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FTMO - For serious traders

  • #2,561
  • Aug 4, 2020 2:51pm Aug 4, 2020 2:51pm
Quoting AnRan
Hello everyone, So this is my first post here and it'll be a little long but I want to be clear. My intention with this post is to help other people who are considering FTMO. Might teach you a thing or two about what happens behind the scenes as well. I am not endorsing FTMO, as you have to see if the restrictions work for you. But even though I'll lay down a few criticisms, I still don't think FTMO is bad, or a rip-off in any way. So I failed my first challenge. I did not hit any of my max allowable draw-downs. Just didn't hit the profit target....
I got caught out with Dax yesterday. Put on a 50 lot trade, figuring it would be $5/pip like my previous broker. Lo and behold, it ended up being $500/pip and I was down $1200 within 2 seconds flat. By the time I came to my senses, fortunately it had moved in my favour and I was up $1500, but that was scary. Could have hit my max daily and max overall within seconds!
  • #2,562
  • Aug 4, 2020 3:14pm Aug 4, 2020 3:14pm
Quoting ia1979
{quote} I got caught out with Dax yesterday. Put on a 50 lot trade, figuring it would be $5/pip like my previous broker. Lo and behold, it ended up being $500/pip and I was down $1200 within 2 seconds flat. By the time I came to my senses, fortunately it had moved in my favour and I was up $1500, but that was scary. Could have hit my max daily and max overall within seconds!
Yes you're right. Every broker seems to have different margin when it comes to these pairs and indices - have no idea why!
  • #2,563
  • Aug 4, 2020 3:24pm Aug 4, 2020 3:24pm
Quoting leweg1
{quote} have you gone into the client portal. when i paid i had no e-mail but my challenge was sitting in my client portal within few hours
Yes I tried that nothing was there
  • #2,564
  • Aug 4, 2020 3:30pm Aug 4, 2020 3:30pm
There is a thing called free trial, allowing me to get used to the platform and the instruments I wanted to trade.
No surprises later or to blame anyone.
on a postive roll...
  • #2,565
  • Aug 4, 2020 3:31pm Aug 4, 2020 3:31pm
Quoting AnRan
Hello everyone, So this is my first post here and it'll be a little long but I want to be clear. My intention with this post is to help other people who are considering FTMO. Might teach you a thing or two about what happens behind the scenes as well. I am not endorsing FTMO, as you have to see if the restrictions work for you. But even though I'll lay down a few criticisms, I still don't think FTMO is bad, or a rip-off in any way.
I agree with Ann I do not think FTMO is a rip off in any way whatsoever but they are weak in a few areas.

1. Customer Support is impossible to reach and even when you do reach them it is a 50/50 chance your problem will be solved.

2. As Ann pointed out the roll over spreads are the worst I have experienced in my 7 years as a trader and they don't seem to care enough to do anything about it.

3. I also saw intraday spreads that got a little out of hand during some low impact news releases.

Maybe these guys are growing too fast and I get that it might be hard to keep up but if that is the case then just shut down your enrollment till you can catch up because unhappy clients are not just going to shut up. We are going to voice our concerns.
  • #2,566
  • Aug 4, 2020 3:44pm Aug 4, 2020 3:44pm
Important to note, during summer months spreads are typically unfavourable, due to lower volume. Have seen this for 2 decades.

Good to have another broker platform actively open to compare and contrast. Found Lmax consistent with another big bank broker I watch. Nothing too alarming yet (trading as a live ftmo trader).
  • #2,567
  • Aug 4, 2020 3:54pm Aug 4, 2020 3:54pm
Quoting Swing4Fence
Important to note, during summer months spreads are typically unfavourable, due to lower volume. Have seen this for 2 decades. Good to have another broker platform actively open to compare and contrast. Found Lmax consistent with another big bank broker I watch. Nothing too alarming yet (trading as a live ftmo trader).
I completely disagree with you. Summer spreads aren't smaller. Summer is when you see large trending moves with EUR and GBP. I always get excited for jumping into GBP during summer months. Especially in the last 4 years, and really this year with COVID and all the central bank activity.

And LMAX is not consistent with other big bank brokers. It's not even a bank, it's a private LP that separate its market liquidity in Asia. Thats one of the big reasons it has horrible Asia spreads. This isn't something that needs to be considered, it just is, and is known by brokerage houses all over the world. If you actually look at my post, I just showed you large rollover drops, lol. Maybe you don't notice it cause it doesn't directly affect your trading style, but that doesn't mean it isn't happening.
The best strategy is a profitable one.
  • #2,568
  • Aug 4, 2020 4:00pm Aug 4, 2020 4:00pm
Quoting ia1979
{quote} I got caught out with Dax yesterday. Put on a 50 lot trade, figuring it would be $5/pip like my previous broker. Lo and behold, it ended up being $500/pip and I was down $1200 within 2 seconds flat. By the time I came to my senses, fortunately it had moved in my favour and I was up $1500, but that was scary. Could have hit my max daily and max overall within seconds!
I know that different brokers can have differnet prices, so I think that its a little different than me. I actually emailed them and checked each duplicate in LMAX 2 specifications and saw the same pricing. But when i went to open the trade and wanted to double check, i ended up checking price in Indices/Commodities group, which isn't the actual trade values. It was enough to confuse their own customer service rep. Again, just saying its done sloppy and just a heads up for people in the future so they don't get caught either.
The best strategy is a profitable one.
  • #2,569
  • Aug 4, 2020 4:06pm Aug 4, 2020 4:06pm
Quoting CeeSo
{quote} I agree with Ann I do not think FTMO is a rip off in any way whatsoever but they are weak in a few areas. 1. Customer Support is impossible to reach and even when you do reach them it is a 50/50 chance your problem will be solved. 2. As Ann pointed out the roll over spreads are the worst I have experienced in my 7 years as a trader and they don't seem to care enough to do anything about it. 3. I also saw intraday spreads that got a little out of hand during some low impact news releases. Maybe these guys are growing too fast and I get that...
Yeah, thanks for that. The purpose of the post really isn't to slam FTMO. It's just showing some of the issues so that people in the future can have a smooth challenge, and have less surprises.
The best strategy is a profitable one.
  • #2,570
  • Aug 4, 2020 5:10pm Aug 4, 2020 5:10pm
Quoting AnRan
{quote} Maybe you don't notice it cause it doesn't directly affect your trading style
Good point. My strategy does keep me in a bubble, as it’s focused within a handful of pairs. I’m not seeing the broader market as much as others are watching.
  • #2,571
  • Edited 10:10pm Aug 4, 2020 5:36pm | Edited 10:10pm
deleted
  • #2,572
  • Aug 4, 2020 11:54pm Aug 4, 2020 11:54pm
Hiii All my name is Jamal Abdullah from Malaysia and I am a FTMO Trader and has already passed the challenge and verification.
.
FTMO is an excellent method for profitable traders who need funds. They respond to emails very quickly, the rules are just about risk management, it really makes sense, and there are no restrictions at all, they let you basically be free to trade whatever you want and in the way you want as long as you have the risk proper Management system.
.
They have the best profit distribution I have seen so far (70/30). They have a good customer area with a summary of your development and open positions, it is useful, and they also provide some good daily statistics on dax for day traders.
.
If you possess good trading skills but lack capital then this is a great way to build a foundation into being a full time trader.
.
All questions and concerns are well answered via email. In short, I really like doing business with them for a long term! ..
.
Finally I have received all the refunds and also the promised profit. The money landed safely in my bank account.
  • #2,573
  • Aug 5, 2020 1:33am Aug 5, 2020 1:33am
I'm currently doing the demo challenge and wondering if anyone else out there is having problems over the last week or so with their maximum daily loss limit? I'm sure mine is calculating incorrectly as my DD on open trades (and closed losing) trades has never been more than -700USD.
  • #2,574
  • Aug 5, 2020 1:39am Aug 5, 2020 1:39am
Quoting Traderstylo
The money landed safely in my bank account.
Thank you for the review, could you safely show us proof of their transactions to you?
  • #2,575
  • Aug 5, 2020 5:34am Aug 5, 2020 5:34am
Quoting Traderstylo
Hiii All my name is Jamal Abdullah from Malaysia and I am a FTMO Trader and has already passed the challenge and verification. . FTMO is an excellent method for profitable traders who need funds. They respond to emails very quickly, the rules are just about risk management, it really makes sense, and there are no restrictions at all, they let you basically be free to trade whatever you want and in the way you want as long as you have the risk proper Management system. . They have the best profit distribution I have seen so far (70/30). They have...

Forgive me for being just a teeny-weeny bit skeptical about your post Traderstylo. You have just joined FF and this is your one and only post. Which FTMO department do you work in? Fake review dept.?
  • #2,576
  • Aug 5, 2020 6:01am Aug 5, 2020 6:01am
Quoting ia1979
{quote} I got caught out with Dax yesterday. Put on a 50 lot trade, figuring it would be $5/pip like my previous broker. Lo and behold, it ended up being $500/pip and I was down $1200 within 2 seconds flat. By the time I came to my senses, fortunately it had moved in my favour and I was up $1500, but that was scary. Could have hit my max daily and max overall within seconds!
Quoting AnRan
{quote} I know that different brokers can have differnet prices, so I think that its a little different than me. I actually emailed them and checked each duplicate in LMAX 2 specifications and saw the same pricing. But when i went to open the trade and wanted to double check, i ended up checking price in Indices/Commodities group, which isn't the actual trade values. It was enough to confuse their own customer service rep. Again, just saying its done sloppy and just a heads up for people in the future so they don't get caught either.
May or may not be of use/interest

https://www.forexfactory.com/thread/...7#post13046957
https://www.forexfactory.com/thread/...9#post12888759
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  • #2,577
  • Aug 5, 2020 6:55am Aug 5, 2020 6:55am
It has been 48 hours since my credit card was debited and still no login details and I am getting the royal run around.
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  • #2,578
  • Aug 5, 2020 7:34am Aug 5, 2020 7:34am
So now I even tried calling their customer service line Long Distance Charges. There was a recording that said call back during normal business hours (which is the time I am calling in) and then it disconnected me.
  • #2,579
  • Aug 5, 2020 7:41am Aug 5, 2020 7:41am
clearly they are getting to big for their boots. customer service issues = first sign of failure
  • #2,580
  • Aug 5, 2020 8:09am Aug 5, 2020 8:09am
Quoting mrdfx
{quote} I agree. Their "dedicated customer support" is non existent. 4 hours waiting and counting...
So after 8 hours of waiting I gave up on live chat and after 16 hours they did eventually reply to my email.

Apparently I need to reset my password to sign up. So to sign up a new account i needed to reset my password for an account I haven't registered for yet? Makes total sense.

Anyway I did the password reset using the email I intended to use and was able to finally register a trial account. A very weird work around, which is not clear on the website.
Truth is like poetry. And most people f*cking hate poetry.
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