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FTMO - For serious traders

  • #4,641
  • Nov 17, 2020 12:41pm Nov 17, 2020 12:41pm
Quoting driven18
Yo, Challenge/Verification/Funded Traders. Can you explain to me, Why we can not exit during the 2 min or "Red" news. I understand not entering but not exiting? Hmmmm ...If you opened a trade 2 hours prior to news, place your MM, including Stop Loss, what is the issue of exiting on that Stop Loss. Think Carefully - There is no reason not to be able to Exit and potentially SAVE your account.
If you enter two hours earlier and you also have the stop loss placed there are no problems. Indeed, the first month I lost money on this misunderstanding because I closed temporarily loss-making operations before the important news. Then I understood and in fact from the second month I started earning.
  • #4,642
  • Nov 17, 2020 1:01pm Nov 17, 2020 1:01pm
Quoting Adriano1987
{quote} If you enter two hours earlier and you also have the stop loss placed there are no problems. Indeed, the first month I lost money on this misunderstanding because I closed temporarily loss-making operations before the important news. Then I understood and in fact from the second month I started earning.
You have no clue - read the question. Funded Trader is not allowed to exit predefined Stop Loss during the FTMO Red News Event.
  • #4,643
  • Edited 1:28pm Nov 17, 2020 1:14pm | Edited 1:28pm
Quoting driven18
Yo, Challenge/Verification/Funded Traders. Can you explain to me, Why we can not exit during the 2 min or "FTMO Red" news. I understand not entering but not exiting? Hmmmm ...If you opened a trade 2 hours prior to news, place your MM, including Stop Loss, what is the issue of exiting on that Stop Loss. Think Carefully - There is no reason not to be able to Exit and potentially SAVE your account.
If I'm not mistaken, you can hold your trades overnight , over the weekend and even open and close trades 2 mins before/after a red news event on the challenge and verification BUT NOT on the funded accounts.

The reason that Tomas or Otakar gave earlier was that on the funded accounts, your demo trades are being copied over to their Live accounts and most times there could be a lag in execution because of the differing conditions on the demo from the live. So, if your SL is triggered at the exact price you set on your demo funded account during a major news event, it may incur 5 times more slippage on their Live account to which your trades are copied.

As for manual closing of positions or manual exits, I don't see why that should be a problem either. I hope they allow that sometime in the future.

This trade copying thing they do is probably not the best idea but I guess it works for them.
  • #4,644
  • Nov 17, 2020 1:17pm Nov 17, 2020 1:17pm
Quoting driven18
{quote} You have no clue - read the question. Funded Trader is not allowed to exit predefined Stop Loss during the FTMO Red News Event.
Sorry, I didn't read well. You were talking about the exit from trades. I agree that it would make no sense not to allow closing a trade in the 2 minutes after the news. I've never found myself in this situation, so I have no experience to share.
  • #4,645
  • Nov 17, 2020 1:38pm Nov 17, 2020 1:38pm
Quoting Koop
{quote} If I'm not mistaken, you can hold your trades overnight , over the weekend and even open and close trades 2 mins before/after a red news event on the challenge and verification BUT NOT on the funded accounts. The reason that Tomas or Otakar gave earlier was that on the funded accounts, your demo trades are being copied over to their Live accounts and most times there could be a lag in execution because of the differing conditions on the demo from the live. So, if your SL is triggered at the exact price you set on your demo funded account...
Yo Koop...keep only to the narrow subject of not being exited on your previous SL inside the 4 minutes of FTMO news.

News can go against you and as a due diligent trader I have my Stop Losses way before the 4 minute window.

So basically I either remove my stops and potentially lose my account or breach an Agreement with FTMO and loose my account.

Obviously I will remove my Stops and pray that Account hit will not be big enough to loose my account with FTMO.

But it STINKS!
  • #4,646
  • Nov 17, 2020 1:43pm Nov 17, 2020 1:43pm
For challenge and verification

1. Do not open close trades during FTMO designated red news, of which in respect there isn't to much of.
2. Do not exceed max daily loss which includes current day closed and open positions.
3. Do not exceed max account loss.
4. Attain profit requirement. This is halved for verification.

For funded accounts

1. Do not open close trades during FTMO designated red news, of which in respect there isn't to much of.
2. Do not exceed max daily loss which includes current day closed and open positions.
3. Do not exceed max account loss.
4. Close trades before week close.

I think that's it although I stand to be corrected.

Four rules that would invalidate a challenge/verification/funded account.

If a trader cannot follow four rules, or disagrees with them then move onto something else. This isn't a get rich quick scheme.

Reading over the last few pages it carries two main arguments, a misunderstanding of the ruleset, or just a failed attempt through poor planning, neither of which should include the accusation of .... ''it's a scam''.

So again I ask those that have 100% proof that its a scam, or have not been paid out when no rules have been broken, place your evidence on the thread or refrain from making false allegations.

To be clear, I have no affiliation to FTMO.
  • #4,647
  • Nov 17, 2020 1:51pm Nov 17, 2020 1:51pm
Quoting driven18
{quote} Yo Koop...keep only to the narrow subject of not being exited on your previous SL inside the 4 minutes of FTMO news. News can go against you and as a due diligent trader I have my Stop Losses way before the 4 minute window. So basically I either remove my stops and potentially lose my account or breach an Agreement with FTMO and loose my account. Obviously I will remove my Stops and pray that Account hit will not be big enough to loose my account with FTMO. But it STINKS!
I think when you are in such a conditions like to trade and in mean time you have to pass thru news play with smaller lotsize only that can save you... good luck.
Everytime when are red news in real account they e-mail you to take care...
  • #4,648
  • Nov 17, 2020 1:52pm Nov 17, 2020 1:52pm
Quoting driven18
{quote} Yo Koop...keep only to the narrow subject of not being exited on your previous SL inside the 4 minutes of FTMO news. News can go against you and as a due diligent trader I have my Stop Losses way before the 4 minute window. So basically I either remove my stops and potentially lose my account or breach an Agreement with FTMO and loose my account. Obviously I will remove my Stops and pray that Account hit will not be big enough to loose my account with FTMO. But it STINKS!
Yeah, I agree, it's a lose-lose for the trader. I usually move stops to break even if a trade was in profit before a news event. I can't imagine losing an account because I got stopped out at break even or removing the SL and consequently breaching the daily limit because I wanted to hold on to the trade through the news.

Luckily, the blacklisted news events are quite few. I personally would rather close the trade early enough if price is still close to entry before the news. I won't risk the funded account on that one trade.

I hope they provide some wiggle room in the near future.
  • #4,649
  • Nov 17, 2020 1:55pm Nov 17, 2020 1:55pm
Quoting Koop
{quote} Yeah, I agree, it's a lose-lose for the trader. I usually move stops to break even if a trade was in profit before a news event. I can't imagine losing an account because I got stopped out at break even or removing the SL and consequently breaching the daily limit because I wanted to hold on to the trade through the news. Luckily, the blacklisted news events are quite few. I personally would rather close the trade early enough if price is still close to entry before the news. I won't risk the funded account on that one trade. I hope they...
No Koop..if your account will hit Break Even during these 4 minutes - You violated the rules.

You must remove all MM during those 4 minutes.
  • #4,650
  • Nov 17, 2020 2:07pm Nov 17, 2020 2:07pm
Quoting driven18
{quote} Yo Koop...keep only to the narrow subject of not being exited on your previous SL inside the 4 minutes of FTMO news. News can go against you and as a due diligent trader I have my Stop Losses way before the 4 minute window. So basically I either remove my stops and potentially lose my account or breach an Agreement with FTMO and loose my account. Obviously I will remove my Stops and pray that Account hit will not be big enough to loose my account with FTMO. But it STINKS!
Correct me if I'm wrong, remaining this week.

3 x restricted news items, AUD and CAD!

Reported on Forex Factory, a popup window, on FTMO economic calendar and I get an email.

I x CAD
2 x AUD

Both AUD at the same time so combine.

Two restricted news Items that require filtering... all of 8 mins during the rest of the trading week.

And that stinks? And you'll be taking a chance with your account during that time?

As a due diligent trader I'm sure you could avoid the news restriction.
  • #4,651
  • Nov 17, 2020 2:12pm Nov 17, 2020 2:12pm
Quoting mizi123
{quote} I think when you are in such a conditions like to trade and in mean time you have to pass thru news play with smaller lotsize only that can save you... good luck. Everytime when are red news in real account they e-mail you to take care...
You get e-mail like these in real account just need to pay attention...
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  • #4,652
  • Nov 17, 2020 2:13pm Nov 17, 2020 2:13pm
Quoting moodybot
{quote} Correct me if I'm wrong, remaining this week. 3 x restricted news items, AUD and CAD! Reported on Forex Factory, a popup window, on FTMO economic calendar and I get an email. I x CAD 2 x AUD Both AUD at the same time so combine. Two restricted news Items that require filtering... all of 8 mins during the rest of the trading week. And that stinks? And you'll be taking a chance with your account during that time? As a due diligent trader I'm sure you could avoid the news restriction.
moodybot - do not be an imbecile..it is not about 8 minutes - read carefully what is the premise of my story..my trades are mechanical and base on statistics of taking each trade with statistically viable MM.

I am not interested in entering trades during FTMO Red News Minutes but previously placed MM should have no reasons to be removed.
  • #4,653
  • Nov 17, 2020 2:49pm Nov 17, 2020 2:49pm
Quoting driven18
{quote} moodybot - do not be an imbecile..it is not about 8 minutes - read carefully what is the premise of my story..my trades are mechanical and base on statistics of taking each trade with statistically viable MM. I am not interested in entering trades during FTMO Red News Minutes but previously placed MM should have no reasons to be removed.
Your mechanical method may close trades possibly during news.

Then you're method is unsuitable for FTMO's clearly worded news restriction, of which you would have known about before embarking on a challenge.

Imbecile...I welcome you're judgement.
  • #4,654
  • Nov 17, 2020 2:53pm Nov 17, 2020 2:53pm
Quoting moodybot
{quote} Your mechanical method may close trades possibly during news. Then you're method is unsuitable for FTMO's clearly worded news restriction, of which you would have known about before embarking on a challenge. Imbecile...I welcome you're judgement.
Yes, I agree with you here. It is the FTMO policy, although flawed. Take it or Leave it.

I Take It.
  • #4,655
  • Nov 17, 2020 3:09pm Nov 17, 2020 3:09pm
Quoting driven18
{quote} No Koop..if your account will hit Break Even during these 4 minutes - You violated the rules. You must remove all MM during those 4 minutes.
Lol That's exactly what i'm sayiing man. In my personal live account i move stops to BE but it could cause me to lose a funded account, so i'd rather just close the position well ahead of time so i don't have to risk losing the account.

Better safe than sorry, I would lose my shit if i left the position running but remove my stops only for a big spike to happen and breach the daily loss limit.

Quoting driven18
{quote} moodybot - do not be an imbecile..it is not about 8 minutes - read carefully what is the premise of my story..my trades are mechanical and base on statistics of taking each trade with statistically viable MM. I am not interested in entering trades during FTMO Red News Minutes but previously placed MM should have no reasons to be removed.
Lmao @ Imbecile... you're crazy haha

Quoting moodybot
{quote} Your mechanical method may close trades possibly during news. Then you're method is unsuitable for FTMO's clearly worded news restriction, of which you would have known about before embarking on a challenge. Imbecile...I welcome you're judgement.
haha Handled nicely
  • #4,656
  • Nov 17, 2020 4:06pm Nov 17, 2020 4:06pm
Quoting Koop
{quote} Lol That's exactly what i'm sayiing man. In my personal live account i move stops to BE but it could cause me to lose a funded account, so i'd rather just close the position well ahead of time so i don't have to risk losing the account. Better safe than sorry, I would lose my shit if i left the position running but remove my stops only for a big spike to happen and breach the daily loss limit. {quote} Lmao @ Imbecile... you're crazy haha {quote} haha Handled nicely
Handled nicely....hmm..he tried
  • #4,657
  • Nov 17, 2020 4:19pm Nov 17, 2020 4:19pm
Quoting moodybot
{quote} Correct me if I'm wrong, remaining this week. 3 x restricted news items, AUD and CAD! Reported on Forex Factory, a popup window, on FTMO economic calendar and I get an email. I x CAD 2 x AUD Both AUD at the same time so combine. Two restricted news Items that require filtering... all of 8 mins during the rest of the trading week. And that stinks? And you'll be taking a chance with your account during that time? As a due diligent trader I'm sure you could avoid the news restriction.
Exact.
Also - if I understand the rules correctly - the news trading ban is limited only to the news currency (CAD in this case).
Nothing and no one forbids opening/keeping open one or more positions on all pairs that do not contain CAD (in this case).

Or am I wrong?
I've seen things you people wouldn't believe
  • #4,658
  • Nov 17, 2020 4:29pm Nov 17, 2020 4:29pm
He tried..... we haven’t met yet.
  • #4,659
  • Nov 17, 2020 4:30pm Nov 17, 2020 4:30pm
Quoting Trader-IT
{quote} Exact. Also - if I understand the rules correctly - the news trading ban is limited only to the news currency (CAD in this case). Nothing and no one forbids opening/keeping open one or more positions on all pairs that do not contain CAD (in this case). Or am I wrong?
Correct. Avoid anything that starts or ends in CAD.. simples.
  • #4,660
  • Nov 17, 2020 4:51pm Nov 17, 2020 4:51pm
Quoting moodybot
He tried..... we haven’t met yet.
Now..that is a good one, Koop.
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