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FTMO - For serious traders

  • #5,101
  • Dec 30, 2020 5:51am Dec 30, 2020 5:51am
Quoting Trader-IT
I started another trial, after reaching the goals with the first one. And I took a Challenge that I will start after January 7th. But -honestly- I'm a little worried. I had already noticed the thing with the first one, but now it has happened again. Matrix signals a Max Daily Loss which I could not have done even in a dream. I didn't even come close to it. I have the impression that, if you do a lot of close operations, the Matrix does not update itself and it accumulates losses. This is the only explanation. And if FTMO looks at the Matrix, then...
Daily DD and Max loss DD are calculated based on equity drawdown and not based on closed trades.

so if you open a trade and goes in a loss of -$1,200 and then comes back up and you close for a profit of $1,000 , your DD is -$1,200
Trade what you see, not what you think.
  • #5,102
  • Dec 30, 2020 6:20am Dec 30, 2020 6:20am
Quoting Trader-IT
I started another trial, after reaching the goals with the first one. And I took a Challenge that I will start after January 7th. But -honestly- I'm a little worried. I had already noticed the thing with the first one, but now it has happened again. Matrix signals a Max Daily Loss which I could not have done even in a dream. I didn't even come close to it. I have the impression that, if you do a lot of close operations, the Matrix does not update itself and it accumulates losses. This is the only explanation. And if FTMO looks at the Matrix, then...

The matrix don't report false numbers they just report them late sometimes. Yesterday i had to wait 4 hours for it to update. So at some point your drawdown was 1.5%. It is counting everything watermark.
  • #5,103
  • Dec 30, 2020 8:02am Dec 30, 2020 8:02am
Quoting karmostaji
{quote} Daily DD and Max loss DD are calculated based on equity drawdown and not based on closed trades. so if you open a trade and goes in a loss of -$1,200 and then comes back up and you close for a profit of $1,000 , your DD is -$1,200
Quoting Takisd
{quote} The matrix don't report false numbers they just report them late sometimes. Yesterday i had to wait 4 hours for it to update. So at some point your drawdown was 1.5%. It is counting everything watermark.
So both of you are telling me that I had a max close of 205, but at any given time it was 746 (almost for 4 times)?

Guys ... I don't want to question this fact, but I am a manual trader and my eyes are glued to the monitor until I close my trades (I almost never let the TP touch because I close first).
If you look at my screen I have 5 indications on the whole monitor:
two totals (with different calculation) and three partial (one for each currency on the screen).
I must have fallen asleep for a few seconds, to not see a partial DD of 1.5%. I would have closed or mediated it. For sure I would have acted (The operations lasted minutes, not hours).

However, I don't want to make any problems. I do not care. Now I am (also) an FTMO customer and I am happy.

Just for curiosity:

https://charts.mql5.com/27/264/us500...trader-s-2.png
I've seen things you people wouldn't believe
  • #5,104
  • Dec 30, 2020 8:22am Dec 30, 2020 8:22am
Quoting Trader-IT
{quote} {quote} So both of you are telling me that I had a max close of 205, but at any given time it was 746 (almost for 4 times)? Guys ... I don't want to question this fact, but I am a manual trader and my eyes are glued to the monitor until I close my trades (I almost never let the TP touch because I close first). If you look at my screen I have 5 indications on the whole monitor: two totals (with different calculation) and three partial (one for each currency on the screen). I must have fallen asleep for a few seconds, to not see a partial...

It is highly weird if the case is that it didn't happen but shows that. If thats the case you really need to contact their support because thats quite a critical error.
  • #5,105
  • Dec 30, 2020 8:32am Dec 30, 2020 8:32am
Quoting Trader-IT
{quote} {quote} So both of you are telling me that I had a max close of 205, but at any given time it was 746 (almost for 4 times)? Guys ... I don't want to question this fact, but I am a manual trader and my eyes are glued to the monitor until I close my trades (I almost never let the TP touch because I close first). If you look at my screen I have 5 indications on the whole monitor: two totals (with different calculation) and three partial (one for each currency on the screen). I must have fallen asleep for a few seconds, to not see a partial...


The important part is - INFORMATIVE ONLY
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  • #5,106
  • Edited 12:42pm Dec 30, 2020 8:45am | Edited 12:42pm
I am done today,

I may not trade tomorrow, as tomorrow is year end day.
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Intraday only.
  • #5,107
  • Dec 30, 2020 8:50am Dec 30, 2020 8:50am
Quoting Piparins
{quote} The important part is - INFORMATIVE ONLY {image}
NO. This is the important part.
Following this information, you are in or out.

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If it were just an indicative program it wouldn't be a problem.
If, on the other hand, success or failure depends on the data it provides, then it would be a situation where there would be constant requests for verification.
And God forbid.
I've seen things you people wouldn't believe
  • #5,108
  • Dec 30, 2020 8:50am Dec 30, 2020 8:50am
Quoting Takisd
{quote} It is highly weird if the case is that it didn't happen but shows that. If thats the case you really need to contact their support because thats quite a critical error.
I will pay even more attention to the challenge account than what I already dedicate, in order to be more confident and convinced, should it happen again in the future. Now I'm not 100% sure. There is a chance it happened and I didn't notice.

The problem is that such situations can only be demonstrated with a video of the session and it is something that does not interest me.
It would mean that I don't trust FTMO and then I'd be stupid to join their program.

More than anything else, it is a warning to everyone to check this Matrix carefully. That it has some problems, it is also recognized by the company itself and has been an open question for a long time.
I have seen the dashboards of other companies and in this field, there is no comparison.
I've seen things you people wouldn't believe
  • #5,109
  • Dec 30, 2020 8:52am Dec 30, 2020 8:52am
Quoting Trader-IT
{quote} NO. This is the important part. Following this information, you are in or out. {image} If it were just an indicative program it wouldn't be a problem. If, on the other hand, success or failure depends on the data it provides, then it would be a situation where there would be constant requests for verification. And God forbid.
No. you are wrong!
  • #5,110
  • Dec 30, 2020 9:06am Dec 30, 2020 9:06am
Quoting navk
I am done today, I may not trade tomorrow, as tomorrow is year end day. {image} {image}
nice job almost there
  • #5,111
  • Dec 30, 2020 9:09am Dec 30, 2020 9:09am
Quoting Takisd
{quote} nice job almost there
hopefully, this time, i make it. This is third challenge.

Twice I violated daily max loss.
Intraday only.
  • #5,112
  • Dec 30, 2020 9:17am Dec 30, 2020 9:17am
Quoting Trader-IT
{quote} .....The problem is that such situations can only be demonstrated with a video of the session......
Or an ideal and definitive solution would be to have an indicator (for MT4) that records the floating Max DD, even just for the day.
It should be reliable ... dependable ... sure.

And there would be no more disputes or doubts.
Someone?
I've seen things you people wouldn't believe
  • #5,113
  • Dec 30, 2020 9:49am Dec 30, 2020 9:49am
Quoting Trader-IT
{quote} Or an ideal and definitive solution would be to have an indicator (for MT4) that records the floating Max DD, even just for the day. It should be reliable ... dependable ... sure. And there would be no more disputes or doubts. Someone?
was posted one earlier here.
https://www.forexfactory.com/thread/...7#post13153367
tried. seem accurate.
(however you will need to mind that FTMO's timezone for "day" may differ a few hours to the broker's actual time. a minor issue in my opinion).
there is always, always another trade!!
  • #5,114
  • Dec 30, 2020 10:16am Dec 30, 2020 10:16am
Quoting Trader-IT
{quote} I will pay even more attention to the challenge account than what I already dedicate, in order to be more confident and convinced, should it happen again in the future. Now I'm not 100% sure. There is a chance it happened and I didn't notice. The problem is that such situations can only be demonstrated with a video of the session and it is something that does not interest me. It would mean that I don't trust FTMO and then I'd be stupid to join their program. More than anything else, it is a warning to everyone to check this Matrix carefully....
Just throwing this out there, as I violated my first challenge due to this.....I was up significantly for the day, I closed my winners and left my floating losses open(still way up for the day). When the FTMO day reset, those floating losses immediately violated daily loss for the next day. I actually lost my challenge with an account in profit. Is this a possible scenario? Like I said, just throwing it out there as I'm not sure what time of day this occurred for you.
  • #5,115
  • Dec 30, 2020 11:40am Dec 30, 2020 11:40am
Good thread to follow. I will be joining the challenge soon
  • #5,116
  • Dec 30, 2020 12:26pm Dec 30, 2020 12:26pm
again the WS30 price is 100 points off market. I spoke to support they said "its futures price" so i go to my futures account and check, its not so im confused. Obviously I am trading whats infront of me but i dont actually know what i am trading anymore. I just trade. It was like this when i did my first challenge and then it was corrected and now its like this again..
  • #5,117
  • Dec 30, 2020 12:44pm Dec 30, 2020 12:44pm
Quoting Takisd
again the WS30 price is 100 points off market. I spoke to support they said "its futures price" so i go to my futures account and check, its not so im confused. Obviously I am trading whats infront of me but i dont actually know what i am trading anymore. I just trade. It was like this when i did my first challenge and then it was corrected and now its like this again..
i am sure if you look more carefully, should find 2 different options there...
like this sample:
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indeed, it isnt the same price.
more,
it will likely have different specifications too...margin, swap...
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there is always, always another trade!!
  • #5,118
  • Dec 30, 2020 12:48pm Dec 30, 2020 12:48pm
Quoting karmostaji
{quote} I’m from Dubai, I do not pay any income tax whatsoever. Yes I did withdraw in cash, no problem at all.
You're lucky that you dont have to pay tax, less headache and less problems with your bank.
  • #5,119
  • Dec 30, 2020 2:54pm Dec 30, 2020 2:54pm
Quoting karmostaji
{quote} {image}
Damn bro this is so inspiring. I just passed the 10K challenge and got my funded account yesterday just to test the water. I will start the 100k challenge with this 10k account's profit splits for sure. Good luck & Keep up the good work.
  • #5,120
  • Dec 30, 2020 2:55pm Dec 30, 2020 2:55pm
The number 1 criteria for passing the challenge is to be absolutely aware at all times the potential loss from any current running trades against closed trades for that 24 hr period.
Do not rely on the matrix. Forget the matrix. We are not in a matrix... you should not have to look at the matrix...ask Neo!
Do not rely on an indicator that tally’s up the days trading results, shows drawdown etc. It may glitch.
Absolutely rely on you the trader in calculating any potential loss from any trades that have or may be taken.
If you know the potential loss, and you know and understand the max daily loss, then there is no chance of breaching the rule.
Keep well away from that daily loss target.
Rely on number 1.... that’s the whole point of the challenge.

Final point....are you trading between Xmas and New Year.... if you don’t have to... wait till next week, even then, be careful.
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