached out to BaFin and CySec law firms which help companies to obtain the licence, but as we are not fitting the regulatory requirements structure which would require a regulation, we cannot obtain their licence as our operations are out of their scope. One again, we are not a broker.

Quoting fx11trade
{quote} It's funny how you defend ftmo and your nickname is the same as the ftmo real company called FF trader. FF Trader FINTECH 1 465% Czech Republic FF Trader s.r.o. developed an online training platform for traders on financial markets. The platform is built to educate clients about proper risk management techniques and to motivate them to be disciplined in trading. Otakar Šuffner, Marek Vašíček
Quoting fx11trade
www.ftmo.com; www.fftrader.cz...
[/color]

Hi Fx11trade,

thank you for your question. First of all, I am also not happy that there is a user whose nickname is the same as the name of our company. I also think that it might be misleading, but he registered in 2016 when there was no FTMO. I can ask him if he is willing to sell his account name (joke) .

Yes, the award was received for the revenue growth, which also comes from creating the whole IT solution, trading and applications which FTMO and some other companies are using. It took several years to create it. On the stage, we had a short speech about funding traders, but it was in Czech language and it wasn’t recorded. You can see a short video from the awards here (we are at 1:00):

https://www.youtube.com/watch?v=aDTM5E2YFDA&feature=youtu.be

Please let me know if you have any questions, I am happy to answer.

One more thing, we have just released another interview with a trader who did really well. You can see it here:

https://www.youtube.com/watch?v=529X...ature=youtu.be
  • #1,051
  • Jan 21, 2020 3:49am Jan 21, 2020 3:49am
Quoting TraderOtakar
{quote} Hello everyone, I can see that this thread has become really busy. I know that it is probably impossible to ask, but it would be beneficial for ForexFactory readers to keep the thread organized, but unfortunately this is how it goes in forums. I will consider delegating this to other people so you get your answers faster. I picked the most important questions, from the last two pages. Hi mcquak, Thank you for your questions. 1) Due to the regulation and EU laws, we had to distinguish testing of traders in the Challenge and in Verification...
Thanks Otakar for shedding some light upon it, much appreciated.
  • #1,052
  • Jan 21, 2020 8:22am Jan 21, 2020 8:22am
Quoting TraderOtakar
thank you for your question. First of all, I am also not happy that there is a user whose nickname is the same as the name of our company. I also think that it might be misleading, but he registered in 2016 when there was no FTMO. I can ask him if he is willing to sell his account name (joke)

Well ... you don't need to buy but we can exchange the 100k funded account
Millions USD funded account. Discount 10% of the Evaluation fee
  • #1,053
  • Edited 9:25am Jan 21, 2020 8:51am | Edited 9:25am
Quoting TraderOtakar
{quote} Please let me know if you have any questions, I am happy to answer...
1. How much money has your company made from failed challenge attempts from the time you opened your doors for business? (I understand if you are not at liberty to disclose such financial information)
2. What is the failure percentage rate for people who have attempted the challenge; and on average, how many people take the challenge per month?
3. Why don't you simply screen traders to ensure they have experience trading before putting their money at risk via your challenge?
4. Why charge a fee for people to do the challenge? Why not just let them show you what they can do instead, and then you can determine if they qualify for your program?
Learn from your mistakes and march on.
  • #1,054
  • Jan 21, 2020 9:27am Jan 21, 2020 9:27am
Quoting here2there
{quote} 1. How much money has your company made from failed challenge attempts from the time you opened your doors for business? (I understand if you are not at liberty to disclose such financial information) 2. What is the failure percentage rate for people who have attempted the challenge; and on average, how many people take the challenge per month? 3. Why don't you simply screen traders to ensure they have experience trading before putting their money at risk via your challenge? 4. Why charge a fee for people to do the challenge? Why not just...
Watch it to clarify you suspitions...
Inserted Video
  • #1,055
  • Edited 9:53am Jan 21, 2020 9:29am | Edited 9:53am
Quoting mizi123
{quote} Watch it to clarify you suspitions... https://www.youtube.com/watch?v=529X...ture=emb_title
My questions were not directed at you. Do not create a digression. And besides, you put me on ignore. So you obviously aren't interested in seeing what I have to say. And because you have been so verbally abusive towards me on here in other comments, I am really not interested in having a talk with you.
Learn from your mistakes and march on.
  • #1,056
  • Edited 8:31pm Jan 22, 2020 7:16pm | Edited 8:31pm
Hey Otakar I saw your company's post on your facebook page today about the GBP movements. My trading system gave the same results on the GBP/CAD and GBP/NZD. I sent the information to your company about providing some free resources to your traders. Let me know if you got that email, sent it to Pavel. See attached images. I am also in the commercial area and would like to wrok with your company.

Good Trading
https://www.forexearlywarning.com/
Forexearlywarning

Attached Image


Attached Image


Attached Image
  • #1,057
  • Jan 22, 2020 9:55pm Jan 22, 2020 9:55pm
Quoting forextrends
Hey Otakar I saw your company's post on your facebook page today about the GBP movements. My trading system gave the same results on the GBP/CAD and GBP/NZD. I sent the information to your company about providing some free resources to your traders. Let me know if you got that email, sent it to Pavel. See attached images. I am also in the commercial area and would like to wrok with your company. Good Trading https://www.forexearlywarning.com/ Forexearlywarning {image} {image} {image}
I gained 9.5% of my equity in less than 8 ours on GBP/USD. The truth is that moves like this do not happen every day and that’s what makes the 10% in a month requirement difficult to satisfy if you hold on to the good and pro trader practices. That’s why FTMO should either remove the fee or extend the timeframe for reaching the 10% requirement.

The most important rule should be not violating the DD rule, and not the timeframe. The timeframe should no be so important, as this is not a competition or a formula 1 race.

One of the most important rules in the world of the successful professional traders is first make sure your capital is protected and then focus on the profit.

In the case of FTMO the things happen in opposite order - If you want to qualify you must gain 10% during 1 month and if your DD becomes more than 10% you are out.

This is exactly what bad traders do. They push for more profit and overrun their account with heavy positions and very soon they lose control over their money management and blow the account.

This is exactly what FTMO wants you to do so that they can hold your fee.
No username yet? You are on my ignore list. Fuck off and do not quote me!
  • #1,058
  • Jan 22, 2020 10:20pm Jan 22, 2020 10:20pm
So I have been mulling over the morality and business model, and it appears FTMO is simply a 'signal providing service' that charges a fee each time you provide them with a new signal. One might say under the disguise of being a broker.

In addition to the above they will have free and open access to your trade system and how it works (but not your coding obviously).

A retail trader going down this path that could even meet 50% of their requirements, may well be financially better off offering their signals on any of the regular signal providing platforms, eToro, Meta's own, etc. at least this way they might have the possibility of getting copier subscribing and saving themselves some hard earned money while costing less.

I mean if this business model is all legal and legit, and turns a euro for the company, that's fine with me (except the morals), I am just not sure many of their target clientele chasing this carrot, understand the options out there.
My comments are not to be taken as trading advice, not a financial advisor
  • #1,059
  • Jan 22, 2020 10:26pm Jan 22, 2020 10:26pm
Quoting NotAtrader
{quote} I gained 9.5% of my equity in less than 8 ours on GBP/USD. The truth is that moves like this do not happen every day and that’s what makes the 10% in a month requirement difficult to satisfy if you hold on to the good and pro trader practices. That’s why FTMO should either remove the fee or extend the timeframe for reaching the 10% requirement. The most important rule should be not violating the DD rule, and not the timeframe. The timeframe should no be so important, as this is not a competition or a formula 1 race. One of the most important...
It’s also how other traders, organisations, banks require for the market to function. People have to lose. Whether they do that with FTMO or a standard broker setup its the same. Reading the latest on the possible Canadian f4ckup of who can/ cannot trade there may come a time when only the well heeled can enter the market. That would leave the vast majority on here looking for another hobby or perhaps a work around may be possible with schemes such as FTMO etc..so although you disagree with their rules, they might still have a role to play..,

M.
  • #1,060
  • Jan 22, 2020 10:50pm Jan 22, 2020 10:50pm
Quoting moodybot
{quote} It’s also how other traders, organisations, banks require for the market to function. People have to lose. Whether they do that with FTMO or a standard broker setup its the same. Reading the latest on the possible Canadian f4ckup of who can/ cannot trade there may come a time when only the well heeled can enter the market. That would leave the vast majority on here looking for another hobby or perhaps a work around may be possible with schemes such as FTMO etc..so although you disagree with their rules, they might still have a role to play..,...
Obviously everybody is seeking financial independence which is something quite of a temptation especially when you are promised a $K100 account to trade on as most of the inexperienced traders unconditionally believe they will make hell of a profit and say goodbye to their financial challenges. The reality though is a whole world different as most of the traders have not a clue how much patience and discipline it takes to be a good and successful trader.

And yes if somebody is to win, someone else has to lose. However losing in trading as a business that you don’t understand is one thing while losing because of unrealistic requirements and nonsense rules that you don’t understand is a completely different story.
No username yet? You are on my ignore list. Fuck off and do not quote me!
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