Is no one concerned about fully disclosing their system with every entry and exit plus timestamps?
Summarizing, FTMO and everything similar, stink.
wtf you talking about
When you opt to combine the accounts, that’s 5% draw-down on 300K. I confirmed this with support, because this was important for me. Likewise, if you double that 300K in 16 months by scaling out, your draw-down would also double. And by scaling out, I mean following their scaling plan, not compounding profits. Keeping profits does affect your maximum loss allowance as well as maximum daily losses, but since the daily losses get reset each day, you will always be facing 5% maximum draw-down on the initial balance unless you grow your ‘base’ balance, with the ‘base’ balance being anything that FTMO gives you to trade with.
I did consider this, but I think that I do not care. I also considered the fact that they could be trading a MUCH larger volume on my trades than 300K, especially if I develop a good track record. Also does not matter to me so long as the slippage does not interfere with my trading.
It would seem reasonable to feel that way for someone that manages funds privately or already has a large account to trade with…it is definitely not the best option for everyone. Although, I do think that there might be some benefit to the additional layer of anonymity that trading via a firm like FTMO might offer; less pressure and accountability, especially knowing that you can just create a new account and start over without any repercussions, should you hit your maximum draw-down.
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Daily loss limit is 2.5K,not 5K.
Because of low drawdown limit, the money you can use is actually much less than lts face value.
For Lmi, a 50000 account is actually equal to a 10000 account, due to 2% daily loss limit. That means you need to trade it like a 10000 account to avoid breaking the rule.
For FTMO, a 50000 account is equal to a 25000 account.
Now think it this way, FTMO profit target is 5000, because you trade it like a 25000 account,it is 20% profit a month,900% a year.Maybe there are people in this world who can make 900% a year, but can they do this while keep their account drawdown below 20%?
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After reading everyone’s comments about the FTMO option, I may consider it. However, all my stuff is written for MT5; it would take some serious work, time, and effort for me to create MT4 versions. Although, that is something I want to do in the future—to have access to brokers that only offer MT4. Also, the not trading during certain times, news, etc. wouldn’t work for me. So for me, I need MT5 accounts, and the freedom to trade anytime I want. Hmm, I might be able to use a trade copier that supports sending from MT5 to MT4, but the limits on when I can trade might be an issue for me. How far out do they post their trading restrictions schedule? Also, anyone know of a good trade copier that supports MT5 to MT4? Thanks!
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If you can make 900% a year while keep your drawdown below 20%, there is a better way to do it.
Go to a forex singal provider site, link your broker account with their platform and send them your trade signals. You will get hundred or thousand of subscibers and tons of extra money.
Or you can go to collective2 and get several hundred subscribers ,each paying you $300/month.
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here are some funded traders thru FTMO
https://www.youtube.com/results?search_query=ftmo+funded+trader
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For a 100K account, the daily loss limit is 5K.
But it’s not. Just because you have to follow the draw-down requirements does not mean that you do not have 50K purchasing power, and therefore, profit potential.
The profit target is 10% in 30days on a 100K account, and that ONLY applies to the challenge. The verification is 5% in 60days. The funded account does not have a profit target.
I’m not sure yet. Maybe you could ask support. I do believe that not all news releases have a 4-minute, prohibited trading window.
Yes, many youtube-traders doing FTMO right now. There are other channels that show the whole process and some that are already funded and making real money. Worth checking out for anyone that is interested.
Interesting concept. Although I was aware of the possibility, I never knew how it all worked. Thanks for sharing. I wonder how this could impact scalpers with regard to slippage, though?
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Here is the ceo/founder of FTMO
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here are both owners of FTMO
First time I’ve ever heard of ‘collective2’ - interesting concept, but it seems they only deal with USA brokers? Or at the least brokers that don’t trade every/any instrument (correct me if I’m wrong) - which brings us back to the original problem of this thread and the usefulness of FTMO being offshore.
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then there is the issue of “do I really want hundreds or thousands of traders trading my exact strategy at the same time” and the answer is generally no, because the more people who trade what I trade and how I trade at the same time, the more I show up on the Big Banks radar, which means they can thwart my trades anytime they want. Most likely just paranoia, but better to be safe. (that subscriber money sounds good though)
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you are 100% correct when it comes to hundreds or thousands of people trading the same system that is why good signals providers goes bad. btw that only goes for retail traders, the big boys can trade how they like
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Honestly im bearish on these companies. They aren’t ran like a typical prop firm and seem only to perpetuate the fictitious Lambo lifestyle. Something that will never be achieved by 99% of traders who day dream about big money while bleeding their account dry.
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“99% of traders who day dream about big money while bleeding their account dry”.
the american dream is about dreaming isn’t it
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I have 3 FX systems…
System 1 normally trades @ 4.4% risk per trade, System 2 and 3 @ 5.8% risk. All 3 have max drawdown risk of around 30%.
To fit below FTMO’s 5% daily loss & 10% max drawdown limits (really 9% to have extra buffer). I had to lower system 1’s risk per trade to 1.2% & system 2 & 3 to 1.5%.
System 2 would not be able to hit the required 10% targets. System 1 & 3 would easily hit them, however that potential 300K max account is really the equivalent of trading an 80K account at my own broker @ my typical risk per trade on top of keeping 100% profits.
For some this can definitely work, for others that are more successful it clearly doesn’t. Due to the above they can’t really attract and/or retain talented traders.
On a side note… the social media promotion by the company of the get rich quick lambo lifstyle tells me they are very interested in the potential windfall they will generate from tons of failed traders also failing their tests multiple times and forfeiting the fees.
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“On a side note… the social media promotion by the company of the get rich quick lambo lifstyle tells me they are very interested in the potential windfall they will generate from tons of failed traders also failing their tests multiple times and forfeiting the fees.”
I have to agree 100%
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Did I miss the owner rolling up in his Lamborghini in this video? What are these other people talking about FTMO promoting a certain “lifestyle”?
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lol i don’t know man i just posted it
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