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FTMO - For serious traders

  • #2,241
  • Jul 9, 2020 9:33am Jul 9, 2020 9:33am
So if you're in profit then you should always try to be flat going into major news anyway. Bigger issue is when you're no in profit going into news..trying to ensure your stop isn't hit within the 2 min window
  • #2,242
  • Jul 9, 2020 10:55am Jul 9, 2020 10:55am
Just got my details, have created a journal if anyone wants to follow.

https://www.forexfactory.com/showthread.php?t=1011398

I don't think I will be making any trades this week.
  • #2,243
  • Edited Jul 10, 2020 11:49am Jul 9, 2020 7:19pm | Edited Jul 10, 2020 11:49am
Quoting Swing4Fence
{quote} Yes, as long as it doesn’t close in the window. Some might go the route of trading no SL, which creates even more issues of potentially going beyond Daily or Total loss limit. Found this video extremely helpful, to leverage hedging which seems to be a good way to accomplish protecting position if desired to hold through news. Just be careful of extreme stop widening on both sides - as that could be troublesome if trading too big. https://youtu.be/xoefUbHBqZg
Attached Image
https://www.forexfactory.com/showthread.php?t=701784

EA download location: #Post 1 of above link

  1. The only relevant interest of the above panel is the [Order Maintenance] button which closes a hedged position in accordance with the method illustrated in the above quoted video - this method saves on costs.
  2. Thus, avoiding a number of manual executions required to close a hedge position in accordance with the method illustrated in the above quoted video.
  3. Thus, also avoiding risk of fat finger accidents - the EA will do it without accident every time

Note: Other downloads and revisions further on in the above linked thread did not work - it is some time since I reviewed the thread and do not have time for a thorough trawl through.

There may be other and better panels - or better a script - with this function available on the internet.

Read thoroughly:

  1. Thoroughly test before use
  2. The [Order Maintenance] button closes a hedged position in accordance with the method illustrated in the above quoted video - this method saves on costs.
  3. This is not my code and I do not use this as I have all featured functions built into my own priority coding which is not for publication.
  4. On my very brief test the [REVERSE] and [CLOSE ALL] buttons both opened a new position ? ... and did not close the previous position. Do not use these buttons.
  5. The download is in .ex4 not .mq4 so the code is not accessible for edit and correction.
  6. Use at own risk

The thread contains the core [Order Maintenance] code and its a doodle to knock up a script and assign a hotkey to the script in the navigator panel for fast script activation to close hedged positions - more than sufficient info on how on internet sites and videos. Note: comment out the two lines addressing magic number - they are not needed (and will give a novice coder grief) as most positions will be opened manually and magic numbers do not and cannot apply to manually opened positions* - only positions opened with code. Or ask someone here - https://www.forexfactory.com/showthr...6758&page=1889.

* There is no use (or even possibility) applying this feature when trading manually, but it is really unexpendable when trading using an expert (automated trading).
https://www.mql5.com/en/articles/1359

TSLA: 30-Dec-22 123.18 // 16-Jun-23 260.54 **111.51%**
  • #2,244
  • Jul 9, 2020 7:40pm Jul 9, 2020 7:40pm
Quoting Swing4Fence
Sharing with you a key learning, so nobody here makes the same mistake I almost did as a new funded trader... Re: The news rule of 2mins before/after (see faq screenshot). ****note this news rule does NOT apply to Demo, Verification & Challenge Accounts**** Here is my learning: If you are already in a longer term trade prior to news announcement, and your “protective stop” (which you placed hours prior to news announcement) gets triggered within -2 +2 minute news window, you will violate the rule and lose the account. I mistakingly assumed the rule...
Good of you to share that, Swing.
One thing that doesn't quite make sense to me is why closing an existing trade within that window is also disallowed. I can understand not executing a news trade but what might the reason be for the former?
What if you've got a winning trade and your TP was hit 2 minutes before or 2 minutes after the news event, will your account be closed regardless?
Amor Fati--F. Nietzsche
  • #2,245
  • Edited Jul 10, 2020 1:03am Jul 9, 2020 8:31pm | Edited Jul 10, 2020 1:03am
Quoting doji
{quote} Good of you to share that, Swing. One thing that doesn't quite make sense to me is why closing an existing trade within that window is also disallowed. I can understand not executing a news trade but what might the reason be for the former? What if you've got a winning trade and your TP was hit 2 minutes before or 2 minutes after the news event, will your account be closed regardless?
Hi doji,

The reasoning behind it is due to the fact that they are trade copying from your demo account - you are not trading in a live account remember and they are working on the logic that during a news event there will be gapping and possible blowout of spreads which could actually turn a winning trade into a losing one as price may blow past the stop set on the trade and then be converted to a market order filled at prevailing price which could give a very different result.

I trade multiple accounts with different brokers and use a trade copier and the results can very quite significantly at times as well as the variance between demo/live pricing at times can also provide different results.

It is important to note when news events may affect your account and either close positions or remove any tp/sl from that particular pair to ensure there is no surprises. One of the first things I check every day is to what announcements may affect the relevant trades for that day, I do this even on the challenge accounts so I get a true picture of the results I can expect on a funded account (no I have not qualified yet) Hedging the position is another way to lock in any profits but the downside is if the trade continues in your favour you miss the profit but hey, better than losing an account. Hope this helps

Cheers
maahome
  • #2,246
  • Jul 9, 2020 8:33pm Jul 9, 2020 8:33pm
Quoting Swing4Fence
Sharing with you a key learning, so nobody here makes the same mistake I almost did as a new funded trader... Re: The news rule of 2mins before/after (see faq screenshot). ****note this news rule does NOT apply to Demo, Verification & Challenge Accounts**** Here is my learning: If you are already in a longer term trade prior to news announcement, and your “protective stop” (which you placed hours prior to news announcement) gets triggered within -2 +2 minute news window, you will violate the rule and lose the account. I mistakingly assumed the rule...
A critical post with great information.

Thankyou.

Masterrmind.........
Master your Mind then Master your Trades
  • #2,247
  • Edited 8:02am Jul 10, 2020 7:49am | Edited 8:02am
Okay happy to report back that my first withdrawal has been processed successfully and am trading my second 50k funded account as of today.

So basically on the profit split date, I had to make an invoice and submit it to them. I did so on Tuesday. And today on Friday I have received my fund. They do 2 separate transactions. 1 for the challenge fee refund and the other for the profit share.

This is the refund of the fee

Attached Image


This is the profit share
Attached Image


Hopefully will post again next month with my profit split again and also refund for the 50k challenge. In August I plan to do the 100k challenge.
  • #2,248
  • Jul 10, 2020 8:28am Jul 10, 2020 8:28am
If you're living in the UK the Pubs opened at the right time!
  • #2,249
  • Jul 10, 2020 8:31am Jul 10, 2020 8:31am
Quoting daytradrfx
Okay happy to report back that my first withdrawal has been processed successfully and am trading my second 50k funded account as of today. So basically on the profit split date, I had to make an invoice and submit it to them. I did so on Tuesday. And today on Friday I have received my fund. They do 2 separate transactions. 1 for the challenge fee refund and the other for the profit share. This is the refund of the fee {image} This is the profit share {image} Hopefully will post again next month with my profit split again and also refund for the...
Thanks for posting this..and well done on your profits
  • #2,250
  • Jul 10, 2020 8:32am Jul 10, 2020 8:32am
Quoting Mtinifx
If you're living in the UK the Pubs opened at the right time!
And coffee shops. So long wait
Try don't lose pants never...
  • #2,251
  • Jul 10, 2020 10:53am Jul 10, 2020 10:53am
Got my funded account credentials (2 x 100k) Not going to trade it until Monday though. Still battling to get my 3rd Challenge over the line (currently +2%) but its proving tough to get it over the 10% line atm.
  • #2,252
  • Jul 10, 2020 11:45am Jul 10, 2020 11:45am
Completed the current Challenge today
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  • #2,253
  • Jul 10, 2020 12:47pm Jul 10, 2020 12:47pm
A question for the people who done 2/3 challenges at the same time.

How did you find the process?

Are you trading from a phone or computer?

Do you switch between accounts or separate devices for each account?

Any downsides to doing this many challenges in one go?
  • #2,254
  • Jul 10, 2020 1:23pm Jul 10, 2020 1:23pm
In order to get a trading day counted, you have to close your position on the same day.

In the "real account" you are even obliged to close your positions, apparently even for low risk spreads like
Ger30 - EU50 or Dow30 - US500.

What is actually the latest minute to close and the earliest to open in Prague Time? Globex is running almost 24/5.
  • #2,255
  • Jul 10, 2020 1:44pm Jul 10, 2020 1:44pm
Quoting akamrp
A question for the people who done 2/3 challenges at the same time. How did you find the process? Are you trading from a phone or computer? Do you switch between accounts or separate devices for each account? Any downsides to doing this many challenges in one go?
Truthfully, its been tough for me. Ive been trading on 1 device and switching between accounts and Ive used a slightly different strategy for each account. If I were to do it again, Id use 1 strategy and use a trade copier for the other accounts.

Its been worth it though and Im hoping I can get the 3rd account through as well.
  • #2,256
  • Jul 10, 2020 1:45pm Jul 10, 2020 1:45pm
Quoting eztrader1
In order to get a trading day counted, you have to close your position on the same day. In the "real account" you are even obliged to close your positions, apparently even for low risk spreads like Ger30 - EU50 or Dow30 - US500. What is actually the latest minute to close and the earliest to open in Prague Time? Globex is running almost 24/5.
Are you talking about closing out trades prior to the weekend?
  • #2,257
  • Jul 10, 2020 3:02pm Jul 10, 2020 3:02pm
Quoting Zuke
{quote} Are you talking about closing out trades prior to the weekend?

BOTH, daily and fridaily

for the challenge and the verification you just lose a counted day.

but for real trading your account gets squared
  • #2,258
  • Jul 10, 2020 6:31pm Jul 10, 2020 6:31pm
The importance of not doing the challenge, I have 7 demos of $ 50,000 all lost, until today I have a savings of 7 x 345 = $ 2415 usd, you have to look on the positive side, very quickly I will be among you the big ones.
With $ 2415 I can buy Tires for my motorcycle, party with tequila don julio, have a date with a beauty

Attached Image
Be happy, friendly, humble and winner!!
  • #2,259
  • Edited 8:12pm Jul 10, 2020 6:58pm | Edited 8:12pm
Quoting Ak386
The importance of not doing the challenge, I have 7 demos of $ 50,000 all lost, until today I have a savings of 7 x 345 = $ 2415 usd, you have to look on the positive side, very quickly I will be among you the big ones. With $ 2415 I can buy Tires for my motorcycle, party with tequila don julio, have a date with a beauty {image}
Don Julio is one of my favorites....so let me help you

2 shots in the morning and I think you will make it in the trading world.

4 shots and the beauty is yours .

6 shots and you can pretend you are driving Porsche and not motorcycle.

It is all how you spin it in your mind!

That 10% in 30 days is pure gambling for a disciplined trader..that is how they get your $$$ at the start...so do not get too upset and stop wasting your money.
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  • #2,260
  • Jul 11, 2020 6:47am Jul 11, 2020 6:47am
Quoting driven18
{quote}That 10% in 30 days is pure gambling for a disciplined trader.. {image}
I see people throw this statement or something similar around a lot and I don't know how it makes any sense.

If a discipline trader can make 2% a month on a $100,000 capital, what is stopping them from making 10% a month?
Is it not just a matter of scaling your lot size?

A discipline trader is not simply someone who trades tiny lot size. It is a trader, who has an edge on the market, has a strategy that is well backtested and forward tested and also has his psychology fixed.

I am not there yet and even me, I didn't void any of the conditions associated with FTMO (I took the trial challenge), I simply didn't reach the profit target and ended up in a small loss.

I'm not a profitable trader but I believe anyone who is 20% better than me can easily pass the FTMO challenge.

If I trade 3 pairs and risk only 0.5% of my account per trade, with RR of 1:2, I won't need to place dozens of trades to achieve 10%. There will be multiple opportunities even on the daily chart to trade successfully.

Someone who has lost 7 FTMO demo account is someone I will still consider a novice.
If a novice signs up for FTMO and pay for the challenge, that is failings of their own making, not FTMO. And such an individual isn't a discipline trader in the first place because he doesn't have a working strategy.


'10% a month is too much' is just something people say to feel good about their own limitations.
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