With the increase in account sizes to $200k and ability to have two of these (up from the original 3 x $100k) is it worth trying to get accredited if only for a year to build your own substantial trading capital or even carry on with them? Those already trading with them please chime in!
i don’t trade with them but know 2 people who have done, successfully
it was worth it even before the recent announcement
nobody trades with them (or with any of their competitors) for as long as year
that’s not what they’re designed for
they’re targeted at people with trading skills and without capital
nobody who can trade well enough to qualify with them would need to stay anything like as long as that, especially in these days of being able to trade things like emini futures with tiny capital
from second-hand current information but quite a bit of previous familiarity with the industry, i’d probably rank them 2nd or 3rd out of about 25+ more-or-less equivalent firms at the moment
they’re well established, honest and safe
the difficulty with them is the time requirement
10% profit in a month is asking a lot
on the other hand, you can get free additional attempts without limit and without ever paying again as long as you make any profit at all and don’t break the rules
you need genuine, proven, reliable trading skills and experience, including professional-standard risk management skills, to make it worth trying
good luck if you try it!
1 Like
Great feedback thanks!
Oh yeah for sure but what you have said there about the length of time people use it for is interesting. In theory with the larger account if you can qualify for it then you’d need even less time.
I believe there are some competitors who have very similar or better requirements which might have prompted this change so I might have to look around.
Food for thought!
1 Like
there are some decent offers about, right now, it seems
if you’re looking for forex specifically, it’s hard to beat Topstep Forex, whose profit target is only 6% and with no time-limit
if you’re looking for huge funding and quick qualification, it’s hard to beat FTMO
it seems to me that there are always 2 big, important things to know (though neither is a reason not to try if you think you can do it!) -
-
all these firms make most of their income out of the fees of people who fail (not really a surprise, when there are no entry barriers at all?)
-
most people who fail, fail because they don’t in general understand the practical effects of loss limits that trail open equity (and specifically they don’t understand why that means you need a high win-rate system, not a high-edge system, so.people who like and are used to an R:R of 1:2 or even more are not going to do well, usually, with these companies, and they’re going to end up convincing themselves they were “unlucky”, some of them repeatedly so!).
This is interesting. So really it is looking at focussing on successful scalpers for example than say swing traders with lower win rates but much higher RR as you say.
1 Like
yes - not necessarily quite as fast as scalping
my point is just that having targets much wider than the stop-loss, although it’s widely encouraged among amateur retail traders in forums (very bad advice though it is, for beginners!), is the one major aspect of trading that guarantees the high fail-rate with these companies, even when people have a real edge and positive expectancy
only about 8% of people pass FTMO’s try-out
a high proportion of the failers are caught out because they hadn’t appreciated the hazards of loss limits trailing open equity (why would they?)