Exciting times today I have reached the profit target for my second FTMO 200K account.
After they check it and all going well, I should have my second live trading account with them offering a total of $400k to trade with.
Interested in prop firm trading? I have described in older posts and sections what its all about. But in a nutshell.
You chose what account type and capital amount. Pay a challenge fee then with FTMO you need to hit 10% profit target in phase 1 without going below 10% max drawdown also you cant go lower than 5% drawdown in any given day or simply you lose and lose the fee you paid.
If successful you then need to do the same again in phase 2 but the profit target is then 5%.
You then get a live account to trade and minimum of 14 days if in profit you can request a pay-out and you receive 80% of that profit also first pay-out you get back the full challenge fee you initially paid. So after that point you are completely risk free on your investment and trading with no risk to yourself. At that stage they make you a new live account and you start over at the starting capital again. But always need to stick to drawdown rules or you lose it.
Is it really live? Well it seems they are all demo accounts and the prop firm choses if they copy your trades live or not. This seems to be the issue with MFF there was some funny business going on making conditions unfair so people lose the account sooner. I haven't noticed any funny business with FTMO but they have warned me about lot sizes and adding to many positions as it exposes them to to much risk (which is a fair ask really).
You are never truly free to trade how you like. But you can use profits to build your own trading account and then you have no rules other than max leverage. But I suggest you keep the same or similar approach to risk management or you will blow the whole account.
Mentioned may times FTMO offer a free trail you can trade with them in the same conditions and rules to see if you can pass all completely free.
My pay-outs to date. This is no joke this is real money. I would not of been able to get this kind of money from my little live account. It would take a long time to grow to a level that I can withdraw significant amounts of money like this.
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