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FTMO - For serious traders

  • #7,681
  • May 24, 2021 7:00pm May 24, 2021 7:00pm
I mean, how can you prove its a wrong quote from a fxcm/forex.com chart? What if the chart is a demo chart and on their live they spiked the quote as well?

I don't particularly like FTMO much but you haven't really proven anything.
  • #7,682
  • May 25, 2021 3:50am May 25, 2021 3:50am
Quoting Premistis
Hi, I just got a SL hit on XAUUSD, and let me say you this is unacceptable as I got stopped out at 1878.49 while the price never went to this level in any other broker/quotation online, all my accounts with other brokers didn't get this SL hit and didn't even get close to reaching it out and are actually running on profit for this trade! I will attach a screenshot of the SL on metatrader and some quotations I got from tradingview. I was trusting FTMO and didn't think I would get such a treatment. PS: this is NOT because of spreads, I was monitoring...
every "broker" uses different liquidity providers and datafeeds, they arent the same but close enough, its because its not a centralised market and ure trading CFD's, anyway you should always trade the chart in front of you on the feed you receive not someone elses feed
  • #7,683
  • May 25, 2021 5:20am May 25, 2021 5:20am
I want to know if ftmo use merchant skrill account for payment or normal account.In my country i can only pay to merchant account because p2p is banned
  • #7,684
  • May 25, 2021 11:17pm May 25, 2021 11:17pm
Quoting Premistis
{quote} FTMO quotation did go to my SL lows for less than a second, but the point is their quote IS WRONG, nowhere else did XAUUSD even go lower than 1879, even not lower than 1880 on most brokers!
Yes you are right... that spike did not happen on my live ICM account, nor did it happen on a demo acct I have of another broker. But.. another FF member did show you a similar spike on his demo account.

So the first thing you need to realize is that DEMO feeds are notorious for occasional spikes like that, no matter what broker. FTMO accounts are DEMO at the end of the day, whether challenge or 'funded'. So spikes like that can happen.

Secondly, you keep saying FTMO quotes and 'their quotes'.... which to be fair, is inaccurate. FTMO hosts their own servers, but they still have to get quotes from a liquidity provider or maybe another broker.

Thirdly, I am a bit confused how you could have been in profit.

Even if you had entered just a few minutes before that spike candle [which is not an ideal time to enter a trade anyway because it would have been around NY close]..... price never went up enough to come to breakeven. Also, assuming NO spike happened, your trade would have been stopped out just after an hour anyway because it went even lower.

Having said all that, since FTMO does provide only DEMO accounts no matter what.... spikes can and will happen. However, if a trader gets stopped out because of it, I am sure they will resolve it.
In other news: A ranger was trapped between a bull and a bear
  • #7,685
  • May 25, 2021 11:19pm May 25, 2021 11:19pm
Quoting FxPalash
I want to know if ftmo use merchant skrill account for payment or normal account.In my country i can only pay to merchant account because p2p is banned
Yes, they are merchant skrill account. If still in doubt, just open live chat on their website.
In other news: A ranger was trapped between a bull and a bear
  • #7,686
  • May 26, 2021 5:59am May 26, 2021 5:59am
Quoting Premistis
Hi, I just got a SL hit on XAUUSD, and let me say you this is unacceptable as I got stopped out at 1878.49 while the price never went to this level in any other broker/quotation online, all my accounts with other brokers didn't get this SL hit and didn't even get close to reaching it out and are actually running on profit for this trade! I will attach a screenshot of the SL on metatrader and some quotations I got from tradingview. I was trusting FTMO and didn't think I would get such a treatment. PS: this is NOT because of spreads, I was monitoring...
I suggest you search and download FXRM Spread History and watch your traded instruments for a couple of days at least... and especially Friday close and Monday open... FTMO has particularly wide spreads then, and you will have to account for this in future trades.
  • #7,687
  • May 26, 2021 9:07am May 26, 2021 9:07am
Quoting ade619
{quote} Have you been able to make payment pls how did you do it. I don't have a visa card yet
Try barter by Flutterwave.. very effortless
  • #7,688
  • May 27, 2021 12:52pm May 27, 2021 12:52pm
Quoting Tomas-ftmo
Hello traders, a week has passed by and here we are with another short weekly update, so let's get right into it. On the 17th of May, we encountered a quick freeze on cryptocurrencies between 23:20 and 23:55 platform time. We’ve received several complaints from the traders affected by the issue and as far as I know, nearly all of those cases have been already settled. No other issues were recorded and there are no planned maintenance breaks for the weekend either. However, certain adjustments on trading hours of a few instruments are to be expected...

Tomas,

Curious if there’s any plans to offer bi weekly payments.
Trade with confidence, trade without fear.
  • #7,689
  • May 28, 2021 4:05am May 28, 2021 4:05am
Quoting Tomas-ftmo
Hello traders, a week has passed by and here we are with another short weekly update, so let's get right into it. On the 17th of May, we encountered a quick freeze on cryptocurrencies between 23:20 and 23:55 platform time. We’ve received several complaints from the traders affected by the issue and as far as I know, nearly all of those cases have been already settled. No other issues were recorded and there are no planned maintenance breaks for the weekend either. However, certain adjustments on trading hours of a few instruments are to be expected...
Hi Tomas,

any updates on Payouts with BTC ?
  • #7,690
  • May 28, 2021 7:41am May 28, 2021 7:41am
Quoting Premistis
Hi, I just got a SL hit on XAUUSD, and let me say you this is unacceptable as I got stopped out at 1878.49 while the price never went to this level in any other broker/quotation online, all my accounts with other brokers didn't get this SL hit and didn't even get close to reaching it out and are actually running on profit for this trade! I will attach a screenshot of the SL on metatrader and some quotations I got from tradingview. I was trusting FTMO and didn't think I would get such a treatment. PS: this is NOT because of spreads, I was monitoring...
I have the same problem... the LP from FTMO is so weird.. that no top brokers like forexcm,oanda,forex.com have that price... and they cannot fix it
  • #7,691
  • May 28, 2021 10:52am May 28, 2021 10:52am
Happy Friday traders,
I hope you went through a great week and hopefully, you got to enjoy at least a bit of the forthcoming summer weather. There are a couple of things to talk about, so let’s start with today’s update.

On Monday, we’ve added a couple of new instruments into our Free Trial accounts, namely several cryptocurrencies (Ripple, NEO, Monero) and about 10 stocks (Microsoft, Deutsche Bank, VISA…). Once we finish the testing phase, all the new instruments shall be launched on Challenges/Verifications/FTMO Accounts as well.

During the early hours of Wednesday, we encountered a brief outage which was resolved shortly after it had occurred. Some of the trades were impacted and we have already agreed on appropriate compensations with nearly all of the impacted traders. As the incident happened during the time when most of Europe was asleep, we’ve received complaints particularly from the traders from the USA.

And finally, although there weren’t that many of them, there are some posts that we should address:


Quoting lddd
Hello. Are there any reasons why a FTMO customer after paying and passing through the challenge and verification stages could be rejected as a "funded trader" ? In the General Terms and Conditions it says something like, {quote} There are even more paragraphs sounding quiet vague and left open with advantage to FTMO.
Hello lddd, clause 7.1 of our T&C’s mainly ensures that we are not obligated to provide access into the FTMO Trader Program to those traders who pass the Evaluation Process (therefore would be recommended as a candidate for the FTMO Trader Program) by using prohibited techniques described in clause 5.4.
On FTMO Accounts, we have a maximum capital allocation limit of $400K per trader/ trading strategy (or equivalent in other currencies, prior to account scaling). If the same strategy as on the passed Verification is used on other FTMO Accounts and the maximum capital allocation per strategy is reached, this can warrant a reason not to provide the FTMO Account as well. Recently, we've registered an increasing number of groups where someone offers account management and although the accounts are under unique user registrations, if they are managed by just one person using trade-copying software, this can warrant a reason not to provide an FTMO Account since that would be in direct conflict with our risk diversification policies.
In short – If you respect our rules and have a unique trading strategy, there is no reason to worry.

Quoting Premistis
Hi, I just got a SL hit on XAUUSD, and let me say you this is unacceptable as I got stopped out at 1878.49 while the price never went to this level in any other broker/quotation online, all my accounts with other brokers didn't get this SL hit and didn't even get close to reaching it out and are actually running on profit for this trade! I will attach a screenshot of the SL on metatrader and some quotations I got from tradingview. I was trusting FTMO and didn't think I would get such a treatment. PS: this is NOT because of spreads, I was monitoring...
Hello Premistis,
While I’m not sure, I think we might have resolved the situation already via email. If I’m not mistaken, this was a fill received on the market reopen between Monday-Tuesday at 00:00 CE(S)T and the slippage was caused by a gap reopen. We are monitoring the market as a whole and I know that the market reopened even lower at some brokerages. We know that our conditions are not always the best during the nightly rollover and we are confident that we will be able to provide better conditions in the near future.

Quoting FxPalash
I want to know if ftmo use merchant skrill account for payment or normal account.In my country i can only pay to merchant account because p2p is banned
Hi FxPalash, our Skrill account is a Full Merchant Account type. If there are certain Skrill limitations affecting your country, you can use your credit/debit card (if possible) or bank transfer to pay the initial fee.

Quoting Cryptosurf
{quote} Tomas, Curious if there’s any plans to offer bi weekly payments.
Hello Cryptosurf, among others, we are assessing bi-weekly Profit Splits as a possible future option. The final decision or timeline of release is not clear yet

Quoting Saxio
{quote} Hi Tomas, any updates on Payouts with BTC ?
Hi Saxio, as far as I know, this feature is still in the stage of early development. I think we will start with accepting BTC as payment for Challenges first and if everything goes smooth, payouts in BTC may be possible later on.


That's it, another weekly breakdown done. See you next time everyone!

-Tomas
  • #7,692
  • May 29, 2021 9:20am May 29, 2021 9:20am
Hello great people, I just subscribed to a challenge yesterday on FTMO. And I misjudge the trading hours time, I didn't observe the closing hour until it was late, and I have an open trade with high volume 15LOTs GBP/CHF ’’Buy’’, which is already in 1,216.37 dollar loss. And the trade opening hours always has a wide spread, which I’m afraid will destroy my account cause I only have 2500 dollar max daily loss. Is there anyway you think I can safe this account? Do I even stand a chance of the spread not up to 2500 when the market will open? Any advice will be welcome and greatly appreciated, thank you. And I did have a Set Loss at 1,582.
  • #7,693
  • May 29, 2021 11:39am May 29, 2021 11:39am
Hello everybody
Are their any USA based FTMO traders that have processed a withdrawal(s)?
I've been searching for the answer for the dreaded tax handling of this arrangement.
Do you go individual or entity?
They don't issue a 1099
You do not have a foreign brokerage account (thus no FBAR required)
You aren't trading real money (it's demo)
Best guess answer I found is that you issue an invoice to reconcile a withdrawal
Haven't seen anywhere where FTMO processes invoices
Anyways, if anybody is out there, kindly pass along your approach.
I appreciate your time on this.
  • #7,694
  • May 29, 2021 1:03pm May 29, 2021 1:03pm
Quoting JimKen
Hello great people, I just subscribed to a challenge yesterday on FTMO. And I misjudge the trading hours time, I didn't observe the closing hour until it was late, and I have an open trade with high volume 15LOTs GBP/CHF ’’Buy’’, which is already in 1,216.37 dollar loss. And the trade opening hours always has a wide spread, which I’m afraid will destroy my account cause I only have 2500 dollar max daily loss. Is there anyway you think I can safe this account? Do I even stand a chance of the spread not up to 2500 when the market will open? Any advice...
the open market spread wont double your loss, take off your stop loss and close the position manually when market opens, but u will have to take a loss unless u want to see what happens if it goes back into profit.
  • #7,695
  • May 29, 2021 1:04pm May 29, 2021 1:04pm
Quoting pftick
Hello everybody Are their any USA based FTMO traders that have processed a withdrawal(s)? I've been searching for the answer for the dreaded tax handling of this arrangement. Do you go individual or entity? They don't issue a 1099 You do not have a foreign brokerage account (thus no FBAR required) You aren't trading real money (it's demo) Best guess answer I found is that you issue an invoice to reconcile a withdrawal Haven't seen anywhere where FTMO processes invoices Anyways, if anybody is out there, kindly pass along your approach. I appreciate...
i think tax on ftmo is paid in all countries under consulting domain.
  • #7,696
  • May 29, 2021 1:48pm May 29, 2021 1:48pm
Quoting Rayder4Life
{quote} the open market spread wont double your loss, take off your stop loss and close the position manually when market opens, but u will have to take a loss unless u want to see what happens if it goes back into profit.
Thanks man, I appreciate! Actually I have experienced where it double loss in the open trade hours while trading in demo accounts and later return back to normal, but it was okay because its just a demo and I can wait till it return back to profit, I believe this will return back to profit as well, but I'm just afraid with the wide spread of the opening market. what I'm trying to do now is trade crypto and keep the profit till market open so it can help in case there will be too much spread. And sure I'm ready to close the open trade to loss if that's what it take to safe the account from burning.
  • #7,697
  • May 29, 2021 2:03pm May 29, 2021 2:03pm
Quoting Rayder4Life
{quote} i think tax on ftmo is paid in all countries under consulting domain.
Thanks for the reply Rayder
Yeah, it makes sense, You have your money transfer receipts for proof of income.
It's a unique arrangement with FTMO, kind of like a virtual game that you get compensated for.
  • #7,698
  • Edited 12:52pm May 30, 2021 10:37am | Edited 12:52pm
I'd like to make a suggestion to FTMO:
whenever a challenge / validation finishes in profit but not enough to pass the objective (and all the other rules not broken), then maybe the candidate wouldn't mind paying a smaller extra fee to do a free "continuation "(instead of a full retake) so that he/she would actually keep his current balance as the starting balance for the retake.
  • #7,699
  • May 31, 2021 11:44am May 31, 2021 11:44am
@Tomas-ftmo - When will FTMO make some changes to the program? A lot of other firms are making some good changes while FTMO continues to stay the same and become stale. There's many firms that are directly aiming at FTMO and have come out with better programs than FTMO yet, FTMO is just sitting on the sidelines.
  • #7,700
  • Jun 1, 2021 5:12pm Jun 1, 2021 5:12pm
Quote
As the incident happened during the time when most of Europe was asleep

How convenient
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