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My plan for FTMO funding: I know that drawdowns/stagnations can last for a month or even two months before the trend will continue so my plan is to do a $10,000 challenge every month until I am funded. I will also use FXblue to monitor my daily, and projected weekly and monthly stats to help me decide if I need to increase position size in order to reach the $1000.00 goal. I am also thinking about not using any balanced portfolio containing the U.S. dollar as I am thinking drawdowns from news events could be larger. It should be possible to get funded after a few months of sticking to the plan and the first month or two of profits from a funded account should return my investment. Its like any business, you first have to make an investment to get the business up and running and then you can recover your investment from its profits. Once my investment has been recovered I can then start to use the profits to scale up to larger FTMO challenges. I am also thinking about diversifying my FTMO challenges and future funded accounts with different fx pairs in balanced portfolio configurations. I equate this plan as to starting a small business, growing the business and diversifying the product line. I will also move my profits to my own brokerage account so I am not fully dependent upon FTMO. I am just going to use FTMO to grow my own brokerage account, again to diversify.
This week the currency markets have moved net zero. As a result so had my FTMO challenge balance chart. See below:
I have two left in the FTMO challenge. Hopefully, over this period the markets will be trending so that I can complete the challenge.Hi Petko,
The big issue I find in using FPSM is that the strength of currencies according to the meter doesn’t change when you change the time frame. In reality the strength of currencies is different for differing time frames. I would think better success would come with a currency strength meter that measures the strength of currencies based upon the time frame being traded.
Hi Samuel,
It is a live 30 day challenge! I have FXblue filtered for the first day and last day of the challenge. So far after 9 day it calculates a 12.2% monthly return and a Profit Factor of 2.1.
Hi Samuel,
I went on Youtube and learned how to read the currency strength meter.
I know there are lots of currency strength indicators and websites. The problem I have with them is that there are so many how do I know which one is the correct one to use. One indicator will show one currency as being the strongest or weakest while another indicator will show a different currency as being the strongest or the weakest. I don’t trust them because they all indicate different currencies as being the strongest or weakest. The problem is that none of these indicators will explain how they determine the strength and weakness of a currency so its like trusting they are measuring the strength and weakness of a currency on blind faith. I can’t do that! I would have to know the math behind how an indicator determines the strength or weakness of an indicator before I could have faith that it is measuring the strength and weakness of an indicator correctly.
Here is the results of my live $10,000 FTMO account after the first 5 days. The account includes 3 EURUSD strategies, 3 EURJPY strategies, and 3 USDJPY strategies. The net loss of 1% on 11/10 was caused by important news events for the USD. I will be using new strategies this next week to include 2 EURUSD strategies, 2 EURJPY strategies, and 2 USDJPY strategies. I have decided to reduce the risk somewhat during this next week since the account is at 40% of the $1000 goal needed to be reached within approximately 20 trading days.
Hi Samuel,
During important news it is quite possible for the price of an asset to drop more than 5% of account balance if lot size is too large. This could then cause FTMO account to fail test. If the lot size is made quite low to avoid a 5% account balance drawdown then the FTMO account may not reach 10% profit by end of its testing period. I understand what Petko that over the long term the swings caused by important news events will cancel each other, however, when trying to use EA’s with FTMO this logic does not apply. The alternative is to either manually close all trades before an event, if I can remember to do so and I am at my computer which I may not be able to do, or to find an MT4 script I can add to each EA code. I am just trying to figure out how to handle this potential problem when trying to pass the FTMO testing period.
I made some adjustments to match EA Studio and trading results. Net profit now nearly the same, number of trades are the same, and profit factor nearly the same. The Balance chart from EA studio and FXblue do not look the same. However, if I were to smooth the EA Studio Balance Chart I suppose they would look similar. What do you think?
I couldn’t wait until the end of the FTMO challenge to show the results so far for my second free challenge. The chart shows the volatility of the market over this first week of the challenge as a result of the U.S. economic data that came out. During the first week I used a strategy containing a EURUSD portfolio made up of 3 EA’s, a USDJPY portfolio made up of 3 EA’s, and a EURJPY portfolio made up of 3 EA’s. This weekend I created new strategies to be used during the second week of this challenge including a EURUSD portfolio made up of 3 EA’s, a USDJPY portfolio made up of 3 EA’s, and a EURJPY portfolio made up of 3 EA’s. So now I have to sit and wait to see how the second week goes.
Hi Samuel,
Here is the results of my first free FTMO Challenge. Notice the peak price on the chart at about $500. At this point I had passed all the challenges. All trading before the peak was done by manual trading. Once I passed all the challenges I then switched to a Portfolio of EA Studio strategies. Actually it was a Portfolio of 3 EA’s of EURUSD strategies, 3 EA’s of GBPUSD strategies, and 3 EA’s of USDJPY strategies. All 3 portfolio’s were 15 minute time frames. So after the peak in the chart all trading was done with these 3 Portfolio’s. Notice that as soon as I switched to auto trading there was a large drawdown that caused the portfolio to fail the FTMO challenge as the drawdown exceeded the rules of the challenge. Further notice that after this big drawdown the auto trading strategies started to trend upwards. If the big drawdown had not happened I most likely would have passed the FTMO Challenge, unfortunately, the 15 day time frame came to an end.
Hi Samuel,
I was under the impression that once the historical data was downloaded from the historical data tool that it would continue to automatically update. However, as you have stated it does not do as I expected.
Hi Samuel,
Yes I am doing the free FTMO Challenge. Notice at the peak of the chart above $500. At this point I had passed all the challenges. All trading before the peak was done by manual trading. Once I passed all the challenges I then switched to a Portfolio of EA Studio strategies. Actually it was a Portfolio of 3 EA’s of EURUSD strategies, 3 EA’s of GBPUSD strategies, and 3 EA’s of USDJPY strategies. All 3 portfolio’s were 15 minute time frames. So after the peak in the chart all trading was done with these 3 Portfolio’s. The challenge ends on October 2nd. I will show the complete results at the end of the challenge.
