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FTMO - For serious traders

  • #2,021
  • Jun 23, 2020 3:43am Jun 23, 2020 3:43am
Quote
Hello Cogs,
Please note that most countries in Europe switch to Summertime during the Summer. If you see CET written anywhere, it implies the use of CEST during the summer. I have spoken to our media content manager to correct this little error you have seen and as we are just about to launch a new updated version of our website, it was left without correction as the new version will have it corrected already. To clear this up here, we operate in CE(S)T time zone, meaning that right now we are using CEST till late October (25th this year). After...
Hi Tomas,
Thank you for acknowledging the mistake made by ftmo. Interesting you mention 'little error'.
Used in the correct context this 'little error' may well have contributed to ftmo's first million in the making, and may well be directly related to many thousands of clients losing their funds, after all this is for 6 months of the year, and can be interpreted as CET or CE(S)T as it still stands on your web site, which has been the case from the outset, but hey what's an hour hear or there during the most volatile time of the day.
My comments are not to be taken as trading advice, not a financial advisor
  • #2,022
  • Jun 23, 2020 8:29am Jun 23, 2020 8:29am
I don't know what the hell is happening with the lmax feed this afternoon - at one stage the spread on Gold was 25 pips!!

I am most definitely changing broker for the next phase!
  • #2,023
  • Jun 23, 2020 8:45pm Jun 23, 2020 8:45pm
Quoting Mtinifx
I don't know what the hell is happening with the lmax feed this afternoon - at one stage the spread on Gold was 25 pips!! I am most definitely changing broker for the next phase!

I'm surprised you still chose the LMAX feed for the Challenge despite the reported technical problems. Could it be the bread-and-water diet you're on?

May I suggest that FTMO first fix all the bugs in their proprietary platform before requiring traders to use it for the Challenge?

And once it's functioning optimally, can FTMO consider allowing funded traders to trade live on it --not on demo-- like other prop firms do?
Amor Fati--F. Nietzsche
  • #2,024
  • Jun 24, 2020 4:07am Jun 24, 2020 4:07am
Quoting Trueman23
funded prop journey starts on monday...nice and slow is the plan :-) nice sunday to all {image}
Well done and all the best with your funded account!

I passed my verification today so I'll be joining you very soon - it can be done folks :-)
  • #2,025
  • Jun 24, 2020 4:56am Jun 24, 2020 4:56am
Quoting ChilledT
{quote} Well done and all the best with your funded account! I passed my verification today so I'll be joining you very soon - it can be done folks :-)
Congrats! well done. I am struggling with my verification on one of my challenges and doing well on the other. I still haven't started my 3rd challenge yet. If I were to do it all again, I would use a trade copier for all Challenges and Verification.
  • #2,026
  • Jun 24, 2020 4:59am Jun 24, 2020 4:59am
Quoting Zuke
{quote} Congrats! well done. I am struggling with my verification on one of my challenges and doing well on the other. I still haven't started my 3rd challenge yet. If I were to do it all again, I would use a trade copier for all Challenges and Verification.
Yes that's a good idea. I have another challenge going and it's lagging behind a bit. I think doing 2 at the same time was more trouble than it was worth. In hindsight I would have done them separately but using a trade copier is a good alternative, I might try that next...
  • #2,027
  • Jun 24, 2020 5:02am Jun 24, 2020 5:02am
Quoting Zuke
{quote} Congrats! well done. I am struggling with my verification on one of my challenges and doing well on the other. I still haven't started my 3rd challenge yet. If I were to do it all again, I would use a trade copier for all Challenges and Verification.
Let us know how you get on with your verification! :-)
  • #2,028
  • Jun 24, 2020 6:01am Jun 24, 2020 6:01am
Quoting ChilledT
{quote} Yes that's a good idea. I have another challenge going and it's lagging behind a bit. I think doing 2 at the same time was more trouble than it was worth. In hindsight I would have done them separately but using a trade copier is a good alternative, I might try that next...
Trade copier is ok for a strategy that the trader has full confidence in but playing different strategies gives better odds of at least one account passing.

Passing at least 1 account through to the funded stage gives the trader a good chance of at least recovering the price of admission.

If the trade copied accounts fail then it's a full loss of the price of admission across all the accounts with the only real option being to repay admission price and try again.

The current issues surrounding the demo servers is a bit of a problem for me since repeated and frequent occurrences is far from optimal and in any case having to trade on demo is never the best option.

Nevertheless, one must consider the risk which for me would be three times 100k challenge fee.

Let's see.

Masterrmind.........
Master your Mind then Master your Trades
  • #2,029
  • Jun 24, 2020 6:10am Jun 24, 2020 6:10am
Quoting doji
{quote} I'm surprised you still chose the LMAX feed for the Challenge despite the reported technical problems. Could it be the bread-and-water diet you're on? May I suggest that FTMO first fix all the bugs in their proprietary platform before requiring traders to use it for the Challenge? And once it's functioning optimally, can FTMO consider allowing funded traders to trade live on it --not on demo-- like other prop firms do?
Choice of broker from those listed is something I still have to consider.

Not one of them really stands out as being far better than the others .... mediocre across the board at best.

I certainly appreciate traders commentary and experiences since I would not trade my own accounts on the vast majority of them.

A case of picking something.

Masterrmind........
Master your Mind then Master your Trades
  • #2,030
  • Jun 24, 2020 6:19am Jun 24, 2020 6:19am
Quoting leweg1
there must be a few of these guys about wanting to "help" by paying for your FTMO challenge, i followed FTMO on Instagram within 1 hour my mailbox was bombarded with messages from people offering to pay for my challenge, at the end of the day if you don't have the funds to trade you shouldn't be trading in my honest opinion. Anyone can save up the fee some quicker than others if you cant your clearly over extended with bills in your life and wont trade properly as you'll be trading to get out of your debt's
Keep going mate you will get through the verification stage.

Your assigned risk per trade is mostly constant and well managed.

Great to see you continuing to display a TE.

Nice work.

Masterrmind........
Master your Mind then Master your Trades
  • #2,031
  • Jun 24, 2020 7:53am Jun 24, 2020 7:53am
Quoting Masterrmind
{quote} Choice of broker from those listed is something I still have to consider. Not one of them really stands out as being far better than the others .... mediocre across the board at best. I certainly appreciate traders commentary and experiences since I would not trade my own accounts on the vast majority of them. A case of picking something. Masterrmind........
Are you in, Mastermind? You mean you would get someone to trade your FTMO account for you?

Actually Lmax is OK for me - had a wonderful day trading Gold again. Strangely although their spreads on some pairs are horrendous their spread on XAUUSD is very good most of the time which suits me perfectly
  • #2,032
  • Jun 24, 2020 7:56am Jun 24, 2020 7:56am
Quoting doji
{quote} I'm surprised you still chose the LMAX feed for the Challenge despite the reported technical problems. Could it be the bread-and-water diet you're on? May I suggest that FTMO first fix all the bugs in their proprietary platform before requiring traders to use it for the Challenge? And once it's functioning optimally, can FTMO consider allowing funded traders to trade live on it --not on demo-- like other prop firms do?
Ha ha Could be!

But I'm happy enough with them now and I doubt if the live account spreads are any different - may be wrong
  • #2,033
  • Jun 24, 2020 8:37am Jun 24, 2020 8:37am
Hi,
I'm interested in taking the challenge soon.
My main strategy is based on pending orders at specific levels, mostly because I can't be watching the charts during the day.
I'm asking because I'm not sure how to interpret the "trading according to the real market" rules. Maybe someone can shed some light here.
Thanks.
  • #2,034
  • Jun 24, 2020 8:51am Jun 24, 2020 8:51am
Quoting Mtinifx
{quote} Are you in, Mastermind? You mean you would get someone to trade your FTMO account for you? Actually Lmax is OK for me - had a wonderful day trading Gold again. Strangely although their spreads on some pairs are horrendous their spread on XAUUSD is very good most of the time which suits me perfectly
I recall saying that a July start is likely for me using 3 by 100k challenge accounts.

Only concern at this stage is broker choices or lack thereof and the demo server issues.

If the issues are still ongoing come July then I may just trade 1 challenge.

In any case I will show a TE for every account traded.

Gold has been on fire.

If spread is hitting 25 pips as you say on Gold then I would be very concerned as this makes trading very unpleasant to say the least.

I think they were looking at having MT5 and cTrader available soon so I might consider waiting for them or maybe not.

ps. No I would never get someone to trade my FTMO account.

Good trading,

Masterrmind..........
Master your Mind then Master your Trades
  • #2,035
  • Jun 24, 2020 10:06am Jun 24, 2020 10:06am
Quoting Masterrmind
{quote} I recall saying that a July start is likely for me using 3 by 100k challenge accounts. Only concern at this stage is broker choices or lack thereof and the demo server issues. If the issues are still ongoing come July then I may just trade 1 challenge. In any case I will show a TE for every account traded. Gold has been on fire. If spread is hitting 25 pips as you say on Gold then I would be very concerned as this makes trading very unpleasant to say the least. I think they were looking at having MT5 and cTrader available soon so I might...
Sorry I should be reading all your old posts right?

You said above: "since I would not trade my own accounts on the vast majority of them." Which sounded like you are using someone else to trade your accounts. My apologies if I read that wrong!

Anyway good luck to you Mastermind when you do eventually get going. Trading 3 accounts is going to be fun. I have enough problems trading one!!

I think showing a TE is entirely up to the trader. No one should feel under pressure to display one. If you want to do so that's fine. I have decided to keep my trading private - I have a definite style of trading which I prefer to keep to myself.

Oh that huge spread only lasted a few minutes - don't know the reason but no problems since then

Happy trading to you too!
  • #2,036
  • Jun 24, 2020 10:27am Jun 24, 2020 10:27am
Quoting Mtinifx
I don't know what the hell is happening with the lmax feed this afternoon - at one stage the spread on Gold was 25 pips!! I am most definitely changing broker for the next phase!
with gold, i am always little confused when talking about pips as spread...
would this be "27 pips" spread?
Attached Image


if so all is well.
a rather normal one when the market is getting a little choppier ( or just the broker is slow to balance out their B book exposure quick enough, lol)
there is always, always another trade!!
  • #2,037
  • Jun 24, 2020 11:53am Jun 24, 2020 11:53am
Quoting Masterrmind
{quote} Keep going mate you will get through the verification stage. Your assigned risk per trade is mostly constant and well managed. Great to see you continuing to display a TE. Nice work. Masterrmind........
Thanks MasterrMind, think its time to whip my ranging strat out now, cant get a decent run in lol, i'll keep it up i love showing the down days keeps it real, you will never be 100% in the market plus got to be transparent what ever happens. thanks for the support

Quoting profitfarmer
{quote} with gold, i am always little confused when talking about pips as spread... would this be "27 pips" spread? {image} if so all is well. a rather normal one when the market is getting a little choppier ( or just the broker is slow to balance out their B book exposure quick enough, lol)
i dont trade gold but i would say 2.7 pips no?
  • #2,038
  • Jun 24, 2020 12:04pm Jun 24, 2020 12:04pm
Quoting leweg1
{quote} Thanks MasterrMind, think its time to whip my ranging strat out now, cant get a decent run in lol, i'll keep it up i love showing the down days keeps it real, you will never be 100% in the market plus got to be transparent what ever happens. thanks for the support {quote} i dont trade gold but i would say 2.7 pips no?
i call it 27 cents.
but just waiting to answer so my confusion get solved?
there is always, always another trade!!
  • #2,039
  • Jun 24, 2020 1:35pm Jun 24, 2020 1:35pm
Special account (“ FTMO Funded Account”)

  1. The Member is entitled to enter into a Contract on managing a Special Demo Account with the Company in order to enter into an agreement, the subject of which shall be the management of a Special Demo Account if during the period when services were provided, the member has met the conditions listed in Article 3.2 of these conditions and the conditions listed in Article 5.1, excluding the last point which is:

    1. The Member has shown profit upon closure on all of the fictional trade positions conducted on their Demo Account at least in the amount of 5% of the initial capital, or 10% if it is in a variant “Aggressive”.

  2. The legal form of the Contract on Management of the Special Demo Account, as well as its contents are chosen according to the Company's discretion. The offer for entering the Contract on Management of the Special Demo Account with the Company shall be submitted to the Member without undue delay after the expiry of the period according to Articles 4 and 5 of these Conditions.
  3. The Association has the right to refuse to conclude the proposal of a contract with the Member on entering into the Contract on Management of the Special Demo Account with the Member, if during the period when services are provided, the Member conducted trades on the Demo Account contrary to how trades are to be conducted on the FOREX market or other financial markets or in a way that constitutes legitimate concerns that the Association may suffer financial or other damage due to the Member's activities. In such case, the Association shall not return the Member Fee paid for the corresponding variant of the Demo Account to the Member.





any lawyers around?

  • #2,040
  • Jun 24, 2020 3:59pm Jun 24, 2020 3:59pm
So according to FTMO by the end of 2019 alone it funded 275 people which represents 8% of the people and the rest 92% lost.
Quick Maths 3437 x 8% = 275
Number of people who lost the challenges 3437-275 = 3162
Assuming that everyone took the cheapest challenge which is = €155
3162 x 155 = € 490,110.

So thats the minimum Earnings for 2019.

Till End of April'20 it had funded 661 traders
Your salary is the bribe they give you to forget your dreams
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