Totally true. Nothing new.
That's the problem!
And more and more posts. And just one simple proof that never gets here.
That's the problem!
And more and more posts. And just one simple proof that never gets here.
Always ready to help
- #6,842
- Apr 11, 2021 5:29pm Apr 11, 2021 5:29pm
- Joined Aug 2013 | Status: Trader | 4,901 Posts
{quote} Well done on your account. The point I was making was if FTMO’s sole purpose was fee driven, then why bother with the restrictions they currently have. The latest prop firms on the scene have higher payouts, lower fees and loose restrictions. People are attracted to these dreaming of the higher commission, not realizing the lesser restrictions give them a greater path to blowing their account.
I'm with the 5ers and CTI and they both have tighter drawdowns and have leverage restrictions. For my 40K funded account with the 5er's, I can only trade a max of 2 lots at one time where FTMO allows at least 20x that size for the same account size.
As I said, my only issue is the no news trading. I don't "trade" news anyways but I do like to keep my trades open up to a certain time before the news or even through the news for smaller sized swing trades without having to take my SL/TPs off for fear that one or the other will hit during that 4-minute window.
A couple of weeks ago there were 4 red news events for 4 different currencies over a 10 hour period. So basically that day is not event tradable with so many landmines waiting for you to step on and lose your account if you happen to forget and leave a trade open that hits a TP/SL.
I just don't like the constant aggravation of maneuvering around the restricted events especially being on the west coast USA, possibly the worst time zone to be in for a forex trader. London opens at midnight my time, New York opens 5AM my time with regular red news at 5:30AM.
What if I have an open trade a couple of hours before a news event and then suddenly one of my daughter's friends breaks her arm while playing in the backyard. I rush her to the hospital forgetting all about my big 0.1 lot trade and poof, lose my 100K account when my SL hits for a massive $50 loss.
Oops, I got off track there for a moment, sorry
But yea, some new firms are offering all kinds of feel-good frills. All trying to make it seem like they are the better option than the industry leader FTMO. They are like the poor sprinter getting the baton in the 4X100 relay on the last leg and already 50 meters behind! I'll stick with the companies that have proven payout records and let the guinea pigs do the dirty work of vetting the new firms for me with their own money.
Pride always comes before destruction.... -Proverbs 16:18
- #6,843
- Apr 11, 2021 5:37pm Apr 11, 2021 5:37pm
- Joined Aug 2013 | Status: Trader | 4,901 Posts
Pride always comes before destruction.... -Proverbs 16:18
- #6,846
- Apr 11, 2021 5:53pm Apr 11, 2021 5:53pm
{quote} I think allowing me to blow 5K of 100K account in one day is pretty loose. No trade size restriction, extremely loose. I'm with the 5ers and CTI and they both have tighter drawdowns and have leverage restrictions. For my 40K funded account with the 5er's, I can only trade a max of 2 lots at one time where FTMO allows at least 20x that size for the same account size. As I said, my only issue is the no news trading. I don't "trade" news anyways but I do like to keep my trades open up to a certain time before the news or even through the news...
offering my system to copy trade. check my link
- #6,847
- Apr 11, 2021 6:04pm Apr 11, 2021 6:04pm
- Joined Aug 2013 | Status: Trader | 4,901 Posts
{quote} oh dont call me a pig......
Pride always comes before destruction.... -Proverbs 16:18
