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FTMO - For serious traders

  • #1,741
  • May 26, 2020 6:40am May 26, 2020 6:40am
Quoting Tomas-ftmo
Hello everyone! I hope you had a successful trading week. See our answers to your questions below. These are sorted by the time asked and sometimes grouped in one answer to the same trader if they had multiple posts needing our reply. {quote} Hello Mtinifx, We never close any positions on the trader’s account’s unless explicitly requested and confirmed by the trader themselves (those are very rare cases usually regarding FTMO Accounts). You had several questions since the last time I wrote here. I would highly recommend reading through our website...
Hi mate

Thanks for all the answers. I'm still a little hazy about two things - if you can just reclarify or confirm these facts:

1/ You open a position with maximum leverage and during the trade your account balance dips a dollar or so below the permitted level. Is the trade immediately stopped out and your account closed? And the subscription you have paid is lost?

2/ On the other hand one is very careful and one's stay in the green for 28 days but does not reach the profit target (5% or 10%). One is given a new challenge account for free to try again for another 28 days. Correct? In that case is any profit that you have made on the previous challenge account carried over to the new challenge account?
  • #1,742
  • May 26, 2020 8:10am May 26, 2020 8:10am
Quoting Mtinifx
{quote} Hi mate Thanks for all the answers. I'm still a little hazy about two things - if you can just reclarify or confirm these facts: 1/ You open a position with maximum leverage and during the trade your account balance dips a dollar or so below the permitted level. Is the trade immediately stopped out and your account closed? And the subscription you have paid is lost? 2/ On the other hand one is very careful and one's stay in the green for 28 days but does not reach the profit target (5% or 10%). One is given a new challenge account for free...
I’ve spent a lot of time reading their content, and here is my understanding:

1 - yes. If floating equity goes even less than a dollar below maximum permitted daily drawdown, account is shut down.

2 - regarding new challenge give: yes
referring to carry over: no, it’s a total reset

I’m sure someone can confirm, but this is how I understood the content.
  • #1,743
  • May 26, 2020 9:12am May 26, 2020 9:12am
Quoting Swing4Fence
{quote} I’ve spent a lot of time reading their content, and here is my understanding: 1 - yes. If floating equity goes even less than a dollar below maximum permitted daily drawdown, account is shut down. 2 - regarding new challenge give: yes referring to carry over: no, it’s a total reset I’m sure someone can confirm, but this is how I understood the content.
You are very right.

Not only floating equity, if closed loss and floating equity together goes below permitted daily loss its a violation.

From the first trade, in one calendar month if your account is in the green(positive in the end) without violating the rules, you will be given a new challenge account. But it will start fresh.
How big can you think!
  • #1,744
  • May 26, 2020 12:41pm May 26, 2020 12:41pm
Thanks guys

Well that really means that trading volatile trading pairs like XAUUSD are a out as far as the FTMO challenge is concerned. Looking at the spread which is averaging 12 pips means it's pretty much impossible to trade. Compared to FPmarkets (blue quote) - quite a huge difference!
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  • #1,745
  • May 26, 2020 12:49pm May 26, 2020 12:49pm
Quoting Mtinifx
Thanks guys Well that really means that trading volatile trading pairs like XAUUSD are a out as far as the FTMO challenge is concerned. Looking at the spread which is averaging 12 pips means it's pretty much impossible to trade. Compared to FPmarkets (blue quote) - quite a huge difference! {image} {image}
they have made their own feed on gold, look at the suffix and spread, they have fixed their spread to 12 pips where as the normal LMAX gold is around 5-8 pips
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  • #1,746
  • May 26, 2020 10:12pm May 26, 2020 10:12pm
What interests me is if the FTMO/LMAX quotes (and spreads) are the same during evaluation and once one is funded.

As I mentioned in a previous post, I'm a bit wary about a possible conflict of interest when a funded trading program offers its own trading platform since it's not exactly a secret that manipulation can take place (google "MT4 virtual dealer plug-in.")

Maybe, the better option would be to not go in-house while doing the evaluation?
Amor Fati--F. Nietzsche
  • #1,747
  • May 26, 2020 11:58pm May 26, 2020 11:58pm
Quoting doji
What interests me is if the FTMO/LMAX quotes (and spreads) are the same during evaluation and once one is funded. As I mentioned in a previous post, I'm a bit wary about a possible conflict of interest when a funded trading program offers its own trading platform since it's not exactly a secret that manipulation can take place (google "MT4 virtual dealer plug-in.") Maybe, the better option would be to not go in-house while doing the evaluation?
This was also my concern at first, as skepticism was my initial reaction to any website challenge. As a current active participant in 3 challenges, my experience has been very positive with using their FTMO LMAX quotes. IMO up to this point FTMO has been a very honest company to deal with. Anything can change at any point, however I’ve been impressed up to this point.

Good point regarding out-of-house:
I’ve heard others mention good things about Purple & Admiral, which I believe is also offered?
  • #1,748
  • May 27, 2020 12:07am May 27, 2020 12:07am
I was told by someone that they dont allow postions to be carried over the weekends because of the blackswans. Anyone knows about this? If it is true, then it kind of sucks because I trade H4 and D1, sometimes my postions stay alive for weeks. Since there's no time limit for the funded account, thus long term trades makes more sense. Can anyone confirm?
Whatever is happening right now has happened before and will happen again.
  • #1,749
  • May 27, 2020 12:10am May 27, 2020 12:10am
Quoting mnmnmmnnmnmn
I was told by someone that they dont allow postions to be carried over the weekends because of the blackswans. Anyone knows about this? If it is true, then it kind of sucks because I trade H4 and D1, sometimes my postions stay alive for weeks. Since there's no time limit for the funded account, thus long term trades makes more sense. Can anyone confirm?
This should help answer:

https://ftmo.com/en/faq/do-i-need-to...ons-overnight/
  • #1,750
  • May 27, 2020 12:15am May 27, 2020 12:15am
Quoting doji
What interests me is if the FTMO/LMAX quotes (and spreads) are the same during evaluation and once one is funded. As I mentioned in a previous post, I'm a bit wary about a possible conflict of interest when a funded trading program offers its own trading platform since it's not exactly a secret that manipulation can take place (google "MT4 virtual dealer plug-in.") Maybe, the better option would be to not go in-house while doing the evaluation?
Its true that it is a conflict of interest. But if you look at other prop firms they also do it in house because ultimately they are copying your trade on their primary account where it is preferable for them to match the market conditions such as spread, slippage etc in their favor. I checked their ftmo lmax feed where market conditions and spreads were pretty good as i always trade the majors mostly. For minors, exotics and other pairs i am not quiet sure.

Regards
How big can you think!
  • #1,751
  • May 27, 2020 12:16am May 27, 2020 12:16am
Quoting Swing4Fence
{quote} This should help answer: https://ftmo.com/en/faq/do-i-need-to...ons-overnight/
Thanks Swing. Maybe I should just go back and read all the FAQs.
Whatever is happening right now has happened before and will happen again.
  • #1,752
  • May 27, 2020 1:06am May 27, 2020 1:06am
And im just comparing the live spread of FFTraderSRO-Demo to my Global Prime Demo, pairs like GBPNZD, EURCAD the spread is 3 times higher for the FFT.
It's nuts if anyone chose to use it for the challenge. Unless just trading majors.
Whatever is happening right now has happened before and will happen again.
  • #1,753
  • May 27, 2020 1:35am May 27, 2020 1:35am
Quoting mnmnmmnnmnmn
And im just comparing the live spread of FFTraderSRO-Demo to my Global Prime Demo, pairs like GBPNZD, EURCAD the spread is 3 times higher for the FFT. It's nuts if anyone chose to use it for the challenge. Unless just trading majors.
Yes I was going to say exactly the same thing. Just noticed that the spread on Gold is now 9 pips today. It's a fixed spread, not floating. That's OK but to add commission as well is really adding insult to injury!
  • #1,754
  • May 27, 2020 2:09am May 27, 2020 2:09am
Quoting mnmnmmnnmnmn
And im just comparing the live spread of FFTraderSRO-Demo to my Global Prime Demo, pairs like GBPNZD, EURCAD the spread is 3 times higher for the FFT. It's nuts if anyone chose to use it for the challenge. Unless just trading majors.
comparing a live feed with a demo feed... its like apples and pears.... doesnt mean that using a demo broker could be more interesting due to these spikes.
  • #1,755
  • May 27, 2020 4:01am May 27, 2020 4:01am
Quoting Swing4Fence
{quote} This was also my concern at first, as skepticism was my initial reaction to any website challenge. As a current active participant in 3 challenges, my experience has been very positive with using their FTMO LMAX quotes. IMO up to this point FTMO has been a very honest company to deal with. Anything can change at any point, however I’ve been impressed up to this point. Good point regarding out-of-house: I’ve heard others mention good things about Purple & Admiral, which I believe is also offered?
Hi, Swing. Just curious. How are you able to take part in 3 simultaneous challenges --and do well-- when some are hard put to pass even just a single one? Do you use an EA, a trade-copier perhaps? Or is everything manual? In any case, that's pretty impressive.

I believe US traders are required to use the FTMO platform only, something I can't quite understand, since even if funded, they won't be trading a live account anyway. Besides, everyone used to be allowed to choose from the other brokers before the FTMO platform came into the picture.
Amor Fati--F. Nietzsche
  • #1,756
  • May 27, 2020 5:45am May 27, 2020 5:45am
Well guys the spread on Gold is now 3 - 4 pips and floating!

Goodness knows what they're up to but they're obviously constantly fiddling around with their platform or feed (or both!)
  • #1,757
  • May 27, 2020 7:32am May 27, 2020 7:32am
Quoting doji
{quote} Hi, Swing. Just curious. How are you able to take part in 3 simultaneous challenges --and do well-- when some are hard put to pass even just a single one? Do you use an EA, a trade-copier perhaps? Or is everything manual? In any case, that's pretty impressive. I believe US traders are required to use the FTMO platform only, something I can't quite understand, since even if funded, they won't be trading a live account anyway. Besides, everyone used to be allowed to choose from the other brokers before the FTMO platform came into the picture....
Needed to zoom out to a larger timeframe, to slow the trading process down, as it’s all manual. Finding it tough to trade all 3 simultaneously, as I’m still battling drawdown in the 3rd account.

However, I did learn that FTMO only starts the clock after the first trade is placed. So, a trader could have all que’d up and paid for, yet trade each individually one at a time. I made a bit more work for myself placing a small trade in all 3 on day 1. Hopefully sharing, can help others learn from my mistakes.
  • #1,758
  • May 27, 2020 7:37am May 27, 2020 7:37am
Quoting Patje
{quote} comparing a live feed with a demo feed... its like apples and pears.... doesnt mean that using a demo broker could be more interesting due to these spikes.
Comparing a rotten apples to goood pears, the answer will be pretty clear too.

I pulled out my dukascopy live putting on the side of the FFT, for the non major pairs, FFT costs more than double still. This is in the US-EU cross session remember. I trade live for many years and I have never seen such a wide spread. I have to say, for the most traded pairs, the two are pretty close. But for people who sometimes trade pairs like GBPAUD stuff like that will be hurting.
Whatever is happening right now has happened before and will happen again.
  • #1,759
  • May 27, 2020 7:40am May 27, 2020 7:40am
And talked to online support reps not just once, confirming you may use a copier to copy trades to another two terminals. So this makes it possible to trade three at the same time. Then if you pass, you pass three, then combine them to make it three times as big. They allow you to do that, but if you lost more than 10%, you blow them all at once.
Whatever is happening right now has happened before and will happen again.
  • #1,760
  • May 27, 2020 12:17pm May 27, 2020 12:17pm
I was thinking that I might just go for the 10 grand challenge but I need to know what broker feeds I can use because I'm definitely not interested in the Lmax platform!
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