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FTMO - For serious traders

  • #3,681
  • Sep 20, 2020 11:30am Sep 20, 2020 11:30am
Quoting pipmaster77
{quote} Yes, news restriction only applies to funded accounts. If a s/l or t/p is hit during the 2 min window on a restricted instrument, it is considered trading and I believe would violate the account just like any other rule violation. The 2 solutions are to delete the s/l or t/p or the safer route would be open a hedge (just be sure it's before 2 min and it remains open until after the 2 min)
I find it stupid that a TP would be considered trading in this instance as its easily copyable and not slippage sensitive.
  • #3,682
  • Sep 20, 2020 1:48pm Sep 20, 2020 1:48pm
Quoting Takisd
{quote} I find it stupid that a TP would be considered trading in this instance as its easily copyable and not slippage sensitive.
TP is the opposite order to close your position, when you have buy trade, you need to sell it to close, when you have sell trade, you need to buy it to close. If you're familiar with stocks trading, you understand. But yes, it would be good if TP and SL are not considered as trading.
  • #3,683
  • Sep 20, 2020 1:58pm Sep 20, 2020 1:58pm
Quoting fuadik88
{quote} TP is the opposite order to close your position, when you have buy trade, you need to sell it to close, when you have sell trade, you need to buy it to close. If you're familiar with stocks trading, you understand. But yes, it would be good if TP and SL are not considered as trading.
i know but a tp is on the side of liquidity not against it
  • #3,684
  • Sep 20, 2020 2:12pm Sep 20, 2020 2:12pm
Quoting Takisd
{quote} i know but a tp is on the side of liquidity not against it
news trading may be considered as gambling.

Some traders place buy stop and / or sell stop trades with TP fixed.

This happens within 2 minutes after news release, This is what FTMO does not allow.

If you have running trade prior to news release anf then if TP hits within 2 minutes is also considered as gambling.
Intraday only.
  • #3,685
  • Sep 20, 2020 4:05pm Sep 20, 2020 4:05pm
Quoting Takisd
{quote} i know but a tp is on the side of liquidity not against it
Right, but a buy is closed with a sell and vice versa. As I mentioned, very simple solutions, not a big deal, either remove s/l or t/p or hedge.
  • #3,686
  • Sep 20, 2020 6:59pm Sep 20, 2020 6:59pm
Quoting pipmaster77
{quote} Right, but a buy is closed with a sell and vice versa. As I mentioned, very simple solutions, not a big deal, either remove s/l or t/p or hedge.
yes... hedge is ok as long as the widening spread does not put you above the daily or account max loss, of course...

it would make sense that tp could be allowed... where is the harm in that, FTMO? perhaps a minimum tp, so a scalping tp is not allowed, but say a 10 or 20 pip tp, or whatever, is allowed. A scalping tp may end up in loss due to spread and movement...
  • #3,687
  • Sep 20, 2020 8:31pm Sep 20, 2020 8:31pm
Quoting navk
{quote} in this account, 1.5 % in 8 trading days. There is scope for improvement I guess. IMO, trading in 2 challenges at the same time, may be difficult. It looks to me like this.
The best strategy is a profitable one, not a fast one. Better he end up in the green even if it does take him two weeks. And EVERYONE has high and low periods. What matters is how you get through the time when its loss after loss.

Even when I took my 50k challenge, I think I had 6 trading days of being just about flat because the market wasn't giving me the follow through I was looking for. Then boom, I got the follow through and I was up like 6%. Being green in the end is all that matters.
The best strategy is a profitable one.
  • #3,688
  • Sep 20, 2020 8:33pm Sep 20, 2020 8:33pm
Quoting doyathink
{quote} yes... hedge is ok as long as the widening spread does not put you above the daily or account max loss, of course... it would make sense that tp could be allowed... where is the harm in that, FTMO? perhaps a minimum tp, so a scalping tp is not allowed, but say a 10 or 20 pip tp, or whatever, is allowed. A scalping tp may end up in loss due to spread and movement...
Worst idea ever. If you don't know how to hedge, don't hedge. If spreads are affecting your hedging ability, don't hedge. No reason to add another trading stipulation to affect thousands of people because one person is having trouble hedging in a non-hedging environment.
The best strategy is a profitable one.
  • #3,689
  • Sep 20, 2020 9:24pm Sep 20, 2020 9:24pm
Quoting AnRan
{quote} The best strategy is a profitable one, not a fast one. Better he end up in the green even if it does take him two weeks. And EVERYONE has high and low periods. What matters is how you get through the time when its loss after loss. Even when I took my 50k challenge, I think I had 6 trading days of being just about flat because the market wasn't giving me the follow through I was looking for. Then boom, I got the follow through and I was up like 6%. Being green in the end is all that matters.
there is always scope for improvement.
Intraday only.
  • #3,690
  • Sep 21, 2020 4:29am Sep 21, 2020 4:29am
Challenge #1 completed.
I will post a new TE when I have the Verification account.

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Always read Post #1
  • #3,691
  • Sep 21, 2020 4:41am Sep 21, 2020 4:41am
Quoting jagzuk
Challenge #1 completed. I will post a new TE when I have the Verification account. {image}
Good going.
  • #3,692
  • Sep 21, 2020 7:15am Sep 21, 2020 7:15am
there was some discussion about payment withdrawal by wire.

I sent email to them and got reply.

"We accept payments and withdrawals via bank wire transfer or Skrill also in this link: https://ftmo.com/en/faq/what-payment...are-available/.
If you have any more concerns, feel free to contact us again."
Intraday only.
  • #3,693
  • Sep 21, 2020 7:31am Sep 21, 2020 7:31am
Quoting jagzuk
Challenge #1 completed. I will post a new TE when I have the Verification account. {image}
Nice job very clean stats.
  • #3,694
  • Sep 21, 2020 7:36am Sep 21, 2020 7:36am
Quoting Takisd
{quote} Nice job very clean stats.
Thank you, my approach is "0.75% per day, then walk away".
Always read Post #1
  • #3,695
  • Sep 21, 2020 9:45am Sep 21, 2020 9:45am
So close, yet so far.
work stress, getting that last 0.8%, and the "superman" effect caused me 4% of drawdown today. Now, I'm at 0% again.
Set-up is within the plan, however, the risk management is off and took a lot of risk than necessary. Good thing FTMO has the 5% daily drawdown rule, it made me stop trading today and come to my senses.

It's ironic that I last posted about trading psychology and I failed at my psychology today. It still amuses me that it is extremely hard to control the human brain.
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adapt or be killed
  • #3,696
  • Sep 21, 2020 9:50am Sep 21, 2020 9:50am
Quoting slappymove
So close, yet so far. work stress, getting that last 0.8%, and the "superman" effect caused me 4% of drawdown today. Now, I'm at 0% again. Set-up is within the plan, however, the risk management is off and took a lot of risk than necessary. Good thing FTMO has the 5% daily drawdown rule, it made me stop trading today and come to my senses. It's ironic that I last posted about trading psychology and I failed at my psychology today. It still amuses me that...
It happens to us all...I had a stellar Friday and went into the markets this morning full of (over) confidence...I soon had my ass handed to me and now Im struggling to break even for the day.

Trading is tough psychologically because you have to do the opposite of what your mind is telling you to do....keep going mate, you'll get to that 5%
  • #3,697
  • Sep 21, 2020 9:56am Sep 21, 2020 9:56am
Quoting slappymove
So close, yet so far. work stress, getting that last 0.8%, and the "superman" effect caused me 4% of drawdown today. Now, I'm at 0% again. Set-up is within the plan, however, the risk management is off and took a lot of risk than necessary. Good thing FTMO has the 5% daily drawdown rule, it made me stop trading today and come to my senses. It's ironic that I last posted about trading psychology and I failed at my psychology today. It still amuses me that...
I did the same thing in verification. Got real angry with myself to be .6% away and then give it all back. I finished 4 days later. I agree, I think that daily loss actually makes you a better trader. On a personal account, I'd keep going, trying to chase losses.
  • #3,698
  • Sep 21, 2020 10:11am Sep 21, 2020 10:11am
Quoting Zuke
{quote} It happens to us all...I had a stellar Friday and went into the markets this morning full of (over) confidence...I soon had my ass handed to me and now Im struggling to break even for the day. Trading is tough psychologically because you have to do the opposite of what your mind is telling you to do....keep going mate, you'll get to that 5%
Thanks! All of us WILL pass. Good thing we still have lots of positive people in this thread.

Quoting pipmaster77
{quote} I did the same thing in verification. Got real angry with myself to be .6% away and then give it all back. I finished 4 days later. I agree, I think that daily loss actually makes you a better trader. On a personal account, I'd keep going, trying to chase losses.
Yeah, a bit disappointed at myself too. I could've settled at 4% and call it a day and start over tomorrow. Anyway, there's no way but to move forward and improve. I'll have a personal stop loss at -1.5% per day and call it a day once reached, which I have been doing in the past - I totally forgot about this myself. That would mean 3 losing trade in a day and done close the computer and go sleep or somewhere.
adapt or be killed
  • #3,699
  • Sep 21, 2020 10:15am Sep 21, 2020 10:15am
Quoting slappymove
So close, yet so far. work stress, getting that last 0.8%, and the "superman" effect caused me 4% of drawdown today. Now, I'm at 0% again. Set-up is within the plan, however, the risk management is off and took a lot of risk than necessary. Good thing FTMO has the 5% daily drawdown rule, it made me stop trading today and come to my senses. It's ironic that I last posted about trading psychology and I failed at my psychology today. It still amuses me that...

Pretty easy day to do that. I Got out of the way of the steam train today. Was hoping to pass but looks like I won't be unless the market reverses which doesnt look likely. (I am flat but dont see any new entries on the horizon
  • #3,700
  • Sep 21, 2020 10:19am Sep 21, 2020 10:19am
Can any funded trader shed some light on the time frame from passing verification and signing contract to be up and running on the funded account. I passed Wednesday, they sent contract and I completed on Thursday. They say like 2-3 business days, is that accurate?
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