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FTMO - For serious traders

  • #8,441
  • Jan 26, 2022 10:23pm Jan 26, 2022 10:23pm
Quoting Nsak3y
{quote}-Calling a firm a scam because their trading objectives are too difficult for you is nonsensical. {quote}-
I call it a scam because the rules are impossible to sustain without being massively LUCKY.

This company doesn't really want good traders if they did they would make the rules far more REALISTIC for the market.

The forex pairs average 1% a month and they want you to squeeze out 10% on that. They know that is going to take nothing but pure LUCK and that eventually, you will just have to buy another challenge.

Thats why this is a scam.

If they really wanted good traders the goals would be 3% average a month with 10% max drawdown over a 1 year sample size

That would be 36% return over a year. That is better than 99% of all the rest of the hedge funds in the world and you would be a Rock Star in the Hedge Fund world
  • #8,442
  • Jan 27, 2022 5:37am Jan 27, 2022 5:37am
Hi everyone

Just a quick tip in case it might help anyone out there.

The new(ish) ability to choose your own profit split days has inadvertently given me a great way to stop overtrading. I had a nice profit on my account, closed all trades, changed my profit split day to the next day and then had to sit on my hands for 2 days for verification of trading results, payment processing and issuing of new account. It stopped me overtrading and made me take a breath before starting trading again - the very best thing I could have done!

Thanks FTMO for this function (choosing profit split day), I think it's really going to help me going forward.

I got a nice profit arrive in my bank account this morning, now rested and ready to start again.

Hope you are all well and just thought I'd mention this in case is helps some of you to take a break after a good run...

Take care all

CT
  • #8,443
  • Jan 27, 2022 6:15am Jan 27, 2022 6:15am
Quoting Gobigfx
{quote} I call it a scam because the rules are impossible to sustain without being massively LUCKY. This company doesn't really want good traders if they did they would make the rules far more REALISTIC for the market. The forex pairs average 1% a month and they want you to squeeze out 10% on that. They know that is going to take nothing but pure LUCK and that eventually, you will just have to buy another challenge. Thats why this is a scam. If they really wanted good traders the goals would be 3% average a month with 10% max drawdown over a 1 year...
Perhaps I still have a lot to learn, but to me the FTMO challenge seems very doable (if I started it since I went full-on Gung Ho and pulled my SL on a losing trade, I would be 75% of the way their....or arguably 100% as I closed out a bunch of winning trades the moment they went over the 10% profit mark)

Sure, to pass the first part of the trial, the trader is going to need luck on his side, or at the very least, not be plagued by poor luck as they take on larger risk in order to hit the objectives.

....but after that, the target reduces from 10%, to just 5%, and when the trader is funded, there are no such targets.

I have no doubt that a big part of FTMO's business model is having traders fail to meet the objectives and paying the challenge fees......but to me, it seems very doable....

....some of those US futures prop firms on the otherhand, forcing their traders onto 1 minute charts, not being hold overnight, not being able to hold into news events, having trailing drawdowns that factors in unrealised gains as 'losses'.....Now those are a very different matter with even the best of the bunch (such as TopStep) seeming way more geared up towards ensuring trader's failure other than trader progress, but FTMO seems to be giving traders a pretty even break.
  • #8,444
  • Jan 27, 2022 6:43am Jan 27, 2022 6:43am
Quoting ChilledT
Hi everyone Just a quick tip in case it might help anyone out there. The new(ish) ability to choose your own profit split days has inadvertently given me a great way to stop overtrading. I had a nice profit on my account, closed all trades, changed my profit split day to the next day and then had to sit on my hands for 2 days for verification of trading results, payment processing and issuing of new account. It stopped me overtrading and made me take a breath before starting trading again - the very best thing I could have done! Thanks FTMO for...
I do the same. I alternate my payout days with MFF and FTMO, so I am paid weekly. I have not merged any accounts, so some accounts I may grab profit when I see a trade stall, another account I may put stop at be and let it run. I have copy software ready to go, but, TBH, I love the flexibility of the multiple accounts, especially spread across two companies.
  • #8,445
  • Jan 27, 2022 6:56am Jan 27, 2022 6:56am
Quoting MatDerKater
{quote} Perhaps I still have a lot to learn, but to me the FTMO challenge seems very doable (if I started it since I went full-on Gung Ho and pulled my SL on a losing trade, I would be 75% of the way their....or arguably 100% as I closed out a bunch of winning trades the moment they went over the 10% profit mark) Sure, to pass the first part of the trial, the trader is going to need luck on his side, or at the very least, not be plagued by poor luck as they take on larger risk in order to hit the objectives. ....but after that, the target reduces...
Yes, ignore the naysayers. Bottom line is IF YOU CAN TRADE but don't have a couple hundred thousand of disposable income......this is an amazing opportunity. Once passed and fee is refunded, you are on house money. As you stated, no pressure of targets in a certain time at this point, only 1 goal.....DON'T BLOW THE ACCOUNT. No need for greed, if you max FTMO and MFF, you're at a mil (before scaling). There are enough volatile instruments, including indices to grab 20-25 pips per day. Hell, some days you can grab that on EURGBP or AUDNZD (the 2 lowest ADR pairs out there). 1% weekly is a very realistic target at this point without taking on any substantial risk whatsoever. Maxout both, 1% weekly, avg. 83% avg split, well I'm sure folks can do the math.
On a side note, I have to question the math of the "35 year" trader saying this is impossible. I'll just use EURUSD, a 1% move in EURUSD today would take it from 1.1161 to 1.1271. It's 110 pips. It's ADR is 68 pips. GBPJPY would need a 160 point move, it's ADR is 108. With just 1:1 leverage, this would be a 1% gain on the account. Use 4:1 and you're at 4%. Of course, it works the other way as well (losses), which is why I NEVER go above 2:1 leverage on these prop accounts.
  • #8,446
  • Jan 27, 2022 9:32am Jan 27, 2022 9:32am
Quoting Gobigfx
I call it a scam because the rules are impossible to sustain without being massively LUCKY.
-If you are referring to the challenge, I can disagree with this point, personally, but having a very high win-rate is a lot easier as a scalper. As far as trading beyond the challenge, the rules are not impossible at all, and are completely reasonable and easy to adhere to so long as you keep your trade sizes within reason while using draw-down allowance (and not 'account size') to determine your risk.

Quoting Gobigfx
I would love to see how many traders actually last longer than 4 months with these rules and conditions.
My guess is that is 99% that pass wont last longer than 4 months after.
-You seem to keep ignoring a very important point...that the risk can and should be dialed back once the challenge is successfully completed. The reason why so many people lose their accounts is because they fail to do that (and because they lack proper experience, in my opinion).
  • #8,447
  • Jan 27, 2022 9:40am Jan 27, 2022 9:40am
Hi,
So I just learnt that if I open a long position on a stock during its dividend pay day, FTMO still not pays dividend for the trader. I think this is kinda weird, because other platforms pay dividend if traders hold a long positions through dividend pay days. Do you have any plan to change this?
  • #8,448
  • Jan 28, 2022 4:34am Jan 28, 2022 4:34am
{quote}-You seem to keep ignoring a very important point...that the risk can and should be dialed back once the challenge is successfully completed. [/quote]

Yes exactly. Then there is every reason for a trader to be able to keep trading with FTMO for a very long time.
  • #8,449
  • Jan 28, 2022 1:38pm Jan 28, 2022 1:38pm
Quoting pipmaster77
{quote} Yes, ignore the naysayers. Bottom line is IF YOU CAN TRADE but don't have a couple hundred thousand of disposable income......this is an amazing opportunity. Once passed and fee is refunded, you are on house money. As you stated, no pressure of targets in a certain time at this point, only 1 goal.....DON'T BLOW THE ACCOUNT. No need for greed, if you max FTMO and MFF, you're at a mil (before scaling). There are enough volatile instruments, including indices to grab 20-25 pips per day. Hell, some days you can grab that on EURGBP or AUDNZD...
So the NASDAQ is down 14% over the last 23 trading days, the DOW is down 7.5%. How will we be able to hit our targets?
  • #8,450
  • Jan 28, 2022 2:43pm Jan 28, 2022 2:43pm
Hello traders,
the first month of 2022 is almost over and as it’s Friday, let’s end the working week together with an FTMO ForexFactory update.

Tomorrow on Saturday, 29 January 2022, we have scheduled quick maintenance for all our trading platforms.
Trading on MetaTrader 4/5 will be halted from 00:05 am to 02:00 am platform time, trading on cTrader will then be unavailable from 01:00 pm to 06:00 pm (GMT+2/CET+1).
Lunar New Year holiday is coming, HK50.cash will therefore close early at 06:00 am platform time (GMT+2/CET+1) on Monday, 31 January 2022, and will reopen on Friday, 04 February 2022 at 03:15 am platform time (GMT+2/CET+1).

And there we go, we can slowly move on to your posts!


Quoting Profit-men
{quote} Hello Vitek, I like your company. I have a question for you!? I asked it a few months ago, with your tech support. But I do not see a solution yet and there is no answer in the updates on this issue. “By law in my country, I must report to the foreign exchange control and tax office for every money transfer received from another country. Does your company issue a contract or a certificate with a seal in my name? Which would mean that I work for your company. Freelance or other options." This is necessary from a legal point of view, so that...
Hello Profit-men, before the trader is being provided with an FTMO Account, the cotract agreement between the trader and our company has to be signed (I can send you the sample of the contract if you’d be interested). From the legal point of view, FTMO Trader is a service provider providing our company with analytical services for which he’s being rewarded (Profit Split). As we are not a broker and you are not directly connected to the live market, I believe that reporting to your local foreign exchange control authorities may not be necessary.
Each country has slightly different tax laws, which is why we can not help each trader individually. I would therefore recommend you getting in touch with your local tax advisor that is familiar with your local legislation.

Quoting Gobigfx
This is my real live Forex Account yet I still failed 3 Challenge Accounts with FTMO over the same period of time in 5 months ????? Sure FTMO is legit LOL This company is a SCAM Run {image}
Quoting Gobigfx
{quote} I call it a scam because the rules are impossible to sustain without being massively LUCKY. This company doesn't really want good traders if they did they would make the rules far more REALISTIC for the market. The forex pairs average 1% a month and they want you to squeeze out 10% on that. They know that is going to take nothing but pure LUCK and that eventually, you will just have to buy another challenge. Thats why this is a scam. If they really wanted good traders the goals would be 3% average a month with 10% max drawdown over a 1 year...
Hello Gobigfx, I’m sorry to hear that you did not manage to pass the FTMO Challenge, nevertheless, I believe that there's no reason to stamp our company as a “scam”, let alone insult other members.
We have a set of very clearly defined rules (Trading Objectives) that the trader has to follow. I fully agree that meeting those objectives is not easy, however as we need to mitigate the possible risks of excessive losses on our FTMO Accounts (connected via a proprietary algorithm to our live accounts), those rules proved to be efficient as they filter in traders with great risk management.
Not passing through our Evaluation Process does not, by any means, automatically determine that you are not a good trader. If your strategy includes larger equity spikes but still proves to be effective in the long run, then we might not be really suitable for your trading and that’s fine. Nonetheless, please understand that from our point as a potential investor, we’re looking primarily for tight risk management and consistency.
Also, hitting the 10% Profit Target in the FTMO Challenge is not something we would expect our traders to do regularly every month. Once you become an FTMO Trader, there are no profit targets whatsoever. Actually, if you manage to make 10% in 4 consecutive months (2,5% a month on average, Normal account type) while performing at least 2 withdrawals, we will increase your initial balance by 25%.
Finally, if you (or anyone else) would be interested in how traders manage to sustain on their FTMO Accounts in the long term, we published a brilliant interview with one of our traders Richard, who has been profitably trading on his FTMO Account for the past 7 months and is currently managing $500,000.

Quoting ChilledT
Hi everyone Just a quick tip in case it might help anyone out there. The new(ish) ability to choose your own profit split days has inadvertently given me a great way to stop overtrading. I had a nice profit on my account, closed all trades, changed my profit split day to the next day and then had to sit on my hands for 2 days for verification of trading results, payment processing and issuing of new account. It stopped me overtrading and made me take a breath before starting trading again - the very best thing I could have done! Thanks FTMO for...
Hi ChilledT, thank you for your comment. The payout-on-demand is actually something we’ve been working on for quite some time and we’re proud to be able to provide our traders such flexibility. I’m glad to see the positive impact such feature can create, good luck with your FTMO Account!

Quoting TrinhD
Hi, So I just learnt that if I open a long position on a stock during its dividend pay day, FTMO still not pays dividend for the trader. I think this is kinda weird, because other platforms pay dividend if traders hold a long positions through dividend pay days. Do you have any plan to change this?
Hello TrinhD, as of now, dividends are not being reflect on the positions of our traders. However, I spoke with my colleagues responsible for the trading platform management and they confirmed that we’re talking about something that will be adjusted and improved in the future. But still, as CFDs are not truly designed for such factors, I can not confirm exactly when should the adjustment be expected.


Alright, that was rather a quick one today! Thank you for sticking around traders, I'll be back next Friday.
Enjoy your time off and have a great weekend!
-Vitek
  • #8,451
  • Edited 8:30am Jan 29, 2022 6:49am | Edited 8:30am
If the company (FTMO) is not concerned by bad trading practices what I have to concider?
- more capital is desirable
- more leverage too
- better MM ok - main rule

But what about News: Red news only? Did I read this correctly: trades are forbidden + - 3 minutes arround the event only?
Better to take a swing account?
Please responds from real traders FTMO
edit: I found FAQ have been revised now, all is clear.
  • #8,452
  • Jan 31, 2022 10:03am Jan 31, 2022 10:03am
Quoting Gobigfx
{quote} Exactly I tried it for fun just to see IF it could be done and after 3 attempts I found out the answer. EVEN IF SOMEONE PASSES BECAUSE THEY GET LUCKY WITH TOO MUCH RISK. MY GUESS IS THEY WILL EVENTUALLY FAIL IN THE NEXT 3 MONTHS IF THEY STAY WITH THAT RISK METRIC.
actually MFF printed the results and your statement almost answered

many traders failed after getting live and only a handful survived.
  • #8,453
  • Jan 31, 2022 1:16pm Jan 31, 2022 1:16pm
Quoting zamans98
{quote} actually MFF printed the results and your statement almost answered many traders failed after getting live and only a handful survived.
To be honest I have been thinking a lot about this. Seems like everyone's (including me) goal has been to get the account. But what use would it be to either get a little profit then crash out or just simple crash out.

On the MFF website it lists how people do with their account.
Im not sure if I am reading it right but this :

  1. Passed phase 1: 18%

  2. Passed phase 2: 31% of traders who passed phase 1
  3. Reached first profit split: 4% of traders who pass phase 2

Does this mean if you have 10,000 people 1800 pass phase 1, 558 pass phase 2 and 22 actually get a profit split and not crash out so thats what .2% get a profit split am I really reading that correctly? - I know this is MFF and not ftmo but perhaps there are similarities. If the above numbers are correct then people sure have a problem trading and have false conceptions about making decent money without a super good trading plan which includes proper risk management.

  • #8,454
  • Edited Feb 1, 2022 6:30am Jan 31, 2022 11:27pm | Edited Feb 1, 2022 6:30am
I want a swing account in FTMO...
Can I scalp targeting 10 to 20 pips, day trade and at the same time hold trades overnight and over the weekend on a Swing Account?
Does FTMO allowed it? Or they are strict and won't allow scalping and day trading on a swing account? I need clear answer for this... because I do all types of trading in one account. I need clarification on this before I purchase my account.

Thanks for anyone who reply in advance!
  • #8,455
  • Feb 1, 2022 2:47am Feb 1, 2022 2:47am
Quoting Liza J
I want a swing account in FTMO... Can I scalp targeting 10 to 20 pips, day trade and at the same time hold trades overnight and over the weekend on a Swing Account? Does FTMO allowed it? Or they are strict and won't allow scalping and day trading on a swing account? I need clarification on this before I purchase my account. Thanks for anyone who reply in advance!
I'm pretty sure scalping and day trading is allowed on a swing account. They've stated that they have no restrictions on trading styles, as long as you adhere to their risk management. The difference between the standard account and the swing one, is that the standard account has a leverage rate of 100:1 and is day trading only with no news trading. Where the swing account has a leverage rate of 30:1, and it also allows for news trading.
  • #8,456
  • Feb 1, 2022 2:57am Feb 1, 2022 2:57am
Quoting 4xNewGuy
{quote} I'm pretty sure scalping and day trading is allowed on a swing account. They've stated that they have no restrictions on trading styles, as long as you adhere to their risk management. The difference between the standard account and the swing one, is that the standard account has a leverage rate of 100:1 and is day trading only with no news trading. Where the swing account has a leverage rate of 30:1, and it also allows for news trading.
Thank you for replying, I appreciate it very much.
  • #8,457
  • Feb 1, 2022 3:46am Feb 1, 2022 3:46am
Quoting 4xNewGuy
{quote} I'm pretty sure scalping and day trading is allowed on a swing account. They've stated that they have no restrictions on trading styles, as long as you adhere to their risk management. The difference between the standard account and the swing one, is that the standard account has a leverage rate of 100:1 and is day trading only with no news trading. Where the swing account has a leverage rate of 30:1, and it also allows for news trading.
Im starting to think a swing account may be better - I thought I might use the margin so had been going for the regular ftmo account but I rarely have found myself above the 30% margin rate (I wonder if you use a swing account and try to put an order in for over the 30% if it wont let you or they will consider that a breech of contract?) (maybe FTMO- Vitek could answer this).

At least you wouldnt have to worry about holding over the weekend or could even hold stocks over nite and trade news if you so chose.
  • #8,458
  • Feb 2, 2022 1:46pm Feb 2, 2022 1:46pm
Quoting Gobigfx
You guys are all a bunch of shills or just plain SUCKERS. My results are based on 35 years trading experience and IF you think you can make 10% in a month on forex assets that average 1% moves in a month without taking risks??? You are all dumb as doorknobs. Its a SCAM because its impossible to have low draw downs and high returns on assets that barely move!!! But hey you keep believing in Fairy Tales and Unicorns.
I can agree with you on the high level of betamale soy traders here, believe me, they get very very touchy when you go against their ftmo bred ego's , when you say something that triggers the red alert, the all coming running out of the bushes to attack...
  • #8,459
  • Feb 3, 2022 8:02am Feb 3, 2022 8:02am
Quoting mattmcreadie
{quote} I can agree with you on the high level of betamale soy traders here, believe me, they get very very touchy when you go against their ftmo bred ego's , when you say something that triggers the red alert, the all coming running out of the bushes to attack...

I believe that is another reason FTMO is a scam. If you check their Trust pilot ratings they have a 4 out of 5 and if you read them 90% of them are FAKE.

This company is just a bully and is paying people to give fake ratings and post in forums like this.

EVENTUALLY, ANYONE TAKING THIS CHALLANGE WILL FAIL WITHIN 3 MONTHS EVEN IF THEY PASS. I HIGHLY ENCOURAGE YOU TO COME BACK IN HERE AND POST TO HELP PEOPLE STOP LOSING MONEY TO THIS COMPANY
  • #8,460
  • Feb 3, 2022 11:21am Feb 3, 2022 11:21am
OK I'll post.

No, still going after much longer than 3 months.

No, FTMO are not paying me to say this.

Yes, I can state those last 2 facts without using any caps lock at all.
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