My FTMO journey: trials, trials and maybe more anytime

trendie

Legendary member
6,841 1,400
You really are blasting it.
What trigger are you looking for for taking the Challenge?
You seem to have some quantifiable consistency.
 

IlIlIlIlI

Established member
601 563
The problem is the daily loss limit which is nearly always exceeded in the first 3 days (I only kept it in my first trial when I stopped trading the typical volume on day 3 after reaching the profit target).

This time most trades were closed on the trailing stop but it worked with small but nice results.

To reduce volume generally to something like 20% to keep in line with the daily loss requirement is not a solution as the probability to fail the profit target is much too high.

As I couldn't trade for about 3 days (or was it 4?) during this trial because I was fully invested (using full margin) and sitting in a DD, I will try to reduce the number of simultanous trades and keep the volume in the next trial.
I did the same today and it worked fine.
If that also works to keep in line with the loss requirements and reach the profit target I'm ready for the challenge. :)
 
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IlIlIlIlI

Established member
601 563
Hello, good luck! From my side, i will start soon the My Forex Fund 200k Evaluation Standard.
What is better at My Forex Fund than at FTMO in your opinion?
I'm missing a trial to check it out.
I'm also missing any postal address.
And not enough reviews for a more real picture:
 
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The Erect Trader

Member
72 70
Good morning,

I tried the FTMO free trial but i didn't tried yet My Forex funds. So, i don't really know. If trading conditions are similar (spread/commissions/slippage), i would prefer My Forex Funds for some reasons, especially 3 reasons. The target which is lower (+8% vs. +10%), the split which is better and the fact that we can withdrawal our profits every 15 days. My Forex Funds is also more "professionnal" because they don't call this a "Challenge", they call this an "Evaluation". That's mentally better for a trader.

I paid yesterday the highest price possible ($979) their but still don't have my 200k account. They say it could take 24h/48h. But i trust them, i think it's the best company to put FTMO in competition.

Here is an interview of the CEO who is a bitcoin early investor millionaire from Vancouver (Canada) :
 
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IlIlIlIlI

Established member
601 563
This trial is running out on Sunday, so I didn't place any new trades tonight.
My Darwin's (ILR) trading account is served by a trade copier and I want to link the new FTMO trial account as soon as possible to it.
I'm very pleased with this result and traded the last 3 days in the way I want to trade my next trial.
The only micro loser was the result of (a bug in) my trailing stop EA, I forgot to restart it as usual every morning before the first trade. I will also change the setting for GER30.cash so the error should not be repeated.
There were only long trades in this trial, but I don't know which direction is to trade in the next two weeks. So it will be exciting. ;)

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IlIlIlIlI

Established member
601 563
New week, new trial! :)

I assume that I should stop trading for today as this looks like an unpredictable ranging anywhere Monday to me.
I had to reduce the tp of my second trade (entered 16:32:24) from 15174 to get it closed with some profit.

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trendie

Legendary member
6,841 1,400
Just to clarify, aren't there these new rules about not having a position open a couple of minutes before and after the session opens?
You are trading the opening US session, US100, and your trades congregate around 2:30pm?
I might have to dig uo the changes, as I cant find it on the FTMO FAQ.

As an aside, are you finding any noticeable slippage and requotes during these times?
 
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IlIlIlIlI

Established member
601 563
Just to clarify, aren't there these new rules about not having a position open a couple of minutes before and after the session opens?
You are trading the opening US session, US100, and your trades congregate around 2:30pm?
I might have to dig uo the changes, as I cant find it on the FTMO FAQ.

As an aside, are you finding any noticeable slippage and requotes during these times?
This a a swing account again and the only rules shown when I openend it are the loss limits.
They explicitely show that I can hold positions overnight, over the weekend and the account is not affected by the news release rules.
I don't know anything about restrictions during the stock market openings, so if you find something, please let me know.
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And this is a rule I don't understand completely as I don't know a "maximum capital allocation rule". My positions in the market are limited by the margin used, as far as I saw it with my trials. Maybe they mean the EAs activity or that they don't allocate more than 400k to a strategy and if more than one trader uses the same EA they limit the capital allocation of all traders to 400k and deny to accept more traders with the same EA/strategy.
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Slippage:
The worst slippage I remember trading the stock market opening was more than 40 pips so trades shouldn't be placed with a tight stop loss when trading the opening minutes. But that wasn't today.
Edit / market opening hours:
They changed the market opening hours so you can't trade the first or last 5 or 10 minutes when the Forex or CFD market is opening. Maybe that's what you have read. But that restriction is not related to the stock market opening hours in London/Frankfurt or New York.
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IlIlIlIlI

Established member
601 563
On day 2 of my free trial I made only three scalping trades.
I can't hide that I love to trade the US stock market opening. ;)
My average daily profit target (EUR 400) was exceeded again.

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IlIlIlIlI

Established member
601 563
I'm done for today.
The discipline to stop trading when my daily profit goal is reached is sometimes harder than to continue fighting.
The last two positions were closed manually because of this.
The tp originally entered was failed in the dip afterwards by less than 2 pips.
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IlIlIlIlI

Established member
601 563
Survived day 4 of the free trial until now.
Started too early with a bad trade set because I ignored my main direction indicator: Darwinex vs. FTMO prices.
That should be forbidden during a challenge ;) as I nearly doubled my daily loss, but didn't have bad luck so I stayed in the limit. FTMO can calculate an RRR now.
The FTMO vs. Darwinex indication still shows a tendency to go short in moving ranges.
There were tons of trades made and the "normal" trades at the end of the US market opening made the difference.
The weekly profit target is made so there is no need to trade tomorrow if I can't forecast the market with an acceptable timing.
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IlIlIlIlI

Established member
601 563
I inserted two trades at noon but they didn't perform as expected. There was more potential, but ..
I closed them with small profit to shut down MT4 for being on the road in the afternoon.
They added some profit so now the average profit for 6 days is shown on the track record.
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IlIlIlIlI

Established member
601 563
Made 3 trades today in the late morning.
Daily profit target was just reached when closing the last trades on their tp.
So disciplne tells me to stop trading for today as it is Monday.
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IlIlIlIlI

Established member
601 563
WTF .. ;) I really dislike to trade like I did it today.
I expected more volatility this week but not this way.
Positions were open too long.
Then I added some small scalping trades from time to time.
The daily loss was exceeded by some 100 EUR but the limit not endangered.
Didn't feel ready for the challenge besides my forecasts were right - so we'll see what happens tomorrow.
Trials are only passed when all objectives are green on their last day, an email will tell me.
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