FTMO - For serious traders

You are quite active on this thread, when do you plan on starting your challenges?

How are they more restrictive? I have had a look at the rules and they seem very similar?

1 at a time or link all three with trade copier through different broker MT4 platforms via desktop.

well done on smashing it though mate, milly $$ trader incoming!

PART: ONE of TWO

This answer is typical and typical misconception of

1. the novice trader
2. trader with limited numerical ability and experience.
3. trader with no understanding of the MQL4 language and how the MQL4 language defines words like tick value, margin currency etc. ....or regurgitation of advisory by coders or technical services that are none-the-wiser.
4. the sweep it under the carpet contingent - hoodwinkers and others incapable or lacking incentive of mastery of their craft.

1. Please be aware that the tick value is measured in the margin currency.
A1. No it it is not. a) It is delineated and defined in margin currency and b) it is 'measured' in deposit currency. (and this - sir - may seem semantics - but is the premise of your (and any advisor's) misunderstanding - you appear not to understand that tick value is 'measured' in deposit currency - not margin currency)

2. You can see in the specification of the DAX.lmax_m that the Margin currency is EUR.
B2. I am absolutely aware that DAX.lamax margin is delineated in EUR.

3. The tick value is correctly specified as 1 since 1 tick movement results in 1 EUR P/L.
A3. No the tick value is not correct. For while it is delineated as 1 EUR it has not been translated into the deposit currency which, in this case, is ....... USD ......as clearly stated.
If the deposit currency is in GBP the EUR delineated tick value requires translation into GBP. If the deposit currency, in this case of DAX30, is EUR the tick value is already translated to deposit currency and is FIXED at 1 (parity exchange rate).

How is the translation achieved ? By applying the the EUR-USD exchange rate.

But do not take my word for it - here is the direct quote from MQL4 Language documentation.

MarketInfo() Identifiers - MODE_TICKVALUE - Minimal tick value in the deposit currency. - https://book.mql4.com/appendix/marketinfo

Lets repeat the MQL4 documentation definition for ultimate clarity - Minimal-tick-value-in-the-deposit-currency. And as stated - the deposit currency - USD.

Here is typical code to return tick value for a symbol -> double TV=((MarketInfo(Symbol(),MODE_TICKVALUE)));

This code returns the tick value set by the broker and is dependent on the broker affecting the translation (exchange rate) if the deposit currency
is a different currency to the delineated instrument currency.

If the broker does not have the tick value set correct the code fails - not because the code is at fault - but because the the broker has failed to apply the necessary translation to deposit currency.

Why is the code dependent on the broker for tick value ? Because the broker is at liberty to define - besides a host of other parameters and metrics - a tick value with offsets ratio multiples greater than 1 or less than 1.

As the tick value is individually broker defined and not universally the same across like-for-like instruments brokers to broker the code is dependent on the broker for correct representation and the key component of translation or exchange application.

So this is how it works.

1. DAX30: Tick value DELINEATED in EUR and DEFINED by the broker as 1EUR. Deposit currency is EUR. The tick value is = 1 EUR. (yes, you stated that.........except, the deposit currency was USD)
2. DAX30: Tick value delineated in EUR and defined by the broker as 1EUR. Deposit currency is USD. The tick value is 1 x 1.13xxx(EUR-USD exchange rate) = 1.13xxx USD.
3. DAX30: Tick value delineated in EUR and defined by the broker as 1EUR x 0.01 = 0.01EUR. Deposit currency is EUR. The tick vale is = 0.01EUR.
4. DAX30: Tick value delineated in EUR and defined by the broker as 1EUR x 0.01 = 0.01EUR. Deposit currency is USD. The tick vale is = 0.01 x 1.13xxx = 0.0113xxx USD.
5. DAX30: Tick value delineated in EUR and defined by the broker as 1EUR x 25 = 25 EUR. Deposit currency is EUR. The tick vale is = 25 EUR.
6. DAX30: Tick value delineated in EUR and defined by the broker as 1EUR x 25 = 25 EUR. Deposit currency is USD. The tick vale is = 25 x 1.13xx = 28.35xxx USD. (these 25 EUR tick value definements are when brokers emulate the FDAX Futures tick value of 25 EUR/Futures point (12.50 EUR/0.5 point). - see - https://www.ampfutures.com/trading-i...pecifications/

Notes on margin calculation in relation to deposit currency - concise, precise, time tested and accurate and correct as correlated to real world calculation results - https://www.forexfactory.com/showthr...25#post8896625

Broker Comparisons:

To illustrate the fallacies of the quoted and address answer - A comparison of a number of brokers tick value settings and ALL of DAX30-GER30 EUR delineated currency and ALL* with USD deposit currency - *with exception of one EUR deposit currency.

All chart have two indicators - one with green text and one with blue. Our primary focus is on the blue text which should be self explanatory.

The green text indicator has no inputs and only returns account information and performs no outward account calculation.

The blue text indicator has four components.

1. A lots Input
2. A points Inputs *
3. A tick value indication - this is not an input but is read from the broker tick value setting and translation or absence of translation as described above and is always in Deposit Currency.
4. A final calculation which is always in Deposit Currency.

1. * The MQL4 Programming Language codes in points and knows nothing of the beloved and defunct pips of the retail trader - Point definition from MQL4 Docs: MODE_POINT - Point size in the quote currency. For the current symbol, it is stored in the predefined variable Point. - https://book.mql4.com/appendix/marketinfo
2. Simplified: MQL4/5 point is the least significant digit quoted or the least significant digit increment or decrement possible.
3. Click middle mouse button to activate cross-hairs >> left click >> drag across chart: MT4 returns the second figure of distant in points not pips - MT5 categorically labels the distance with the word 'points'. MT4/MT5 references numerous metrics in points - never in pips. It is coders who convert MQL4/5 points to pips.

Note: EUR-USD Exchange Rate Asian Session - All screen grabs are during Asian Session which will account for wide spreads

In the below immediate two broker tick value comparisons the delineated tick value defined by both brokers is 1 EUR - the top broker correctly translates** the tick value to the deposit currency but the bottom broker leaves the 1 EUR tick value untranslated. ** Applies the applicable exchange rate.

BROKER WITH CORRECT TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note: the broker has defined the tick value as 1 EUR and the translation to deposit currency USD is 1 x 1.13029 = 1.13029 USD tv
Note: 126681-12579 = 102 points BROKER WITH NO TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note:

1. The broker has defined the tick value as 1 EUR but no translation so the indicator calculation fails to mirror the account value 11.31.
2. Had the broker translated the 1 EU tick value to USD deposit currency - 1 x 1.13097 = 1.13097 USD tv.
3. The final calculation by the indicator would have been 0.1 lots x 100 points x 1.13097 tv = 11.309 = 11.31 USD which matches the account value

The above comparison and discrepancy should be as clear as day is to night.

BROKER WITH CORRECT TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note: the broker has defined the tick value as 1 EUR x 0.01 = 0.01 EUR and the translation to deposit currency USD is 0.01 x 1.13125 = 0.01131 USD tv BROKER WITH CORRECT TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency EUR.

Note: the broker has defined the tick value as 1 EUR x 0.01 = 0.01 EUR and the translation to deposit currency EUR is 0.01 x 1 = 0.01000 EUR tv

I don't understand anything, I'm going to leave the forex and start studying English, what a long story

PART: TWO of TWO

BROKER WITH CORRECT TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note: the broker has defined the tick value as 1 EUR x 25 x 0.1 = 2.5 EUR and the translation to deposit currency USD is 2.5 x 1.12991 = 2.82478 USD tv BROKER WITH NO TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note:

1. The broker has defined the tick value as 1 EUR x 25 x 0.1 = 2.5 EUR but no translation so the indicator calculation fails to mirror the account value 2.83.
2. Had the broker translated the 2.5 EU tick value to USD deposit currency - 2.5 x 1.13107 = 2.82277 USD tv.
3. The final calculation by the indicator would have been 0.01 lots x 1000 points x 2.82277 tv = 2.827 = 2.83 USD which matches the account value.
   Attached Image (click to enlarge)

   
   

ODD-BALL

BROKER WITH CORRECT TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note: the broker has defined the tick value as 1 EUR x 2 x 0.1 = 0.2 EUR and the translation to deposit currency USD is 0.2 x 1.13089 = 0.22618 USD tv

AND LASTLY

BROKER WITH NO TICK VALUE TRANSLATION: DAX - EUR: Deposit Currency USD.

Note:

1. The broker has defined the tick value as 1 EUR x 0.01 = 0.01000 EUR but no translation so the indicator calculation fails to mirror the account value 11.28..
2. Had the broker translated the 0.01 EU tick value to USD deposit currency - 0.01 x 1.12854 = 0.01128 USD tv.
3. The final calculation by the indicator would have been 1 lots x 100 points x 0.01128 tv = 11.28 USD which matches the account value.
   Attached Image (click to enlarge)

   
   

July.

Although I was hoping that cTrader would be available.

Masterrmind.........

Finally passed my second account verification.



Put in my first payment request yesterday. Let's see how it goes. I was notified by FTMO I should receive the payment on Friday. Will post an update once I receive it.

I have a journal trying to record my journey in the forex prop trading world. If anyone wants to have a read you are more than welcome to.

Nice one!
Thanks for letting us know how you get on :-)

Well done indeed. Yes we wait with anticipation!

Very nice outcome.

Well done.

Masterrmind ..........

If you look at FTMO trading objectives and compare them with the other firm they are not the same.

Firm 2 has more restrictions.

Prefer not to get into a discussion here since it is a competitor but a quick read through both sites will clearly point out the differences.

ps. the 400k account has my interest though but that's for later.

Masterrmind ..........

I know who you're talking about. I decided to give them a try with one of their micro accounts. The entrance fee is very small and it's money I'm prepared to lose if I get knocked out for breaking some rule that I didn't even know about

I will stick up a TE

Well done! fantastic effort. Will be great to hear how you get on.

Soooo, I FINALLY got my second Verification over the line. I wanted to provide some comfort to those of you doing the challenges/verifications with accounts currently in drawdown.

Take a look at my equity curve...it was pretty horrendous for such long time. But the key thing was I STUCK TO MY STRATEGY and eventually I managed to turn things around. This is really important because a lot of people end up doubting their strategy or trying to hit home runs or worse still trying to treble or quadruple their size.

So my advice is, stick to your strategy, have faith in it and keep going....


EDIT...my final Challenge is currently in DD (-2%) so hopefully Ill be able to at least get it into +ve territory. In the mean time, I plan to combine my two passed verifications and will let people know how Im getting on as a funded trader (good or bad!) because I think people want to see how long actual funded traders last.

Best of trading to you.

Masterrmind ..........

Nicely done.

Passing is the only requirement and you nailed it.

Masterrmind ........

Thanks. I really appreciate yours and others kind words of support. We are all eagerly waiting to support you when you do yours mate

Well done! Really good to see :-)

I congratulate those who have passed the challenges, here there are geniuses, if any of you, internally or privately, can pass me the strategies, I will thank you eternally, I have not been able to pass any demo, until today