FTMO - For serious traders | Page 297 | Forex Factory

Options

Go to
Permalinks
Print Thread

Similar Threads

$1,000,000.00 and Beyond ft. FTMO 29 replies

AkaMRP FTMO Journey 45 replies

FTMO Challenge.... How to beat....? 28 replies

FTMO Challenge; Could Survived? 41 replies

FTMO Challenge & Max Drawdown Issue 5 replies

Attachments: FTMO - For serious traders
Exit Attachments

FTMO - For serious traders

  • #5,921
  • Edited 9:05am Mar 6, 2021 8:52am | Edited 9:05am
Quoting Koop
{quote} Lol you're funny. why exactly would anyone waste their money on a challenge without first proving to themselves that they can pass the challenge? only to cry foul later? didn't you know the 10% target in 30 days was "unrealistic" and a trap to "make you take risky trades and disqualify" before you parted with your money? It has nothing to do with luck. Take the free trials as many times as possible and be successful at that first before considering the challenge or do it in your own personal account first..... if you can't do it on your...
Koop, agree with you(wow). You are missing 2 parts to your answer.

1. Trial has no compresence to real live trading, as emotions will kill rookies account before Stop Losses will.
2. FTMO Servers act different on trials vs real live horrible quotes. They reel you in with free trial and meaningless sweet talk(see Thomas above), YouTube videos and then kick you out so your fees can quicker add up to the revenue model.

For item 2, No, I am not mad at them, it is their business to get your "sucka" fees in as quick as possible and every which way they can.
  • #5,922
  • Edited 9:15am Mar 6, 2021 9:02am | Edited 9:15am
Quoting rtkwar
{quote} yes i understand what you say... challenge + verfication process is 90 days .... profit 10% (i know that remove later after pass) ... and drawdown is 10% is ok .. but what not logic to me 50% positive day... that term is enough to kick you out the game if you looked closer ... for example if you trader use risk to reward 1:5 and you always loss 3 and win 2 for example then you always be under 50% positive day.. what if in one month you made 46% positive day ( as i know only profit target remove after pass ) .. i don't know it's seem not...
I contacted them yesterday, March 5, 2021, and they no longer require the 50% positive days. But I believe the reviews and comments here much more than on forex peace army. 90% of those reviews look fake. Too many 5 star, glowing reviews. Short ones at that.
Here's a good question: Why do ANY prop trading firms charge for you to prove you're a good trader? Oh for server space...well get more space or have the trader PROOVE their trading on a new MT4 account verified by myfxbook. hmmm
Good business model. Maybe I should start my own Prop trading firm and incorporate this with other suggestions here!
  • #5,923
  • Edited 6:13pm Mar 6, 2021 10:13am | Edited 6:13pm
Quoting jamalm23
Hi everyone in your experience how feasible is it to pass the FTMO challenges with such a tight deadline (30 days)? I really wish the time they let you hit the target was much longer than just 30 days - as that just makes you take bigger risks to hit the targets since there is such limited time....
My suggestion is that you do several free trials until you make sure that you pass most of them, or at least always end up positive. Once you can always finish trials in profit then it's just a matter of having a good month on the challenge, because you can retake as many challenges as you need, at no extra cost, as long as you end the 30 days in profit (and do not break any of the risk rules).

It's just a matter of planning and strategyzing.
  • #5,924
  • Mar 6, 2021 11:02am Mar 6, 2021 11:02am
Quoting driven18
{quote} Koop, agree with you(wow). You are missing 2 parts to your answer. 1. Trial has no compresence to real live trading, as emotions will kill rookies account before Stop Losses will. 2. FTMO Servers act different on trials vs real live horrible quotes. They reel you in with free trial and meaningless sweet talk(see Thomas above), YouTube videos and then kick you out so your fees can quicker add up to the revenue model. For item 2, No, I am not mad at them, it is their business to get your "sucka" fees in as quick as possible and every which...
I agree with both your points Man, but they don't really apply to Muhammed's points. In fact they support my questions. Considering the points you mention, why would anyone who hasn't made or tried to make 10% in a month on their own in the past even rush into paying for a challenge with such requirements and a high failure rate, only to turn around and say they are being FORCED to make mistakes? Live trading conditions are truly different but wouldn't be safer to prove to yourself that you are at least capable of successfully making 10% first? Then you can feel free to complain about their actual faults and shortcomings...... not challenge rules you knowingly agreed to

Like you rightly said.... they make money from alotta "suckas", most of which are traders who were not equipped to pass in the first place and just tried to wing it to see if they get lucky.
  • #5,925
  • Mar 6, 2021 4:32pm Mar 6, 2021 4:32pm
Hello Traders,

I'm from Germany and would like to join FTMO as a funded Trader.

The problem I have is to get the regulatory clarity from the German BaFin (equivalent to the FCA in the UK) if the business ("Gewerbe") would need to be regulated due to the German Kreditwesengesetz (KWG §32 Abs. 1). As the "provider" you saddly need to open up a business...

In one of the last answers they still wrote the business could need to be regulated by accounting as:

1. Finanzportfolioverwaltung im Sinne des § 1 Abs. 1a Satz 2 Nr. 3 KWG,

2. Anlagevermittlung im Sinne des § 1 Abs. 1a Satz 2 Nr. 1 KWG,

3. Abschlussvermittlung im Sinne des § 1 Abs. 1a Satz 2 Nr. 2 KWG.

"As a precaution, I would like to point out that the unauthorized operation of financial services is punishable under Section 54 of the KWG."

Is here a German funded Trader who has already got clarity in that direction or am I the only one having thought about that matter?

How is the regulatory aspect in the UK or elsewhere?

The BaFin doesn't even understand the fact, that the funded traders work on a demo account but are paid in real money.

FTMO said they did reach out to the German BaFin and would not to be regulated. I understand that, because they don't operate here in the market. It is us as the Traders who as the "providers" have to be cautious about the German KWG law if we work from Germany.


Thanks in advance,
Kevitsch
  • #5,926
  • Mar 6, 2021 10:20pm Mar 6, 2021 10:20pm
This is for Inspiration.


Attached Image (click to enlarge)
Click to Enlarge Name: Capture.PNG Size: 31 KB
Intraday only.
  • #5,927
  • Mar 6, 2021 11:17pm Mar 6, 2021 11:17pm
Quoting Takisd
I will likely be moving on from FTMO. My results were up and down with them, some times my fault sometimes their fault but the feed is clearly an issue an the amount of denial around that is too much for me to focus my time with them. The extra capital would be great and I know the company is trying their best and overall doing a good job considering the amount of opportunity they are providing, but the feed reminds me of the b book feed of Thinkmarkets and its constantly changing, freezing, too many ticks, repainting of wicks after a bar is formed...
I would advise you trade gold, and FX.

The feed is good and correct.
Intraday only.
  • #5,928
  • Edited 3:54am Mar 7, 2021 3:24am | Edited 3:54am
Quoting Koop
{quote} Lol you're funny. why exactly would anyone waste their money on a challenge without first proving to themselves that they can pass the challenge? only to cry foul later? didn't you know the 10% target in 30 days was "unrealistic" and a trap to "make you take risky trades and disqualify" before you parted with your money? It has nothing to do with luck. Take the free trials as many times as possible and be successful at that first before considering the challenge or do it in your own personal account first..... if you can't do it on your...
I never paid a dime, I was doing demo and understood and stopped it.

thank you.
Allergic to bullshitters, never argue with fools
  • #5,929
  • Mar 7, 2021 4:58am Mar 7, 2021 4:58am
Quoting Muhammedfx
{quote} I never paid a dime, I was doing demo and understood and stopped it. thank you.
Quoting Muhammedfx
{quote} Yes thats why I stopped my challenge, I think they want us to take risky trades and disqualify. only few lucky one with wild trade can make it in 30 days.
I'm a little confused. I guess you used the word "challenge" in error instead of Trial? If that's the case, forgive my tirade.
you did the right thing.
  • #5,930
  • Mar 7, 2021 7:11am Mar 7, 2021 7:11am
Quoting navk
This is for Inspiration. {image}
what was your strategy?
  • #5,931
  • Mar 7, 2021 7:18am Mar 7, 2021 7:18am
Quoting navk
{quote} I would advise you trade gold, and FX. The feed is good and correct.

Are you still in the game bro? I thought you had gone through the process and now trading Funded account? But I see you back on Trial account again

Just wondering anyway. Would be very interesting to know how many Punters are still alive and kicking!
  • #5,932
  • Mar 7, 2021 9:11am Mar 7, 2021 9:11am
Quoting Kevitsch
Hello Traders, I'm from Germany and would like to join FTMO as a funded Trader. The problem I have is to get the regulatory clarity from the German BaFin (equivalent to the FCA in the UK) if the business ("Gewerbe") would need to be regulated due to the German Kreditwesengesetz (KWG §32 Abs. 1). As the "provider" you saddly need to open up a business... In one of the last answers they still wrote the business could need to be regulated by accounting as: 1. Finanzportfolioverwaltung im Sinne des § 1 Abs. 1a Satz 2 Nr. 3 KWG, 2. Anlagevermittlung...

the only legal solution i found in greece is to open up a bussiness or add to an existing one "counseling services"

contact your accountant for more information and if he doesnt know, some acounting service. (i paid 100€ for the info they gave me in an 1 hour interview with them)
offering my system to copy trade. check my link
  • #5,933
  • Mar 7, 2021 9:57am Mar 7, 2021 9:57am
Quoting nikosk0
{quote} the only legal solution i found in greece is to open up a bussiness or add to an existing one "counseling services" contact your accountant for more information and if he doesnt know, some acounting service. (i paid 100€ for the info they gave me in an 1 hour interview with them)
Hi,

I think an accountant can only go as far as to consule about the type of business someone needs to use according to the business law of the country respectively.

Just to say its "counseling services" doesn't seem to me to give 100 % regulatory clarity.

Did you think about the regulatory aspects and did contact your Financial Authority, I think its the "Bank of Greece"...?


Best regards,
Kevitsch
  • #5,934
  • Mar 7, 2021 10:18am Mar 7, 2021 10:18am
Quoting jamalm23
{quote} what was your strategy?
in testing phase.

experiment only as you see the returns are 20 % of capital in 1 day without violating loss limits.

And until i complete testing, I will keep opening practice accounts.
Intraday only.
  • #5,935
  • Mar 7, 2021 10:22am Mar 7, 2021 10:22am
Quoting nikosk0
{quote} the only legal solution i found in greece is to open up a bussiness or add to an existing one "counseling services" contact your accountant for more information and if he doesnt know, some acounting service. (i paid 100€ for the info they gave me in an 1 hour interview with them)
Consulting service may fit ...

you are providing information, and your client, FTMO, decides what to do with that.
  • #5,936
  • Mar 7, 2021 10:33am Mar 7, 2021 10:33am
Quoting navk
{quote} I would advise you trade gold, and FX. The feed is good and correct.

It is in consideration. I broke my ribs on thursday falling on ice on the mountain, so now I am going to have more spare time I may re-dabble in FTMO or go with someone else. The leverage of FTMO is appealing in comparison to others. I have adjusted most of my data generators to counter the poor feed on indicies. I have continued testing against it and now I have been able to force losses or force wins based on the change in settings so I think I'll be fine if i do it again.
  • #5,937
  • Mar 7, 2021 11:00am Mar 7, 2021 11:00am
Quoting Mtinifx
{quote} Are you still in the game bro? I thought you had gone through the process and now trading Funded account? But I see you back on Trial account again Just wondering anyway. Would be very interesting to know how many Punters are still alive and kicking!
They have now allowed 400k, until I achieve that, i will not feel tired.

You can see my testing phase again with different strategy, this is for Challenge win though.
Intraday only.
  • #5,938
  • Mar 7, 2021 12:37pm Mar 7, 2021 12:37pm
Quoting navk
{quote} They have now allowed 400k, until I achieve that, i will not feel tired. You can see my testing phase again with different strategy, this is for Challenge win though.

Not quite sure what you're saying You mean you're still in the game after passing your first challenge/verification and you're looking to add more challenges? You must be expecting your first payout soon - you started trading live about a month ago right?

Would be nice to follow your journey - if you're still hanging in there of course
  • #5,939
  • Mar 7, 2021 1:28pm Mar 7, 2021 1:28pm
Quoting Mtinifx
{quote} Not quite sure what you're saying You mean you're still in the game after passing your first challenge/verification and you're looking to add more challenges? You must be expecting your first payout soon - you started trading live about a month ago right? Would be nice to follow your journey - if you're still hanging in there of course
I think I mentioned once, for me, winning challenge and verification is important.

The next stage is funded stage.

No need to make 10k in a month.

need to make 3 % in a month.

For 4 accounts, 4 x 3 % = 12 %. This is what I expect to do.

Now and then I post here what is needed for new traders to get encouraged.
Intraday only.
  • #5,940
  • Mar 7, 2021 1:41pm Mar 7, 2021 1:41pm
Quoting navk
{quote} I think I mentioned once, for me, winning challenge and verification is important. The next stage is funded stage. No need to make 10k in a month. need to make 3 % in a month. For 4 accounts, 4 x 3 % = 12 %. This is what I expect to do. Now and then I post here what is needed for new traders to get encouraged.
Haha i think you still haven't answered his question Nav.

He's asking if your first funded account is still alive
8 traders viewing now