Disliked{quote} and the only real competitor is MFF. I don't take any firm other than FTMO or MFF seriously at all at this point.Ignored
Also, with the 5ers you can withdraw profits whenever you want...
- #8,042
- Edited 10:19am Oct 29, 2021 10:09am | Edited 10:19am
- Joined May 2020 | Status: Classified | 2,500 Posts
purely because they are comparing them with the prices charged for similar packages from other prop firms
- #8,046
- Oct 29, 2021 11:09am Oct 29, 2021 11:09am
- Joined May 2020 | Status: Classified | 2,500 Posts
I am aware and scrutinize pretty much every offer out there.
A point to mention, is that they offer unlimited, any-time withdrawals where they charge you either $15 or 3% "handling fee" after your first withdrawal within each month.
A questionable point about this, other than the fee itself, is that they do not include this information at the top of the FAQ page, where you would expect it to be, under 'How do traders request profit payouts?', where they literally state "every funded trader can withdraw their profit-share anytime, as often as they want, with no minimum or maximum threshold.", but instead, have it buried at the bottom of the FAQ page, under 'Getting paid for profits'. It almost seems as they are hoping that people will not see it.
In addition to this, they do not offer indices, which is an automatic, no-thanks for me.
That being said, I do not think that FTMO would appreciate the 5ers mention here.
BBC documentary that talks about FTMO
- #8,056
- Oct 29, 2021 12:05pm Oct 29, 2021 12:05pm
- Joined May 2020 | Status: Classified | 2,500 Posts
The time limit obviously creates more failures, not only due to the time but also the pressure, so one may be inclined to take trades they otherwise wouldn't or trade larger sizes than they otherwise would.
If we are being honest, though, I do think that having a time-limit would really not matter in the grand scheme of things, since they would likely still have a ton of failed challenges anyway. If we were being wishful thinkers, we might even claim that any reputable firm will actually want their traders to succeed.
you will never find a challenge model with no time limit to pass nor will you ever find a direct funding company with no time limit charging less than the DD they allow.
- #8,058
- Edited 12:46pm Oct 29, 2021 12:34pm | Edited 12:46pm
- Joined May 2020 | Status: Classified | 2,500 Posts
We do not consider increasing the initial balance of traders who do make higher profits at the cost of a bigger risk as responsible.
As usual, thank you for taking the time to reply here and for keeping everyone updated on recent news.
Please allow me the opportunity to clarify my suggestion regarding scaling.
If you structured the scaling plan in such a way that it was optional, for example, once a trader generates 10%/20% profit on their account, they could have the option to elect to keep those profits in the account to serve as draw-down protection in order to be scaled up faster, then you can mitigate the additional risk to investor capital as a result of increasing the account size. The 10%/20% would be locked in the account and become part of the base balance until/unless the trader decided to withdraw it at a later time, which would result in a roll-back to the previous scale-up level.
Not all traders would want to do this, so it would need to be optional. For those that do not want to keep their profits in their account in order to scale up, they can simply scale up in the traditional way, in 4-month phases. For those that are willing to leverage their profits to serve as draw-down protection, it would allow them to scale up faster and take advantage of additional, daily draw-down allowance.
It would be little different than a trader that elects to keep partial profits in their account and pad their account in order to increase their overall/maximum draw-down allowance. The only difference would be that they would be able to increase their daily limits by having a larger account balance - but without the added risk to FTMO and their investors, since the draw-down would be covered by the trader's profits.
Since you will not consider removing the daily draw-down limits, this could possibly serve as a reasonable compromise. And if not this, then instead of increasing the account balance, just simply allow traders to pad their daily draw-down allowance each month by keeping profits in the account.
I respect that FTMO may not be interested in doing that, but my hope is that they would at least consider it by weighing all pros/cons and alternative solutions. All-too-often, suggestions are quickly dismissed without considering all possibilities and without giving those ideas a proper chance.
Thanks.
