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Yes, Petko, It will be better for us if you provide us result of both backtest and forward test of each version, and updated weekly.
So we can decide for ourselves which the top performers we use, the long term one (monthly or yearly) or even the short one (weekly).
Hey Alan
Thank you for taking the time and responding. And thank you for your detailed response. It is appreciated. This trading journey has been a tough one. Hundreds of hours of practise and strategies and videos etc. One gets to a point where you just want to feel you are moving forward. And by that I mean, actually start making some money on a consistent basis.
Thus the reason why I turned to prop firms. Many warned me it is a scam mostly to get the “challenge fee” and then make it almost impossible to pass and easy to fail.
But I do not have the capital to enter trades that will at least give me the chance to earn significant money and get out of the rat-race, because that is the goal…
Thus the reason for turning to EA’s. I have been testing this EA on other funded challenges on 0.01 lot sizes, but the EA is not successful there. Really does only seem to work best on FTMO. I am not getting super clear winners and results yet. AUDUSD seems to be the only real winner.
But I march forward three steps and get knocked back two steps and so we go 🙂
i read more and more on several telegram channels that many people that pass prop firms with eas dont get payout for some reason. Does someone here actually got a payout at some point or do the prop firms just come with some random excuses to not pay u ?
Hey Emre,
So far I have requested a payout only from FTMO and they paid it without issues. I will show it in one of the future videos as well.
ok nice. i wrote the support they told me i should trade better manualy bc of the capital allocation rule but didnt understand completly. i think when we trade all with the same EA it is only allowed up to 400k capital so if 4 people here have each 100k account the rest will not get payout ? i guess if i got it right
That means you can only have a maximum of 400K account. So if you have multiple FTMO accounts the total capital cannot be more than 400K. It has nothing to do with the total capitalization of multiple users.
Alan,
There is nothing in the terms and conditions that says anything about more than one trader using the same third party EA’s.
5. RULES OF DEMO TRADING
Section 5 discuses the rules for demo trading. This is not about the Free Demo Trading. The Challenge and Verification phase is called demo trading and this is what section 5 is discussing.Alan,
FTMO :”If you intend to use trading robots (Expert Advisors – EAs), keep in mind that if you use an EA from a third party, there might be other traders already using the same EA and therefore exactly the same strategy. By using a third-party EA, you potentially run a risk of being denied the FTMO Account if you exceed the maximum capital allocation rule.'”
Support:
The fact is that the capital allocation rule is per trader and per strategy
so if 30 traders are using the same EA on their FTMO Account, and they each have a 100K FTMO Account, they will breach the rule
17:44
because you will have a total allocation per strategy of 3 millionsi think ur wrong Alan sry
FTMO :”If you intend to use trading robots (Expert Advisors – EAs), keep in mind that if you use an EA from a third party, there might be other traders already using the same EA and therefore exactly the same strategy. By using a third-party EA, you potentially run a risk of being denied the FTMO Account if you exceed the maximum capital allocation rule.’”
Support:
The fact is that the capital allocation rule is per trader and per strategy
so if 30 traders are using the same EA on their FTMO Account, and they each have a 100K FTMO Account, they will breach the rule
17:44
because you will have a total allocation per strategy of 3 millionsi think ur wrong Alan sry
Hi Nicholas,
I don’t expect the EA’s to do well from mid December and early January. This time period will most likely see low volatility in the markets as the big traders will be on vacation for the holidays. So don’t get discouraged during this time period.
Alan,
Hi Nicholas,
I wanted to respond to your statement “Thus the reason why I turned to prop firms. Many warned me it is a scam mostly to get the “challenge fee” and then make it almost impossible to pass and easy to fail.”
It is a well established risk management rule that successful traders use that when a trade losses 2% in one day that the trade is closed out. Also, if an account losses 6% all trades are closed and the trader takes a break from trading for a period of time, normally one month. This is done with the hope the markets will change back in favor of the traders strategy.
So in comparison, FTMO does not close out your account until you lose 5% in one day instead of the established risk management rule of successful traders which is 2%. Also, FTMO does not close out and account until the drawdown reaches 10% versus the established management rule of successful traders which is 6%.
So, in contrast between the established risk management rule of successful traders and the risk management rule of FTMO, FTMO’s risk management is quite relaxed to give beginning traders a more opportunity to be successful while at the same time protecting their account from unnecessary risk.
So, its not about scamming, its about risk management!
The one thing FTMO does that other prop firms don’t is they provide a free demo account for traders to use until they feel confident in their strategy before committing to the fee of a Challenge. So again, in my opinion, FTMO is trying to help the trader to become successful. Having success full traders trading their account helps FTMO spread their risk as the various traders trade different strategies.
Alan,
UPDATE ON MY FTMO STRATEGY V5.0
One of the FTMO strategies I am using is Petko’s FTMO v5.0. This strategy has been losing lately and has currently drawn down my FTMO 10K Challenge account by -3%. This is not a significant draw down of the account as it only takes a profit of 3.1% to get back to breakeven. What is a serious drawdown would be for an account to drawdown by 50%. In a $10,000 account this would mean the account value would then be $5,000. An account would then have to profit by 100% to get back to breakeven. This could take considerable time and that time represents a period of time where the trader is not able to use to grow his/her account from $10,000 to a larger amount. With a drawdown of 50% the cost to a trader is time and profit lost.
Since this account has only drawdown by 3% I will continue to trade FTMO V5.0 in my current 10K Challenge and see if it will start to move back upward.
I will not be adding any new FTMO 10K Challenges until after the first week of January due to the expected slow down in volatility during the holiday season!
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