FTMO Challenge
Disclaimer
Please Read
I am not paid by FTMO for “featuring them” in this article. I am just sharing my own personal experiences and journey with FTMO. As much FTMO helped me, I hope they can help you too. More information:
Please take everything you read here with a grain of salt.
This is forex, results may vary from time to time, and from people to people.
This is not financial advice.
Money Matters
Not Having Enough
In my trading journey, I learnt that you need to have two things:
- A strategy.
- Money.
Understanding the market, whether it is bullish or bearish, comparing across different timeframes, is it a pull back, or a retracement, zooming into the market structure to find your “sniper entries”, when to exit a trade — knowledge which translates into a strategy. But, strategy can be “made easy” with the use of indicators, better yet, you have these indicators working together in the package of an Expert Advisor, like .
You need money to trade with… If you have more to trade with, you can have positions with bigger lot sizes, with lesser risk exposure as you could be closing those positions faster, perhaps even more profits. This is where comes in.
Having experienced FTMO, it is much more than just money.
Image: FTMO
Why FTMO?
1. The Money
So, how much can you trade with on FTMO? Check this out…
- Pay $156, trade $10,000
- Pay $251, trade $25,000
- Pay $346, trade $50,000
- Pay $541, trade $100,000
- Pay $1,082, trade $200,000
I didn’t have much to trade with. It literally costs me an arm, or a limb, to come up with $25,000. But with FTMO, I would just need to commit $251, pass the Challenge and Verification, and I get to trade with $25,000. From the profits I made, I get to keep 60%, and this figure can be increased as you continue to partner with FTMO.
Oh, when you become a FTMO Trader, they will refund you the amount you paid!
Cool right?
Image: FTMO Comparison Table
2. The Challenge
FTMO isn’t handling you the money just yet… You have to prove yourself… to them… that you are a responsible trader whom they can trust you with their money. This where the FTMO Challenge comes in.
The Challenge helps BOTH FTMO and yourself understand… you — the one who FTMO will be partnering with. During the course of the Challenge, you are required to trade within and fulfil a set of Trading Objectives, and your trades will be analyzed under their Metrix system, which then profiles you as a trader, at the same time revealing the strategy that you’re using, and highlighting concerns that you can take to improve on your trading strategy.
Just like most of us, FTMO would prefer working with someone who is reliable which is backed by consistency.
Image: FTMO Challenge – Trading Objectives
3. Even Better
While there are many who struggle passing the Challenge, I found it rather an opportunity to refine my trading strategy. While I think it is already good enough, with the Trading Objectives set by FTMO, I actually found myself fueled to make the strategy even better. Not to mention, I learnt much more, at the same time reducing my risks in the process.
4. No Compromise
I found myself in situations where, I would look at the chart, and I know retracement is due, but I would compromise by holding onto my currents trades a little longer in negative floating profit, which exposed me to higher risks that can blow up my account.
With FTMO’s Trading Objectives, there are no questions asked when it comes to taking a hard loss, or not.
You want to pass the Challenge.
Image: Max Daily Loss + Max Loss keeping risk exposure checked
Challenge: Passed!
The Experience
Many would see it impossible to pass FTMO’s Challenge with an Expert Advisor. Having to meet these trading objectives:
- Max 5% Daily Loss
- 30 Calendar Days
- 10% Profit Target
With an Expert Advisor that uses Martingale: Impossible… So they said.
Interestingly, I passed my Challenge using the ‘I Got Funded’ EA, which uses a modified Martingale-based strategy.
I’ve done it and it is possible!
The Strategy
In a nutshell, I Got Funded trades well on pullbacks and/or reversals. I Got Funded accumulates positions of the opposite trend, and reaps quite an interesting profit on pullbacks/reversals — this is Martingale.
I have understood how to “work with” Martingale so that I will not be exposed to “too much risk” trading with this strategy. Many people have had unpleasant experiences with martingale-based EAs. I will add it is because the martingale based strategy wasn’t applied well.
Trading with I Got Funded has been a pleasant experience for me. If you would like to use I Got Funded for your FTMO Challenge or even your trading portfolio, get your copy today by clicking on the link under the column, and I will show you, how to use I Got Funded effectively.
I would also like to re-emphasize that I Got Funded wasn’t designed to be a “hands-off” EA, meaning once you have set it running, and you let it be. I Got Funded still requires the “human touch”.
Get Funded
How much do you need? The minimum would be $25,000… Comfortably at $50,000… You can try doing it with $10,000 but the “room” is too tight for recovery.
Frequently Asked Questions
Flicker Related
- I don’t know what these settings do.
Join our Discord server: https://discord.gg/BuFJzrSfQr - –
Account Related
- What account Type?
Raw Spread or Cent. - What leverage to choose?
It is recommended to go with 1:500. - How much money?
It really depends on the strategy you’re using and which pair you’re trading on, not to mention how many pairs are running concurrently. I would recommend $10,000 on a raw/standard account, or translated to $100 on a cent account. - –
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