All you need to do is get a ten percent return within 30 days. And then do it again. And then you get funded.
Sounds legit.
Sounds legit.
I need a candid review of FTMO
- Thread starter Magnificent Quant
- Start date
Thanks for your response.
They changed it. It used to be 10 and 10. That was enough for me to stay away.
2 differences I see between FTMO and many others
1) They appear have a fixed max drawdown and not a trailing drawdown - that makes it more like a regular trading account in my opinion as trailing drawdowns are more of a "gotcha" for other funding firms that make it easier to fail and have to start over
2) They appear to have a set rules/goals in place for you to increase your account size over time--meet certain criteria over a 4 month period and your account size is increased by (and more importantly your risk/loss parameters are also increased/adjusted for the increase in account size -
See https://ftmo.com/en/scaling-plan/
----opposed to other firms that offer some scaling plans for increasing the number of contracts you can trade at one time but if they dont offer larger risk/loss parameters to go with increased lot/aact size then actually can make it riskier for you as you would be trading more contracts but have their same trailing max drawdown and daily loss limit that you started with (not a good idea to trade 15 contracts with the same risk/loss parameters that you started off with for 1 to 3 contracts
Check out the5ers. Seems to be a lot more friendly as far as the rules are concerned.....although there is a drawdown....but there is also the ability to hold positions over the weekend, and 6 months to make the target, about 6 percent I believe.
Picking one of their options, they charge a one off 400 USD fee for:
Target $600
Relative Drawdown $400
Max. Exposure 0.50 Lot
So, you're paying 400 USD to be allowed to manage a 50K account (0.5 lots) and maximum loss is 400 USD (which is what you paid).
That sounds similar to depositing 400 USD in a forex broker which allows a 1:125 leverage, which will give you also 50K.
And the money is all yours, as well as the profits (and not 50/50).
And if you lose 400 USD, it's the same than the5ers. I don't see why one should subscribe that.