infofirst:


We need to screenout new participants henceforth. We need people here only. Its a family thing.

Mayork2:
Imagine this guy advertising FTA competition in a public group on telegram, no wonder we keep seeing new faces lol..

boom99:


I no fit meet upooo. Yesterday I was 9th position but I woke up today say I done dey 12th. Eeh better make I use larger lotsize make my account grow abeg. The rule no too favour me. Make I dey my corner build the account on my own abeg.

boom99:


Gold no be my mate ooo.

russy:
Hello traders i am currently runing MFF challenge, i need someone to explain the 5% daily drawdown to me, i am afraid as I dont want to breach the rule.

BrightFuture48:

It's a bit confusing but from video I watched on YouTube. You have to look at your balance or equity at the beginning of each day then find the 5% of the one that is greater (between Balance or Equity) then that is your daily DD.

Example1 Balance = 1000$ Equity = 2000$ your Daily is = 2000 * 0.05 = 100$

Example 2. Balance = 1200$ Equity = 1100$ your daily DD = 1200 * 0.05= 60$

BrightFuture48:

Lol.. My bro stop looking at the leader position it will mess up your psychology big time. I have traded ftmo consecutively like three time in a roll hitting atleast 10% target weeks before the competition but I have been badly trading just because of looking at leader board. It will always make you trade under pressure hence you committing mistakes which you market will punish you for accordingly lol.

I have learnt greatly from these competitions that, it's best idea to stay focus and avoid any form of distractions and trade leisurely without forcing any trade. Even if you don't meet up you will definitely do well without looking at your position too often. I will have to discipline to avoid such distractions going forward in subsequent competition.

Cheers

Investorozay:
gbpcad

infofirst:


We need to screenout new participants henceforth. We need people here only. Its a family thing.

Jameselias:
I don't think forex trading is for retailers

Englishisamust:


If you are doubting check this man on ftmo leaderboard. He is a retailer like you. If you earn this in one month. You will buy a house and car in Nigeria. If you think Forex trading is for hedge funds or institution. Some of them are down -4% this year go check Google.

Feshizzy:
This issue of new comers,
I don't really see it as a big deal,
So long they play by the rules.

Weather they can meet the target in a day or not,
That's left to them,
The market is open to everybody,
What is required is consistency,

The contest should inspire you to become a better trader and not envious of the next man,

I keep saying it,
If you can be consistent in a 10k prop account,
Forget it, as long the prop firm don't close, and you keep investing,
You should be a millionaire in 9 figures in the course of 2 years

It's not a must you must win a contest,
Just be true to yourself and you will really see how inspiring to be in the mist of your fellow trader,

Because trading can be really boring at times, because everything is just repetition.

abham:
I’m studying the efficiency of Kill zones even if I’m a swing trader.
I want to perfect the strategy with intraday trade because the higher the TF the larger the SL.

LucartFx:
Please is there a book for this 'kill zones' you made mention of? If there is any please share. Thank you so much

abham:
Good morning.

I had two sell limits on this pair yesterday, one got triggered during the NY session but I was not convinced if the SH would hold or there would be another.

During the Asian session this morning it moved 40pips south but did not hit tp.

Now it has moved back to my entry price, I just home the next SH during NY session does not take me out on both limits because it might definitely trigger the second limit.

abham:
ICT usually makes use of this term in his videos.

His YouTube channel is inner circle trader.

SAVAGEBETS:
Hi guys, this is an interesting read for those taking part in the FTMO challenge. Just a heads up. Now I don't know if anyone has posted anything similar here, if not then here you go.

https://qr.ae/pGEC6B

Prop funds Business Model:

1. Prop funds gives some client's accounts to trade when you pass challenge?

- No, they give their own accounts to trade which is directly connected to LP with 1:50 to 1:100 leverage and rules are somewhat strict that you can't trade during news, or can't hold during weekends or can't blow your account below 10% of equity and just 1 mistakes and they takes back account from you without any warning.

2. How they get funds which they are giving you to trade once you pass the challenge?

- It's you and other users like yours who are losing or gaining during challenge is the main source of their funding and below in detail I explain how.

3. Do they them selves a brokerage?

- Yes and No If they say they are a brokers then they have to go through lots of process of obtaining a legal license and also competing other thousands of brokers and this makes their business unsustainable, so now? They run their brokerage on the name of prop funds where you are asking you to trade their funds(actually it's your funds only) if you pass the challenge without being labeled as a broker but in their CRM backend they are directly connected with Liquidity providers who pays them if you win and they charge of you lose, and they are connected using MT4 bridge exactly same way as traditional brokers does

4. Now come to the Business Model (I am saying as I my self have run brokerage in the past but couldn't survive competition and so knows in detail).

- Generating a Funds : Now being a broker but front face as a prop funds FTMO and other same companies asking you guys to take a challenge where you have to pass 2 levels and then they gives you funds to trade, actually here is the trick - Lets say you paying $180 to $292 to $500 and up to $1200 for higher accounts for the challenge, now FTMO says this is a demo account but in reality its never a demo account but a Live Account connected to their own liquidity provider through MT4 Bridge, They ask their LP to set their leverage let say 1:20 to 1:30 and what they provide as a leverage is 1:100 to 1:500.

So think if on your account as per 1:100 loss is $500 same time FTMO have loss of $100. If you had taken a challenge of $180 still they makes $80 even if you don't win a Single trade.

Trick 2: Let's say you won trades worth $200 and as they are counting open loss + closed loss both as a daily and over all drawdown means they have earned already some $40 but you see $400 as your leverage higher but for you its a demo and for them its a real money what they pay you here? $0 as you are in the challenge and as you hit negative open + closed loss of $500 which is very easy for most traders to hit this loss, you are done and dusted what they have made from you? $80 + $40 just during the challenge time $120 this is from $10K challenge, other big account big money.

Final Trick : Let's say you are a too good trader and 0assed a challenge, so what happened they have already earned some $400 out of you during challenge it self and now they gives you Live account to trade, and again this account money if all belongs to those losers who are losing. (90% of traders lose in challenge as they have lots of pressure to keep drawdown below 5%.).

Now you are trading so called live account which you had traded before also during challenge but this time you and FTMO on 1:50 no difference in leverage if you make you make 70% and they make 30% and if you break a single rule again they close your account and you are forced to face challenges again by paying money

- Happy Trading -

Kaybee7000:






Omoh!!! this one torches my heart o

Feshizzy:

Someone whose name na savage bet message touch your heart? Smh.

Off course if you have done research on prop, this is not new news at all,
95% of trader fail fx, that's the statistics and that's why prop with good intent can hardly close,
Because there would be enough losers to balance the equation.
And your live account is still demo, till dey a confident enough to copy your trades to their live account,
You can have a 10k and be consistent for 6 months, they will instantly copy your next months trades to their live of about 500k or so, depending on the metrix of the best trader.
That way they profit from winners as well as losers.

This information is not new for anyone who is serious about prop.

We even had this same discussion last year sef.

LucartFx:
Thank you Sir for the prompt response I appreciate it.

SAVAGEBETS:


Lol it's funny cos I don't know what your intentions are referencing my handle tho. I haven't said anything negative here about Prop, I simply shared the business model for those in the dark about what Prop trading is incase newbies think prop trading is a shortcut to trading success of any kind, the allure of being handed a huge account to trade forgetting the costs.

What's that got to do with my handle? Why so sensitive?

SAVAGEBETS:


Lol it's funny cos I don't know what your intentions are referencing my handle tho. I haven't said anything negative here about Prop, I simply shared the business model for those in the dark about what Prop trading is incase newbies think prop trading is a shortcut to trading success of any kind, the allure of being handed a huge account to trade forgetting the costs.

What's that got to do with my handle? Why so sensitive?

Feshizzy:
Let me just use MFF
Is a sample of power of prop firm,
I am not their promoter as it stands i dey one leg in one leg out till they fix their issue,
So how can you be a millionaire with 50k naira within 2 years?

Well, you have to be a very very skilled and profitable trader for this to work. Like very skilled, super skilled.

So with 50k or less you buy evaluation 10k usd of 85usd
The pass metric would be 5% weekly,
So in 3 weeks you should have passed phase 1 and 2 or at most a month.
And then on your live you set 2% monthly.

Now the journey.

January
Bought 10k with 84usd

February
Received 10k live account

March
First payout + refund = 200usd + 84usd = 284$
Buy 20k with 139$ - 284 = 145$
Initial capital recovered.

April
10k payout 200$
20k live received

May
10k payout 200$
20k first payout and refund 400$ + 139$ = 539$$
Total profit brought down 200 + 200 + 539 = 939$
Buy 200k acc with 979$
Merge 10k+20k acc = 30k

June
30k payout = 600$
200k live received

July
30k payout = 600$
200k first payout + refund = 4,000$ + 979 = 4,979
Total profit brought down 600 + 600 + 4,979 = 6,179
Buy 200k, buy 100k, 50k, buy 20k = 1,916
MFF total allocation maxed out

August
30k payout = 600
200k payout = 4,000
200k, 100k, 50k, 20k live account received

September
30k payout = 600
200k payout = 4,000
200k, 100k 50k, 20k first payout + refund = 7,400 +1,916 = 8,316
Total profit = 18,516
Send to private trading account

October
30k payout = 600
200k payout = 4,000
200k, 100k, 50k, 20k payout = 7,400
Merge 30k,100k,50,20k = 200k

November
200k payout = 4,000 x 3 = 12,000$

From October, an estimate of 12k monthly has been achieved!
In a year that's 12k x 12 = 144,000$ profit est 82 million naira.

Without calculating profit from your live account.

That's just by keeping consistent with 2% on a live account with a starting less than 50,000 naira account.

This is a really really rough estimate,
But it is achievable.


So don't be disturbed if you don't win a contest,
You can achieve more by using it as a platform to develop yourself.

The sky is your limit.

abham:
Toh, I no be sir.

Feshizzy:
Let me just use MFF
Is a sample of power of prop firm,
I am not their promoter as it stands i dey one leg in one leg out till they fix their issue,
So how can you be a millionaire with 50k naira within 2 years?

Well, you have to be a very very skilled and profitable trader for this to work. Like very skilled, super skilled.

So with 50k or less you buy evaluation 10k usd of 85usd
The pass metric would be 5% weekly,
So in 3 weeks you should have passed phase 1 and 2 or at most a month.
And then on your live you set 2% monthly.

Now the journey.

January
Bought 10k with 84usd

February
Received 10k live account

March
First payout + refund = 200usd + 84usd = 284$
Buy 20k with 139$ - 284 = 145$
Initial capital recovered.

April
10k payout 200$
20k live received

May
10k payout 200$
20k first payout and refund 400$ + 139$ = 539$$
Total profit brought down 200 + 200 + 539 = 939$
Buy 200k acc with 979$
Merge 10k+20k acc = 30k

June
30k payout = 600$
200k live received

July
30k payout = 600$
200k first payout + refund = 4,000$ + 979 = 4,979
Total profit brought down 600 + 600 + 4,979 = 6,179
Buy 200k, buy 100k, 50k, buy 20k = 1,916
MFF total allocation maxed out

August
30k payout = 600
200k payout = 4,000
200k, 100k, 50k, 20k live account received

September
30k payout = 600
200k payout = 4,000
200k, 100k 50k, 20k first payout + refund = 7,400 +1,916 = 8,316
Total profit = 18,516
Send to private trading account

October
30k payout = 600
200k payout = 4,000
200k, 100k, 50k, 20k payout = 7,400
Merge 30k,100k,50,20k = 200k

November
200k payout = 4,000 x 3 = 12,000$

From October, an estimate of 12k monthly has been achieved!
In a year that's 12k x 12 = 144,000$ profit est 82 million naira.

Without calculating profit from your personal account.

That's just by keeping consistent with 2% on a live account with a starting less than 50,000 naira account.

This is a really really rough estimate,
But it is achievable.


So don't be disturbed if you don't win a contest,
You can achieve more by using it as a platform to develop yourself.

The sky is your limit.

abham:


SL hit on both entries.