Today we are analyzing a service that provides trading tools, education and potential funding for traders that can prove their trading skills, FTMO. The benefit of being part of the community, is that traders can use the company’s capital, while receiving 70% of the profits and not having to pay for any of the losses. The only other Forex trading service we’ve seen with a similar approach, is Earn2Trade.
Owned and operated by FF trader s.r.o with identication number 03136752. They are located at Opletalova 25, 110 00 Prague, Czech Republic, and can be contacted via [email protected], phone +420 773 010 372 or Skype ftmo.com. In the meantime, if you are here looking for real trading solutions that can change your life, this page contains some of the best resources used by professional traders all over the world.
The FTMO website and operators believe that up to 80% of success in trading is devoted to psychology and that their psychologist is here to help you improve your trading results. They have a trading psychologist on board named Nikola Pavlickova, the educated performance psychologist. They believe her lessons are critical to your trading performance. While there is nothing wrong with this, we want to focus on other elements of this trading operation.
The main reason for signing up with the FTMO trading course is for the tools and the funding. In order to receive funding, traders first have to prove their trading skill, by completing a 30 day simulated trading accounts challenge. During this challenge the trader has to meet certain risk management objectives, but the trading style is completely up to each individual and there are no additional limitations on the instruments or position sizes that are traded. The trading performance is always measured based on the “trading objectives.”
The trading operation is providing free psychological training for their traders. Is revenge trading, over-trading or FOMO hurting your trading? No problem. Their performance psychologist helps traders to overcome their weaknesses and maximise their strengths. Thanks to regular consultations they can identify problems and consequently eliminate them. They believe that by offering these lessons for free, they will help the community to improve performance and life in general.
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The objectives consists of the minimum trading days, positive days, maximum daily loss, maximum loss and overall profit target. In order to successfully pass the challenge traders have to meet these objectives. If an objective is not achieved, the trader fails the Forex trading course, and forfeits the €155-€540 challenge fee.
To be more specific, let’s look at the $10,000 initial capital objectives. In order to pass this challenge, traders need to trade for a minimum of 10 days during a 30 day period, with 50% of the days showing positive returns. Traders also have to keep their maximum daily loss below $500, the maximum loss on the account below $1000 and hit a profit target of $1000 over the course of the month.
Despite the fact that traders complete the challenge on a demo account, the FTMO group charges a challenge fee which ranges between €155-€540, depending on the initial capital chosen. $10,000 initial capital costs €155, $25,000 initial capital costs €250, $50,000 initial capital costs €345 and $100,000 initial capital costs €540. The amount of funding the trader gets is in direct correlation with the initial capital they choose. So, if it trader chooses $100,000 initial capital, that’s the amount of funding they look to gain if they successfully passed the challenge.
If you don’t succeed, FTMO takes the money, and you can try again. It’s a pretty solid business model, considering that most Forex traders are unsuccessful, and even though the trading objectives don’t seem difficult at first glance, they certainly are.
The FTMO challenge wants the traders the take part in their Forex funded programs to succeed, because the more successful clients they accrue, the more money they make. In order to help traders succeed in the challenge, they have included a handful of different tools built to help traders better analyze their approach, and make the necessary adjustments in order to meet the trading objectives.
The program comes with an Account MetriX tool which is “an innovative and unique web application,” used for monitoring progress. This tool doesn’t look that in depth, and isn’t something you can’t get from a normal Myfxbook account upload. There is also a statistical application, which does different mathematical calculations to help traders make better entry and exit decisions. The next tool is a mentor app, which is built specifically to enforce rules and risk limits. Then, there is a trading journal to help traders report their wins and losses. Lastly, is the account analysis tool which is built to help traders take a close “unbiased look at their trading results.”
None of the tools seem overly impressive, but it is an important fact to recognize that the developers of this Forex funding program does want their clients to pass their challenge.
There isn’t too much in terms of client feedback at this point in time. What I’m most interested in, is finding some traders that have successfully completed the challenge and are now funded, but there is really no verifiable proof of this. There is a thread on Forex Factory, but despite going through many of the pages, I haven’t had much luck in finding many real traders with their funding program.
Despite doing a fair bit of analysis and research, we still sit on the fence when it comes to the FTMO challenge. In order to know if this is a viable Forex funding process, we need to see more real clients that have successfully passed through the challenge. There are a few comments being made in the forums, but we would like to see verifiable proof in terms of Myfxbook accounts or something similar. Meanwhile, we still believe that these products win hands down. If you’re serious about trading, try them.
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