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FTMO - For serious traders

  • #3,641
  • Sep 18, 2020 1:47pm Sep 18, 2020 1:47pm
Quoting mtako
Whos using Ctrader ? Any problems ? Cheers all !
Yes.
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  • #3,642
  • Sep 18, 2020 5:40pm Sep 18, 2020 5:40pm
Quoting slappymove
{quote} goodluck with your challenge! {quote} Congratulations on getting funded! ------------------------------------------------------------------------ After 1 month, I'm out of drawdown! My equity curve is like one of the charts. stick with your rules, trade consistently. I hope everyone gets green pips! {image}
Wow.

That's an impressive recovery out of DD.

Masterrmind .......
Master your Mind then Master your Trades
  • #3,643
  • Sep 18, 2020 6:04pm Sep 18, 2020 6:04pm
Quoting Takisd
{quote} You might need to increase your lot size because if you have a bad day its going to take a bit to catch up again but without knowing exactly how you are trading its hard to tell. I am using 2 lots for fx pairs, 10 for dow and 2 for gold.
Those lot sizes are ok.

I've used similar in my challenges.

On Gold I'm starting to use 3 lots based on progress and sometimes 5 lots on the majors however, I typically start at 1 lot and work my way up slowly based on available buffer profit.

My aim is to lean into a symbol with several increasing lot increments at a time I believe to be ideal.

So if I have a minimum 2% - 3% gain on the account I may use a series of Buy Stops or Sell Stops with a favorable result hitting target of 10% in the challenge. On the flip side if I get stopped out I want to have at least some profit showing in the account for a free go depending on how far I am into the challenge before losses hit.

If a challenge account is doing well and time is on my side then I may skip the aggressive entries and only play them closer to the end time of the challenge if I'm still distant from making profit target.

Gold and also GJ if traded can really whip around very fast so if you play the larger volumes be absolute sure to have tighter stops in play or it might humble the trader rather quickly.

I hope at least 1challenge can make it across the line but it's been very interesting to say the least and still much work to do.

Good trading,

Masterrmind .........
Master your Mind then Master your Trades
  • #3,644
  • Sep 18, 2020 8:40pm Sep 18, 2020 8:40pm
Quoting Masterrmind
{quote} So if I have a minimum 2% - 3% gain on the account I may use a series of Buy Stops or Sell Stops with a favorable result hitting target of 10% in the challenge. On the flip side if I get stopped out I want to have at least some profit showing in the account for a free go depending on how far I am into the challenge before losses hit.
That's also my idea... Trade small until there's some good Profit, like the 2-3% you mentioned and then increase the size but not too much so I'll stay in profit even if everything hits SL, which of course shouldn't happen

My current trading-challenge (not FTMO-Challenge) is the market-hours as I started a new job some days ago, so can't trade Asia anymore during the day. And during night I want to sleep to not sleep at work. So I can basically only trade London-Session for about 3 hours which means I might have several days without any trade in that timeframe. In whole EU+NY I usually have 2-3 possible trades...

We'll see how my current trial works out
However, I'm currently trading with 2% risk there, so might blow up
It's never too late to make a bad trade!
  • #3,645
  • Sep 18, 2020 9:42pm Sep 18, 2020 9:42pm
Quoting paxilein
{quote} That's also my idea... Trade small until there's some good Profit, like the 2-3% you mentioned and then increase the size but not too much so I'll stay in profit even if everything hits SL, which of course shouldn't happen My current trading-challenge (not FTMO-Challenge) is the market-hours as I started a new job some days ago, so can't trade Asia anymore during the day. And during night I want to sleep to not sleep at work. So I can basically only trade London-Session for about 3 hours which means I might have several days without any trade in that timeframe. In whole EU+NY I usually have 2-3 possible trades... We'll see how my current trial works out However, I'm currently trading with 2% risk there, so might blow up
A lot of people complain during asian session, so good for you to not trade during this period.
2% risk is still acceptable IMO - only not with FTMO.
goodluck with your challenge!


Quoting Masterrmind
{quote} Wow. That's an impressive recovery out of DD. Masterrmind .......
Thanks Mastermind!

Quoting navk
{quote} this is first time challenge for me. Some lessons learnt on Wednesday. Took loss on bad trades. Whatever I made on Monday and tuesday, I gave up on wednesday and moreover the equity was less than 99k. However, I with lots of courage and vigor, I made the capital to 100k the same day on wednesday. At the end of wednesday, I was flat. This is huge lesson to me and did perfect trading today and yesterday. Now 1.92 % up. I do not want to look back... Remaining in 17 trading days. I need to make roughly 8k, Around 500 bucks everyday. Hope the...
Trade consistently with your strategy. I've been into full 20 days of drawdown (you can verify it thru my TE) in my FTMO verification. Staying consistent and calm during drawdown is second to risk management. Don't count the number of $$$ and % you need to earn or giving back to the market. Instead, focus on the process on how you execute the trade. ie always risk a % of your capital consistently, trade above quality trade set-ups, keep your rules simple to follow, keep your emotions in check if you are doubting yourself - it means do not trade the set-up.

Instead of targeting to get that 10% target profit, focus on having 1% profit by end of challenge - this is what I have done in my challenge and it helped me a lot. By doing this, you are putting stress off yourself, you'll get another chance if you don't get that 10% target profit. Yes, you will not get to the next stage .. BUT you will have time to take a look at your strategy and tweak it a bit so that next time, instead of targeting 1%, you now target 3~5%. Nothing to lose --- YET, the entry fee you paid is still there and valid and you still have a chance to get it back in once you get funded. Don't give up even if it takes you some time.

I like how this youtuber has this free trading psychology series where he explains everything in simple terms. Uploaded years ago but still very relevant to this date. I hope this helps other traders taking the FTMO challenge.
Inserted Video
.
adapt or be killed
  • #3,646
  • Sep 18, 2020 9:48pm Sep 18, 2020 9:48pm
Quoting paxilein
{quote} That's also my idea... Trade small until there's some good Profit, like the 2-3% you mentioned and then increase the size but not too much so I'll stay in profit even if everything hits SL, which of course shouldn't happen My current trading-challenge (not FTMO-Challenge) is the market-hours as I started a new job some days ago, so can't trade Asia anymore during the day. And during night I want to sleep to not sleep at work. So I can basically only trade London-Session for about 3 hours which means I might...
I try to keep the average max loss per trade at 1%.

This applies to an aggressive setup on the same symbol when I might have say 3 entries open with one of them at 0.5%, another at 1% and the last one at 1.5% and a target of 6% to 10% all with the same TP.

Only applied when sufficient buffer profit exists.

The downside of this approach ofcourse is the loss of 3% on the one symbol when things go wrong.

Get it right though and targets get hit rather fast.

Masterrmind ........
Master your Mind then Master your Trades
  • #3,647
  • Sep 19, 2020 5:19am Sep 19, 2020 5:19am
Quoting mastersplint
{quote} Don't stress hitting the goal asap. Stress quality trades. If you can find 4 good trades with 1:3 rr you hit the goal. And if you finish challenge in profit but not hitting goal and passed everything else you get a second chance free. Just dont stress the days left for trading and dont stress the progress, coukd catch a killer trade and make 6-7% in one day and only have a few more % to go. Dont stress, relax, stay calm and focused on your trades, its the only thing that matters. When you add stress about days left or wanting to hit min...
quality trades with 1: 3 RR.

Fully agreed.

I trade, GU, EU, EJ,GJ.

I get one or two everyday.
Intraday only.
  • #3,648
  • Sep 19, 2020 8:03am Sep 19, 2020 8:03am
Quoting slappymove
{quote} A lot of people complain during asian session, so good for you to not trade during this period. 2% risk is still acceptable IMO - only not with FTMO. goodluck with your challenge! {quote} Thanks Mastermind! {quote} Trade consistently with your strategy. I've been into full 20 days of drawdown (you can verify it thru my TE) in my FTMO verification. Staying consistent and calm during drawdown is second to risk management. Don't count the number of $$$ and % you need to earn or giving back to the market. Instead,...
very good recovery for you in verification stage.

But you did very well in Challenge stage.
Intraday only.
  • #3,649
  • Sep 19, 2020 8:08am Sep 19, 2020 8:08am
Quoting navk
{quote} quality trades with 1: 3 RR. Fully agreed. I trade, GU, EU, EJ,GJ. I get one or two everyday.
Then you should be laughing through the challenge and verification.
Be strict, this is a business not a gamble. Think and act like a ceo
"Anger clouds the mind. Turned inward, it is an unconquerable enemy."
  • #3,650
  • Sep 19, 2020 8:11am Sep 19, 2020 8:11am
Quoting Masterrmind
{quote} Those lot sizes are ok. I've used similar in my challenges. On Gold I'm starting to use 3 lots based on progress and sometimes 5 lots on the majors however, I typically start at 1 lot and work my way up slowly based on available buffer profit. My aim is to lean into a symbol with several increasing lot increments at a time I believe to be ideal. So if I have a minimum 2% - 3% gain on the account I may use a series of Buy Stops or Sell Stops with a favorable result hitting target of 10% in the challenge. On the flip side if I get stopped...
have you ever tried easyorder script? You drag and place sl and tp where you want (entry too if its a pending order) and you set your risk % you want then click enter and it auto does your lot size so then on smaller sl would be bigger lot or however you're approach is
"Anger clouds the mind. Turned inward, it is an unconquerable enemy."
  • #3,651
  • Sep 19, 2020 8:19am Sep 19, 2020 8:19am
Quoting mastersplint
{quote} Then you should be laughing through the challenge and verification. Be strict, this is a business not a gamble. Think and act like a ceo
i am looking for a quality short trade in GU on monday.

ha..ha..
Intraday only.
  • #3,652
  • Sep 19, 2020 8:40am Sep 19, 2020 8:40am
Reading through the rules for the news.

Does FTMO specify which news releases they are watching for entries 2min before/after? a guy was complaining on youtube that he lost his account immediately after trading during news time without actually trading the news. So I want to be sure i know which news I have to avoid specifically.
  • #3,653
  • Sep 19, 2020 10:11am Sep 19, 2020 10:11am
Im sure they dont penalize you if you already had a trade from hours before the news, do they ?
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #3,654
  • Sep 19, 2020 10:12am Sep 19, 2020 10:12am
Quoting mtako
Im sure they dont penalize you if you already had a trade from hours before the news, do they ?
no its only 2 min before and after announcement but i dont know which announcements.
  • #3,655
  • Sep 19, 2020 10:29am Sep 19, 2020 10:29am
Quoting Takisd
{quote} no its only 2 min before and after announcement but i dont know which announcements.
https://ftmo.com/wp-content/uploads/...amentals-1.png
Intraday only.
  • #3,656
  • Sep 19, 2020 10:38am Sep 19, 2020 10:38am
In that case, I dont see the problem. It takes a minute a week to check if anyone of those is coming and then a simple event alarm on any phone would do.

Wouldnt it be cool if they offered that though ? I wouldnt be surprised if they will, since many traders have different strategies that each deal very differently with news.
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #3,657
  • Sep 19, 2020 10:58am Sep 19, 2020 10:58am
Quoting navk
{quote} {image}
so I can trade dow all the time?
  • #3,658
  • Sep 19, 2020 11:41am Sep 19, 2020 11:41am
Quoting Takisd
Reading through the rules for the news. Does FTMO specify which news releases they are watching for entries 2min before/after? a guy was complaining on youtube that he lost his account immediately after trading during news time without actually trading the news. So I want to be sure i know which news I have to avoid specifically.
They have a new FTMO Calendar that really helps. It give you a countdown of each release and also lets you know which ones are restricted by day.

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  • #3,659
  • Sep 19, 2020 11:59am Sep 19, 2020 11:59am
Quoting Takisd
{quote} so I can trade dow all the time?
DOW is not in the affected instrument for any of the event listed.

However, I would advise you ask support a specific query.
Intraday only.
  • #3,660
  • Sep 19, 2020 12:13pm Sep 19, 2020 12:13pm
Quoting Takisd
{quote} no its only 2 min before and after announcement but i dont know which announcements.
Tomas shared the FTMO calendar here a while ago, I have the site page bookmarked on another device so i unable to repost.

On the calendar page, avoid every news event highlighted with a large blue block/box.
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