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FTMO - For serious traders

  • #6,141
  • Mar 15, 2021 7:39am Mar 15, 2021 7:39am
Quoting PaulMF
{quote} how many will achieve that?
With a bit of discipline its extremely easy. On a 100k margin account with 10k profit goal, all that's needed is $500 a day profit for 20 trading days.

Video explanation:

Inserted Video
Trade with confidence, trade without fear.
  • #6,142
  • Mar 15, 2021 7:41am Mar 15, 2021 7:41am
Quoting PaulMF
{quote} Then that is 33% a year more close to what professionals do. That sounds better. And now, why having to make 10% in a month to prove you are capable of making 33% in a year. From my point of view, it does not make too much sense. In your opinion (not in the opinion of other FTMO regular traders), of 100 traders that try to earn 10% in the first month and 5% in the second month, how many will achieve that?
FTMO have told us that 92% of traders fail their challenge (10% in one month). Not sure about the verification stage where you need to make 5% in 2 months.
  • #6,143
  • Mar 15, 2021 7:47am Mar 15, 2021 7:47am
Quoting ia1979
{quote} FTMO have told us that 92% of traders fail their challenge (10% in one month). Not sure about the verification stage where you need to make 5% in 2 months.
Which is much like trading success in general. Most are not successful. Those that are have accomplished trading disciplines after years of experience.

If it were easy then everyone would be doing it. Jesse Livermore was a trading great, until it drove him to suicide.
Trade with confidence, trade without fear.
  • #6,144
  • Mar 15, 2021 7:57am Mar 15, 2021 7:57am
The road to successful trading is paved with many blown accounts. At some point you'll get tired of losing and take it seriously. Or just quit altogether. So in reality whether you're having to top off your account to stay above water, or buy another challenge to try again....the goal remains the same.
Trade with confidence, trade without fear.
  • #6,145
  • Mar 15, 2021 8:00am Mar 15, 2021 8:00am
Quoting Takisd
{quote} Funding talent to me is currently better than FTMO. Their price feed is more stable, we know clearly who the clearer is and where they are regulated, we know the money is a real account. They have a long history and their support team have knowledge that FTMO's does not (I have been testing them during my gripe with FTMO). And, low and behold my indicators match with my regular trading account with them, but they do not with FTMO due to the tick pumping. Spreads aren't quite as good, but more stable, products are same. Its cheaper, their...
hello Takisd,

who is the clearer of FundingTalent and where they are regulated ?
so you actually login into a real account unlike all the other firms ?
can you trade BTC with FundingTalent also in the weekend ?
  • #6,146
  • Mar 15, 2021 8:22am Mar 15, 2021 8:22am
Quoting Cryptosurf
The road to successful trading is paved with many blown accounts. At some point you'll get tired of losing and take it seriously. Or just quit altogether. So in reality whether you're having to top off your account to stay above water, or buy another challenge to try again....the goal remains the same.
EXACTLY!!! It is basically the same thing except that your reward potential compared to your risk with a prop firm blows your personal account out the water.

Many traders fail the FTMO challenge? well, many traders already fail at trading in general. No one is being forced to take the challenge if they know they are incapable of achieving the goals set.

Quoting Saxio
{quote} hello Takisd, who is the clearer of FundingTalent and where they are regulated ? so you actually login into a real account unlike all the other firms ? can you trade BTC with FundingTalent also in the weekend ?
i think he meant "Broker" not "clearer", I may be wrong.
  • #6,147
  • Mar 15, 2021 8:28am Mar 15, 2021 8:28am
Quoting Koop
{quote} EXACTLY!!! It is basically the same thing except that your reward potential compared to your risk with a prop firm blows your personal account out the water. Many traders fail the FTMO challenge? well, many traders already fail at trading in general. No one is being forced to take the challenge if they know they are incapable of achieving the goals set.
Being under funded in trading is a big problem. Starting an account with $100-$500 leads a lot of people to hold trades longer then necessary. A 10% profit of $10 doesn’t feel as much as a $1000. It’s a mental game.
Trade with confidence, trade without fear.
  • #6,148
  • Edited 3:54pm Mar 15, 2021 8:37am | Edited 3:54pm
Questions for FTMO

I have some questions regarding your services, I apologize if they were stated before. I am relatively new to this so I am bound to make mistakes in any assumptions made here.

1. Is there any difference betweeen a 50k aggresive plan and a 100k normal account, since the limits and the costs are the same. Any (scaling or other) benefits from choosing one over the other?

2. In what currency does one choose to open an account? (If applicable) in one's home currency or in the quote currency of the pairs that the trader most frequently trades? For example where I live I may have euro but I only trade in xxx/usd. Is there a conversion fee every time I put a trade?

3. Are there any great differences (with regards to delays, slippage etc.) while demo trading on trial, challenge, verification as opposed to when my trades will need to be replicated on a live account?

4. Let us assume that my trading style is chaotic, inconsistent, risky, have a very low RRR, do not use stop losses etc.(or any of those or all of them) and somehow I make it without breaking any of the known rules.
I see in Clause 7.1 there are no guarantees for the placement in the FTMO trader Program, as the entity who offers the challenge and verification a.k.a. the Provider is different from the one that offers the contract for the position of FTMO trader. Clause 7.2 is vague offering no information and Clause 7.3 if I am not mistaken only states the cases that someone may be reimburshed if he/she is denied the position.

As much as I may hate them(consistency rules), wouldn't it be more straightforward and honest to apply a concise consistency rule than to state that you may reject someone for no or any reason?

Is there no connection between the entity who offers the challenge and verification and the one that offers the contract? Is it not the sole purpose of all this time consuming and costly effort the placement of the costumer as FTMO trader?

How can the two be disconnected and shouldn't it be very precisely stated which are the preffered methods/trading style/conditions that need to be followed by the trader beforehand to ensure placement in the Program? (or those that need to be avoided)
Am I missing or misinterpret something here?

 

    1. 7.1. The Services of the FTMO Trader are provided to the Customer on the basis of an individual agreement executed between the Customer and a third party (“FTMO Account Agreement”). Provider recommending Customer as a candidate for the FTMO Trader Program in no way guarantees Customer’s acceptance into the FTMO Trader Program, i.e. that the third party would enter into the FTMO Account Agreement with the Customer. Provider is not responsible for Customer being rejected by the FTMO Trader Program for any or no reason.
    2. 7.2. THE CUSTOMER ACKNOWLEDGES THAT THE THIRD PARTY WITH WHOM THE CUSTOMER EXECUTES THE FTMO ACCOUNT AGREEMENT MAY REQUIRE THAT THE CUSTOMER MEETS ANY ADDITIONAL CONDITIONS THAT MAY BE JUSTIFIABLY REQUIRED FROM THE CUSTOMER IN CONNECTION WITH THE EXECUTION OF THE FTMO ACCOUNT AGREEMENT.

      //(quite vague, which are those conditions and under what circumstances they need to be met)

    3. 7.3. The Customer further acknowledges that the person/entity with whom the Customer is to execute the FTMO Account Agreement may refuse to execute the agreement if the Customer does not meet the conditions under clause 6, 6.7, or if it turns out that the Customer has violated the provisions of these GTC in a manner specified in clause 10.1. In such a case, the Customer is not entitled to a refund of the fees for the relevant FTMO Challenge.




Thank you for reading and would appreciate your input!!
Edit: Multiple edits to fix typos

  • #6,149
  • Mar 15, 2021 9:06am Mar 15, 2021 9:06am
Quoting Cryptosurf
{quote} With a bit of discipline its extremely easy. On a 100k margin account with 10k profit goal, all that's needed is $500 a day profit for 20 trading days. Video explanation: https://youtu.be/NpjCMPk6xSE
Quote
With a bit of discipline its extremely easy..

I don't think it is just a matter of discipline. How much do you make in an average month?
Always ready to help
  • #6,150
  • Mar 15, 2021 9:11am Mar 15, 2021 9:11am
Quoting ia1979
{quote} FTMO have told us that 92% of traders fail their challenge (10% in one month). Not sure about the verification stage where you need to make 5% in 2 months.
So, statistics throwing light now. If that data is right:

First month: 8% survive
Second month? 4%?
Always ready to help
  • #6,151
  • Mar 15, 2021 9:54am Mar 15, 2021 9:54am
Quoting PaulMF
If that data is right: First month: 8% survive Second month? 4%?

I don't think it will work like that at all.

The first month is by far the hardest.

I think there won't be too much attrition, after that (though some, obviously).

In that sense, FTMO have worked it out well, to retain a high proportion of those who can manage to qualify.

My contention is that if they allowed 2 months instead of 1, for the initial 10%, they'd do better in the long run both by having more people who can actually trade safely passing, and by weeding out a small handful of people who got lucky with reckless position-sizes in order to pass the Challenge, who are soon going to blow themselves up anyway. I think they have all to gain and nothing to lose by doing that, and f I were a shareholder in FTMO, that's the perspective I'd be putting forward to the management, anyway, though of course it's only my opinion.
  • #6,152
  • Mar 15, 2021 10:07am Mar 15, 2021 10:07am
And what about fundingtalent.com. It seems pretty similar but I'm struggling to understand their rules. They ask for $75 monthly in order to participate. What's your opinion?
Always ready to help
  • #6,153
  • Mar 15, 2021 11:06am Mar 15, 2021 11:06am
Quoting Koop
{quote} haha the second time you need proof from him Mtini {image}
Wow Koop - you've either got an amazing memory or you spend hours trawling through everyone's old posts!

Have you ever tried trading Forex? Have you ever actually opened an account with guys?? You might find it an interesting diversion rather then constantly making inane comments on this thread
  • #6,154
  • Mar 15, 2021 11:52am Mar 15, 2021 11:52am
Quoting Saxio
{quote} hello Takisd, who is the clearer of FundingTalent and where they are regulated ? so you actually login into a real account unlike all the other firms ? can you trade BTC with FundingTalent also in the weekend ?

I am not affiliated with them, I am just thinking to take their challenge. They use an NZ regulated broker, the NZ regulator now is pretty harsh compared to what it used to be, the broker they use though is fairly average but at least i know who it is and I know that they won't be messing with their books to accomodate a prop firm.
I believe they have crypto, but its not my cup of tea so I don't know just check their broker blackbull markets and see if they have it.
  • #6,155
  • Mar 15, 2021 12:35pm Mar 15, 2021 12:35pm
Quoting karmostaji
{quote} Their service and customer support is very bad and most of them don't even have a proper understanding of their own rules LOL, and expect them to change/make up rules whenever n however they like. They will BS successful traders in order not to pay etc..
I read their whole website and find their trading "consistency" rules a bit too subjective for my tastes. Seems like they can pull a rabbit out of the hat whenever they feel the need and say, voila, you're account just disappeared per our "consistency" rules.

Secondly, I listened to the video of the lady trying to explain the trading rules. It was like listening to a nervous 3rd-grade substitute teacher trying not to choke on her first day on the job. The only thing worse is listening to Biden trying not to drool on himself while reading a prewritten speech.

Funding Talent not for me.
Pride always comes before destruction.... -Proverbs 16:18
  • #6,156
  • Mar 15, 2021 12:45pm Mar 15, 2021 12:45pm
Question for Thomas.

I'm trading a 100K funded account and am happy with FTMO with everything except the news restrictions.

How can FTMO justify allowing funded traders to trade with no lot size restriction but take away their account if they trade 2 minutes before or after this non-volatile event:
Attached Image (click to enlarge)
Click to Enlarge Name: GERMAN.png Size: 6 KB

Seriously, what's next. We can't trade the "Belgium waffle production numbers news event"??

So FTMO wants us to protect the investor's capital by excluding this "yellow" news event but we can open up a 100 lot trade at any other time and lose the entire 10k of the "investors" capital in 3 seconds??

Your funded traders passed a two-phase trial to earn their accounts and it's time to let them trade as they see fit.

Thanks for reading.
Pride always comes before destruction.... -Proverbs 16:18
  • #6,157
  • Mar 15, 2021 1:05pm Mar 15, 2021 1:05pm
Quoting Expo33
Question for Thomas. I'm trading a 100K funded account and am happy with FTMO with everything except the news restrictions. How can FTMO justify allowing funded traders to trade with no lot size restriction but take away their account if they trade 2 minutes before or after this non-volatile event: {image} Seriously, what's next. We can't trade the "Belgium waffle production numbers news event"?? So FTMO wants us to protect the investor's capital by excluding this "yellow" news event but we can open up a 100 lot trade at any other time and lose...
It’s restricted only for DAX according to the calendar on the client area. Low impact for currencies but not for that particular instrument.
Trade with confidence, trade without fear.
  • #6,158
  • Mar 15, 2021 1:22pm Mar 15, 2021 1:22pm
Quoting Cryptosurf
{quote} It’s restricted only for DAX according to the calendar on the client area. Low impact for currencies but not for that particular instrument.
I know but it still begs the question of why can a trader open 100 lot trade but they can't trade news, or at least leave swing trades open without fear of hitting their TP or SL. So basically you have to close your swings trades or take your SL/TPs off or make them huge just in case. Doesn't add up for me. 1+1 = 3
Pride always comes before destruction.... -Proverbs 16:18
  • #6,159
  • Mar 15, 2021 2:18pm Mar 15, 2021 2:18pm
Quoting Mtinifx
{quote} Wow Koop - you've either got an amazing memory or you spend hours trawling through everyone's old posts! Have you ever tried trading Forex? Have you ever actually opened an account with guys?? You might find it an interesting diversion rather then constantly making inane comments on this thread

haha Forex is all i have Mtini, I make my living solely off it. That's why i have all the time in the world to check professional dumb asses on this thread.
Hell, i might even get a Job from FTMO before you finally pass the challenge Mtini .

And thank you for the memory compliment.

Quoting Expo33
{quote} I read their whole website and find their trading "consistency" rules a bit too subjective for my tastes. Seems like they can pull a rabbit out of the hat whenever they feel the need and say, voila, you're account just disappeared per our "consistency" rules. Secondly, I listened to the video of the lady trying to explain the trading rules. It was like listening to a nervous 3rd-grade substitute teacher trying not to choke on her first day on the job. The only thing worse is listening to Biden trying not to drool on himself while reading...
Yeah, the consistency thing was a problem.
But the reason why they're getting a major buzz right now is that they just rolled out their own version of the FTMO model, challenge and all with seemingly better offers. i don't think the consistency thing applies on the new model.
  • #6,160
  • Mar 15, 2021 2:27pm Mar 15, 2021 2:27pm
Quoting Expo33
Question for Thomas. I'm trading a 100K funded account and am happy with FTMO with everything except the news restrictions. How can FTMO justify allowing funded traders to trade with no lot size restriction but take away their account if they trade 2 minutes before or after this non-volatile event: {image} Seriously, what's next. We can't trade the "Belgium waffle production numbers news event"?? So FTMO wants us to protect the investor's capital by excluding this "yellow" news event but we can open up a 100 lot trade at any other time and lose...
I agree. The news restriction doesn't make any sense to me. It also seems FTMO is the only firm with that restriction.
It's even more annoying when you consider that moving SL to breakeven before a news event is not enough to secure your account from a violation.
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