{quote} Yes i read their website , terms conduction , and contract.. i had concern regarding this point so i contacted Customer service through email , at first they say you can trade any other pair , next day they change and confirm you can't have any trade during this time ( not even SL hit will cause contract termination ) , will be good if you contact them and confirm , it's my way i alway go into detail before jumping in ,.
My journey to Full-Time trader via prop funding (and a gift!)
Finally got onto the forum and around to making another update. Very busy with family stuff and work last few weeks, but still managing to fit in my trading where I can.
Lots to report, as a lot happening with my funded trading journey recently. I’ll spilt it into the different prop firms to try and order it into chunks.
FTMO
Firstly, coming to FTMO who I passed the $100k challenge & verification first time of asking as reported previously. Got my first pay-out from them a couple of weeks ago now. Pus my challenge fee refunded too so total just over $1,600. Even though it was a low return on my first month I was very pleased with that as I am trading it very conservatively. Just 0.5% risk per trade. Plus considering I had to trade my way out of the drawdown I incurred that was a consequence of me trading using limit orders while away on holiday which I normally never do – but I couldn’t keep away! Enthusiasm got the better of me, but lesson learned.
Plus, last Thursday I passed my second Challenge (10% in a month) and am now onto Step Two Verification (15% target in 60 days). Started trading that on Friday. Also started a third $100k challenge account yesterday. This time I have selected Purple Trading as the broker rather than going with the FTMO main broker (LMAX). There have been some issues with the FTMO LMAX servers since they put new technology in recently. Seems to be getting better and improving and has only caused me personally one direct issue. But thought it best to go with the more reliable Purple Trading at this time until everything settles down.
So, all in all very pleased with how my progress is going with FTMO. Three $100k accounts with them, in various different stages, is ahead of my 6-month plan I initially mapped out.
Enfoid
I am still in the $100k Challenge phase with Enfoid. This is on my restarted account as on my first try I got as high as 8% before couldn’t get it over the line. But ended up in profit so got a free retry. These 10% in a month challenges are difficult (hence why they are called challenges I guess), but key thing is to make sure you are in profit at end of the 30 days so you are entitled to a free retry. I have another week left on this retry. Still work to be done but hopefully I can cross the line this time, though it will be tough, but at the very least I will be in profit easily.
PsyQuation/AxiSelect
I passed the criteria to get into this funded program a week or so ago. For those that don’t know about it you have a 6-12 month evaluation period using you own personal LIVE account. An algorithm assesses your trades you place and rates you for Skill, Risk, Behaviour and History to give you an overall rating called the PsyQuation score. You need to reach a minimum score of 75 after 6 months or 65 over a year to be accepted into the funding program. My score sits at 77 after 7 months so hit the threshold required.
Won’t bore you with all the detail now as this is only the first step to full funding with them. Initially I trade a $10k account with them for two months and maintain the score before getting a $100k then $50k increments each month up to a max of $350k. Payout to trader is only 20% though, but still definitely worth having. The initial account is in process of getting setup with them now.
MyForexFunds
Finally need to mention another funding company I have ben trying out called MyForexFunds that have an entirely different model to FTM/Enfoid. Basically, there is no initial challenge to pass. You just pay your initial fee $495 for $100k account. Plus, each month there is a subscription fee of $239 too. But straight away you can start to get a cut of the profits which are initially paid as 10% every two weeks.
They had an offer about a month ago where if you signed up you didn’t have to pay the monthly fees ever. Plus, in communicating back and forth with them they are very supportive and friendly. All in all, I didn’t intend to go down this route of funding at all, but in the end I couldn’t resist the offer and giving them a go and glad I did. Last Friday got my second payment, so already got all my money out and anything going forward is additional profits.
You may think why do it for just 10% (well headline percentage figure is firstly misleading at it is 10% twice a month!)? Well I have worked out the stats and there are many reasons why it is worthwhile plus as well they have a second method of you getting paid. Each month you get allocated additional funds into a second account. This is up to a maximum of 3.5% of the total profits you make on the first account. You can only start trading this second account when it has hit 10% - so will take at least 3 months to get there. But this second account you are paid 50% profits from it in first month rising to 65% in second and 80% in third as long as you get three profitable months in a row.
Oh, and the bi-weekly percentage payout increases each month 10% month 1, 12.5% month 2 and then 15% from month 3 as long as you are in profits in successive months. If you do the figures a 10% profit paid bi-weekly amounts to approx 15% a month and the top tier of 15% works out at around 22.5%. This is not 100% mathematically true as it depends on how the distribution of profits comes in over the 4 week period, which consists of 2 Friday pay-outs, but it is a good guide for getting an idea of things.
The thing that you do have to get your head around with MFF is the consistency rules they have. I won’t go into them now. Visit their web site if you are interested in finding out more. Bu they do cause me to think about how I trade and are restrictive in some ways. Some rules good and understandable, some not so much and have unintended consequences that I don't think they have thought through fully. Will write more on this later but bottom line, for those that don't like the challenge approach with companies like FTMO I think it is great alternative worth considering.
So, think that is it for this update. I’ll add more detail to some of the above later as only skirted over some things to give an overview of state of play.
Need to get back to focusing on passing the challenges and verification stage with FTMO and Enfoid which are my short to medium term goals.
Green pips to all
Lots to report, as a lot happening with my funded trading journey recently. I’ll spilt it into the different prop firms to try and order it into chunks.
FTMO
Firstly, coming to FTMO who I passed the $100k challenge & verification first time of asking as reported previously. Got my first pay-out from them a couple of weeks ago now. Pus my challenge fee refunded too so total just over $1,600. Even though it was a low return on my first month I was very pleased with that as I am trading it very conservatively. Just 0.5% risk per trade. Plus considering I had to trade my way out of the drawdown I incurred that was a consequence of me trading using limit orders while away on holiday which I normally never do – but I couldn’t keep away! Enthusiasm got the better of me, but lesson learned.
Plus, last Thursday I passed my second Challenge (10% in a month) and am now onto Step Two Verification (15% target in 60 days). Started trading that on Friday. Also started a third $100k challenge account yesterday. This time I have selected Purple Trading as the broker rather than going with the FTMO main broker (LMAX). There have been some issues with the FTMO LMAX servers since they put new technology in recently. Seems to be getting better and improving and has only caused me personally one direct issue. But thought it best to go with the more reliable Purple Trading at this time until everything settles down.
So, all in all very pleased with how my progress is going with FTMO. Three $100k accounts with them, in various different stages, is ahead of my 6-month plan I initially mapped out.
Enfoid
I am still in the $100k Challenge phase with Enfoid. This is on my restarted account as on my first try I got as high as 8% before couldn’t get it over the line. But ended up in profit so got a free retry. These 10% in a month challenges are difficult (hence why they are called challenges I guess), but key thing is to make sure you are in profit at end of the 30 days so you are entitled to a free retry. I have another week left on this retry. Still work to be done but hopefully I can cross the line this time, though it will be tough, but at the very least I will be in profit easily.
PsyQuation/AxiSelect
I passed the criteria to get into this funded program a week or so ago. For those that don’t know about it you have a 6-12 month evaluation period using you own personal LIVE account. An algorithm assesses your trades you place and rates you for Skill, Risk, Behaviour and History to give you an overall rating called the PsyQuation score. You need to reach a minimum score of 75 after 6 months or 65 over a year to be accepted into the funding program. My score sits at 77 after 7 months so hit the threshold required.
Won’t bore you with all the detail now as this is only the first step to full funding with them. Initially I trade a $10k account with them for two months and maintain the score before getting a $100k then $50k increments each month up to a max of $350k. Payout to trader is only 20% though, but still definitely worth having. The initial account is in process of getting setup with them now.
MyForexFunds
Finally need to mention another funding company I have ben trying out called MyForexFunds that have an entirely different model to FTM/Enfoid. Basically, there is no initial challenge to pass. You just pay your initial fee $495 for $100k account. Plus, each month there is a subscription fee of $239 too. But straight away you can start to get a cut of the profits which are initially paid as 10% every two weeks.
They had an offer about a month ago where if you signed up you didn’t have to pay the monthly fees ever. Plus, in communicating back and forth with them they are very supportive and friendly. All in all, I didn’t intend to go down this route of funding at all, but in the end I couldn’t resist the offer and giving them a go and glad I did. Last Friday got my second payment, so already got all my money out and anything going forward is additional profits.
You may think why do it for just 10% (well headline percentage figure is firstly misleading at it is 10% twice a month!)? Well I have worked out the stats and there are many reasons why it is worthwhile plus as well they have a second method of you getting paid. Each month you get allocated additional funds into a second account. This is up to a maximum of 3.5% of the total profits you make on the first account. You can only start trading this second account when it has hit 10% - so will take at least 3 months to get there. But this second account you are paid 50% profits from it in first month rising to 65% in second and 80% in third as long as you get three profitable months in a row.
Oh, and the bi-weekly percentage payout increases each month 10% month 1, 12.5% month 2 and then 15% from month 3 as long as you are in profits in successive months. If you do the figures a 10% profit paid bi-weekly amounts to approx 15% a month and the top tier of 15% works out at around 22.5%. This is not 100% mathematically true as it depends on how the distribution of profits comes in over the 4 week period, which consists of 2 Friday pay-outs, but it is a good guide for getting an idea of things.
The thing that you do have to get your head around with MFF is the consistency rules they have. I won’t go into them now. Visit their web site if you are interested in finding out more. Bu they do cause me to think about how I trade and are restrictive in some ways. Some rules good and understandable, some not so much and have unintended consequences that I don't think they have thought through fully. Will write more on this later but bottom line, for those that don't like the challenge approach with companies like FTMO I think it is great alternative worth considering.
So, think that is it for this update. I’ll add more detail to some of the above later as only skirted over some things to give an overview of state of play.
Need to get back to focusing on passing the challenges and verification stage with FTMO and Enfoid which are my short to medium term goals.
Green pips to all
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
Plus, last Thursday I passed my second Challenge (10% in a month) and am now onto Step Two Verification (15% target in 60 days). I have also just started my second challenge with FTMO and hoping you mistyped the 15% target in 60 days. It is still 5% just like first challenge , correct? btw, care to share how much bonus was paid out to you both times? as i have read that they do not pay out amounts over $1000 and above. Koop, which firm are you referring to here?
Yes, my mistake - a typo - verification stage is still 5%, my bad - Sorry if I startled you
Both bonuses ? - you referring to MFF? I have had only two bi-weekly payouts to date from them and details are as above in response to Koop's question.
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***
- #52
- Oct 22, 2020 10:39am Oct 22, 2020 10:39am
- Joined May 2016 | Status: Trader | 6,301 Posts
{quote} Yes, my mistake - a typo - verification stage is still 5%, my bad - Sorry if I startled you
BTW, great thread. I am on the same path, working on getting 3 FTMO accounts and then diversify. Do you use a copy trader, if so, do you mind sharing which one you are using? Thanks
- #53
- Oct 22, 2020 11:06am Oct 22, 2020 11:06am
- Joined Apr 2016 | Status: Conquistadores' | 1,545 Posts
- #54
- Oct 22, 2020 11:07am Oct 22, 2020 11:07am
- Joined Apr 2016 | Status: Conquistadores' | 1,545 Posts
- #59
- Oct 31, 2020 2:57pm Oct 31, 2020 2:57pm
- Joined Jan 2013 | Status: Trader | 4,386 Posts
MA provides the market's current direction and strength.
Great Thread Brother. Hope I could learn more things from you. Can you give us some inside about your money management? Thanks Keep doing good work. I hope I will join This world soon.
I was asked how do I go about tackling the 10% challenge on another thread. Plus, personally got some PMs about it. So, I will post my thoughts here so it’s all in one place.
Firstly, the challenge of getting 10% in about 20 trading days is tough - really tough no doubt about it. Very, very few (if any) can consistently get 10% each calendar month unless you are an elite super trader. I am not one of them. Sure, I have had 10%+ months but you can’t rely on them and certainly don’t know at the outset of the month what the final return will be.
But I do have a reasonably level of consistency in my trading each month to know that 5%+ months come along reasonably regularly. In my personal account for October just finished I hit 5.96% for example – a reasonable month for me and I’d be very happy to get that each month. If you have $600k in funded accounts that would amount to a pay-out of around $25k - I can live off that
But of course you have to get those funded accounts in the first place to be in a position to earn those returns. That is what inspires me to commit to the journey I am documenting here. The point I am making here is that you only must get the 10% for the challenge. After that you can trade as you would normally and make fantastic money. So how do you go about it, knowing that from the outset, hitting 10% is unlikely? Here’s my thoughts on the matter and how I tackle it for my trading style. You’ll possibly have to adapt it to fit in with how you trade.
First a bit of context – I trade typically from 2-5 trades a day, averaging just over 3 a day. I trade every day of the week in a normal week.
In my challenge account I will risk a fixed 1% per trade of the original starting balance. So max loss $1,000 per trade on a $100k challenge account. Before I enter a trade I need to see the potential for at least a 1.5 R trade. (ie. profit of $1,500). That is the absolute minimum and ideally it will be a lot more. But I never ever set a take profit level (TP) on my trades – I monitor the trades when it trades at my predetermined target levels so see how they price action is going. If it is stalling I will exit for a profit, but if it looks as though it could go further I will move stops to break even and revaluate later and repeat if stops should be moved to lock in profits. (Tip - by not having a TP, the advantage is that if there is a price shock in your favour and you get an extreme move you can close out for big profits which you would miss by having a TP set. Tilts the odds more in your favour I have found over the years).
Now as I have said before, it is unlikely you hit 10% in a month. Not impossible but unlikely. But hopefully I can be going into the last week of trading with a reasonable profit (the higher the better). That is reasonable expectation for me, and I would hope for most traders who are attempting the challenge. You need to show consistency in been profitable to even attempt the challenge in the first place. Thus what I start to do in the last days I get more aggressive by increasing the risk per trade to say 2% (could be even more the closer I get if I am running out of time). The key thing here to remember is whatever you do, do not risk too much that your profits turn negative. That is the determining factor in how much you can increase the risk to. As long as you are positive for the challenge you get a free shot next month.
The key thing to think about is that is pointless having a 8% winning month on the challenge and say look how good I did, I was very close to passing. Close gets you nothing! End result is it is exactly the same as someone earning $1 of profit. Both are positive so you get a free go. So use the money you have built up to really have a go at it, in the last week. Say I am say sat 6% going into my last day. I could decide to risk 4% on the next trade as an extreme. I only need a 1 R trade to earn the 4% needed to push me over the 10% target. More likely though, knowing that I trade typically 3 times a day. First trade of the day I could risk 2% - if I get a 2R trade it earns me the 4%, again I have hit the 10% target. If I fail, my account still sits at 4%. So next trade I could risk 3% knowing a 2R trade will still get me the now 6% extra I need to take the account to 10%. If I fail my account still sits at 1%, still well in profit to get the free challenge next month.
Of course, all the above is only possible if you can trade well, build a buffer of profits up and go for it in the last day(s) of the challenge. If it fails, do the same the following month with the free go. Repeat until you pass. Hope the above makes sense. It’s using a controlled aggressive risk approach playing with the profits and knowing in the challenge earning $9,999 is treated the same as winning $1. Both fall short, and both give you a free retry. Use that basic math to your advantage.
Green pips to all
*** Shoot for the moon. Even if you miss, you'll land among the stars. ***