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FTMO - For serious traders

  • #5,981
  • Mar 9, 2021 7:57pm Mar 9, 2021 7:57pm
Quoting doyathink
{quote} Why do they hate EA flow?

because its generally more accurate, harder to offset.. The thing people need to realise is that someone is booking the trade somewhere at sometime. IT might bounce around 50 people first but eventually someone is taking the opposite side of the trade whether its your broker or another person on the other side of the planet. EA flow, usually trades more often, each trades last less time and the rules are mechanical. So the time to offset can be difficult or it is harder to make profit on the order if its highly accurate.

In FX, the best type of flow is manual flow, reasonable size, that always goes into a drawdown of 5 or more pips (on eurusd for example). That way you can make money, the LP who offsets can make money and everyone is smiling. If you predict entry to the pip every time, it doesn't matter if you are using your hands or an EA, no one will want you because they cant make money on the flow.
  • #5,982
  • Mar 9, 2021 8:23pm Mar 9, 2021 8:23pm
Quoting Takisd
{quote} because its generally more accurate, harder to offset.. The thing people need to realise is that someone is booking the trade somewhere at sometime. IT might bounce around 50 people first but eventually someone is taking the opposite side of the trade whether its your broker or another person on the other side of the planet. EA flow, usually trades more often, each trades last less time and the rules are mechanical. So the time to offset can be difficult or it is harder to make profit on the order if its highly accurate. In FX, the best...
so these are HFT scalping EAs, then?
I haven't seen many EAs that go less than 5 pips into dd...
  • #5,983
  • Mar 9, 2021 8:31pm Mar 9, 2021 8:31pm
Quoting doyathink
{quote} so these are HFT scalping EAs, then? I haven't seen many EAs that go less than 5 pips into dd...
the majority of HFT's are market makers they are using limit orders not technical analysis.

I have a favorite trader from south korea who has a really high freq EU bot. But i have matched him to all the big name LP's and dark pools and all of them banned him and he doesnt arb. But he also turns 1k to 50k in a few hours if the market is moving so theres that.

There are LP's out there that will take EA flow, but the spread is wider and they are more expensive to maintain. If you are sending flow to a broker without any rules, they usually have an LP of those in the list somewhere or are happy to slip people without consequence. Personally, my life has always been much easier without scalpers or EA traders because they are always the ones complaining about minor slippage or fill issues which as a broker you can't really do anything about without spending a lot of money to rectify it. The regular tech analysis guys generally dont have any problems on fill and don't complain much unless theres a data anomaly like a feed spike or server freeze.
  • #5,984
  • Mar 9, 2021 8:41pm Mar 9, 2021 8:41pm
Quoting Takisd
{quote} the majority of HFT's are market makers they are using limit orders not technical analysis. I have a favorite trader from south korea who has a really high freq EU bot. But i have matched him to all the big name LP's and dark pools and all of them banned him and he doesnt arb. But he also turns 1k to 50k in a few hours if the market is moving so theres that. There are LP's out there that will take EA flow, but the spread is wider and they are more expensive to maintain. If you are sending flow to a broker without any rules, they usually...
fascinating...
thanks for the professional insight.
it sounds like quite a different animal to the EAs I am using... a mix of commercial experts and frankensteins I have hacked together with my very amateur coding mods...
apologies to those who find this off topic.
  • #5,985
  • Mar 10, 2021 12:25am Mar 10, 2021 12:25am
Quoting doyathink
{quote} fascinating... thanks for the professional insight. it sounds like quite a different animal to the EAs I am using... a mix of commercial experts and frankensteins I have hacked together with my very amateur coding mods... apologies to those who find this off topic.
FYI in my experience, EA's don't last more than 3 months, if that. Even when someone is constantly adjusting them the rules generally are too rigid. A healthy dose of skepticism when trading can keep you out of the market when its bad, where as a rule based machine keeps you in and you go through longer periods of drawdown.

That being said, someone who cant control their emotions blows their account.

EA's especially the shorter term ones, tend to have way too much reliance on feed and fill and the minute that gets adjusted they die. FAPTurbo is the perfect example of that, feeds changed literally to filter that bot as it became so popular and LP's were making calls to us to do something about it. Then it stopped being profitable almost over night.
There was another one, milliondollarpips that caused major headaches and it was tick based. An EA like that FTMO has to be careful of due to the tick pumping they are doing. A tick trader who can adjust to the feed could scalp it to death because its artificial.
  • #5,986
  • Mar 10, 2021 2:46am Mar 10, 2021 2:46am
FTMO is very strict.... there is no 2nd chance at all for rule violations
  • #5,987
  • Mar 10, 2021 3:20am Mar 10, 2021 3:20am
Quoting navk
{quote} The Fear of loosing challenge account must go. The fear naturally comes once if you have lost 2 or more challenges. It is better to trade trial for sometime for the fear to go.
Yep conquering fear is the key Navk - quite true
  • #5,988
  • Mar 10, 2021 4:19am Mar 10, 2021 4:19am
Quoting Takisd
{quote}If you predict entry to the pip every time, it doesn't matter if you are using your hands or an EA, no one will want you because they cant make money on the flow.
So do you think prop firms in general, and FTMO in particular, would be against such accuracy ?
  • #5,989
  • Mar 10, 2021 5:01am Mar 10, 2021 5:01am
Quoting archemedia
FTMO is very strict.... there is no 2nd chance at all for rule violations
do traders actually pay a fee to trade a demo account? with next to impossible restrictions that are intended to prevent them from winning?
  • #5,990
  • Mar 10, 2021 5:39am Mar 10, 2021 5:39am
Quoting jmoreno
{quote} do traders actually pay a fee to trade a demo account? with next to impossible restrictions that are intended to prevent them from winning?
Yes we do and we get paid for it. Imagine that.
Everything you want in life is on the other side of fear.
  • #5,991
  • Edited Mar 25, 2021 12:27am Mar 10, 2021 10:13am | Edited Mar 25, 2021 12:27am
Quoting allthemoney
{quote} If you know how to trade, the FTMO challenge is easy.
knowing how to trade IS the sixty four million dollar question.

thank you for pointing that out to me, while using a throwaway account.

trading is difficult, at best, under normal trading conditions, and i am suggesting that the "pay to prove yourself" system is absolutely bullshit and a scam.

why would a prop company place restrictions upon a trader that dont really mean anything to the supposed prop company, such as requiring him to close his trades during certain "news events" or that he close his trades during the weekend, etc, etc..?

Trading is difficult enough under normal conditions, and when an unscrupulous company adds even one or two seemingly innocent restrictions into the mix, traders will soon find out that it is a bit like the ring toss game at the carnival.. it loooks easy, but it aint easy.. and if you do win the ring toss, what do you get? a stuffed pink bunny? stop it already.

i have experience auditing criminal operations and scams, and so if i say that i would NEVER put two dollars into one of these flim flam fly by night scams that only wants to pick your pockets, yup, that is what i mean.

FTMO has been in operation for a while, and so by now they would have a gaggle of traders that are actively trading their funds, BUT THIS IS NOT THE CASE AND I WOULD ALMOST BET MY LIFE ON IT, AND THEY WOULD BE ABLE TO PRODUCE PROFESSIONALLY AUDITED TAX RECORDS TO SHOW THAT THEY HAVE A STRING OF PROFESSIONAL TRADERS THAT HAVE TAKEN THEIR CHALLENGE AND ARE NOW MAKING THE BIG BUCKS BY TRADING THEIR "PROP" CAPITAL.

SHOW your AUDITED BANK RECORDS and the AUDITED TAX RECORDS or otherwise FTMO IS A SLEAZY SCAM that only wants to pick your pockets for fees fees fees.

i sure hope that i was subtle about that.

having said that, i am a self certified amateur trader.

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  • #5,992
  • Mar 10, 2021 10:22am Mar 10, 2021 10:22am
I didnt say anywhere that FTMO is against the traders... Nor do they have to provide audited tax results to prove anything. The proof is essentially in the pudding. People are passing challenges, people are getting paid... Until that stops, FTMO is not a scam.

Whether or not they execute everyones trades is not really the point so long as they make money beyond the challenge fees, which if they aren't is...is stupid, and pay the traders. Anyone with half a brain knows that challenge fees alone is not a good business model and it doesn't take an MIT grad to figure that out.
  • #5,993
  • Mar 10, 2021 10:25am Mar 10, 2021 10:25am
Quoting Takisd
The proof is essentially in the pudding. People are passing challenges, people are getting paid... Until that stops, FTMO is not a scam.
I like pudding. Show it to me.
  • #5,994
  • Mar 10, 2021 10:49am Mar 10, 2021 10:49am
Quoting jmoreno
{quote} I like pudding. Show it to me.
google it, im not going to placate your laziness. There are plenty of people showing themselves being paid. HannahForex on youtube is someone who has essentially based her entire life around her ftmo payments.

But you can show how much of an internet hero you are here with your sarcastic, lazy responses.
  • #5,995
  • Mar 10, 2021 11:40am Mar 10, 2021 11:40am
Quoting allthemoney
{quote} I took the challenge because an associate who is funded and has been receiving monthly payouts recommended them to me.
i have been casually observing these "pay to play a demo account" companies for several years, such as topstepfx and maverickfx and now ftmo has entered the stage.

i see a lot of testimonials from people that are saying that they are taking their "challenge", but i dont see any real real evidence that this business model does anything except to collect fees from gullible newbie traders.

in the trading world, it is easy to verify that you are actually trading.. and it is also easy to bullshit a lot of people.

it is sad, but most people are very gullible, and scammers take advantage of this fact.

take a look at this video, it is bernie madoff explaining to people that they just dont understand how the markets really work... and while you are watching this video, keep in mind that mr madoff was the chairman of the nasdaq at one time(if i remember correctly) and that he ended up running a multi billion dollar ponzi scam and he is now serving 150 years in federal prison.

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  • #5,996
  • Mar 10, 2021 12:01pm Mar 10, 2021 12:01pm
Quoting allthemoney
{quote} Again, an associate of mine has been collecting monthly payouts since last November. This is first hand knowledge. I wouldn't have taken the challenges otherwise.
well then, that clears things up, doesnt it? A throwaway account (ALLTHEMONEY) that was just registered maybe thirty minutes ago is willing to testify that he has an ASSOCIATE that is collecting monthly payouts.

i think it is obvious that that clears up the entire thing for me.

not.

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  • #5,997
  • Mar 10, 2021 12:21pm Mar 10, 2021 12:21pm
Hello traders.

I keep hearing all the scammer talk. Quite annoying honestly. FTMO provides an opportunity. Their rules are laid out. If you don't like said rules, then move on.

I started my 100K funded account today. I could care less how they fill my orders or how they obtain their revenue to pay traders. If 98% of traders lose their challenge and never make a dime, well, that's too bad, life is hard, but it's their own fault as they know the rules of the game they're playing in advance. Obviously, they pay their funded traders who make a profit or FTMO wouldn't be in business very long.

My ONLY complaint, is the restrictive trading rules for funded traders. Personally, I think the red news restrictions and the no-holding trades over the weekend are pure nonsense.

For one, none of their closest competitors have these rules so it would behoove them to remove these restrictions to keep a competitive edge.

Secondly, these rules are under the guise that it's to protect their investor's capital and the trader from unnecessary risk. And yet, they allow a funded trader with 100K account to blow 5K (half the allowable drawdown) in one day??? So I can't trade red news or hold over the weekend, but I can open up a 100 lot revenge trade and lose 5K in 3 seconds and that's ok with them???

Sorry, that doesn't add up for me. But then again, maybe it does add up for me. It tells me that just maybe they want you to screw up and lose your account because you forgot about a swing trade during red news or spaced out and opened a trade. Oops, guess you need to head back to pay for a new challenge. And if that's part of their business model, then so be it. Good for them. Or, maybe they don't want to deal with complaints about order slippage. BUT, as I said, I know the rules in advance and there is nothing sneaky or unethical about it. Do I like it? NO. Can I live with it? YES.

If you see this Thomas, please push the powers that be to remove these restrictions. In my opinion, it just adds undue stress to your traders. A real pro can manage the risk through red news events and through the weekend.

Overall, I am satisfied with FTMO and excited to trade this new funded account.

Cheers and good luck to all.
Pride always comes before destruction.... -Proverbs 16:18
  • #5,998
  • Mar 10, 2021 12:25pm Mar 10, 2021 12:25pm
Quoting jmoreno
{quote} well then, that clears things up, doesnt it? A throwaway account (ALLTHEMONEY) that was just registered maybe thirty minutes ago is willing to testify that he has an ASSOCIATE that is collecting monthly payouts. i think it is obvious that that clears up the entire thing for me. not. https://www.youtube.com/watch?v=pjfRCrVfOzc
You had my attention for a minute, but now you discredited yourself with this clown.
  • #5,999
  • Mar 10, 2021 12:27pm Mar 10, 2021 12:27pm
Quoting jmoreno
{quote} well then, that clears things up, doesnt it? A throwaway account (ALLTHEMONEY) that was just registered maybe thirty minutes ago is willing to testify that he has an ASSOCIATE that is collecting monthly payouts. i think it is obvious that that clears up the entire thing for me. not. https://www.youtube.com/watch?v=pjfRCrVfOzc

LOL you may have some valid points but your evidence is rubbish. Some random ass EA seller with an EA that goes into periods of 30+% drawdown is crying because of FTMO.

Heres a real piece of evidence that FTMO may not be on the up and up. Even though I hate people like you who think they know things when they don't, there is something strange happening.
See my image. You can actually use more than your margin on FTMO's accounts. This to me points further towards the fact that trades are not actually being executed. The max loss function is likely a reason why this hasn't popped up yet, but you can actually hedge out 1000 trades, then close one side and have a position so huge.....

No one that even operates a dealing desk would allow this because someone with a smart brain and programming skills could take big advantage of it.

This one stinks.
Needless to say, when you add this + the tick pumping together, I will not be using or endorsing this company again.

Oh and P.S that asshole on youtube you linked is a scammer himself. He postd on here with the whole "Ill never sell anything ever " thread and then sold even though his EA was a failed piece of shit.
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  • #6,000
  • Edited Mar 25, 2021 12:27am Mar 10, 2021 12:42pm | Edited Mar 25, 2021 12:27am
Quoting Expo33
Hello traders. I keep hearing all the scammer talk. Quite annoying honestly. FTMO provides an opportunity. Their rules are laid out. If you don't like said rules, then move on. I started my 100K funded account today. I could care less how they fill my orders or how they obtain their revenue to pay traders. If 98% of traders lose their challenge and never make a dime, well, that's too bad, life is hard, but it's their own fault as they know the rules of the game they're playing in advance. Obviously, they pay their funded traders who make a profit...

first, you say that you dont like the scammer talk and that it is "quite annoying"..

i am sure that it is annoying, considering that you just wasted your monies to go thru a challenge and now that you have completed the challenge you are finding that the restrictions on your "imaginary live trading account" are even more strict than were the restrictions on your challenge phase.

... and you think that "thomas" is going to pull a few strings for you, do you? no, my new friend, thomas aint gonna do jack sht for you.. thomas is a part of the team that devised those impossible to navigate trading restrictions that are designed to get your money and then get the fk rid of you and quick.

and yet you are "overall satisfied" with ftmo?

remind me thirty days.

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