Yes. I can also shadowbox (demo sim paper trade) all by myself for free but if you want to be able to compete/fight (eventually trade for real profit cash) then I have to pay money and join a fight gym (a "pay2play" prop firm). Joining a gym gives me an opportunity that I would otherwise not be able to attain on my own. I need a trainer (funder) to help me become a better fighter (funded trader). I used to fight in the streets on my own (traded my own money) and had mixed results (learned a lot but got my ass kicked as well) and am now at the point where I need a trainer (funder) since I am so close to getting an opportunity to fight for the championship belt (professional trader with OPM). Stay tuned. I will also re-boot my blog ==> www.selfmadedu.de
Can you also disclose ( when you get funded) two things for transparency sake 1) how much in total you spent on test fees with this or any company and 2) How much real $ account you get to trade!
It is not a question of fixation.. it si to see if the hamster wheel does happen or not simple logical question to those who think this is great for average joe.. ok then why not look at it? simple maths says there would be a break even point and since you are so much in support of this model then why not disclose it , you are happy to disclose you P/L then why not this .. if youa re good your break even would be low !
LoL - out of 5 questions you have asked me directly, I think 3-4 of them were related to my fees. So far all in all, I am profitable on my P2P fees: profit withdrawal. Disclosure: I am on my 3rd E2T monthly sub with about 4 resets.
I think you have to look at it this way if the account size you are trying out has a $3300 daily loss limit and a $4500 trailing drawdown then as long as you spend no more than $3,300 in trying to obtain that account in monthly fees and resets then you are still ok if you can pass in less than a month with no resets then for $350 (or Less if using a promo code) you get at least $3,300 in funding and are way ahead of the game. if I had to guess I would say the average Person that actually passes spends an amount (In fees/resets) equal to 2 months of the standard fee so in this case $700 so perhaps 1 month at full price and 3 resets At $100/ea = $650 Or 2 Months with no resets = $630 to $700 (depending on price paid for 1st month) or 2 months with 1 reset $730 to $800 (depending on price paid for 1st month)
FTMO has a statistic on this: only 8% of all traders who took their challenge passed. You have Earn2trade guy here, and why not ask him to disclose this information?
If only 8% pass then here is how it works out (FTMO doesn't charge per month for tryout and doesn't offer paid resets - you get a free reset if you don't pass but at least ended with a profit of $1 or more and didn't violate daily loss limit or max loss limit but simply ran out of time. In both phases you have to trade a minimum of 10 trading days but you have a max of 30 calendar days to pass 1st phase of challenge and then a max of 60 calendar days to pass 2nd phase - verification) - they give you a break in the 2nd phases - verification that you only have to make 50% of the profit that you did in phase 1 but still have same daily loss limit and same max loss limit. They also let you hold positions overnight and weekends in the tryout phases 100 people pay $630 USD for FTMO $100K challenge that has $5,000 fixed drawdown and $10,000 max loss 92 people fail = $57,960 8 people pass and are given their $630 tryout fee back with 1st profit withdrawal 8 people funded with max $10,000 loss limit $80,000 FTMO doesnt charge live data fees on funded accounts & also, there are no commissions now on FTMO trades
From what I watched other funded account journals on this forum. The traders on average paid 5-10 reset and all of them quit at the end. ( never see a journal that ended up successful) On another forum I saw like 20 traders who took FTMO challenge,most of them said it is easy to pass.It is 3 months now, only one passed. My impression is that most people break rule within 2 weeks of the challenge, so 3 months is enough time for 5-6 resets. On average 7-8 reset each person is more likely before they either quit or pass. The most difficult thing for the challenge is not high commissions, but the 10% drawdown rule. let's say you either paid $429 for a challenge, and if you break 10% drawdown you lose $429; or you trade a $429 live account( like in a small forex account), if you lose 100%, you lose $429. The two accounts have the same risk . So if you can make 10% in the two months challenge, you can make 100% in the live account in two months, (because you can use 10 times higher leverage on live account). And if you make 100% in two months, which means double your account every two months, you are going to make 64 times of your account annually. That means you need ability to make 64 times annually to pass this challenge.