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FTMO - For serious traders

  • #7,701
  • Jun 1, 2021 3:30pm Jun 1, 2021 3:30pm
Quoting Wags
{quote} How convenient
What’s convenient?
  • #7,702
  • Jun 1, 2021 3:44pm Jun 1, 2021 3:44pm
Quoting moodybot
{quote} What’s convenient?

I have a great sense of smell for sneaky bullshit and its in this post

https://www.forexfactory.com/thread/...1#post13558821
  • #7,703
  • Jun 2, 2021 10:45am Jun 2, 2021 10:45am
Quoting digiff
However, if a trader gets stopped out because of it, I am sure they will resolve it.
You would first have to notice it... I think what you describe is a huge disavantage and what still makes me stay away from their program.

Not even that you have to fight the market (which is already tough enough on its own) no you then also have to fight against inaccurate trade executions because its a demo account? I mean...
  • #7,704
  • Jun 2, 2021 1:37pm Jun 2, 2021 1:37pm
FTMO, when will your platform keep the forex market open 24 hours, without the 0:00 market closure? This seems to be a big platform disadvantage due to wide spread volatility. Short positions have a false sense of losses during this window of closure.

Or perhaps there is an earlier post with this information, I may have missed?
  • #7,705
  • Jun 2, 2021 2:11pm Jun 2, 2021 2:11pm
Quoting Swing4Fence
FTMO, when will your platform keep the forex market open 24 hours, without the 0:00 market closure? This seems to be a big platform disadvantage due to wide spread volatility. Short positions have a false sense of losses during this window of closure. Or perhaps there is an earlier post with this information, I may have missed?
I actually like the closure, not that spreads are completely back to normal at 0:05 but nowhere near as wide as the 0:00 rollover. I've used several brokers that stop the feed for 7-10 minutes around rollover
  • #7,706
  • Jun 2, 2021 4:50pm Jun 2, 2021 4:50pm
Quoting pipmaster77
{quote} I actually like the closure, not that spreads are completely back to normal at 0:05 but nowhere near as wide as the 0:00 rollover. I've used several brokers that stop the feed for 7-10 minutes around rollover
If given a choice of poor spreads open or stop feed closure. Would actually prefer stop feed/complete closure, similar to weekends. Versus a window of time where shorts get taken out by wide spreads, only to normalize at 1:00.

Top choice would be to keep feed open at normalized prices, similar to brokers I actively trade. They do not have ~10+ pip widening during the 1 hour window.
  • #7,707
  • Jun 3, 2021 2:07pm Jun 3, 2021 2:07pm
Quoting Swing4Fence
{quote} If given a choice of poor spreads open or stop feed closure. Would actually prefer stop feed/complete closure, similar to weekends. Versus a window of time where shorts get taken out by wide spreads, only to normalize at 1:00. Top choice would be to keep feed open at normalized prices, similar to brokers I actively trade. They do not have ~10+ pip widening during the 1 hour window.
I currently have a 22 Pips spread on GBP/USD 00:03 broker time. Is it normal for this time of the day with FTMO? The widest spread i experienced with any of my live brokers around rollover times was 10 Pips.
  • #7,708
  • Jun 3, 2021 2:34pm Jun 3, 2021 2:34pm
Quoting lddd
{quote} I currently have a 22 Pips spread on GBP/USD 00:03 broker time. Is it normal for this time of the day with FTMO? The widest spread i experienced with any of my live brokers around rollover times was 10 Pips.
my broker right now (not ftmo) is bigger.. Its NFP tomorrow so normal.
  • #7,709
  • Jun 3, 2021 3:28pm Jun 3, 2021 3:28pm
Quoting Takisd
{quote} my broker right now (not ftmo) is bigger.. Its NFP tomorrow so normal.
Thanks for letting me know.

Yes right now the spread is better on FTMO compared to my own broker but around 23:55-00:05 it was twice as much as to my live account so i wondered.

Is it somehow possible to monitor the FTMO price data and spreads with any external provider/website without having a direct FTMO account created?

As far as i understand, the demo accounts you trade with FTMO during a trial, challenge or as a "funded" trader are feeded to the MT4 platform from their multiple liquidity providers they work with.

regards.
  • #7,710
  • Jun 3, 2021 3:48pm Jun 3, 2021 3:48pm
I personally don't get the huge concern about the 10-30 minutes per day at ALL brokers where spreads widen. My intraday strategies where my positions are heavier and stops and targets are tighter is done and over by noon eastern at the latest and I generally won't place another trade until London open or later( I'm east coast US, so very rarely awake at London open). The market doesn't move in the NY afternoon after London close, so why be in.

My swing trading, longer term strategy comprises of 5-10 smaller trades making up a bigger position with much wider stops and targets, these trades are much smaller in nature so I can hold with no impact overnight and weekends (although 95% of the time I get flat on Friday), and, of course, with FTMO, you must. I am only heavy when I'm in front of the screen. The longer term trades are small enough or when they grow into a larger position they are at BE+. This way, I can sleep like a baby and not worry about them. My point is, I don't understand why anyone is holding any type of SUBSTANTIAL position at 0:00 where you cannot simply widen your stops for an hour and restore them back when the spread normalizes.
  • #7,711
  • Jun 3, 2021 4:00pm Jun 3, 2021 4:00pm
Quoting pipmaster77
I personally don't get the huge concern about the 10-30 minutes per day at ALL brokers where spreads widen. My intraday strategies where my positions are heavier and stops and targets are tighter is done and over by noon eastern at the latest and I generally won't place another trade until London open or later( I'm east coast US, so very rarely awake at London open). The market doesn't move in the NY afternoon after London close, so why be in. My swing trading, longer term strategy comprises of 5-10 smaller trades making up a bigger position with...
Theres no reason to be in the market where it could affect you, at roll over time. If you are trading long term a short term spread change wont hurt, if you are trading short term theres no reason to be in or open a position any where near roll over.. there is no signal at rollover..
  • #7,712
  • Jun 3, 2021 4:11pm Jun 3, 2021 4:11pm
Quoting Takisd
{quote} Theres no reason to be in the market where it could affect you, at roll over time. If you are trading long term a short term spread change wont hurt, if you are trading short term theres no reason to be in or open a position any where near roll over.. there is no signal at rollover..
Yes, exactly my point. There is really no short term trades after London closes and long term trades should be small enough in nature where rollover doesn't affect you. I work out at rollover and when I come back, none of my positions are ever stopped out.
  • #7,713
  • Jun 3, 2021 11:32pm Jun 3, 2021 11:32pm
Great points all around. A couple of thoughts here:

1) Personally, I cannot afford to close positions early for the sake of beating the cutoff. Big money is in the big moves. Yesterday I had 60 lots on, going in to rollover... Those positions netted 16k USD.

2) If a position is held over cutoff the floating profits add to the Max daily loss limit. If closed and re-opened Daily loss limit resets to only 5k Ie not good for swing traders, who lever floating profits. In other words yesterday I could lose 21k vs just the 5k minimum, due to floating profits.

Hopefully this sheds more light around the initial intention of the question.
  • #7,714
  • Jun 4, 2021 2:52am Jun 4, 2021 2:52am
Quoting Swing4Fence
Great points all around. A couple of thoughts here: 1) Personally, I cannot afford to close positions early for the sake of beating the cutoff. Big money is in the big moves. Yesterday I had 60 lots on, going in to rollover... Those positions netted 16k USD. 2) If a position is held over cutoff the floating profits add to the Max daily loss limit. If closed and re-opened Daily loss limit resets to only 5k Ie not good for swing traders, who lever floating profits. In other words yesterday I could lose 21k vs just the 5k minimum, due to floating profits....
These are great points as well, especially the floating profits giving that buffer to the next day loss limit. Personally, as I stated, all of my larger trades are closed by that point and my longer term trades which could potentially be held through rollover are small enough to not be impacted. However, I have been in larger trades from the day with profit at BE+ that I've rolled to next day and yes, it would've sucked to give back a chunk of floating profit due to spread widening.
  • #7,715
  • Jun 4, 2021 2:58am Jun 4, 2021 2:58am
Quoting Swing4Fence
2) If a position is held over cutoff the floating profits add to the Max daily loss limit. If closed and re-opened Daily loss limit resets to only 5k Ie not good for swing traders, who lever floating profits.
Very smart. People only worry about carrying losses into the next day, but profits could do some wonders for your next day's Max daily DD..

Rollover spreads are always nasty and can be okay some days but really outrageous on others. I personally choose to either take off my Stop loss completely or temporarily move it 100 pips away and wait an hour later to put it back (if closing price is 50 pips close). Never had a problem with this strategy unless i'm trading an NZD pair which could react wildly around that period.

or Just close the trade if it's in considerably good profits. Not ideal for swing traders i understand.

But, if you're gonna take this seriously i believe you could always set an alarm for 15-30 mins before market close so you could temporarily adjust stops.
  • #7,716
  • Jun 4, 2021 3:05am Jun 4, 2021 3:05am
I normally do not carry positions over the next day/s. I am only doing very short term trading / scalping during EU/NY session. So i was more interested in general about the spreads at rollover times. I do not trade around these times at all or have positions open. Thanks for your help all.
  • #7,717
  • Jun 4, 2021 9:21am Jun 4, 2021 9:21am
Hello traders,
welcome everybody to another weekly update. This week, there are several important adjustments on our trading platforms everyone should be aware of.

New Instruments
In the last update, I was mentioning that several cryptocurrencies and stocks were added to Free Trial accounts. All instruments have now been successfully tested and added to all account types (Challenge, Verification, FTMO Account).
The new available symbols are:
3 new cryptocurrencies: XRPUSD (Ripple), NEOUSD (Neo), XMRUSD (Monero).
6 new US stocks: BABA (Alibaba), T (AT&T), MSFT (Microsoft), V (Visa), RACE (Ferrari), BAC (Bank of America)
4 new US stocks: BAYGn (Bayer), DBKGn (Deutsche Bank), LVMH (Louis Vuitton Moet Hennessy), AIRF (Air France – KLM).

Futures Expiries
Due to the June expiry of the futures contracts, all traders have to be flat on the following instruments:
ERBN.f (Euro Bund): Positions have to be closed before the market close on Friday, 4th June. The instrument will reopen on Monday, 7th June, at 10:05 platform server time.
DX.f (Dollar Index): Positions have to be closed by 09:00 on Friday, 11th June. The instrument will reopen 1 hour later at 10:05 platform time.
Also, all the new updates are always posted first at ftmo.com/symbols/

Let’s stick with the platforms for a while. Tomorrow, on the Saturday 5th of June, please expect a maintenance break on all platforms between 2:30 AM and 2 PM platform time. The maintenance breaks are necessary in order to keep the platform running smoothly and naturally, the weekend comes in handy as the most convenient time to perform them.

Now, let’s switch on to our thread. As usual, multiple topics were discussed, particularly rollover spreads were a frequent topic. Please find my responses to your concerns below:


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...
Hi JimKen, you are correct that spreads are naturally wider during the first several minutes after the market opens. However, as your floating loss reached -1,216.37 USD and GBP/CHF opened about 20 pips below the Friday close, you still had quite a buffer before the Max Daily Loss could be reached.
This also illustrates quite well why we do not allow holding trades through the weekend unless we give explicit approval for the trade on FTMO Accounts. We’ve seen weekend gaps well over 100 pips on Forex majors and with the current number of FTMO Traders, I believe you can imagine how many violations (and hence our lost capital) could a single major gap resulting in significant slips cause.
Just recently, we posted a great article dedicated specifically to holding trades over the weekend. For those who are interested, you may find it here:
https://ftmo.com/en/holding-trades-over-the-weekend/

Quoting Mdot
@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.
Hi Mdot, we are well aware of the current situation and there surely are certain plans on enhancing our current services in the near future. Once we decide to publicly incorporate any major changes to our current programme, our traders will be notified. We are preparing a big announcement later on this month.

Quoting Wags
{quote} How convenient
Hi Wags, a platform outage represents a truly serious issue and regardless of when exactly it occurs, there will be always traders affected. I’m not sure how could such a situation be convenient for anyone.

Quoting digiff
{quote} 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...
Quoting lddd
{quote} You would first have to notice it... I think what you describe is a huge disavantage and what still makes me stay away from their program. Not even that you have to fight the market (which is already tough enough on its own) no you then also have to fight against inaccurate trade executions because its a demo account? I mean...
Hello Digiff and Iddd, the data feed that our traders receive on their Free Trials/Challenges/Verifications/FTMO Accounts is not any sort of a “Demo data feed”, but exactly the same data feed we receive from our liquidity providers on our proprietary live accounts as well. Thanks to that, our FTMO Traders are able to withdraw exactly 70% of their profits as no adjustments due to any different data feed (which would cause different results of the trades) are needed.
Please be reminded that the Forex Market is a decentralized market that does not have uniform pricing across all brokers and each provider may feed slightly different data, which is why you may spot certain differences between the chart in our platform compared to other brokers.

Quoting Swing4Fence
FTMO, when will your platform keep the forex market open 24 hours, without the 0:00 market closure? This seems to be a big platform disadvantage due to wide spread volatility. Short positions have a false sense of losses during this window of closure. Or perhaps there is an earlier post with this information, I may have missed?
Hello Swing4Fence, some maintenance time is necessary so at least a 5-minute break is of core importance to keep the platforms stable. As we observe significant spread widenings in the first 5 minutes after the market rollover, we have extended the time to 10-minute rollover break forex in order to protect our traders from the highly inconvenient trading conditions.
We generally do not recommend trading in the hour following the rollover as there is often limited liquidity in the markets that can lead to wide spreads and easily trigger SLs due to the spread or price spikes. We are aware that the trading conditions after the rollover are not optimal and heavy improvements in this specific field are expected in not so distant future.


That's all we had to cover this week, thank you, everyone, for your attention and I'll be back the next Friday.

-Tomas
  • #7,718
  • Jun 4, 2021 12:28pm Jun 4, 2021 12:28pm
Quoting Tomas-ftmo
We are preparing a big announcement later on this month.-Tomas
Buy 1 get 1 free?
  • #7,719
  • Jun 4, 2021 12:59pm Jun 4, 2021 12:59pm
Quoting mixedbags
{quote} Buy 1 get 1 free?
Nothing like a good BOGO, that would make 200K around $660 with FTMO, just slightly less than the rest normal pricing at 749-949.
  • #7,720
  • Jun 4, 2021 3:21pm Jun 4, 2021 3:21pm
Quoting pipmaster77
{quote} Nothing like a good BOGO, that would make 200K around $660 with FTMO, just slightly less than the rest normal pricing at 749-949.
Not sure what to make of it. Will have to wait and see.

Most people getting into the funded trader game have heavy tunnel vision. They only see mountains
of money waiting for them with zero abilities to get to it.
Trade with confidence, trade without fear.
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