Also keep an eye on DAILY MAXIMUM LIMIT LOSSES ALLOWED not only OVERALL. It applies for floating losses also not only realised. This killed me.
If you don’t reach their target I know you know tbis aswell but just to make sure because I knew this aswell, DO NOT RUSH TO MAKE 10%. As long as you are in green at the end of the challenge you will get for free another one.
This rules are UNDENIABLE. Even if you pass by luck by risking much you still have the verification process better stick with risk management
Thanks for creating this thread. After my bad experiences with funding programs FTMO seemed different. I trade too slow for pretty much all standard funding programs.
Mate try blufx. They have no time limit but it is a monthly subscription. Also leverage is only 1:3 but you can slowly trade. The one thing that is really good is every 10% theyll double your account. Upto a million. So if you dont withdraw there is potential there.
Thank you, I’ll put that on my list! I don’t mind trading small.
There’s also trade central fund
They have a few options.
They have an option similar to FTMO passing, 2stage verification getting funded.
They also offer a pay monthly account, their 55/45% profit share is obviously worse. You do how ever get an account immediately.
What I really like about these guys are:
both accounts offer the following:
If you make 10% then you account gets doubled
do this 4 times and they give you an account worth 1M. Also if you do this on the monthly fee programme, once you get to one mill you’re fee is waved.
The only down side is, they expect you to leave the 10% in from each account doubling.
You can also only withdraw in 5% increments
So you would have to leave a lot of profit made in the account, so bit of a double edge sword.
This sounds like blufx but better split.
Watching to see your progress. Contemplating doing FTMO as well. Keep us posted!
how its going dude? hope ur doing well, manage risk cos as long as u finish the month with plus 1 buck over the 100k u get another free challlenge, so don t push it.
So I havent updated because theres been nothing to update! Lol. But I thought I’d give a summary of what’s been happening.
I signed upto the 100k account step 1 challenge. The objectives are as on the dashboard pic attached in my last post. Here they are again:
Challenge: total 30 days
Minimum trading days: 10
Max daily loss: 5% (5)
Max overall loss: 10% (10k)
Profit Target: 10% (10k)
My usual risk is 1-2% per trade. I’m trading forex, us crude and german Dax.
Last week I was trading my personal account at the same time which was a mistake. I found I was more focused on that and when it came to the challenge I didnt really get any good trades. This week I’ve been focused on the ftmo account. So that would be my first advice is to make sure you focus on the task at hand. And heres why:
In the dashboard it very helpfully has the objectives and whether you’re passing or failing. Unfortunately, as the days go by you feel pressure to trade. I can clearly see I need to trade 10 days minimum and im not passing that. There were some days I didn’t see any trades so i didnt trade but now I’ve actually started to take small 0.01 lot size trades which I close as soon as a i open just so my trading days increase. Secondly the profit target remains as a fail and this can play on your mind too. I think your psychology is really tested. One reason being the word ‘challenge’. There are times when I’ve thought it as if its a game or a competition which belittles it and I can see why people would fail as they dont treat it as a real account. At times I’ve also had this cross my mind and I’ve had to remind myself to treat it seriously and not open trades for the sake of it or open positions with more risk.
Although it says 30 days, there are not 30 trading days in the month due the weekend +/- bank holidays. So you might feel the pressure to want to force a trade.
The objective is a 10% return in one month. If you’ve never done that before or dont know how to do it then this step is going to prove very difficult. So doing the free trial would be very helpful.
Price has been retracing a lot this week so I’ve had basically breakeven trades, some +ve some -ve. It’s been more sitting on my hands. My account at present is $99984. Neither here nor there. I just have to remain patient and trade what I see. If theres anyone doing the challenge, good luck!! Feel free, to add your experiences here. We can all learn from each other. As already pointed out in other posts if you’re +ve and dont break the rules you’ll get a free challenge. This isnt really our aim but the days pass quickly lol and it’s worth remembering you dont need to take risks.
5th step: Continue trading the challenge, week 2.
hey dude, i dunno exactly how ur trading, but what i would do is risk 0.5% on any given trade, and u can risk 1% after u develop a bit of a cushin above 40k. i d take only high probability setups, and like i said, i d push it but only with the cushin to try and get some more % in. it s not a life changing sum the tax, but if u can end the month above the 40k u d get another free challenge, so why not. ur right, this week has been slow, altho i missed the 150 pips on gold yesterday(i was in gold with a buy, price showed weakness so i got out, and right after shot straight up, it happens). and luckily i caught the EU short today for about 45 pips, took half and stop a BE. not much going this week so far. but i m happy closing a week at BE, to me that s still a win. wish u good luck and don t lose focus.
Thanks for the update!! I’m very intrigued how this will turn out. Thanks for letting us know! And good luck this upcoming week!
Yeah I did consider this but I’m so used to trading 1-2% that anything less feels like I’m messing around. My plan was to reduce my risk if I went more into drawdown but it’s not a bad idea to start with lower risk so I build a cushion to trade with.
That’s how I am with my personal account but with this challenge it just means one week down 3 to go haha!
Hey mate, if you’re thinking of going for it in the future. You should definitely try the demo trial. It’s free and you’ll get used to the rules and objectives. But dont rush for it.
Getting depressed again… None of us is reaching nowhere in trading full-time… A very difficult challenge to pass. I didn’t even start on demo.
Can i make a tiny suggestion - you are seeing the market as a challenge - I think you said back awhile ‘a very tough game/business’.
Mark Douglas wrote a book called trading in the zone (good title and good marketing) thing is the sentiment is worth some thought - how is it possible to step back and get to think how the market is thinking, forget the challenging or the deadlines or targets - they don’t exist within the market - there is just price and the right side of the chart - nothing else.
Get to learn one instrument, maybe something close to home, see how and why it’s price moves into the right side, attempt to anticipate it’s next direction.
A wise old trader once talked about price, he equated it to a drunk who staggers home, the drunk makes many deviations from his path, but when you as a sober study his stagger you get to know where he is headed.
I will definetly look into reading/ listening to Trading In The Zone by Mark Douglas. A lot of people positively reviewed it, even self-proclaimed full-time traders on Quora (they legit didn’t sell anything, they don’t even show private information), although that should be enough I still avoided to give it a try. But you telling me about it makes me want to read it/ listening to it on YouTube. And I actually look for it on YouTube or to download it from Google. Can be a great psychology lesson.
Edit: literally found it in less than 1 minute on YouTube (is more to say even that it was a minute…) its full version. Audiobook also, lol. That was easy.
hehe - that’s insane - or maybe a sign.
hey dude, how is the challenge going?
End of week 2 and once again have not got very far. The highest I got this week was $710. At one point I was 1% up whilst in a trade. Normally I would close it and be happy with the 1% and off I go to enjoy my week. But because I have a higher profit target in the challenge I left the trade on and it reversed and stopped me out. The weather has been so nice this week but I’ve been stuck in front of the screen lol! So i’ve had different thing to deal with this week. It was pretty frustrating because I got stopped out in a few trades and I had a loss for 1.7% which was supposed to be only 1% but by the time I put it on price had moved away and where my stop was supposed to be was more than 1%. Should have closed it straightaway but I was a bit annoyed at having to wait for more trades! This is why I have a set target on my personal account and i’m done for the week or month if I hit it.
I’ve stopped trading crude and brent oil because the spread is 4 and 5 pips respectively so not worth it with this broker. At my worst, I was 2.6% down this week but by the end of the week i’m back to breakeven: $100266.11 so not too bad considering. I only have 2 more weeks which is only 10 days to get to the 10% target so this week is quite important to my risk management because I’ll either go towards the target or might have to aim just to be in +ve balance so I can get a free retrial. Lets see what the markets give me.
6th step: Continue trading the challenge: week 3