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FTMO Review 2023
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FTMO Review 2023
Alas, I flunked at the second stage, although the fault is exclusively mine. A target profit of $1,000 is not as much as it seems. The company does not have requirements to trade within 30 days, you need to work at least 10 days. And if you carefully use the Martingale method on open trades on highly volatile cryptocurrencies, then a 10% return is easy! My mistake is that I got too excited and enthusiastic about cryptocurrencies. During the second stage, there were more loyal requirements for the target profit, and therefore it would have made sense to switch to less risky assets. But the cryptos seemed like an ideal tool to me, and I flunked at the daily loss limit. In general, my advice is: at the first stage, trade cryptocurrencies on a clear fundamental trend and you will earn a profit in a few days. For the second stage, don't risk it.To get more news about ftmo review, you can visit wikifx.com official website.
I recommend opening a Swing account right away. This type of account is described in detail in the FAQs section. Its advantages are that there are no trading restrictions, while on a standard account there are restrictions on the time of holding a trade in the market such as closing a trade before the weekend, and there are restrictions when trading on fundamental analysis. And if on occasion you forget about the news releases, you may accidentally violate the rules of trade.
I don’t like the organization of the verification process itself and the lack of a choice of options at FTMO. Trading conditions are designed in such a way that the trader flunks out at the first stage. Traders are offered to trade for up to 90 days. The set minimum of 20 days for two stages of verification is fantastic. Also, the established profit targets and loss limits actually correspond to 10% of the deposit. On the one hand, it teaches discipline and encourages opening trades within the risk management with a risk of up to 2% per trade. On the other hand, there are dozens of strategies that involve a drawdown of 20% or more, followed by a rapid deposit increase. That is, the rapid acceleration strategies are not available to the trader in advance, and I repeat that it is impossible to perform all tasks within 20 days. Finally, leverage up to 1:100 is another "feature" of the prop firm, which pushes you to take high risks. You don't have to use it, but who can resist the temptation?
FTMO is a managing prop firm operating on the principle of a prop company. To receive money under management, a potential trader must successfully complete a two-stage active trading test. At each stage, requirements are set for the maximum allowable daily loss, total loss, and target profit level. The prop firm’s conditions are relatively loyal, but still, they can be difficult to successfully navigate. Regardless of the chosen testing package, the limits are 10% of the total loss. For comparison: other prop companies have allowable drawdowns of 15-20%.
Despite the strict requirements for the test period, FTMO has a relatively low test cost beginning at €155. By comparison, in most companies in this sector, the entrance fee for passing the test is from €400-500. Another advantage is the availability of standard MT4/MT5 platforms. Most other prop companies have their own or adapted platforms, while FTMO has standard platforms. This allows you to work with any custom indicators and advisors previously honed in the MetaTrader tester.My impression of FTMO remains positive. But after studying the conditions, it is clear that without trading experience, it makes no sense to try your hand at the test. Testing conditions are favorable for those who have worked previously with a demo account and are good at risk management. However, you can also gain experience on the company’s platform itself. There is a free version of the test that fully corresponds to the paid test.
The FTMO offer is itself an investment program, the essence of which is as follows: each trader can get 400 thousand USD at his disposal, but before that, you need to go through two test steps. Before testing, there is an opportunity to practice on a demo account.Testing is paid and depends on several factors such as the type of account chosen (regular trading or aggressive) and on the initial deposit amount. The fee is paid only once, so at the second stage, you do not need to pay. If the test is passed, the trader receives real money under management of about 400 thousand dollars. In case of a violation, the test must be re-taken. The number of "retakes" is not limited, but discounts are not provided.
The FTMO affiliate program involves attracting traders who would like to unleash their potential, but do not have start-up capital. The company offers each affiliate 8% of the fee amount paid by the referral. Each affiliate receives a referral link and marketing materials.