Prop Firm Hub | Page 256 | Metals Mine

Options

Go to
Permalinks
Print Thread

Similar Threads

Anyone trading with a Prop firm 31 replies

So I accepted a Prop Trading job in South Beach Miami 44 replies

prop firm new model - my trading journey 871 replies

Attachments: Prop Firm Hub
Exit Attachments

Prop Firm Hub

  • #5,101
  • Nov 4, 2021 12:18pm Nov 4, 2021 12:18pm
Quoting Vitore
Here you go https://trader.ftmo.com/metrix?share=17d0f48ae101
-Hadn't realized that this was a verification account. Did you pass your challenge by trading only DOT?
  • #5,102
  • Nov 4, 2021 12:20pm Nov 4, 2021 12:20pm
Quoting Nsak3y
{quote}-Hadn't realized that this was a verification account. Did you pass your challenge by trading only DOT?
I suppose that the other account on myfxbook link which Vitore provided is that you are asking for
  • #5,103
  • Nov 4, 2021 12:26pm Nov 4, 2021 12:26pm
Thanks. I see that now. Looks like a large portion of profits came from US30.
  • #5,104
  • Nov 4, 2021 12:36pm Nov 4, 2021 12:36pm
Quoting Nsak3y
Thanks. I see that now. Looks like a large portion of profits came from US30.
$8.6k DOT + $12k US30
Money is made by sitting, not trading
  • #5,105
  • Nov 4, 2021 12:37pm Nov 4, 2021 12:37pm
Quoting Vitore
{quote} I don't know what you mean tbh. I did not expect they would consider the volume too big. The $ volume is equivalent to 250 Oz Gold or 12 US30 indices. Rather small for a $200k account
1200 Lots? Im thinking that's where your problem lies. You essentially went all in.

Attached Image
Trade with confidence, trade without fear.
  • #5,106
  • Nov 4, 2021 12:42pm Nov 4, 2021 12:42pm
If there is a problem with the volume on any instrument it should not be allowed to trade or there should be MAX lot limitation or leverage. This is a provider's decision!
  • #5,107
  • Nov 4, 2021 12:45pm Nov 4, 2021 12:45pm
Quoting Cryptosurf
{quote} 1200 Lots? Im thinking that's where your problem lies. You essentially went all in. {image}
Not really. One position (200) was closed before another 3 positions (300 + 300 + 400) were gradually scaled in.
The 3 positions started small and i was adding to them as the market was going more in my direction while still protecting profit by trailing SLs. This history cannot be seen in the aggregated view. The trades were protected even in the terms of crypto price action. Fundamentally, DOT is strongly bullish

Oh - btw, FTMO DoM indicated 10mil (!) contracts available at the market price and the DOT max order size is "limited" to 100mil (!!) contracts in FTMO trading platform

Seeing it through this faulty FTMO optics, what is the mere 10k contracts (1k lots) I traded

Also, let's not forget 1 lot of DOT is equivalent to 0.005 lots in the FX world
Money is made by sitting, not trading
  • #5,108
  • Nov 4, 2021 12:47pm Nov 4, 2021 12:47pm
Quoting fx_rookie
If there is a problem with the volume on any instrument it should not be allowed to trade or there should be MAX lot limitation or leverage. This is a provider's decision!
He thought he could trade like he did on Funding Talent with their pretend server. In the real world its not going to happen.
Trade with confidence, trade without fear.
  • #5,109
  • Nov 4, 2021 12:51pm Nov 4, 2021 12:51pm
Quoting Vitore
{quote} Not really. One position (200) was closed before another 3 positions (300 + 300 + 400) were gradually scaled in. The 3 positions started small and i was adding to them as the market was going more in my direction while still protecting profit by trailing SLs. This history cannot be seen in the aggregated view. The trades were protected even in the terms of crypto price action. Fundamentally, DOT is strongly bullish Oh - btw, FTMO DoM indicated 10mil (!) contracts available at the market price and the DOT max order size is "limited" to 100mil...
Good luck with getting this resolved. I now see the reason why they booted you.
Trade with confidence, trade without fear.
  • #5,110
  • Nov 4, 2021 12:52pm Nov 4, 2021 12:52pm
Quoting Cryptosurf
{quote} He thought he could trade like he did on Funding Talent with their pretend server. In the real world its not going to happen.
You are probably right and I am not arguing this. It is pure FTMO's fault, because their trading conditions are allowing this.
  • #5,111
  • Nov 4, 2021 12:55pm Nov 4, 2021 12:55pm
Quoting Cryptosurf
{quote} He thought he could trade like he did on Funding Talent with their pretend server. In the real world its not going to happen.
Never traded with FT. But I keep trading DOT with Pepperstone on my own live account and they don't have issues with liquidity of this volume levels. 1000 contracts of DOT (scaled in and out) is not such a big deal for them. Why should it be for FTMO?
Money is made by sitting, not trading
  • #5,112
  • Nov 4, 2021 1:01pm Nov 4, 2021 1:01pm
Quoting fx_rookie
{quote} You are probably right and I am not arguing this. It is pure FTMO's fault, because their trading conditions are allowing this.
Part of trading for a prop firm is showing that you have proper risk management. You have a trader who has a habit of going "all in" on his trades, then its only a matter of (short) time he blows it up.
Trade with confidence, trade without fear.
  • #5,113
  • Nov 4, 2021 1:05pm Nov 4, 2021 1:05pm
Quoting Vitore
{quote} Never traded with FT. But I keep trading DOT with Pepperstone on my own live account and they don't have issues with liquidity of this volume levels. 1000 contracts of DOT (scaled in and out) is not such a big deal for them. Why should it be for FTMO?
Pepperstone doesn't care how you trade. Its your money. They have no skin in the game.

You're wanted to get funded and use FTMO's money. Theres a big difference between the two.
Trade with confidence, trade without fear.
  • #5,114
  • Nov 4, 2021 1:06pm Nov 4, 2021 1:06pm
Quoting Cryptosurf
{quote} Part of trading for a prop firm is showing that you have proper risk management. You have a trader who has a habit of going "all in" on his trades, then its only a matter of (short) time he blows it up.
I hear what you say but 1) this was not going all in 2) this was not funded account 3) positions were protected
Making conclusions about anyone's risk management based on the mere lot size, and without considering the circumstances, seems a bit impetuous to me
Money is made by sitting, not trading
  • #5,115
  • Nov 4, 2021 1:08pm Nov 4, 2021 1:08pm
Quoting Cryptosurf
He thought
-To be fair, what he thought is irrelevant, and his intentions may be impossible to prove in this case. He was allowed to do it, though, and passed all objectives. Which means that FTMO may need to revisit this and consider making changes so that things like this cannot happen again.

That being said, FTMO has the right to reject any trader that trades in a way that cannot be replicated under live market conditions. However, given that this appears to be less an issue of abuse and more an issue of a lack of preparation and foresight on FTMO's part, then it might be reasonable to ask them to allow another chance.
  • #5,116
  • Edited 1:26pm Nov 4, 2021 1:10pm | Edited 1:26pm
Quoting Cryptosurf
{quote} Pepperstone doesn't care how you trade. Its your money. They have no skin in the game. You're wanted to get funded and use FTMO's money. Theres a big difference between the two.
This was not funded account. This was not against any rule. They accepted similarly sized orders on my challenge account before and without warning me this would not be acceptable for them. (Provided me with their whole useless detailed account analysis without saying a word about inappropriate trading volume)

I understand the difference. I just believed they would be much more professional and transparent. Rejecting the trades and then refusing to communicate is not professional.
Money is made by sitting, not trading
  • #5,117
  • Nov 4, 2021 1:17pm Nov 4, 2021 1:17pm
Quoting Nsak3y
{quote}-To be fair, what he thought is irrelevant, and his intentions may be impossible to prove in this case. He was allowed to do it, though, and passed all objectives. Which means that FTMO may need to revisit this and consider making changes so that things like this cannot happen again. That being said, FTMO has the right to reject any trader that trades in a way that cannot be replicated under live market conditions. However, given that this appears to be less an issue of abuse and more an issue of a lack of preparation and foresight on FTMO's...
I agree it's fully up to their discretion. What I don't like is the following:
- wrong DoM data shown in their trading platform
- wrong instrument order size limits set there
- wrong information on their website about how their demo accounts are supposed to work (true market conditions policy)
- missing information about their insufficient liquidity for crypto (why do they allow trading it when they are not able to execute)
- no warning after the challenge completion (where I used a similar trading technique)
- support not communicating
Money is made by sitting, not trading
  • #5,118
  • Nov 4, 2021 1:26pm Nov 4, 2021 1:26pm
Well, your challenge was not the same, as you know.

Regarding the rest of it, you might be better off just trading a different way/instrument for now, than to wait around for them to fix all of these issues.

Hopefully, though, this incident will shed light on these problems and encourage them to take some action.
  • #5,119
  • Nov 4, 2021 1:31pm Nov 4, 2021 1:31pm
Quoting Cryptosurf
{quote} Part of trading for a prop firm is showing that you have proper risk management. You have a trader who has a habit of going "all in" on his trades, then its only a matter of (short) time he blows it up.
Risk management has nothing to do with that. If he uses Stop Loss the risk is perfectly controlled even if the number of Lots is very Big.
Follow your guts, if you want to lose your money...
  • #5,120
  • Nov 4, 2021 1:33pm Nov 4, 2021 1:33pm
Quoting Nsak3y
Well, your challenge was not the same, as you know. Regarding the rest of it, you might be better off just trading a different way/instrument for now, than to wait around for them to fix all of these issues. Hopefully, though, this incident will shed light on these problems and encourage them to take some action.
I didn't say it was the same. I said I used similar technique, as you know ;-)

I'm not waiting for them to fix anything. I'm waiting for them to even start communicating with me. I offered them to discuss all the findings I've made (including my possible mistakes or trading practices which they don't support) so that to help them improve their service. They have not come back despite my several attempts.
Money is made by sitting, not trading
48 traders viewing now