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FTMO - For serious traders

  • #4,041
  • Oct 5, 2020 11:41am Oct 5, 2020 11:41am
Quoting kylenwin0406
Hello everyone, this is my honest opinion about FTMO. I passed both Challenge and Verification for my $50,000 funded account. Challenge Account: https://ftmo.com/en/metrix/11167833/?sharer=d827111ad Verification Account: https://ftmo.com/en/metrix/20902349/?sharer=bd86370d0 Both took me around 1 month to complete. Then I had to wait another 3 days for my Funded Account, which I eventually failed. https://ftmo.com/en/metrix/2090088389/?sharer=57d821041 But as everyone can see, I still made a profit of $1600 and FTMO...

Hi! Gratz on your FTMO.
May I ask how do you change your broker in FTMO to allows you to trade on US30?
I am thinking of taking up the challenge but couldn't find any information to trade on US30.
  • #4,042
  • Oct 5, 2020 11:59am Oct 5, 2020 11:59am
Quoting MoneyMeyka
{quote} Nah I don't deserve this much praise, you think too highly of me. I'm just a normal profitable trader from a third world country without any scientific background or technological instruments.
"profitable trader" isn't "normal" at all. Normality is losing money, stathistics doesn't lies. And let me say most part of these losing people think they are top traders when they start. In fact that is the main cfd and fx broker's business (and probably also some prop firms main business judging from the "teaching materials" they spread on internet..).

"without any scientific background or technological instruments" in that case you are just lucky. You can be lucky for about 2-3 maybe 6 month. If you think profitable traders are really drawing random lines on charts.. well.. I'm sorry

I'm not talking about fantasies, just study from real retail traders (not instagram or yt ""traders"")
  • #4,043
  • Oct 5, 2020 12:47pm Oct 5, 2020 12:47pm
Putting on a winning trade requires no skill at all.... Being consistently profitable requires some strategy, good money management and great psychology...

It's all about the small edge... And not violating the plan in any way...
It's never too late to make a bad trade!
  • #4,044
  • Oct 5, 2020 1:41pm Oct 5, 2020 1:41pm
Quoting paxilein
Putting on a winning trade requires no skill at all.... Being consistently profitable requires some strategy, good money management and great psychology... It's all about the small edge... And not violating the plan in any way...
Couldn't have said it better myself. People like over complicating things and end up missing the point while trying to look all advanced & sophisticated.
Everything you want in life is on the other side of fear.
  • #4,045
  • Oct 5, 2020 4:49pm Oct 5, 2020 4:49pm
Quoting KarlKraus
That's about 30, and those are just the ones that come to mind quickly. I'm sure there are plenty more, too.
There are. I've been researching them recently for my daughter. There are several more, too.

Quoting KarlKraus
What MATTERS is that FTMO are alone in asking people to make 10% profit in 30 calendar days(!!!), while at the same time having crap technology, and their customer service sucks so much
Exactly.

10% in a calendar month is incredibly demanding, and promotes reckless trading.

People can decide for themselves whether the company's trying to attract serious, safe traders or to pocket the fees of the 92% who fail the appraisal because it was designed to attract that sort of trader.

I found what looks like a good one, long-established and very publicly accountable (much more so than FTMO) with a 6% target and no time-limit to achieve it. They clearly want serious, safe traders.

Quoting KarlKraus
that when you point out to them that they're repeatedly leaving people hanging on their online support toy for over an hour and then just diconnecting them unattended-to, you (eventually!) get a response from Tomas saying things like "it can’t be all fixed overnight" and "it is not possible at the moment" (see above)
Tomas, it seems from your replies, above, that you genuinely don't understand the impression you've created by having a line of people for over an hour in duration waiting for your online support chat, and then just suddenly disconnecting them all at the end of your office hours.

It's an absolutely awful, unpleasant way to treat paying customers who have been let down by your company's technical interface.

If I ran my business that way, I wouldn't have a business.

People have been complaining about this for months.

"It can't be fixed overnight" just doesn't cut it.

It shouldn't need to be "fixed": you should have it working before you start charging people for your service.

And "it is not possible at the moment" simply illustrates the point that so many people have been making here, for so long, that you have problems that your very large and growing number of competitors don't have, and you're just not taking it seriously when people repeatedly and understandably complain.

Your company started the thread here for marketing purposes, but your marketing and public relations are a real disaster area. And you honestly don't seem to understand it.

I approached your company in open-minded spirit, as a potential customer (on behalf of a family member, admittedly), and you've totally put me off. Not only with the demanding 10%-in-a-month target but especially with what I've seen here of your desperately poor, slow and lackadaisical complaint-handling.
  • #4,046
  • Oct 5, 2020 5:40pm Oct 5, 2020 5:40pm
Quoting Quickly
{quote} There are. I've been researching them recently for my daughter. There are several more, too. {quote} Exactly. 10% in a calendar month is incredibly demanding, and promotes reckless trading. People can decide for themselves whether the company's trying to attract serious, safe traders or to pocket the fees of the 92% who fail the appraisal because it was designed to attract that sort of trader. I found what looks like a good one, long-established and very publicly accountable (much more so than FTMO) with a 6% target and no time-limit to...
Who is this prop firm with 6% profit target and no time limit?
Anything above the line is an uptrend, below the line is a downtrend.
  • #4,047
  • Oct 5, 2020 10:12pm Oct 5, 2020 10:12pm
lots of negative comments.

hmm..

The targets are reasonable with FTMO.

Once you pass the challenge, the profit target reduces to 5 %.

One should aim to get 0.5 % per day average. This is very reasonable challenge. Not more, not less.

For 100 k account, daily loss 5k, profit target 500 dollar average.

Once you become funded trader, no profit target but they want you to limit the losses.

what else one expects ?

Trading is always demanding... and there are guys who pass the challenge.

One can do 20 or more demos before taking up challenge.
Intraday only.
  • #4,048
  • Oct 5, 2020 10:39pm Oct 5, 2020 10:39pm
Quoting Quickly
Exactly. 10% in a calendar month is incredibly demanding, and promotes reckless trading. People can decide for themselves whether the company's trying to attract serious, safe traders or to pocket the fees of the 92% who fail the appraisal because it was designed to attract that sort of trader.
Well, if you are in profit after those 30 days you get a free retry... And you keep getting them until you make it through the challenge, give up or fail the rules...
Don't see where that is pocketing the fees. Usually one should be intelligent enough to only try this if they know that they can make it. I wasn't that intelligent on my first try as it turned out that my strategy doesn't work well during summer market
And if someone can consistently make 2% a month then it's just a matter of changing the position size to get to 10% and complete the challenge....
The difficult part is the consistency, isn't it?
It's never too late to make a bad trade!
  • #4,049
  • Oct 5, 2020 11:01pm Oct 5, 2020 11:01pm
for those who complain about metrix, a simple solution.

See the Average daily range of a particular pair.

For example 100 pips ADR.

Assume an extension in ADR 30 %.

So 130 pips.

100 k account, 5000 dollar daily loss.

Your lot size must never be more than 3.0 lots.

You do not need to see metrix as tool to control losses, but to see growth.

130 x 3x10 $ = 3900 $
Intraday only.
  • #4,050
  • Oct 5, 2020 11:57pm Oct 5, 2020 11:57pm
Quoting navk
for those who complain about metrix, a simple solution. See the Average daily range of a particular pair. For example 100 pips ADR. Assume an extension in ADR 30 %. So 130 pips. 100 k account, 5000 dollar daily loss. Your lot size must never be more than 3.0 lots. You do not need to see metrix as tool to control losses, but to see growth. 130 x 3x10 $ = 3900 $
Position-Size depends on the pair you're trading...

https://www.myfxbook.com/forex-calcu.../position-size

I'd feel comfortable trading 13 lots... Because that's only 2% Risk when trading GBPUSD on a $100k Account with 15 pip SL

I also don't see why the FTMO-Metrix are important....
I know which trades I did.
I know how they turned out.
I know what my risk on each trade was.

So, if I trade 1% risk I can at least do 5 trades without violating the daily loss rule. After that it might need a bit of thinking as one has to keep track about the drawdown of each trade, but still possible. Might even help to check MyFxBook or FF TE...

Maybe my advantage is that I don't trade many trades, so it's no problem for me to risk 2% on each trade as I'd only do 1-2 trades per day
It's never too late to make a bad trade!
  • #4,051
  • Oct 6, 2020 4:05am Oct 6, 2020 4:05am
Quoting Atenoip
To be a profitable trader you need technological instruments, scientific background, A LOT of study, a lot of time, capitals and much more. I don't think that kind of skills are compatible with a third word unlucky guy but maybe I'm wrong..
Lol. I've followed this thread for months an this is probably the most ignorant yet funniest post I've seen. Probably because I can directly relate.

I live in a third world country and have fiber direct to my home. Not those 'wireless fiber' internet. Actual underground fiber optic terminated to my home which I pay approx $80/month for it.

Can you please enlighten us about these so-called technological instruments required for trading spot forex beside the decades old MT4 or ctrader/tradingview? I will be so much interested in what constitutes these scientific backgrounds "and much more" as well.

Looks like you're the kind of person who still think of third world in the realm of starving kids with ribs showing, and people drinking from the same water supply as domestic animals. Sorry buddy, that's UNICEF definition of third world.

Inserted Video
  • #4,052
  • Oct 6, 2020 6:19am Oct 6, 2020 6:19am
Quoting newegg
{quote} Lol. I've followed this thread for months an this is probably the most ignorant yet funniest post I've seen. Probably because I can directly relate. I live in a third world country and have fiber direct to my home. Not those 'wireless fiber' internet. Actual underground fiber optic terminated to my home which I pay approx $80/month for it.
Nice to hear from a fellow "third world trader" without a scientific background & technological instruments.
Everything you want in life is on the other side of fear.
  • #4,053
  • Oct 6, 2020 7:43am Oct 6, 2020 7:43am
Quoting MoneyMeyka
{quote} Nice to hear from a fellow "third world trader" without a scientific background & technological instruments.
I'm (just) old enough to remember that 'the Third World' is a Cold War geopolitical classification term that has since been 'weaponised'. For anyone who cares to know the origins of the term:

https://www.investopedia.com/terms/t/third-world.asp

Always read Post #1
  • #4,054
  • Oct 8, 2020 9:25am Oct 8, 2020 9:25am
On a lighter note, started the verification a few days ago and undergoing a mean draw-down. One trade was 1 pip away from 3RR and pulled to breakeven, that hurts. I actually feel better with my trading now than the challenge process where I increased my lot size. In this case I've managed to stay within the allocated risk and can afford 8-10 losing streak.
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  • #4,055
  • Oct 8, 2020 11:26am Oct 8, 2020 11:26am
Quoting IveGotQuads
On a lighter note, started the verification a few days ago and undergoing a mean draw-down. One trade was 1 pip away from 3RR and pulled to breakeven, that hurts. I actually feel better with my trading now than the challenge process where I increased my lot size. In this case I've managed to stay within the allocated risk and can afford 8-10 losing streak. {image} {image}
you have lot more days to pass.

Take it easy.
Intraday only.
  • #4,056
  • Oct 8, 2020 1:54pm Oct 8, 2020 1:54pm
It's always good to prepare for a challenge on a trial... In my case I'm currently testing the trade-management-EA on the trial and it looks like it's a total fail as it didn't manage the trade at all. Only set the SL automatically after I opened the trade but then didn't do anything else. It should've moved the SL to Breakeven and then trailed the price but that didn't happen.
Well, at least I know that if it had happened the last two losing trades would've been winners and I would've passed the trial.
New EA now and we'll see if that one works better... Looks like with these technical problems I'll have to do another trial to confirm that everything works before I can start the challenge.
It's never too late to make a bad trade!
  • #4,057
  • Oct 9, 2020 9:50am Oct 9, 2020 9:50am
no updates from FTMO traders. Those who do challenge/ verification as well as funded traders.
Intraday only.
  • #4,058
  • Oct 9, 2020 10:04am Oct 9, 2020 10:04am
Quoting navk
no updates from FTMO traders. Those who do challenge/ verification as well as funded traders.
Many have lost or blown gone quiet .
Keep trying folks.
on a postive roll...
  • #4,059
  • Oct 9, 2020 10:07am Oct 9, 2020 10:07am
Pipmaster was doing well..as a funded trader.

There are some, I know have blown up.

For me, 9 days passed in challenge, Until now all in cotrol.

Fingers crossed, 14 more days to go.
Intraday only.
  • #4,060
  • Oct 9, 2020 10:08am Oct 9, 2020 10:08am
Quoting navk
no updates from FTMO traders. Those who do challenge/ verification as well as funded traders.
Probably hype is over. Or unsuccessful with the challenge/verification just like me.
Or just want to be silent.
adapt or be killed
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