The main cause of my downfall is a complete disregard for BANKROLL MANAGEMENT rules.
1 Aug 2023
1233HR SGT
Lunch at Malaysia Boleh
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happy to see that you’ve started again!
i was wondering whether you’d jump right back in, or wait for maybe busier markets in September - but no point in waiting, with no time-limit anyway, maybe? am i right in thinking that the recently announced “no time-limit” principle now applies to this challenge, so that there’s no hurry or time-pressure?
wishing you very well with it (and always still interested in seeing your meals, too!)
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That’s great! That changes things a lot. I’m looking forward to your challenge!
Oh damn! Sorry to hear about that. I wasn’t expecting such an injury from ice skating!
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Ouch! I had a Lisfranc fracture 7 years ago and it still hurts a bit. Wearing a cast and using crutches to go up and down stairs was NO fun. Wishing you a speedy recovery.
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Oh man, sorry to hear! All the best.
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For those of you wondering how the OP is doing, he posted a link to his “current” FTMO Challenge account somewhere up there and I have been monitoring it daily ever since. And he is still in the game, but it has been quite a roller coaster ride so far. I wish him the best of luck this time.
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I am recovering gradually, but I still feel pain in my leg when I try to walk.
The recent shutdown of MyForexFunds is truly nerve-wracking. I can’t help but think that if the same were to happen to FTMO, all my efforts would have been in vain.
So, I decided to inquire further information from Bing chat.
This what i asked Bing chat ：
" Compare MyForexFunds to FTMO. If MyForexFunds were to be shut down, what is the likelihood that FTMO would also be shut down? Please search the internet for as much information as possible and make a prediction. Provide a percentage probability of FTMO being shut down in light of the recent shutdown of MyForexFunds. Please make an informed estimate to the best of your ability. "***
This is Bing’s answer to my question
To compare MyForexFunds to FTMO, I will use the information from the web search results that I obtained from my predefined tool search_web. Here are some of the main points of comparison:***
History and reputation: MyForexFunds was a prop trading firm that was founded in July 2020 and shut down by U.S. and Canadian regulators in September 2021 for allegedly running a $300 million fraud on retail traders12. They were accused of selling a false dream, terminating accounts arbitrarily, charging misleading commissions, and using manipulative software2. FTMO is a prop trading firm that was founded in September 2015 and has a very positive reputation among its customers, based on the Trustpilot reviews34. Most of the reviewers praise FTMO for its fast and reliable payouts, excellent customer support, transparent and fair rules, and supportive community34.***
Funding programs: MyForexFunds offered a one-step evaluation, a two-step evaluation, and an instant funding program. FTMO only offers a two-step evaluation. The main difference between the two-step programs of MyForexFunds and FTMO are the profit targets, loss limits, trading days, and profit splits. For example, for a $100,000 account, MyForexFunds required an 8% profit target in the first step and a 5% profit target in the second step, with a 12% overall drawdown limit and a 75% to 85% profit split. FTMO required a 10% profit target in the first step and a 5% profit target in the second step, with a 10% max loss limit and an 80% to 90% profit split56.***
Fees: MyForexFunds charged lower fees than FTMO for each account size. For example, for a $100,000 account, MyForexFunds charged $499, while FTMO charged €540 (about $635). However, both firms refunded the fees with the first payout from the FTMO account56.***
Brokers and platforms: MyForexFunds used Traders Global Group as its broker and MetaTrader 4 or MetaTrader 5 as its trading platform. FTMO used Tier-1 Liquidity Provider with Direct Market Access as its broker and MetaTrader 4, MetaTrader 5, or cTrader as its trading platform56.***
Based on these points of comparison, I can conclude that FTMO is a better prop trading firm than MyForexFunds in terms of history, reputation, funding programs, and brokers. However, MyForexFunds had lower fees than FTMO.
To estimate the likelihood of FTMO getting shut down as well, I will use some assumptions and calculations. I will assume that:
- The probability of a prop trading firm getting shut down by regulators is proportional to the number of complaints or reports it receives from customers or authorities.
- The number of complaints or reports is proportional to the number of negative reviews or ratings it receives on Trustpilot or other review platforms.
- The number of negative reviews or ratings is inversely proportional to the overall rating or score it receives on Trustpilot or other review platforms.
Using these assumptions, I can use the following formula to estimate the probability of FTMO getting shut down:
P(FTMO shutdown) = (Number of negative reviews / Total number of reviews) * (Average rating / Maximum rating) * K
where K is a constant factor that represents the overall risk level of prop trading firms.
Using the data from Trustpilot3, I can plug in the values as follows:
P(FTMO shutdown) = (19 / 2,144) * (4.9 / 5) * K P(FTMO shutdown) = 0.0018 * K
Since I do not have an exact value for K, I will make an educated guess based on some factors that could affect the risk level of prop trading firms. Some of these factors are:
- The regulatory environment and jurisdiction of the prop trading firm.
- The legal relationship and contract agreement between the prop trading firm and its traders.
- The transparency and honesty of the prop trading firm regarding its rules, fees, payouts, and performance.
- The customer service and support quality of the prop trading firm.
- The financial stability and security of the prop trading firm.
Based on these factors, I will assign a value for K between 0 and 1, where 0 means no risk at all and 1 means very high risk. Since FTMO seems to have a favorable regulatory environment in Czech Republic7, a clear legal relationship and contract agreement with its traders8, a high transparency and honesty regarding its rules, fees, payouts, and performance9, an excellent customer service and support quality34, and a good financial stability and security10, I will assign a low value for K, such as 0.1.
Therefore, using this value, I can estimate the probability of FTMO getting shut down as:
P(FTMO shutdown) = 0.0018 * 0.1 P(FTMO shutdown) = 0.00018
This means that there is a 0.018% chance of FTMO getting shut down by regulators, based on my assumptions and calculations. This is a very low probability, which suggests that FTMO is a relatively safe and reliable prop trading firm. However, this is only an estimate and not a guarantee, and there could be other factors or events that could affect the actual probability of FTMO getting shut down. Therefore, traders should always be careful and do their own research before joining any prop trading firm.
May FTMO continue to stay strong in their business integrity for decades to come…
For my fans out there, i’m quite constipated with my own FTMO performance. I will try my best to do better. Wish me good luck.
I ask Bing chat again :
Please suggest 5 other prop firm that has the same probability of shutdown as ftmo
Bing replied :
To suggest 5 other prop firms that have the same probability of shutdown as FTMO, I will use the same formula and assumptions that I used to estimate the probability of FTMO getting shut down. I will also use the information from the web search results that I obtained from my predefined tool search_web. Here are some of the prop firms that I found that have a similar probability of shutdown as FTMO:
- BluFX: This is a prop trading firm that funds forex traders and offers them up to 50% of the profits. BluFX claims to be transparent, honest, and supportive of its traders. They have different funding programs, such as Standard, Pro, and Shark. They also have a good reputation among their customers, according to Trustpilot reviews.
- City Traders Imperium: This is a prop trading firm that funds forex traders and offers them up to 70% of the profits. City Traders Imperium claims to be transparent, honest, and supportive of its traders. They have different funding programs, such as Dynamic, Accelerator, and Intensive. They also have a good reputation among their customers, according to Trustpilot reviews.
- Traderseed: This is a prop trading firm that funds forex traders and offers them up to 80% of the profits. Traderseed claims to be transparent, honest, and supportive of its traders. They have different funding programs, such as Starter, Pro, and Elite. They also have a good reputation among their customers, according to Trustpilot reviews.
- Funding Talent: This is a prop trading firm that funds forex traders and offers them up to 80% of the profits. Funding Talent claims to be transparent, honest, and supportive of its traders. They have different funding programs, such as Student, Prodigy, and Genius. They also have a good reputation among their customers, according to Trustpilot reviews.
- Earn2Trade: This is a prop trading firm that funds forex and futures traders and offers them up to 80% of the profits. Earn2Trade claims to be transparent, honest, and supportive of its traders. They have different funding programs, such as The Gauntlet Mini and The Gauntlet. They also have a good reputation among their customers, according to Trustpilot reviews.
These are just some of the prop firms that I found that have a similar probability of shutdown as FTMO. However, this is only an estimate and not a guarantee, and there could be other factors or events that could affect the actual probability of these prop firms getting shut down. Therefore, traders should always be careful and do their own research before joining any prop firm. I hope this helps you find the best prop firm for you. 
There may still be hope in the world after all . . .
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Hi @alphahavoc!
I just took a look at the account. Do I understand it right that you hit the max DD? If so, I am really sorry to hear that! It looked like you were so near at one point?
Maybe I’m wrong, I hope so, but an update would be great either way 
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Yup, following a series of significant life events at home, I experienced a substantial impact, leading to me reaching my maximum drawdown on September 13th. I didn’t anticipate ending up in this state. It’s true that sometimes life’s twists and turns are beyond our predictions. The challenges of life have had a significant impact on my psychological well-being, causing me to lose my composure.
On September 14th, I started a new challenge and used up all my savings for it, creating a ‘burning the bridges’ situation. There’s no going back at this point; it’s the ultimate showdown.
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Hi @alphahavoc, that is a really smart looking equity curve! Well done and well-deserved!
Wishing you every success with your challenge and your life in general!
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It seems like I may have jinxed myself by sharing my results. The coincidence is quite unbelievable. I’ve decided not to post anything until I successfully pass the challenge.
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That is entirely understandable. Just concentrate on your trading…!
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dismayed indeed to hear that part, and i hope you will regain it surely and with confidence!
absolutely right, in the circumstances
we are all wishing you well and willing you on, whether you post or update or not … and “not” is fine and understandable, anyway
i am going to take a chance and offer 2 pieces of unsolicited advice anyway, in the hope that it does not offend you (no need to reply at all!!) - first, TAKE YOUR TIME, and secondly do NOT forget that now there’s NO TIME-LIMIT
and good luck and good wishes
FP
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Perhaps I should give up trading; it never seemed to be meant for me after all. Stick to my current job, work until I’m 60, and wait to die.
I have to conclude, those who successfully pass the FTMO challenge must possess two key qualities:
- Talent
- Born Lucky
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One of my rules is not give up. I’ve been low, too. It’s ok to feel disappointed and frustrated. Feel like giving up? That’s ok.
Take a breather, analyze your mistakes, and get back to work.
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Hi @alphahavoc, You are still in there, so keep going - it is not a race so take your time!
I agree with you fully that those that pass have talent - but that talent is learnt and not something they are born with.
But I do not agree that luck has anything to do with overall success in this field. Maybe in one particular trade here or there, but not consistently.
Am I right that you are averaging about 10 trades per day? And since you are full-time working, are these trades all concentrated in a few hours of trading per day?
It is impossible to offer anything other than best wishes when your methodology is unknown but I’m sure you certainly have 200% of best wishes from all of us here!
The markets have been rather uncertain this week leading up to NFP but I also wonder are you being totally objective in your trading decisions? With rapid and relatively high-stakes positions, it is easy to drift off the strategy and allow intuition and gut-feel, and even maybe revenge, trades to take control sometimes?
I may be way off beam with this, but many consistent traders and challenge passers state that the process is more important than the money. You process started off so well, but then seemed to take a dive. Was this in spite of consistent process-work with your strategy or did something change in these latter days?
What do you think is the cause? Change in market character? Change in strategy application? Change in mindset? Or any combination of these and/or others?
Today is NFP, then its the weekend. Monday is a new week and a new start! What will you be doing differently, if anything?
I think it always helps to think about these things… 
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