Do you think you have what it takes to be a FOREX trader? What about a trader who gets paid to trade? Sounds too good to be true if you ask me. But, is there more to this than meets the eye? In this FTMO review, I’ll do a deep dive into what it takes to be a successful trader with FTMO.
What Is a FTMO?
Widely known among Forex Traders, FTMO is an online proprietary company that gives money to traders. Sort of. You need to pass a rigorous challenge to unlock the FTMO bank. Their sole mission in life is to scout successful forex traders and groom them into Fund Managers. FTMO funds the accounts then allows their proteges to trade within them. The move is a bold one as the traders get 70% of their profits while not having to risk a dime of their own money.
A Brief Of History Of FOMO
First appearing in 2014 under the name ziskejucet.cz, the project initially was geared towards residents of the Cheech Republic. In case you didn’t know, ‘Ziskej Ucet’ is literally Czech for ‘Get your account.’
Fast forward three years, with popularity soaring, the project was able to secure more capital. With an influx of cash, ziskejucet.cz was launched internationally under the name of FTMO.com.
As of today, you can still find ziskejucet.CZ online, and it’s still fully functional for CZ residents. Let’s continue with this FTMO review.
What Makes FTMO Different From Their Competitors?
Let’s take a look at this FTMO review a little bit closer. Unlike their competitors, FTMO provides their traders with more than just capital to trade. In fact, traders are provided with various tools from daily fundamental and technical analysis, account snapshots, and most importantly – access to a Trading Psychologist.
Yes, you read that correctly – a Trading Psychologist. She’s pretty much the equivalent of Wendy Rhoades from “Billions”. How many of you reading this right now even knew that was a thing? Beyond even that, you can play before you pay. FTMO offers a free trial of the Challenge, so you play around and learn the rules of the game before paying the registration fee. Come to think of it, I kind of want to try it.
Giving a brief introduction is FTMO’s psychologist:
Have I got your attention yet? Well, I hope so as this leads me to my next point, the burning question:
Is FTMO Challenge Legit?
Challenge is, without a doubt, the most accurate name for this. It’s a challenge and not for the faint of heart. Before FTMO opens up their coffers, aspiring FOREX traders need to go through a two-step vetting process. First off, the “Challenge” stage is explicitly tailored to identifying trading talent within the applicant.
For those lucky enough to have the talent, you get to move on to the “Verification” stage. During Verification, FTMO places you in their Proprietary Trading firm. With this placement, you get access to the coffers and the ability to manage up to $100,000 of capital.
And hold on to your seat for this; you actually get to keep 70% of the money you make! But, there’s more to this than that. The company will cover your losses….hum…I think I’m going to go ahead and try my hand at FOREX, haha.
FTMO Review: How To Take Part In The Challenge
For those of you who think you got what it takes, you need to first register with FTMO. Once that step is complete, you’ll need to decide whether to sign up for the Trial option or the Full Challenge.
Regardless of the option you choose, a prompt will appear asking you to provide your general information – not unlike registering for a brokerage account. Once this is complete, FTMO sends you an email for you to confirm your account.
FTMO Review of the “Challenge” Stage
For up to 30 continuous days, the Challenge is the first step in your evaluation as a trader. As long as you meet the trading objectives and break no rules, you can shorten this stage. Keep in mind, you need at least ten trading days out of the 30 to finish sooner.
While in the challenge stage, new traders must meet the following criteria:
- A minimum of 10 trading days, a maximum of 30;
- Meet a profit target of 10%;
- Daily losses cannot exceed 5% of total equity;
- Total losses in the account can never exceed 10%*
*Be very careful as “total loss” according to FTMO refers to the drawdown. Drawdown is based on equity, so any time that your account equity dips below 90%, you’re automatically disqualified. Not only are you disqualified from the Challenge, but you lose your registration fee.
FTMO Review of the “Verification” Stage
If you’re lucky enough to pass the Challenge, you still have your work cut out for you. After the Challenge comes the Verification stage, where your consistencies tested: Will you be a one-hit-wonder, or will you consistently hit it out of the park?
Luckily, Verification is somewhat relaxed compared to the Challenge, so you can sigh a little sigh of relief. Here your Profit Target is cut in half, and you must not only survive but consistently thrive for 60 days. Similar to the Challenge phase, you can finish early but need at least ten trading days.
While in the verification stage, new traders must meet the following criteria:
- A minimum of 10 trading days, a maximum of 60;
- A minimum of 50% of your trading days must be positive;
- Reach a profit target of only 5% – remember the challenge phase required 10%
- Daily losses can’t exceed 5% of your total equity.
- Total losses on the account can never exceed 10%* (Drawdown)
Preparing Yourself For FTMO
As straightforward as all of this might sound, it’s rarely such an easy process. However, you should have no problem passing the stages with training from Bullish Bears. Their course material is extensive but manageable, and the team does a fantastic job breaking down the concepts for easy understanding.
A live trading room is also available to members every morning. During these sessions, their professional team will interpret the market along with in-depth stock analysis. The best part is that all of this material is recorded and posted, so if you’re unable to attend, you can watch it at a later time and get caught up.
FTMO Review: My Final Thoughts
FTMO is a solid choice for those traders who want to get funded. We found in our FTMO review that they have a plethora of helpful tools and the ability to play before you pay, it is a selling point, in my opinion. If you’re committed and willing to learn, what do you have to lose?