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FTMO - For serious traders

  • #3,041
  • Aug 26, 2020 11:21pm Aug 26, 2020 11:21pm
Quoting slappymove
{quote} How do you manage multiple accounts? Do you use a copy software? I find it hard opening trades for multiple challenges/verification; a) mismatched lot size b) gaps between entries and exits. Perhaps you have some suggestion?
Yes, purchased mt4copier from Rimantas. I wanted to make sure I bought one that was quick. FXblue also provides a very good copy trade software, and its free.

Your point (a). Lot sizes should be mismatched. You don't trade based on lot size, you trade based on % risk. Each balance has a different risk. If I have an account with $1,000 and I open a trade for 1 lot, 50 pips SL, I'm risking $500, so 50%. If it copies over to an account with $10,000, it's going to scale it to make the risk % the same. So it would open 10 lots. That's called a risk ratio 1.0.....As long as your risk is properly set on the main account, the following accounts will have the same risk. So risk 1% per trade, and it'll copy over 1% for the other accounts. Same scenario, 1k USD account 1%, 50pips is 0.02 lots. on 10k USD account that is 0.20 lots. But if they both hit SL, both only lost 1%. If it hit TP for 1:2 RR. Both gained 2%.

your point (b). if you are experiencing gaps between entries and exits, and its not just that the spread is different, its most likely the delay in the software you are using. So get better software. I also put mine on a VPS, not on my PC. So, even though I recently built a brand new bad @$$ computer, I still don't run it on here.

Hope this helps.
The best strategy is a profitable one.
  • #3,042
  • Edited 11:42pm Aug 26, 2020 11:21pm | Edited 11:42pm
Who makes the money?
It is always the people who are at the top of the pyramid.

I am sure many people shared, share and sharing their experience in this thread.
Experience is the Best Teacher as long as it is somebody else's.
Use those experience to your favor.

Experience gives little belief; Belief leads to Action (what kind of action - it depends on whether that is positive belief or negative belief); Action leads to Result;

Your Own Results add to Your Experience, increases Your Belief, leading to bit more action, leading to bit more better results and this is UPWARD SPIRAL.

Many just on the bottom two, please move to the Top Two.
then, you will know for sure.

The alternative is going with own funds and using a Fx Broker.
I am sure the alternative sucks.

As a Fx Trader, I firmly believe by trading with prop firms, the risk of ruin is well managed while having the potential to make good $$.
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Determination + Persistence = Success
  • #3,043
  • Aug 27, 2020 5:06am Aug 27, 2020 5:06am
Quoting navk
{quote} 50 k demo account Day : 3 max daily loss : 227 $ Max loss : 67 $ PROFIT TARGET : 1035 $
50 k demo account

Day : 4

max daily loss : 227 $

Max loss : 67 $

PROFIT TARGET : 1393 $

Today's permitted loss 2 859.75 USD
Max permitted loss 6395.50 USD
Today's profit 359.75 USD
Last Updated27 Aug 2020 12:06:16
Intraday only.
  • #3,044
  • Aug 27, 2020 9:35am Aug 27, 2020 9:35am
Wise words and good points to consider.
Inserted Video
  • #3,045
  • Aug 27, 2020 10:38am Aug 27, 2020 10:38am
Greetings is FTMO still taking new members as in now?
  • #3,046
  • Aug 27, 2020 1:11pm Aug 27, 2020 1:11pm
Quoting tradista
Wise words and good points to consider. https://www.youtube.com/watch?v=4u0i2OZMZW0

No idea why he picked on Ben.
I am not supportive of Ben; but the forexfamily mentors also do the same with Insta posts.

I guess he should do a video of this kind about the forexfamily mentors; his own teammates.

these guys are pure talkers; they get on weekend meeting and make more money than Jeff Bezos in those demo trades.
they also never show any track record.
they claim Insta is track record...yeah..damn me.

dont let it spoil your sprit.
Determination + Persistence = Success
  • #3,047
  • Aug 27, 2020 2:16pm Aug 27, 2020 2:16pm
Quoting tradista
Wise words and good points to consider. https://www.youtube.com/watch?v=4u0i2OZMZW0
I just slammed 'em in their comment section. it's the dumbest review for legitimacy I've ever seen. Every firm, whether it be prop, institutional, private, hedge, bank, ALL have their own criteria. A fee gives people a chance who don't have a resume with a masters in finance, especially when we all know that degree is useless in trading. A degree in finance to do market analysis is not a trader. Sitting and writing up a market direction is not building up the emotional/psychological state of mind needed for trading. He's just piggy backing on FTMO's search popularity, then puts several links so he can get referrals and commissions. What a tool.

There should only be 1 criteria for "are they legit". And thats "do they pay out". And everything we've seen says they do. So done. If you can't pass the challenge and verification cause it goes against your trading style, move on.
The best strategy is a profitable one.
  • #3,048
  • Edited 3:55pm Aug 27, 2020 3:08pm | Edited 3:55pm
Quoting SKLearn
{quote} No idea why he picked on Ben. I am not supportive of Ben; but the forexfamily mentors also do the same with Insta posts. I guess he should do a video of this kind about the forexfamily mentors; his own teammates. these guys are pure talkers; they get on weekend meeting and make more money than Jeff Bezos in those demo trades. they also never show any track record. they claim Insta is track record...yeah..damn me. dont let it spoil your sprit.
I think it's because Ben and most SM superstars-wannabe simply use lifestyle to bait students.. looks like it works.
"Forex mentors who can't show a track record".. true, but same old issue coming up over and over, and a total dead end.
  • #3,049
  • Edited 3:56pm Aug 27, 2020 3:34pm | Edited 3:56pm
Quoting AnRan
{quote} I just slammed 'em in their comment section. it's the dumbest review for legitimacy I've ever seen. Every firm, whether it be prop, institutional, private, hedge, bank, ALL have their own criteria. A fee gives people a chance who don't have a resume with a masters in finance, especially when we all know that degree is useless in trading. A degree in finance to do market analysis is not a trader. Sitting and writing up a market direction is not building up the emotional/psychological state of mind needed for trading. He's just piggy backing...
I don't particularly appreciate the guy's attitude and not my style at all but I do think he's raising valid points for forex and prop firms newbies in general, imho, even if it's nothing new for those who have been around trading for some time.
And honestly, for me, not only "do they pay" is important but understanding the business model is also important, being informed of where the money comes from with some transparency would make it even more trustworthy, because, as alluded a couple of times in the video, the last thing you want is to be involved in a money laundering scheme happening behind your back, which could be funding the commissions you receive for example. I don't believe that's the case, but one can't help but wonder, so that's a really important point for "legit" IMO. Brokers do have requirements for it, but none of these firms make any reference to that, from what I can tell. They say they have their own investors, right, so who are they? Why aren't they in the "partners" or some other page of the website? that's the interesting point this guy is also making.
Otoh, FTMO is the only firm that is actually showing their faces and coming forward very actively in a very transparent manner, I think that's also why they are getting so much interest from retails traders as they do try to build trust and genuinely showing they want both parties to succeed. Just my 2 cents.
  • #3,050
  • Aug 27, 2020 4:18pm Aug 27, 2020 4:18pm
Quoting tradista
Wise words and good points to consider. https://www.youtube.com/watch?v=4u0i2OZMZW0
Wise words.. LoL, that guy is FoS .. "Why don't I do the challange, I am funded already .."

..and sure Ben Barker and his instagram pics are for, to use Tom Dante's favorite term, CUN*TS

.


.
  • #3,051
  • Aug 27, 2020 4:57pm Aug 27, 2020 4:57pm
Quoting tradista
{quote} I think it's because Ben and most SM superstars-wannabe simply use lifestyle to bait students.. looks like it works. "Forex mentors who can't show a track record".. true, but same old issue coming up over and over, and a total dead end.
yeah, still I am puzzled , when you review FTMO/prop firm why take a stand on a guy just like that.

the entire forexfamily so called mentors(including this guy) rely on Instagram posts to lure people for their courses.

wicksdontlie started that video with a lie.
in 0.07 seconds he exposed himself. it does not take 007 to figure that out.

these guys are forced to trade using the broker created by forexfamily, because they are mentors.

these guys charge hefty fees ,I guess close to $500 or $1000, for some stupid course
and still have guts to point fingers on someone (in this case FTMO) who gives better chances for those dollars.


anyway, FTMO is very legitimate opportunity to make money. Few other PROP FIRMS also very legit.

I will share my experience in detail when I get more time.
I have not found any wrong in those firms yet; when I do I will update.
Determination + Persistence = Success
  • #3,052
  • Aug 27, 2020 5:18pm Aug 27, 2020 5:18pm
Well with ALL the money they're raking in now from all these new challenges and verifications that are being attempted, we can all rest assured that our profits will be paid - if we ever get that far of course!!
  • #3,053
  • Aug 27, 2020 6:55pm Aug 27, 2020 6:55pm
Quoting tradista
{quote} I don't particularly appreciate the guy's attitude and not my style at all but I do think he's raising valid points for forex and prop firms newbies in general, imho, even if it's nothing new for those who have been around trading for some time. And honestly, for me, not only "do they pay" is important but understanding the business model is also important, being informed of where the money comes from with some transparency would make it even more trustworthy, because, as alluded a couple of times in the video, the last thing you want is...
I totally understand what you're saying. In fact, when I first looked into FTMO, I did the same thing. First try to really understand the business model and make sure the conditions didn't put me at an unnecessary advantage. Once they removed the 50% success rate, I found it a lot more fair. But my issue is the way he puts it in the video. He draws some ridiculous conclusions to ultimately say, "well just come and join my mentorship".

I, personally, don't think its anyone's business other than compliance and investor relations as to who the investors are. I've worekd at a private firm before. I didn't sit there and say "well I want to know who your investors are first". lmao. It's kinda crazy to ask this. Management would've thrown my ass out on the street before I had a chance to take my next breath.
Check the business license, check out their countries regulations, see their annual revenue reports (which are on the government website and the links have been posted here). Those are the things you would want to know, not "who is your investor". That is a problem for compliance, not the trader. The only real change to these prop firms compared to 10 years ago is it's being done online. You don't have to pay 500$ monthly for a seat in office and then get funded with 10k to start. Majority of people across the world can't move their whole lives to London to do this.

And usually to be on a "partner" section of websites like this, you have to kick back to them referral fees. With all the interest FTMO gets, does it seem like they need that advertising? Lol. Its just another expense, and people will just end up paying for it with increased challenge fees.
The best strategy is a profitable one.
  • #3,054
  • Aug 28, 2020 8:49am Aug 28, 2020 8:49am
Quoting slappymove
{quote} Congratulations! I have a feeling you are using a grid/martingale strategy with 100+ trades in 11 days.
Yes im using marti but with stoploss
  • #3,055
  • Aug 28, 2020 11:59am Aug 28, 2020 11:59am
Quoting Mtinifx
Well with ALL the money they're raking in now from all these new challenges and verifications that are being attempted, we can all rest assured that our profits will be paid - if we ever get that far of course!!
hah hah you make it sound like this is a Ponzi scheme. Well, it's not scam as long as people gets paid their profits. Still many challenge failers out there so no need to worry hah hah

Me I'm one of those trying the free trial. Not worried about not getting paid if I pass at the moment
  • #3,056
  • Aug 28, 2020 12:30pm Aug 28, 2020 12:30pm
I have worked in many brokerages for the last 15 years at a high level. I can tell you that FTMO execute trades, whether they are all of the trades or not i dont know. Next, it would take like 2 strongly profitable guys to completely wipe out all their "fees" not to mention the fact the fee is refunded anyway if you pass. Its possible the original capital on margin at LP is from the fees of the losers, but i doubt they are solely relying on losing traders fees to survive, that would be the dumbest model in history and most people who are taking the trial period are likely people who have some confidence that they will pass, even if they don't.

The biggest question for FTMO would be what happens if a large influx of successful traders join their books and they need to raise margin to execute the trades. Remembering that margin is based on position size and not max loss.
  • #3,057
  • Edited 10:03pm Aug 28, 2020 12:59pm | Edited 10:03pm
not a good day.

50 k demo account

Day : 5

max daily loss : 1130 $

Max loss : 67 $

PROFIT TARGET : 485 $
Intraday only.
  • #3,058
  • Aug 28, 2020 3:06pm Aug 28, 2020 3:06pm
Quoting AnRan
{quote} I totally understand what you're saying. In fact, when I first looked into FTMO, I did the same thing. First try to really understand the business model and make sure the conditions didn't put me at an unnecessary advantage. Once they removed the 50% success rate, I found it a lot more fair. But my issue is the way he puts it in the video. He draws some ridiculous conclusions to ultimately say, "well just come and join my mentorship". I, personally, don't think its anyone's business other than compliance and investor relations as to who...
I actually didn't watch til the very end so I didn't notice the "join my mentorship program" part, my bad.
Thanks for your insight, it makes sense and I agree with all the points you're making!
  • #3,059
  • Aug 28, 2020 7:56pm Aug 28, 2020 7:56pm
can you trade crypto over the weekend?...like not hold a position but open a trade on Saturday with FTMO
  • #3,060
  • Aug 28, 2020 10:54pm Aug 28, 2020 10:54pm
Quoting RSuper
can you trade crypto over the weekend?...like not hold a position but open a trade on Saturday with FTMO
Yes u can
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