In my opinion, the FTMO Aggressive account, with a leverage of 1:100, is designed to take advantage of inexperienced and overly greedy idiots. Forex trading can be an emotionally charged endeavor, and traders may easily lose their discipline and begin taking larger position sizes or trading during restricted news events, which could lead to violations of the FTMO agreement. As a preference, I choose the Swing account type, which offers a more conservative leverage of 1:30 and without imposed restrictions for me.
I’m going to be honest and forward with you and tell you what my concerns have always been with these pay to play a challenge trading accounts.
It’s my opinion the trading is already difficult enough and with these really difficult trading restrictions I’ll tell you what I think maybe he’s going to happen is it if you get your live account I think there’s going to be restrictions on that also and it’s going to be not very long and you’re going to end up stepping on a landmine and getting thrown out and the rewards won’t really be that great.
I realized that I’m a negative Nancy about a lot of things but I think that I’ve always suspected that these ftmo type companies that they sent booby traps so that you either get kicked out during the challenge phase or you get kicked out very soon after you’re on the live account and they end up collecting fees and giving nothing I I don’t think there’s any live traders with these companies.
But I will say you seem like a very level-headed guy and you seem very smart and so I’m not second-guessing you I’m just telling you what my concerns have always been.
with all FTMO “normal” accounts, regardless of size, the profit target is 10%, the drawdown limit is 10% and the daily loss limit is 5%
i think it’s pretty difficult, and that would not be my first choice of funding company, for sure
i think MFF is much easier, with an 8% target and a 12% drawdown limit
this is reflected in the published pass-rates of each firm - twice as high with MFF as with FTMO, and that certainly seems to match the overall, collected opinions of members at another forum, too, where many respected, very long-established members have tried both
Once I acquire the FTMO account, my next target will be MFF. Following that, I’ll likely aim for the 5%ers as my third stop. My plan involves partnering with at least three proprietary trading firms.
i certainly don’t question their honesty or integrity
my son-in-law chose them (against my advice), passed first time (unusual), has now had two payouts from them, and recommends their customer service, too
i certainly agree with your second and third choices anyway, from what i’ve seen and heard (which is quite a bit)
Nonetheless, my goal is to pass the FTMO challenge by the end of this year. However, I can only begin the Live Challenge on the 1st of August. Are there any other proprietary trading firms that might be more reliable than the three I mentioned? I would greatly appreciate any recommendations you could provide.
i should mention that i have done none of these things, myself!
i think you’ve picked three good and honest ones, it will be hard (if possible at all) to do better
my own first choice, by a mile, would be TradeDay, but that one is for futures only (including currency futures, of course) rather than spot forex, so it isn’t relevant to most Babypips members
i strongly advise you to avoid any funding company that uses Eightcap as their broker, that’s all
Part of conducting due diligence thoroughly and completely requires that you question their integrity. That doesn’t mean that I need to accuse them of being criminals which is not what I’m doing I’m conducting due diligence.
I realize your son has had two payouts I’ve heard you talk about this but that doesn’t really satisfy me with due diligence.
My concern with these prop companies is that you go through the the challenge phase and you either get blown out of the water during the challenge phase or you get blown out of the live account in the first few weeks which means it’s an entire waste of time.
If there were traders who went through the challenge process and then have been trading with them for a long period of time 6 months a year blah blah blah then I would say wow that’s impressive but I don’t see that but what I do see is a bunch of really cheesy testimonials online on YouTube from ftml they just sound like complete fabricated fairy tales.
It just strikes me as odd that when I encounter real people in these forums trading and I don’t really meet any big winners but these ftmo people all have winners that are winning huge sums of money
i think that reasoning is, at least partly, answered by the reality that nobody’s going to stay that long, and give up 20% (or whatever) of their long-term profits unnecessarily
very few people who have the funds to trade their own account are going to use a funding company instead?
they’re targeting people without enough money to trade their own account meaningfully, aren’t they?
my son-in-law might stay 6 months, probably a bit less - certainly not more!
i agree that some look cheesy
not all, surely?! there’s an enormous number of them! you can’t really believe that they’re all fabricated?
we had this exact discussion when you were posting as “silverf466”, and you absolutely stated - as if it were simply factual - that they’re all actors and liars
She apparently was in an exclusive group and had a mentor. She traded for a year under a mentor? That’s curious. I mean, how many people start trading and immediately go to a mentor? Then one year after a mentor can profit consistently?
I don’t know about that. But maybe she’s for real. One of Pipmehappy’s interviewees said she posts her trades online and people just accuse her of fraud.
I don’t want to be someone who calls a trader a liar just because they’re profitable.
Hold on, she just said that she got her FTMO account after two months of mentorship. Does that mean she passed the FTMO challenge after just two months of mentorship?
Hold up. The more I watch, the more I come back to add to my post. She trades part-time. If you just pulled $25k trading, why would you still work? If I just pulled $25k trading, I’m preparing to quit my job. I’m gonna start saving up money so I can quit.
Why keep working?
And why does she keep saying ¨exclusive mentorship¨? Why not just say ¨mentorship¨?
Maybe I’m too skeptical. Of course, I’m really jealous. She totally flew past me.
there’s a group of people, many UK based (i think quite a big group), who do a specific “mentorship” specifically to take FTMO challenges, about 50% of them are doing it for that reason
it’s a simple price action system they say is easy to learn - no indicators
i think they have a reasonable pass-rate on the FTMO challenge with it - not “high” at all, but good enough for the site to have no great trouble promoting the “mentorship”
my own guess is that it’s true
i’m guessing - that’s all we can do
i think the answer to that is probably that we’re looking only at the small minority who are consistently profitable, and many more silently fail
a few do, i think
i think they’re probably a tiny minority
but obviously they’re the ones FTMO asks to make a video for them
because you’ve only done it once, and would want to do it a few times before giving up your job, to know that it’s reliable and consistent, rather than just beginners’ luck or a “lucky break”?
that makes enough sense (to me, anyway)
the bottom line is that none of us knows whether or not it’s true, and we shouldn’t state - as if it were factual - that “they’re all actors and liars” (which personally i find even more implausible)
this one, for example, seems to me to be particularly plausible and i have no problem with it at all, allowing for the fact that she’s probably in a tiny minority of people:-
This week, I am on standby for the hospital. Last night, I was activated around 2300HR SGT. I finished the job and slept in the hospital at 0100HR SGT. Currently, I received another emergency activation at 0430HR SGT. However, I managed to sleep for about 3.5 hours. I start work at 0730HR later.
Despite a lack of sleep, fulfilling family, work, and personal commitments are among the challenges that some aspiring traders must endure. Having a bit of headache now.
Perhaps one significant factor contributing to poor performance among aspiring traders can be attributed to the lack of sleep.
On hindsight, the buy trade was really stupid. Obviously, a pullback is in the deck after a long uphill marathon. I can’t believe I went ahead and bought into USD/JPY earlier. What was I thinking?
Wow, it appears that FTMO is hosting a 200K Free Challenge Account lucky draw to celebrate reaching 200K followers on their Instagram. We have 48 hours to participate in this complimentary lucky draw. Account registration is free on FTMO, so don’t miss out on this fantastic opportunity. Please note that I am not affiliated with FTMO in any way; I’m simply sharing this information.
I really hope that I can win the 200K Challenge Account, allowing me to begin my FTMO challenge immediately rather than waiting for my bonus in July and starting on August 1st.
The price movement during today’s Asian session has been quite fickle-minded. My guess is that the market is exhausted after a long stretch of activity. Although my currency strength indicator suggests that the bullish momentum for USDJPY remains intact, market participants seem unwilling to push the price further up. It appears that everyone is waiting for the next high-impact event today at 1700HR SGT, which may provide a clearer signal for market direction.
My impression of the market is that it is moving sideways. The market is exhibiting a pattern where the MA5 (5-day moving average) has crossed over the MA20 (20-day moving average), and the price has closed above both moving average lines on the 5min chart. IMHO, I anticipated that there will be a retest of the 61.8% level.
After further PONDERATION, I have decided to revise my resistance level to the day high at 1.33700. I suspect that the minor resistance level at 1.33500 may not hold due to increased volatility caused by the European and London markets coming into play. Based on past experience during an expansionary phase, stop-loss orders need to be placed further away to avoid being stopped out.
In-lieu of the current heavy drawdown, I have decided to put my dieting on hold and instead stimulate my parasympathetic system with some KFC indulging to alleviate the HEAT.
The 14-day challenge includes the weekend since Bitcoin is available for trading during that time. However, I would advise against trading on weekends due to the lack of liquidity in the market.
