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FTMO - For serious traders

  • #2,921
  • Aug 23, 2020 11:01am Aug 23, 2020 11:01am
Quoting Swing4Fence
{quote} It applies to Precious Metals, Crytpo, Indicies. https://ftmo.com/en/new-mt4-server/
Yes OK, but in all account currencies?

Dow or Dax in GBP account currency with 0 GBP/lot? ...
  • #2,922
  • Aug 23, 2020 11:16am Aug 23, 2020 11:16am
Quoting lakhan
{quote} Hey S4f, How can you have 6 accounts when the limit is 3 100k per person/strategy? Thanks, L
Hi lakhan, 300k total limit is the maximum live funds that can be traded at any given time.

Unlimited passed accounts are allowed, and stay inactive in the background until a live funded account is failed... At that point a passed account can go live. Think of it like backup ammunition.
  • #2,923
  • Aug 23, 2020 11:19am Aug 23, 2020 11:19am
Quoting digiff
{quote} Not really. I understand that it is based on open positions. That I get. My question is... what's really the actual limit for MDL percentage wise? Is it 5% (+ any initial profits for the day) or...... are we really allowed to have 10% drawdown buffer like it says on their site.
It is always 5% of your Initial Balance for Non-Aggressive Accounts and 10% of the Initial Balance for Aggressive Accounts.

Example: I have a $50K Aggressive Account. My MDL is $5K. It is always $5K per day regardless of my 'new balance'.

But let's say for that day of trading (24 Hours) I have 2 trades that close for $1K Profit. That day for any other trades I have Open/Close (my MDL would then be $6K) since I made $1K from the previous trades during the same day.

When the next day starts and let's say my balance is now $55K. My MDL starts over and remains $5K regardless of my balance.
  • #2,924
  • Aug 23, 2020 11:22am Aug 23, 2020 11:22am
Quoting fuadik88
{quote} Does last paragraph mean, as long as we're successfully achieving goals, we're able to pick new challenges every time for free? (up to limit, of course).
I actually know the answer to this question.

IF... you do not violate the loss limits, the minimum 10 day requirement, + you have made at least 1 cent in profit at the end of challenge.... you get a free repeat. Apparently, it is unlimited number of times.

Attached Image (click to enlarge)
Click to Enlarge Name: free repeat.jpg Size: 89 KB

This was taken from the comments section in their youtube video: Link
In other news: A ranger was trapped between a bull and a bear
  • #2,925
  • Aug 23, 2020 11:43am Aug 23, 2020 11:43am
Quoting Swing4Fence
{quote} Hi lakhan, 300k total limit is the maximum live funds that can be traded at any given time. Unlimited passed accounts are allowed, and stay inactive in the background until a live funded account is failed... At that point a passed account can go live. Think of it like backup ammunition.
Thanks I've understood that. However looking at your myfxbook you have 6 active accounts running. Surely you're only allowed 3 active live accounts and the other 3 inactive. Am I missing something?

L
  • #2,926
  • Aug 23, 2020 11:47am Aug 23, 2020 11:47am
Quoting frankalan832
{quote} It is always 5% of your Initial Balance for Non-Aggressive Accounts and 10% of the Initial Balance for Aggressive Accounts. Example: I have a $50K Aggressive Account. My MDL is $5K. It is always $5K per day regardless of my 'new balance'. But let's say for that day of trading (24 Hours) I have 2 trades that close for $1K Profit. That day for any other trades I have Open/Close (my MDL would then be $6K) since I made $1K from the previous trades during the same day. When the next day starts and let's say my balance is now $55K. My MDL starts...
Yes I already addressed that in point #2 of my post. I understand that part perfectly.

Even from the review YT videos, it seems that as soon as the 5% MDL limit is hit, it is over.... and that can happen during open positions (floating losses). So I am thinking the wording 'max drawdown buffer of 10%' is just not worded right... it is confusing.

Only wanted to confirm it.
In other news: A ranger was trapped between a bull and a bear
  • #2,927
  • Aug 23, 2020 11:47am Aug 23, 2020 11:47am
Quoting digiff
After extensive reading of FTMO site and relevant FF posts, just when I thought I had MDL (Max Daily Loss) all figured out... I still have one confusion regarding daily drawdown limit. Before I get to the source of that confusion... let me state what I do understand clearly (I will use 100k as an example): 1) Max Overall Loss is 10% of initial capital + any profit (if any). In other words, account cannot go below 90k under no circumstance. 2) Max Daily Loss is 5% of 100k. However, it can increase.......IF....trader starts the day with closed profits...
the FTMO page you link to is headed 'Why do we care about open losses?' (my emphasis/bold added). It is the equity balance they are interest in.

Example:

You start the day on $102k - so your equity (not closed balance) cannot drop below $97k. So if you have one open position that nudges you below that level, even if it then goes on the close above it (say $98k) you are out.

If during the day you increased the open balance from the $102k to $105k and closed profits out at that level. Your daily loss threshold still stays at $97k (so you can lose $8k from that point on that day only). The daily $5k loss limit is calculated from your starting balance at the start of each new trading day and resets each day.

That's it. Level does not move during the day so it is always simple to avoid hitting it.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
  • #2,928
  • Aug 23, 2020 12:14pm Aug 23, 2020 12:14pm
hey guys,

Is it so difficult to manage floating loss ?

Assume 100 k account.

You trade 1 lot gbpusd.

5k max daily loss limit. ( in otherwords 500 pips ! )

10 k max loss overall limit. ( In otherwords 1000 pips ! )

Profit target 10 k ( In otherwords 1000 pips )
Look for 30 min set up.

You know..GBPUSD moves 100 pips daily.

Assume you trade for 20 days. ( Do not rush )

Your daily profit target is 50 pips if you trade 1 lot. Your target is 25 pips if you trade 2 lots.

Your overall loss limit is 50 pips per day if you trade 1 lot and 25 pips if you trade 2 lots.

Daily loss limit is 5k in otherwords, 500 pips if you trade 1 lot or 250 pips if you trade 2lots. So, max daily loss is unlikely to get hit if you trade this way.

The overall loss limit 10k is the one you must control calculatively.

for each trade if you capture 25 pips, with 50 pips stop..it is fine.

Just do the math, and choose the pair accordingly
Intraday only.
  • #2,929
  • Aug 23, 2020 1:06pm Aug 23, 2020 1:06pm
Quoting navk
hey guys, Is it so difficult to manage floating loss ?
According to FTMO, only 8% get funded accounts (and that's after pandemic started and volatility increased.. it was lower before that).

That means, at least 92% do not succeed. And on the successful funded video reviews I saw on their youtube channel, many of them came very close to Max Daily Loss limit but did not breach it.

But yeah, I agree... with proper lot sizing and targets, it should not be that difficult. People easily make 5-10% a day in smaller accounts on strongly trending days. Just have to get used to the higher lots in a bigger sized account.
In other news: A ranger was trapped between a bull and a bear
  • #2,930
  • Aug 23, 2020 1:16pm Aug 23, 2020 1:16pm
Quoting lakhan
{quote} Thanks I've understood that. However looking at your myfxbook you have 6 active accounts running. Surely you're only allowed 3 active live accounts and the other 3 inactive. Am I missing something? L
Masterrmind articulated better than I can, the idea of multiple additional accounts, to have as reserves in case a black swan arrives etc. See his posts, attached is example.
Attached Image (click to enlarge)
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  • #2,931
  • Aug 23, 2020 1:18pm Aug 23, 2020 1:18pm
Quoting digiff
{quote} According to FTMO, only 8% get funded accounts (and that's after pandemic started and volatility increased.. it was lower before that). That means, at least 92% do not succeed. And on the successful funded video reviews I saw on their youtube channel, many of them came very close to Max Daily Loss limit but did not breach it. But yeah, I agree... with proper lot sizing and targets, it should not be that difficult. People easily make 5-10% a day in smaller accounts on strongly trending days. Just have to get used to the higher lots in a bigger...
people make 8 to 10 % in smaller accotnts in trending days, I agree, but those traders will not see floating loss and it is their funded account.

I have my own personal funded account and i make it too.

But this FTMO is eye opener to me.

Managing floating losses to limit 10 % of equity and make 10 % profit by the end of the month.

So, the calculation is simple and understandable.

I should look for a set up..yes I must look for a set p..which gives me 50 pips profit and 50 pips stop loss.

I just looked at august month GBPUSD pair.

I can get 10 set ups like that... so let me hope.

i SHALL FINISH MY DEMO FIRST AND THEN START TAKING CHALLENGE
Intraday only.
  • #2,932
  • Aug 23, 2020 1:21pm Aug 23, 2020 1:21pm
I think its easier to understand if you focus on your SL amount. Assuming you trade one position at a time, your floating max loss will never exceed your SL distance in monetary value. If you have several orders then make sure your overall SL combined value doesn't exceed the required MDL.
  • #2,933
  • Aug 23, 2020 1:24pm Aug 23, 2020 1:24pm
Quoting digiff
{quote} According to FTMO, only 8% get funded accounts (and that's after pandemic started and volatility increased.. it was lower before that). That means, at least 92% do not succeed. And on the successful funded video reviews I saw on their youtube channel, many of them came very close to Max Daily Loss limit but did not breach it. But yeah, I agree... with proper lot sizing and targets, it should not be that difficult. People easily make 5-10% a day in smaller accounts on strongly trending days. Just have to get used to the higher lots in a bigger...
Sounds about right. It's the same with trading in general. Somewhere around 90% of traders blow 90% of their accounts within 90 days. (The 90/90/90 rule).

You would think that that number would be lower but the thing about trading I have learned over the years is that it's like a sport. It's hard to get drafted into the NBA and even then to keep your job as an NBA player you need to be able to produce value to your team consistently.

Trading is no different, in fact it may even be harder. In a sport you can have a bad game and even make a huge mistake and be forgiven. In trading all it takes is one bad mistake; for example going all in on a trade and losing, and you are done. The market is unforgiving and staying disciplined long term is what makes it hard for virtually everyone who tries trading to sustain their gains overtime day in and day out.

I would love to see what % of funded traders are even still trading after 1 year. I'm sure the % only goes down from there...

Not saying this to discourage anyone, but there is a reason trading is the most rewarding profession in the world, period. And, that reason is that it's really really really fucking hard to do it.
  • #2,934
  • Aug 23, 2020 1:26pm Aug 23, 2020 1:26pm
Quoting tradista
I think its easier to understand if you focus on your SL amount. Assuming you trade one position at a time, your floating max loss will never exceed your SL distance as money value. If you have several orders then make sure your overall SL combined value doesn't exceed the required MDL.
there is way to it.

Asuume you have set up..for 50 pips profit...but likely floating loss of 50 pips.

You can take 2 entires and but never increase the overall lot size.

If you plan to trade 1 lot, take 0.5 lot first..then add another 0.5 lot..when it goes into floating but the stop must be 50 pips..or whatever as per your system
Intraday only.
  • #2,935
  • Aug 23, 2020 2:01pm Aug 23, 2020 2:01pm
Quoting navk
{quote} Managing floating losses to limit 10 % of equity and make 10 % profit by the end of the month. So, the calculation is simple and understandable.
I think I just figured it out.... after reading that phrase of yours.

Day 1: Floating loss -4990 (assuming brand new account and 1st trade).... MDL is not breached. Trade is left running. MDL is reset for next day.

Day 2: Another losing trade.....another 2nd floating loss -4980 (assuming the 1st trade miraculously stays at -4990 or better).... so now the trader is in almost 10% drawdown... but still surviving... barely.

So, if the trades cross the 10% threshold, he/she breached BOTH the daily limit and max loss at the same time, the same day.

Ok, I think that is what FTMO really meant by a "generous 10% drawdown buffer and a max daily loss of 5%".... in other words, 10% drawdown in TWO days rather than daily.

I can sleep better now. All is well in the universe.
In other news: A ranger was trapped between a bull and a bear
  • #2,936
  • Aug 23, 2020 2:09pm Aug 23, 2020 2:09pm
Quoting digiff
{quote} I think I just figured it out.... after reading that phrase of yours. Day 1: Floating loss -4990 (assuming brand new account and 1st trade).... MDL is not breached. Trade is left running. MDL is reset for next day. Day 2: Another losing trade.....another 2nd floating loss -4980 (assuming the 1st trade miraculously stays at -4990 or better).... so now the trader is in almost 10% drawdown... but still surviving... barely. So, if both the trades cross the 10% threshold, he/she breached BOTH the daily limit and max loss at the same time, the...
you got it.

But that is not enough.

For a total draw down of 4900, you must get in return, atleast 2450 or 4900. Otherwise there is no point in allowing the floating loss to 4990.

I shall put it this way.

When you take trade... look for minimum 50 pips profit set up with 50 pips loss and with 1 lot trade.

Otherwise do not take a trade and not worth it.

In simple.. do not rush things up. You have 22 trading days in a month.
And most importantly, FTMO allows you take more challenges without fee as long as you limit your MDL and overall loss to 10 %
Intraday only.
  • #2,937
  • Edited 2:36pm Aug 23, 2020 2:18pm | Edited 2:36pm
Inserted Video
  • #2,938
  • Aug 23, 2020 3:39pm Aug 23, 2020 3:39pm
Quoting mizi123
https://www.youtube.com/watch?v=xc-uo2RWIV0
34:30 is key
  • #2,939
  • Aug 23, 2020 4:20pm Aug 23, 2020 4:20pm
Quoting dexi
{quote} Yes OK, but in all account currencies? Dow or Dax in GBP account currency with 0 GBP/lot? ...
From my understanding, it applies to all accounts in any currency. However, this may be a great question for Ftmo.
  • #2,940
  • Aug 23, 2020 5:01pm Aug 23, 2020 5:01pm
Hey guys, anyone having issues login into to mt4? I am using the mt4 app on my phone, its saying authorization failed and I am not able to see the charts.

anyone else having this problem?
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