I Passed the 1st FTMO Challenge (in 1 Week)
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- Опубликовано: 27 сен 2024
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I passed the first FTMO challenge in one week. In this video, I discuss my experiences of going through the funding challenge and pass on some key lessons. This is the challenge to get the £140,000 funded trading account at prop trading firm, FTMO.
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The cool thing that FTMO provides is that you can prepare on a demo account which is pretty sick ngl. So keep doing the demo account over and over again and see how many times you can beat the challenge. That's what I'm doing now to prepare mentally
Good luck Izhak!
~ Nicholas
@@Duomoinitiative appreciate it thanks very much
the whole thing is a demo account.
@@marvindiazjr99 he obviously means the free trial accounts
Bro I passed 3 free trials to a real one and only won 2 trades and failed! What’s wrong with me 😭
Well broken down bro; I really love how you're able to pinpoint specific flaws in trading psychology. The ''Scarcicity and urgency'' psychologies spoke to me.
WOW your channel is amazing. This guy is the real deal. Great advice man.
You have to be the most transparent guy on RUclips. I really appreciate that. How long did it take you from starting the challenge to actually being able to profit and put money in your bank account?
Beautiful honesty prividing so much value to us, thank you really appreciate it
Well done for highlighting the emotional highs and lows of Trading. Most people don't realise how controlling the emotions are key to risk management. Anyone can learn tech analysis and be very good at it, but if they don't learn to have a thick skin and control the emotions then they will never find success.
Hey mate, I'm funded with FTMO with a $200K account and this video is 100% correct. Everyone who attempts the challenge should really listen to what he's saying to heighten your success chances!
Thanks buddy. Congrats on getting funded!
~ Nicholas
EZ lol
Considering how easy you passed this, i always struggle with my emotions and end up failing the challenge. I'm not a terrible trader but i just suddenly become so emotional. Ended up trading with a robot and now i have an ease of mind.
@Gamerz Idol FTMO Challenge EA but the owner took it down on the mt4 store
How do you trade with robots
Great video,I know you like making videos,I think I have a great idea for a video which involves Nicolas taking on a personal challenge to proof a point about learning a new skill.
I passed in 1 week also in january and funnily enough was featured in one of your Q&A videos from 2018 haha!
I’ll be waiting on it.
Congrats man! :D
Can't thank you enough for sharing this experience of yours!
Congratulations Nick. Well explained . This is something I may consider once my severance is paid in July. I understand Forex can be challenging but can turn into a profitable career. And to do this I'll become a member whenever you reopen new take on's.
Thanks Ben! At the moment there's no plan to reopen, but I'll still be here on YT to help.
~ Nicholas
You motivate me in all ways
Great info, opening my first trade for my challenge tuesday
i agree that it is easier to do the challenge when you know you can afford to pay for it again if you fail.
Can you PLEASE do a video on how to handle your personal finances if trading is your only source of income. Thank you in advance 😉
With all the rallying happening this week, it's definitely easier to do so in a week. Congrats🎉
Thanks! For sure, the extremes in the market made it easier to have a convincing move to start scaling into.
~ Nicholas
Ah ya .. love combines ..
So inspiring. Thank you
Ha ha ha, "Fat finger problem" I like it. Thanks for the update. I must admit I'm a bit late to your challenge.
i just passed the 70 k one , waiting to start the verification part.. you should share the trades you took and fu** the haters do you .
Thanks Pap. Good luck with the verification!
~ Nicholas
You're Genuine... Period.
I know about that active trading and it ain't good. I trade the 4hr and daily time frame these day and hold my trade for few days or a week then close. No more looking at screens for hours. Drained my energy, swing mood and also developed eye problem during my active trading. Not good at all.
This is the approach I want to start with now, my wife and I are expecting a baby soon and I see that day trading will not work for me.
I will use the daily timeframe and H4 from now on, maybe use the H1 for entries.
@@TheOba89 best decision in my opinion. Congrats on the baby bro. My sister is expecting twins in March. Uncle Frankie lol.
@@frankiend5538 lol thanks my bro. We are also expecting In march
Let's make this money!!!
It's tough! Trading can be a big energy drain depending on how you approach it.
~Nicholas
@m v Congratulations on the baby!
~ Nicholas
For traders that are not yet consistently profitable/professionals it will be much cheaper to look for a prop firm that has a subscription based model rather than paying for individual challenges. This forces you to follow the same strict rules and improve your risk management and you can still buy into the prospect of potentially living your dream. Anyway, this is what I did/am doing. Unfortunately I can trade the way I tend to play poker..loose and too aggressive and then I compound errors when i get upset at myself for making a mistake. It gets bad when I recognize a poor choice I made in the moment leading to a suboptimal outcome. I need to actually spend time working on the mental challenges. The last challenge I was -3% to +7% multiple times over 160 trades until I supposedly violated max daily loss. Im sort of choosing not to buckle down and work on this problem. Suggestions? I blew through 3 challenges since December and decided to scale down to 50k or lower until I qualify and understand the process.
6:00 for my notes
It s been two weeks now any news ?
Well done and thanks for your feedback on that experience. Having a daily loss at 5000£ must have been real stressful, being so close to the limit :O All the more impressive that you completed the challenge in a week with such a DD.
I know that the 2 times I tried to pass it (and failed), every time I got close to a daily DD limit, it played with my mind and put on more pressure because of the added difficulty of reaching the target like you mentioned, which tends to lead to increasing risk and influences each decision in a negative way.
I believe that daily loss counts open positions rather than it being just closed losses. As the account moved more into profit I was making use of the full daily loss amount in planning the trades, so although it was stressful I knew I had to just stick to the plan. One thing I noticed is that even when you are in profit, the daily loss remains £7k rather than actually being 5% - that changed things a bit for me.
~ Nicholas
Are you aware of ICT?
These are great pointers.
Please recommend one best prop firm you would deal with & for what reasons.In traders Prop Accounts is Hedging Allowed(firm names)? Also For Hedged positions Is any margin required after hedging is completed? For open hedged positions carried overnight how is daily loss limit calculated next day of trading?.
Hey Mr Puri does price increase if lot of people buy a stock or invest in... any time frame chosen if yes then by what percentage does it affect is it the sole factor?
Wait you can get an extension on the ftmo challenge? What are the rules for that?
Sorry for those who are failed. it is not that hard in my point of view. Within 10 days i managed to pass 2 x 200k challenge. it was nt that hard for me. and I am waiting to complete the minimum trading days rule. Cheers to everyone. Aim is 800k with MFF and FTMO.
thanks
glad to find your channel. clear communication and relatable content. I'm considering another prop firm to ultimately scale but am only interested in stocks at the moment. Do you focus on Stocks, Crypto or Forex primarily with Duomo? I'm currently in a training program for a live account with another prop firm.
@The Duomo Initiative that's great, Bro what happened next phase?
Your experience is why I really don't care for these prop challenges.
As you pointed out, they put you in the opposite mindset psychologically of what I think is ideal.
Which is more care free, curiosity, wait and see how things turn out.
They do, but there are ways to overcome it if you approach it in the right way.
~ Nicholas
do you keep a record of your sharpe and sortino ratios? how are they doing?
And watch the haters comment :) Nice one!
Damn one week, great
Great!
I’ve lost 7 challenges, then focused and passed one (10k), started 400k and passed the challenges and on verification. Passing this verification would change my life as I could quit my job and earn 3-4x of what I’m earning now. But… I’m in severe drawdown as I tilted and overtraded the FED news week and my sentiment was wrong (dollar skyrocketed, indices dropped and went sideways so can’t buy the dip anymore).
I still have 40 trading days to get my shit together or miss the biggest opportunity of my life. If I fail it would make me very depressed as I don’t have a plan B.
Man, it sounds like you need to learn more and get more experience
@@placidframe7726 Yeah for sure I do. Certainly I need to get my mentality better. I'm reading books on self development to reduce the stress and FOMO, and I bought a 1400 $ trading course that explains the basics of charting, patterns and indicators and gives out a trading strategy. I've been close to 100k cash account and always ended up burning the whole thing, so I take too much risk because of having a "rush" to make it.
I noticed I really have to change myself as a person completely to make this work.
Just a piece of advice from my own experience. Took the challenge first time and passed all the way first time, no failure no drawbacks. What I learnt is just don’t change what you already do. Same way you haven’t been looking at it as money on 10k should be the same on 400k. Just remember you’re there to make the best possible decision with the information available to you. Without a doubt, you’ll pass easy. Trust in yourself and believe you’ve put in the work, not that it ever stops cause there’s always something new to learn that can help you get better. All the best brother !
Would it change your life? Doesn't sound like you have a winning strategy...
If you pass the verification and get funded don't treat that funded account like you treated the challenge and verification account. There's no pressure to make 10% or 5%. Treat it like a small account and focus on just getting the first check. It's the worse feeling to get a funded account and mess it all up.
Wish to ask after passed all the verification process and successfully attached to a prop firm, in case let say happen to burst the account what will happen? Will the account get cancel? Or shall we subject to retake the verification process once again from the beginning?
Hey Nick, congrats! I was wandering if there is any rule(u know of) against copy trading across diffrent prop firms??
Doesnt that defeat the whole purpose of being a Trader?
Are you able to explain the steps you took to receive private funding in a future video. Was it though a historic track record showing your profitability etc
I had a track record that I could show and had started to build a relationship with the person so they knew they could trust me.
@@Duomoinitiative I understand. That’s great to hear; thank you.
sir where from i can get notifications of step 2 account
I heard FTMO have made the challenge 50% easier now by giving traders an extra 14 days to cross the 10% line..
The extra days is on the condition that you've met 5% of the profit 3 days before expiration. Be sure to take note.
So achieving at least half the goal within the regular time limit. Still much better odds.
Yes, the extension definitely improves the odds of passing.
~ Nicholas
@@maximosh yes much better
where did you find that information?
what if you have money only for smaller chanllenge and its your penny what can you do sir???
Make sure you're already definitely seeing consistently profitable results for a significant amount of time and then go through a demo run of the challenge multiple times until you're sure you're ready for whatever may come your way.
~ Nicholas
Yk I passed the challenge in one week too...but It was my first time and I kept trading when I shouldn't have and lost it :[
I should've traded small positions 😅
Hi Nicholas do you still have the FTMO funded account? how is it coming along, still worth it in your eyes? How can we follow you with that account and how its going for you? THank you!
Did you pass doing day trading or swing strategy?
How is it going with the live acc, Nick?
People mostly lack trading skills. They don’t know what a good setup or bad setup is. They trade whatever.
They can’t pick good and easy setups for their challenges because their skill level doesn’t allow them to.
That simple. Pick several pairs and only trade good setups, if you can’t do that, don’t even do challenges.
Buy a Forex Simulator and get ur shit together.
I'd say the majority of people taking the FTMO challenge are doing it too early, which is a shame. Some have never even traded before. I looked at the comments section on their videos and it was eye-opening to see the types of questions people ask - complete beginners.
~ Nicholas
🧐.....so last week i was told my monthly target of 13-15% was unrealistic and too ambitious 😂
Yet you can complete/hit a target of 8% within a week. 🤦🏻♂️ (never mind thousands of other people, but lets pretend they just gambling)
How can you even tell someone what they can and cant achieve in trading 🤨
😂 some people trading deep in the matrix....thinking like a human Bot.
insecure MOFO's
sound is unhearible when you are driving my dude
Thanks for the feedback Eleali.
~ Nicholas
@@Duomoinitiative you're wellcome! I said that because I really want to listen your videos while I am driving to my shop, yet having a hard time listening since the sound seems a little low. Nothing unfixable. Thank you for taking my reccomendation into consideration!
Hi there maybe you offer other traders to have a chance to have free test on FTMO ! great video i just sub
I have no affiliation with FTMO other than having a funded account.
~ Nicholas
Nothing but respect mate; However, That Daily-Loss almost invalidating your challenge appears to me that you're taking on to much risk. Just my 0.02.
You will bankrupt them lol 😂
talk to much wanted to see more charts
Ftmo is one kind of trap.it destroy of your trading system.so good traders always avoid ftmo.
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when ever I click on sign up for free training nothing happens
There was a sense vulnerability in this video, I am really thankful that you are doing this! I can very much confirm that the amount of stress that doing the challenge puts you under, is enormous and at some point it down right hurts. I am hoping that this time around I will do better and trust in my analysis, take those big bets and manage my positions.
Skamza. Were you a profitable trader before you took the challenge?
Thanks Kamohelo. Good luck with it!
~ Nicholas
If the max loss is 10% and the profit target is 10% that means the real profit target is 100% because if you hit the max loss you lose the account, so the actual capital you have to trade with is the max loss. Use the max loss to calculate profit target, not the imaginary account size FTMO tells you you'll be trading.
@Alex Lesanu Thanks for the feedback, but I feel like prop firms are deliberately deceptive on this issue. When a firm like FTMO states that the profit target is 10% of 200k people end up trading as if they have 200k in capital when in reality all they have is 20k to trade with. I've seen many traders on youtube giving risk management advice claiming that they only risk 1%, but they base that calculation on the stated account size. For example someone will risk 2k on a 200k account believing their risk is 1%, but in actual sense they are risking 10%. You lose 5 in a row and now your profit target is 150%. I think it's part of the reason why the fail rate in prop trading is so high.
@@ndungumugurer Haha you're absolutely right. Many people are psychologically handicapped by the magnitude, possibility and dreams conjured by that big figure. But I don't think we can blame prop firms on this. At least some kind of decent criteria needs to be set in order to filter proper manpower who understands these things.
You rite but nothing wrong with going for the big account that's why they have demo so u test your self with the big account on the demo
That pressure must be very big for you, I started the du swing Programms since last year and must have took 5-6 challenges so far most of them 10k. And sadly failed all of them except one time I only needed 1% left to pass it and I Over trade and loss everything.. but glad I found here now I’m still on my journal so far
how are you now?
I'm taking the challenge as well, but I'm practicing on my own before I do it. I want to pass twice on my own before I go to the actual challenge.
Good luck Christopher!
~ Nicholas
Most people don't understand. The challenge sounds all easy and well until you jump head first into it lol. It will test you mentally like you are a beginner all over again. I've managed to pass and get a couple funded accounts myself, but each time was just as stressful as the first lol
I guess its too late to ask you to try the5ers bootcamp out
Congrats. Yh I definitely fell into the trap of trying to document my challenge for youtube which added an extra level of pressure that it didnt need.
Good on you for being transparent about it though and having integrity!
~ Nicholas
FFS I just found out you're closing your sub. Literally a day late, I've bought the course and been a sub before and planned on re-subbing again this year, I'd of just jumped back in had I known yesterday was the last day....
Hi James, if you’ve already been a member before please email us and we can extend the deadline for you.
@@Duomoinitiative Thanks very much, I've sent an email to you.
Now you need to pass "Verification" to be a Prop Trader. Can you show your tradings and account statististics.
I can imagine the amount of pressure you must have felt.
Thanks for doing the challenge and document the experience and most of all for staying honest and transparent 🤝
My pleasure! Thanks.
~ Nicholas
Nic(& Duoma) have a difficult job as content creators. They have to make content that's on-demand but valuable which isn't always correlated or possible seeing as that the channel's viewers are likely composed of beginner/unprofitable traders who are looking to change that narrative but still putting the pieces together. These views likely aren't demanding what's most logically most relevant to their trading needs but most relevant because of trends or group think (eg technical analysis or live streams on indices). In other words, they have to make content that viewers want to watch that isn't necessarily what viewers actually need. (They would probably know this from the insights they've gathered on their clients)
Nonetheless, Duomo gets the job done, I applaud you for that.
Why ftmo doesn't include traders from India?
I passed the 100k Challenge on my 1st attempt too :))
thank you for being very transparent. the reason i keep watching.
Mate I am doing the 10k challenges for a year now , multiple repeats, loads of fails, the last 1% is the hardest. Second phase 4.6% then fall. Even with verification repeat you need to repeat the whole starting with the 10% . After about 15 try still no luck, its made for loose. If you pass you will loose the account no question as there is always more than 10% drawdown you know when you trading. 1 month or 6 months later bit you will. Simple.
Uhm just don’t go over 10% drawdown..either you’re risking too much or you’re in a rush to pass
Seems like you haven’t learned the full lesson. I lost 7 challenges, learned from it and matured psychologically, then passed one fully and now at 2x200k verification that are in drawdown. I’ll do everything I can to pass them.
As long as you are progressing and learning and not repeating the same mistakes, you can do it.
It just means that you don’t have a working trading system
You guys don't get my point. In your carrier you will have a drawdown of 10% No matter how profitable trader you are. Then you loose the prop firm account anyway. Ask any big boys out there. So only use this prop accounts to build your own money as long as you can extract money from the account . Simple.
@@slsenergy4437 What? If you have 0 management, then of course you’ll have -10% drawdown. Have you ignored everything Nicholas have said in the video lol. You need to have money management as you proceed in winning & losing.
i failed 2 challenges because of this sense of urgency and scarcity even tough i passed free trials with no stress
Have you got a plan for overcoming your mental hurdles?
~ Nicholas
very informative thx bro :)
i like your transparency
Great video 👍
What about a more conservative approach? Firms like LUX trading, City Imperium or the 5ers. I just am concerned about 30-day challenges. I don't think that realistically develops long-term disciplined traders who will be consistent month after month or over a year. That approach actually creates more cash flow for the company, because of the high failure rate. So my opinion is that if you do another challenge, do one that's a bit more conservative and more realistic for the average new investor. And in my opinion one that really encourages strict risk management. Which is the bottom line in trading long-term.
Good advice!
Awesome!
10/10! 🙂
How long have u been trading? 10+yrs?
Started trading/investing about 17 years ago (began with investing, moved into trading shortly after - not sure exactly when). But started learning about the markets a couple of years before that.
~ Nicholas
Congrats, how many trades did you take
Mostly based around 5 opportunities but multiple trades because of scaling in/out.
~ Nicholas
Congrats of passing your challenge. Sigh! I actually got funded and then I lost the account before I actually made it to payday. I think anyone can pass but it’s after you pass then a different level of psychological issues emerges.
How did you lose the account ?
@@malika9522 most likely drawdown
@@renebleu8711 yup! The spread opened up and and next thing I knew I got nicked out by a couple cents. 🙂… Just have to go back to the drawing board and try again.
@@10di_livefree 10k account ?
@@malika9522 Yup! Well, I also noticed something. That even when they say your funded. Your till running a demo account. Which means your being paid out of fees that we pay to take the challenges in the first place. Because even though a lot of people pass only a minute set actually keep the accounts over a period of time. Some folks just use it to fund their personal accounts and stop using FTMO. But yeah! So, me losing the account paid someone else. So, it’s like people have to fail so that other’s can be paid which means program incentives failure. Meh! It is what it is. I was doing fine with my own personal account it wasn’t much just $3000 and the returns weren’t astronomical but they were steady enough to act as a second source of income to supplement my primary income. So, think I’ll just do that again. And give this whole prop firm thing a break for now.
I dislike FTMO. It actually encourage traders to gamble and actually gamble is the best way to pass it. Why? it save your time and time is cost. If you trade in a normal way, you spend 1 month on a mock account which cannot bring any real profit to you. I tried it and failed. But I found my big problem. It is a 100K account. At the beginning the profit kept going from 0 to 3000 in a week. Then I lost control one day, as that day I am not in good mood. from 3000 to 500. Then in a week from 500 - 4500. Actually it is only 14 days from the beginning. I still have time. But considering it is the holiday season ( Dec 2022). I feel anxious. It push me to trade, even when I did not have a good sleep. Then drop from 4500 to -6300 in consecutive two days. Then FTMO told me they extend the trading limitation. I gave up and will trade in a real FX broker. And I will split my account and only put very small amount money in the account. If I fail, I will not be able to trade anymore in the same day. I think in this way it can help me to control my mind and I will not need to trade in a hurry as there is no time limitation. Still thanks to FTMO. Now I dare to trade will more lots. and be confident with my trading system.