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FTMO - For serious traders

  • #6,281
  • Mar 19, 2021 6:44am Mar 19, 2021 6:44am
Quoting Rmg
{quote} My point is many of your type amateur saviours came here and bickering only to see their membership revoked later. Read this thread since the time you joined FF at least,repeated nauseam.
Disrepectful assumptions about my intentions. As I said, my intentions are:

Chat, participate, share my modest knowledge in the field. Make friends.

I wouldn't say that I'm trying to save everyone to participate. But I really would like to avoid participation of those that are not suitable for this challenge.


Interesting article:
https://tradeciety.com/24-statistics...rs-lose-money/
Always ready to help
  • #6,282
  • Mar 19, 2021 6:50am Mar 19, 2021 6:50am
Quoting Rmg
{quote} My point is many of your type amateur saviours came here and bickering only to see their membership revoked later. Read this thread since the time you joined FF at least,repeated nauseam.
Agreed. TBH I poured cold water all over FTMO over on Babypips until i looked closer at the objectives and rules of the game. The game was to make at least $500 a day with 100k of margin without blowing thru $2500 of it first. From a sheer statistical point of view, i concluded it could be easily done.
Trade with confidence, trade without fear.
  • #6,283
  • Edited 7:05am Mar 19, 2021 6:55am | Edited 7:05am
Quoting PaulMF
{quote} Disrepectful assumptions about my intentions. As I said, my intentions are: Chat, participate, share my modest knowledge in the field. Make friends. I wouldn't say that I'm trying to save everyone to participate. But I really would like to avoid participation of those that are not suitable for this challenge. Interesting article: https://tradeciety.com/24-statistics...rs-lose-money/
I've read that article before and it's pretty much true.

Especially this line:
Quote
What traders always forget is that trading is a profession and requires skills that need to be developed over years.


EDIT: Success and profitability at trading is an ongoing process and something not to be taken for granted. Trading greats like Jesse Livermore achieved great success only to blow his account and put a gun in his mouth.
Trade with confidence, trade without fear.
  • #6,284
  • Mar 19, 2021 7:15am Mar 19, 2021 7:15am
Quoting Rmg
{quote} Easy to get funded if you know what you are doing, but keeping it takes tremendous amount of discipline which I lack caused last funded account blown up. "Hit your target for the day and walk away" is the hardest part to overcome. Each and every one psyche is unique. Before mastering the mental aspects its just a fun ride to participate in this game. I did 12 challenges only to see my cremlins goes nowhere but getting better at it
It’s not easy. I’ve always been short on patience, so it’s a constant battle. My biggest demon.
Trade with confidence, trade without fear.
  • #6,285
  • Mar 19, 2021 7:21am Mar 19, 2021 7:21am
Quoting Cryptosurf
{quote} I've read that article before and it's pretty much true. Especially this line: {quote} EDIT: Success and profitability at trading is an ongoing process and something not to be taken for granted. Trading greats like Jesse Livermore achieved great success only to blow his account and put a gun in his mouth.
I think it would be worth for FTMO to verify the skills of their participants prior to let them participate. Just to avoid FTMO and the participants wasting time and the participant to spend money.

Otherwise, as we all know, most of them will fail to pass the challenge.

Just suppose that what the article says is true and just 1% makes money trading. Over 100 participants, that would lead to 1 getting $40,000 funded account after 3 months (challenge plus verification steps), letting him only risk $4,000. And the other 99 traders failed and paid 155 euros each. That is a total 15,345 euros.

So, they risk 3,360 euros ($4,000) and they make 15,345 euros (11,985 in the worst scenario: 15,345 - 3,360).
Always ready to help
  • #6,286
  • Mar 19, 2021 7:41am Mar 19, 2021 7:41am
Quoting PaulMF
{quote} I think it would be worth for FTMO to verify the skills of their participants prior to let them participate. Just to avoid FTMO and the participants wasting time and the participant to spend money.
Why should that responsibility lie with FTMO though? they've gone as far as being the only firm to offer a free trial account for traders to actually test their strategies and abilities in line with the program and most sensible traders who aren't yet consistent or use to trading within such risk parameters, spend time time honing their skills that way. A Trader named Ma flip says he's done over 5 or 6 free trials (can't recall exactly) and will probably do more until he's sure he can consistently pass the challenge.

Btw, The challenge is FTMO's way of "verifying" a trader's skill prior to letting them participate in fund management, thus creating another stream of income asides profit splits. That's basic business.
If a trader chooses to barge in and throw away their money without being properly prepared, how is FTMO to blame?
  • #6,287
  • Mar 19, 2021 7:42am Mar 19, 2021 7:42am
Quoting PaulMF
{quote} I think it would be worth for FTMO to verify the skills of their participants prior to let them participate. Just to avoid FTMO and the participants wasting time and the participant to spend money. Otherwise, as we all know, most of them will fail to pass the challenge. Just suppose that what the article says is true and just 1% makes money trading. Over 100 participants, that would lead to 1 getting $40,000 funded account after 3 months (challenge plus verification steps), letting him only risk $4,000. And the other 99 traders failed and...
In a perfect world perhaps. But that’s not the reality of it.

You have the opinion that only a certain criteria should be eligible to participate, when the model is anyone can.

Theres not much difference between FTMO and funding your own account. Most budding traders will go thru cycles of topping off personal accounts before either quitting of persevering. If one can manage it, then you have the ability to manage a large account.

Not everyone can, but some will. That remains true regardless if it’s your own personal account or a funded prop firm.
Trade with confidence, trade without fear.
  • #6,288
  • Mar 19, 2021 7:47am Mar 19, 2021 7:47am
Quoting PaulMF
{quote} Disrepectful assumptions about my intentions. As I said, my intentions are: Chat, participate, share my modest knowledge in the field. Make friends. I wouldn't say that I'm trying to save everyone to participate. But I really would like to avoid participation of those that are not suitable for this challenge. Interesting article: https://tradeciety.com/24-statistics...rs-lose-money/
The article is interesting by its stupidity. I read the article and think that the conclusion of the so called "scientists" is BS. A survey of European forex brokers a few years ago indicated that 76.3% of traders lose money this is way less than the 99% implied in the pyramid. However, I have no clue why traders with some brokers are more successful than traders with other brokers as I expected that the percentage would nearly be the same for all brokers. Also I don't believe that "All traders start with the dream to get rich quick". I guess that the "scientists" only interviewed idiots that had no clue about what trading is all about.
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  • #6,289
  • Mar 19, 2021 8:04am Mar 19, 2021 8:04am
Quoting Koop
{quote} Why should that responsibility lie with FTMO though? they've gone as far as being the only firm to offer a free trial account for traders to actually test their strategies and abilities in line with the program and most sensible traders who aren't yet consistent or use to trading within such risk parameters, spend time time honing their skills that way. A Trader named Ma flip says he's done over 5 or 6 free trials (can't recall exactly) and will probably do more until he's sure he can consistently pass the challenge. Btw, The challenge is...
As I have explained to you in many posts there are more companies offering better alternatives and without having to pay a participation fee.

I thought you didn't want to chat with me... What a surprise! You are welcome again. Thanks for quoting me.
Always ready to help
  • #6,290
  • Mar 19, 2021 8:05am Mar 19, 2021 8:05am
Quoting Cryptosurf
{quote} In a perfect world perhaps. But that’s not the reality of it. You have the opinion that only a certain criteria should be eligible to participate, when the model is anyone can. Theres not much difference between FTMO and funding your own account. Most budding traders will go thru cycles of topping off personal accounts before either quitting of persevering. If one can manage it, then you have the ability to manage a large account. Not everyone can, but some will. That remains true regardless if it’s your own personal account or a funded...
What of all I have said there seems perfect world to you?
Always ready to help
  • #6,291
  • Mar 19, 2021 8:06am Mar 19, 2021 8:06am
Quoting Hutch
{quote} The article is interesting by its stupidity. I read the article and think that the conclusion of the so called "scientists" is BS. A survey of European forex brokers a few years ago indicated that 76.3% of traders lose money this is way less than the 99% implied in the pyramid. However, I have no clue why traders with some brokers are more successful than traders with other brokers as I expected that the percentage would nearly be the same for all brokers. Also I don't believe that "All traders start with the dream to get rich quick". I...
And do you think there are many idiots to interview? or just that the interviewers filtered them?
Always ready to help
  • #6,292
  • Mar 19, 2021 8:26am Mar 19, 2021 8:26am
Quoting PaulMF
{quote} What of all I have said there seems perfect world to you?
Your words:
Quoting PaulMF
{quote} I think it would be worth for FTMO to verify the skills of their participants prior to let them participate.
You believe that only "successful" traders should be allowed to participate, vs the free market where anyone is given the same opportunity.

Just because someone may fall under your qualifications doesn't mean they will stay there either. Success at trading isn't a linear curve. There's winning streaks and losing streaks. Profitable days/weeks/months and losing ones as well. Jesse Livermore is the perfect example.

If you been actively trading for some time, you know this as well.
Trade with confidence, trade without fear.
  • #6,293
  • Mar 19, 2021 8:31am Mar 19, 2021 8:31am
Quoting PaulMF
{quote} As I have explained to you in many posts there are more companies offering better alternatives and without having to pay a participation fee. I thought you didn't want to chat with me... What a surprise! You are welcome again. Thanks for quoting me.
And as i said earlier, Better is subjective. You have your beliefs, i have mine, which centers on time required and maximum reward for effort..
You can't convince me otherwise and i can't convince you either, so it's best we both retire from the vain repetitions Paul and go on to do and support what we're comfortable with.
  • #6,294
  • Mar 19, 2021 8:34am Mar 19, 2021 8:34am
I would like to share how I can trade better. One fine day, the thought came to me that in trading you need to do it simply according to the algorithm (how at work we perform certain duties). You don't need to invent something and reinvent the wheel.
1. Write or print on a sheet of the basic rules of your strategy by which a trade is opened and hang them in a prominent place (a wall, for example), and before every moment you think that this is the ideal moment to open an order - check with him whether all points correspond to open order, if not, it is better to skip the deal. As one proverb says - whoever has not lost has already earned.
2. Never move your stop loss after it was originally set. The rules are there to protect you from loss.
3. Treat trading like work - a complex mental work for which you get money doing monotonously the same thing every day following an algorithm.
4. Measure your profits and losses not in currency but in percentage terms, it is much easier psychologically to both accept losses and trade further, and not let euphoria turn your head and make thoughtless trades.

I restored the account to 10% and now I will open the remaining 3 days at 1 deal 0.01
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sorry for my English, using google translator.
  • #6,295
  • Mar 19, 2021 8:52am Mar 19, 2021 8:52am
Quoting PaulMF
{quote} I think it would be worth for FTMO to verify the skills of their participants...
Mate, I think you mean well, but please, your words show that you're insecure about taking the challenge, simply because you know there's a great chance you'll loose it... which is probably true.
If you were already a good enough trader you'd just go for it without any fear of losing the challenge, it would cost you nothing in the end, right ? you'd get back your fee anyway on your first profit split.

So, maybe instead of arguing from all angles possible, like many time wasters come here to do, why don't you focus on practicing and becoming better at trading your system? that's why you have the TRIAL accounts, to practice FTMO platform and rules, until you can fit it into your plan. This is a great opportunity, take it while it's there, not much to lose, really.

Focus on getting ready for the challenge and leave the chit chat for the babies naysayers... just MHO.
  • #6,296
  • Mar 19, 2021 8:55am Mar 19, 2021 8:55am
Quoting LoveScalping
I would like to share how I can trade better. One fine day, the thought came to me that in trading you need to do it simply according to the algorithm (how at work we perform certain duties). You don't need to invent something and reinvent the wheel. 1. Write or print on a sheet of the basic rules of your strategy by which a trade is opened and hang them in a prominent place (a wall, for example), and before every moment you think that this is the ideal moment to open an order - check with him whether all points correspond to open order, if not,...
great job, congratulations!
  • #6,297
  • Mar 19, 2021 8:58am Mar 19, 2021 8:58am
Quoting LoveScalping
I would like to share how I can trade better. One fine day, the thought came to me that in trading you need to do it simply according to the algorithm (how at work we perform certain duties). You don't need to invent something and reinvent the wheel. 1. Write or print on a sheet of the basic rules of your strategy by which a trade is opened and hang them in a prominent place (a wall, for example), and before every moment you think that this is the ideal moment to open an order - check with him whether all points correspond to open order, if not,...
Well done, that’s the way to smash it! Staying focused is key.
Trade with confidence, trade without fear.
  • #6,298
  • Mar 19, 2021 9:19am Mar 19, 2021 9:19am
I usually tend to support what I believe on. And I'm usually pretty secure about what I can or can't do. Thanks for your advices. I really appreciate your always fast replies I don't use to get everywhere else. I feel like I'm important here and keep me attentive.

In this trading world, I firmly believe and I'm pretty secure on how I support and conduct my research: doing some math is very handy. That's why I use to share some quick analysis:

- Based on the scaling plan of FTMO, in order to scale you have to perform at 33% yearly (10% month). If we calculate the average of recognized traders returns, this is very weird to reach.
- And doing also some math, I also bring to newcomers this thought:

I think it would be worth for FTMO to verify the skills of their participants prior to let them participate. Just to avoid FTMO and the participants wasting time and the participant to spend money.
Otherwise, as we all know, most of them will fail to pass the challenge.
Just suppose that what the article says is true and just 1% makes money trading. Over 100 participants, that would lead to 1 getting $40,000 funded account after 3 months (challenge plus verification steps), letting him only risk $4,000. And the other 99 traders failed and paid 155 euros each. That is a total 15,345 euros.
So, they risk 3,360 euros ($4,000) and they make 15,345 euros (11,985 in the worst scenario: 15,345 - 3,360)


In the end, they have a demo version that they might use to verify the participants skills and focus on getting top traders to manage their no one knows capital. Otherwise, they lost the chance of getting very talented traders that may refuse to participate because they may think: their business is the participation fee.
Always ready to help
  • #6,299
  • Mar 19, 2021 9:26am Mar 19, 2021 9:26am
Quoting PaulMF
I usually tend to support what I believe on. And I'm usually pretty secure about what I can or can't do. Thanks for your advices. I really appreciate your always fast replies I don't use to get everywhere else. I feel like I'm important here and keep me attentive. In this trading world, I firmly believe and I'm pretty secure on how I support and conduct my research: doing some math is very handy. That's why I use to share some quick analysis: - Based on the scaling plan of FTMO, in order to scale you have to perform at 33% yearly (10% month). If...
The scaling plan isn’t mandatory to participate. It’s optional so your entire premise so far is irrelevant. It’s just your opinion based on your negative bias and overall inexperience.

The only thing that matters to stay in the game is the trading objectives, which are extremely easy to understand.
Trade with confidence, trade without fear.
  • #6,300
  • Mar 19, 2021 9:32am Mar 19, 2021 9:32am
Quoting PaulMF
In the end, they have a demo version that they might use to verify the participants skills and focus on getting top traders to manage their no one knows capital. Otherwise, they lost the chance of getting very talented traders that may refuse to participate because they may think: their business is the participation fee.
For the "talented" trader, call charges will never be a problem.
If you are confident in your trading system, you will receive a call fee after the end of 1 trading month (note that you will receive a call fee refund even if the profit is 0.000001%
If a trader is unable to follow his rules, he should not do it.
sorry for my English, using google translator.
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