FTMO Prop Firm Passing EA : Your Ultimate Guide to Becoming a Funded Trader
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Ready to ditch your day job and enter the thrilling world of funded trading with FTMO? One of the top prop firms in the industry, FTMO provides a pathway to serious capital for skilled traders. But the challenge is real! Let’s unravel the FTMO prop firm passing process to help you unlock that funding and elevate your trading career.
What is FTMO?
FTMO (short for “Fund Traders, Make Opportunities”) is a proprietary trading firm. They offer skilled traders the chance to manage their capital in exchange for a share of the profits. FTMO’s rigorous evaluation process ensures they fund only those who demonstrate consistent profitability and discipline.
The FTMO Evaluation Process
Breaking down the road to FTMO funding:
- FTMO Challenge: The initial test of your trading ability. You’ll need to achieve a specific profit target within a set time frame while adhering to risk management rules.
- Verification Stage: Once you’ve cleared the Challenge, it’s time to prove your skills weren’t a fluke. The Verification stage is similar to the Challenge with slightly reduced targets.
- Becoming a Funded Trader: Successful completion of both phases lands you an FTMO funded account, allowing you to trade with their capital and reap larger profits.
Cracking the FTMO Challenge: Essential Tips
- Understand the Rules: Know the profit targets, maximum drawdown limits, daily loss limits, and trading objectives inside out.
- Choose Your Weapon: FTMO allows trading on various instruments, including forex, indices, commodities, and more. Select a market you understand well.
- Risk Management is King: FTMO prioritizes responsible trading. Implement strict stop-losses and manage position sizes diligently.
- Psychology Matters: Trading is a mental game. Practice mindfulness, control emotions, and stay disciplined, especially during losses.
Mastering FTMO Verification
- Don’t Get Cocky: Success in the Challenge doesn’t guarantee Verification success. Maintain your winning approach.
- Consistency is Key: Focus on steady, profitable trades rather than big wins followed by losses.
- Minimum Trading Days: Ensure you meet FTMO’s minimum trading day requirement to qualify for the Verification stage.
Enhancing Your FTMO Success Rate
- Demo First: Fine-tune your strategy in a demo account before risking real funds.
- Journal Your Trades: Analyze your wins and losses to identify strengths and address weaknesses.
- Leverage FTMO Resources: FTMO offers educational content and tools like the Account MetriX to assist in your journey.
- Join a Trader Community: Connect with other FTMO traders for support and knowledge sharing.
FTMO Scaling Plan
One of FTMO’s biggest draws is its scaling plan. As you consistently profit, you’re eligible for larger account sizes, potentially boosting your earning potential significantly.
Example of FTMO Scaling
| Initial Capital | Profit Target to Double Capital |
|---|---|
| $10,000 | $1,000 (10%) |
| $20,000 | $2,000 (10%) |
| $40,000 | $4,000 (10%) |
FAQs
Q1: Does FTMO have a time limit for completing the Challenge and Verification?
A: Yes, time limits exist. Ensure you check the current rules on their website to plan accordingly.
Q2: What are the typical FTMO fees?
A: There’s an upfront fee for the FTMO Challenge. Successful traders receive a refund of this fee upon becoming funded. Profit splits for funded accounts generally favor the trader.
Q3: Is there a reset option for failing FTMO Challenges?
A: Yes, you can purchase resets for additional attempts. However, focus on improving your trading before trying again.
Absolutely! Let’s continue the FTMO blog article:
Q4: Can anyone take the FTMO Challenge?
A: While there aren’t strict eligibility criteria, FTMO is designed for traders with a proven track record of profitability and risk management skills. Beginners should gain experience before attempting the Challenge.
Q5: What are the pros and cons of FTMO funding?
Pros:
- Access to Capital: Trade with FTMO’s capital and increase your profit potential.
- Profit Sharing: FTMO offers favorable profit splits for funded traders.
- Scaling Plan: Earn the opportunity to manage larger accounts as you demonstrate consistent success.
- Educational Resources: FTMO provides tools and support to help you improve.
Cons:
- Rigorous Evaluation: The FTMO Challenge and Verification process can be very demanding.
- Fees: There’s an upfront challenge fee (refunded upon passing in most cases).
- Rules and Restrictions: FTMO enforces trading guidelines to protect their capital.
- Pressure to Perform: Funded traders may feel pressure to generate consistent profits.
Q6: Should I go for FTMO funding?
A: FTMO is a great option for disciplined, skilled traders seeking larger capital to trade with and a potential path to professional trading. Consider the following before taking the leap:
- Are your skills and psychology ready?
- Is your trading strategy profitable and risk-controlled?
- Are you comfortable with the FTMO rules and fees?
Additional Factors Affecting FTMO Success
- Market Conditions: Volatility and trends significantly impact trading opportunities – staying informed about the markets is vital.
- Trading Style: Scalping, swing trading, or news trading? Your style should align with FTMO rules and your preferred markets.
- The Power of Community: Connect with a network of other FTMO traders for support and to accelerate learning.
Conclusion
Becoming an FTMO funded trader is a challenging yet incredibly rewarding journey. Thoroughly understand the process, focus on developing a profitable strategy, and master your trading psychology. With dedication and the right approach, FTMO could be your gateway to a fulfilling professional trading career.
Remember: Success on FTMO, or any prop firm, takes consistent effort and unwavering discipline. Are you up for the challenge?
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FREQUENTLY ASKED QUESTIONS
The foreign exchange market (forex, FX, or currency market) is a worldwide decentralized over-the-counter financial market for the trading of currencies. The foreign exchange market is the largest and most liquid financial market in the world. Traders include large banks, central banks, currency speculators, corporations, governments, and other financial institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Daily turnover was reported to be over US $3.98 trillion in April 2010 by the Bank for International Settlements.
Expert Advisors (EA) / Forex Robot are used to render the trading process automatic allowing to exempt the trader from continuous watching the market. Many professional traders have a big amount of trading systems allowing them to work in different markets and under different conditions. EA is robotic script written in MQ4 language. It can work in the Metatrader 4 trading platform.
Yes it is easy to use. Forex Robot is based on a new generation technology that allows you with a few clicks to install, run and start earning money. No need to be professional. Everyone can do it. It is completely hands free and the whole process is 100% automated.
Yes it is too easy. Just a few steps and you will be ready to use Forex Robot. You will also get a guide when you purchase any Forex Robot, it will help you to install EA. If you still need any help please contact with us.
Yes Forex Robot can work 24 hours per day from the market opening on Monday to the market closing on Friday. You don’t need to monitor you trades. Our Forex Robot will do it for you. It will monitor the trades, open and close positions automatically.
MT4 is a free trading platform. You can download it from the official web sites of your broker. Here is the list of most popular brokers.
First you need a computer with a minimal hardware configuration and a stable internet connection. Second you need to install Metatrader 4 trading platform. You don’t need to have any additional Forex knowledge.
You can use any broker that offers the Metatrader 4 trading platform. But for Best Result we suggest you to trade with most popular brokers.
You can use Forex Robot with Multiple Accounts. There is no restrictions.
You don’t need to trade yourself. Just turn on Forex Robot and let it trade using your account to bring some profit for you. Of course you can trade manually too. But we recommend that you use only Forex Robot to avoid any loss.
Yes we offer free updates of our robot. Our development team will not stop improving of the Forex Robot and make it competitive on the market under actual market conditions.
We know that the money is the main question. We know well that many people don’t have much money to get started. Our robot is made to be able to trade with a minimum amount of money. The minimum amount depends to your brokerage company too. You can start trading with a small amount as $50.
Every Forex Robot is unique. Please check the guide before trading. If you don’t understand which one is suitable please contact us.
Yes we provide customer support. Our support team is working 24/7 for you. If you have any questions about our robot don’t hesitate to contact us.
Yes you can use. Please Backtest before using it in a real trading. Or use Demo Trade for at least one month with your broker spread and proper balance. Never use in live trading with any pair without demo testing. It is always better to invest time before losing any money.
We recommend to have a stable internet connection and computer hardware, working without interruptions 24 hours a day from the Forex market opening on Monday to the market closing on Friday. Crypto market is open everyday 24×7.
If you can’t keep your PC / Laptop on 24 hours a day so better choice is to get a vps service.
Robot will stop working. You must have to start the robot as soon as possible. Otherwise your running trades will not be closed and it may occur big draw down.
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