My FTMO journey: trials, trials and maybe more anytime

[IlIlIlIlI]

Day 5 and 6:

 

[IlIlIlIlI]

Day 7:

 

[IlIlIlIlI]

Day 8: all objectives passed.

 

[IlIlIlIlI]

Day 9:

 

[IlIlIlIlI]

Day 10:

 

[IlIlIlIlI]

As the old trial was finished with success, I opened a new one today.

Day 1 - high risk borderline trading by averaging down twice. No rule violation, but a high daily loss to accept.

 

[IlIlIlIlI]

Day 2:

 

[IlIlIlIlI]

Day 3: no trading
Day 4: all objectives passed.

 

[IlIlIlIlI]

As FTMO removed the time limit (I posted it here) for a challenge end of last week, I started a new challenge with unlimited time.

IMO now the trading conditions are fine at FTMO, there is no pressure or calculating averages which are to exceed, and I enjoy the new trading feeling.
I will not share the results of every day, but I will post the final result of my challenge journey.

 

[IlIlIlIlI]

I'm still in the game after 13 trading days, but I'm still far away from reaching the next level.

There were 3 drawdowns to recover and I got it.

So I can continue to enjoy this unlimited challenge (without an end date) and without raising the risk by overtrading.

Trades of today:

 

[IlIlIlIlI]

The challenge is still running after 33 days as I try to break thru the zero line again.

To remove the end date is the best FTMO could do to me

 

[IlIlIlIlI]

I lost the challenge again.

As I started trading overnight positions with a DD, I found out that the Max Daily loss starts on every day with the DD so you don't have the 5% as real daily loss to act.
So I failed with a 4k daily loss - less than the 5k limit - as there were 2.5k loss added from the days before and I lost the challenge with 6.5 k calculated in the so called daily loss limit.
Just another trap for traders.

Because of that this was my last challenge - at least for a while.

 

[frugi]

Sorry to hear that. As you've discovered, that's the drawback of balance-based drawdown, but on the plus side floating profits act as a cushion for your daily DD. I much prefer it to the equity-based drawdown which some firms use, whereby if your balance is 100k and you carry over 5k in floating profit, if you then hit 99.75k the next day you breach the account (in balance-based it would be 95k).

If I'm about to carry over a loss I tend to close out before the reset time to reduce my balance and secure more drawdown for the next day, but I know that's not ideal when swing trading.

I like to pass or fail quickly so risk 1%. 16 trades at a 2:1RR with 50% WR and there's your 8%, then drop it down to 0.1% - 0.3% on funded.
However 5 losses in a row and you're out.

Be careful with FTMO I know a couple of funded traders who've earned large payouts and had their leverage heavily reduced for so-called gambling. Still at least they weren't being deliberately "slipped to hell" by another firm I could mention. Good to see them finally being held to account by the CFTC.

 

[IlIlIlIlI]

Still at least they weren't being deliberately "slipped to hell" by another firm I could mention. Good to see them finally being held to account by the CFTC.

I also hope that for the MFF the game is over for all eternity if the court action is true.
Several items in the lawsuit could also be charged to FTMO, so I agree that the risk to traders working with FTMO has increased.

 

[IlIlIlIlI]

FTMO blocked my EA on my trial today.

Not sure whether or when they will end like MFF.