DON'T DO THIS | WHEN TRYING TO GET FUNDED with FTMO, My Forex Funds, The Funded Trader, Prop funding
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- Опубліковано 4 чер 2022
- Don't do this when trying to get funded with one of the larger prop firms of today (FTMO, My Forex Funds, The Funded Trader etc.)
BROKER MENTIONED IN VIDEO BELOW:
PERSONAL BROKER CHOICE - fwd.cx/Iqsw5slZdkvX
Account chosen - Standard STP
Find me:
** Business Enquiries - matt@matttomillion.co.uk
** Instagram - / matttomillion
** Mentorship - www.matttomillion.co.uk
Timeline:
00:24 - 00:52 - The big picture 'don't'
01:04 - 01:45 - The shocker
01:45 - 02:12 - Point 1
02:12 - 03:19 - Point 2
03:19 - 04:31 - Point 3
04:31 - 05:03 - What to do
05:03 - 06:29 - Mathematical Context
06:29 - 08:40 - Why do it? - Розваги
![FTMO TAX - Limited Company [what UK tax do you pay on FTMO with a Ltd after passing FTMO challenge?]](http://i.ytimg.com/vi/x7Hb22cySJE/mqdefault.jpg)
Great content as always. Keep it up 👍🏻
For me I’ll say, as an intending investor or rookie, you only get to understand how rewarding the trades markets truly is depending on how you chose to approach it…..
Vids and tutorials do help, but for me investing with professional guidance does it. So far I’ve consistently found myself earning, so it’s safe to say a detailed knowledge on inflation helps to make your forex market trades profitable
Thanks Wendy
Anytime man!
I used to think inflation had a major effect getting profitable trades in the markets, well not until I’ve made over $223k in just 6months going under guidance from an expert advisor….
Sure a good number are making 5 and 6 figure gains from the current stocks and forex situation but most often they’re either real time pros/experts or are being backed by pros just like you…….
Good one 👌🏻
I envy you Lol, wish I could say the same for myself…frankly the stress that comes with trading is too overwhelming especially as a rookie.
I would not mind getting assistance too, who’s your trader ?
I am guilty of this purchased 5 challenges with no strategy or game plan .
At least you can see it! It's easy done though and that's where it gets most. Still live and learn 💪🏻💪🏻
I was on 10 lost prop accounts before i learnt a Strategy, shameful
Hundred percent agree, I was fortunate in that I was not old enough to trade prop when I started so I was forced to trade a personal account and become profitable on that first. Took 8 months of consistent losses can only imagine how much more I would have burnt on challenges though. Funded for 20k with mff now and about to be 10k with true forex funds. Going to compound a personal account at same time too.
Yeah, it's one hell of journey! Congrats on your funding - here's to a strong back half of the year 💪💪💪
My first time seeing 100% in words
@@Teshatrades 🤣
Great to see your content again. Totally agree with people wanting to rush and get funded without the foundations of basic trading and just want to risk and gamble to hit the goal
Thank you 🙏🙌🏻
Welcome back Bro. Thanks for the teachings🙏🏾
Thanks man! 🙏
I always enjoy prop firm related opinion or data sharing videos. Good one mate!
Cheers mate!
Thanks so much for this Matt, some really useful tips.
Glad you got something from it Nick 👊🏻
Speaking the absolute truth 🙏
👊🏻👊🏻👊🏻
That's the best advise anyone has ever said! You Machine!!!
Glad you got something from it 👊🏻👊🏻
You're on point 🙌🙌🙌💯😭
Thanks Mike 🙏👊🏻
Bro good one. That’s 100% true.
On a lighter note, I like your plain round neck tshirt, without any logos.
🤣 noted!
Amazing stuff.
If you can't grow a personal account you can't take a prop firm challenge
Absolutely 👊🏻👊🏻👊🏻
This is valuable information, thank you.
Glad it was helpful!
Thank you for the advice.
👊🏻👊🏻🙏
i took your advice a few months ago this year got my challenge fee put it in a live account and pretty much managed to double it, withdrew and payed for the challenge and still had cash in my live trading account to continue trading with it took a lot of pressure off and being my first challenge i passed the first phase within a week got half way through the second and ended up trading with my emotions and not really understanding drawdown and blew it but guess what i still had my initial fee in my live account so i took a step back to work on that, will go again this months tho, what this whole experience taught me was the prop firm idea was to give traders who are already consistent a chance to scale up.
Great to hear this Paul - and you hit the nail on the head. This is the purpose of doing it that way. You feel frustrated with the challenge fail but the edge is taken off as you know it wasn't money straight out your paycheck and you still have the personal to keep learning, brush off and start again. Best of luck with the next run at it man 💪💪
@@MatttoMillion thank you, i really appreciate it
Hey Matt, great video. I honestly agree with you 100% not just because it make sense but because I lived through this nightmare of trying to pass challenge/verification for so long now that I cried many occasions due to frustration and stress. As you know passing those free trials several times made me believe that I was ready to take a paid challenge. Little I knew how wrong I was, trading is not only having a good strategy and a good backtesting and data gathering approach but also having the experience on live markets with real money so one can actually see compound effect happening while keeping a good risk managemnet. Also we need to get used of brand new emotions when trading, something I wasn't ready, the psycology is almost everything after one gets a good strategy so you can make that win rate plays out. As I told you last week I gave up trying to pass the challenge I am on or at least If I fail this one I won't get another one for a while and focus on my live account and make money that way. Will only buy another challenge with profits from my live account. After over 2 years trading on demo accounts with FTMO it feels like all the time and money invested gave me no returns yet. But I am optimistc on my new approach and I'm well aware how boring it will be trading £300 in the beggining, but my plan is to use the account to compound it from a few hundreds till I can buy a house. If I get funded in the near future that will help to grown my personal accont and achieve my financial goals.
Yep that's right. Some people adapt easier than others from demo into live but with the added pressures of prop firm targets, when you haven't proven them on your live account to that point, can really get to people. Focus on what's in your control. With a personal account you'll have far more time to keep trading. With a prop account, once you're back to break even, you need to stop trading to secure your free retake, which takes weeks (or sometimes less) out of your live market exposure due to sitting on the sidelines. This wouldn't be the case with a live account. Best of luck with the smaller account!
Excellent Video 👍☝️
Thank you - glad you enjoyed it 🙏
Great content!
Thank you - I appreciate it 🙏🏻
Good advice
Thanks Johan, glad you got something from it 👊🏻
noted with thanks, welcome back.
👊🏻👊🏻
I used a spreadbetting account with a tiny amount in to "feel" the market. I lost money, but now, looking back at my trades actually gave me optimism as I only lost due to silly mistakes (trading GBP/NOK!!!!!!).
It is insane to buy the prop challenges unless you are absolutely brilliant at trading. If you can trade, however, it is an excellent idea to make more money. It is much better than trading other people's money for a commission and it is definitely better than trading your own account once you pass the evaluation.
Yeah it's a great addon for sure! But the amount of people who take it who've never seen the same results on the live market is mind boggling!
The problem will still remain and vast majority of ppl will still lose the $600 whether it's in prop or live account. The reason why is because someone who fails challenge accounts will simply not risk 1% over 90 consecutive trades -- they will certainly at some point go "all in" to try and salvage losses. In the end this isn't really a problem. Most ppl are just gamblers and will never do what it takes to get enough knowledge, consistently apply that knowledge, and stick to a conservative risk profile.
Yep - sadly have to agree with that. The fixes are fairly 'easy' but most aren't willing to overcome their urges in most instances and then try and 💩 on people who are and do!
100% spot on!! My first 100k FTMO was paid for with profits from £100 personal account! I was able to get an over swing on USDMXN on a 1:500 leverage account.
Amazing stuff!
The number of setups I see with my system using 2-5 pip stops is very common. I think I will put 1000 in and us the high leverage. I could use small SL and use bigger lots to flip the account
Yep for sure!
I agree its better you put £600 into a personal high leverage account and grow it till you're comfortable with trading profitably with live funds 🤷♂️that
Absolutely 💪🏻🙌🏻
🔥
👊🏻👊🏻🙌🏻
I think you are absolutely right Matt. The only thing I'm concerned is the High leverage broker. Being from UK are there any risks using this ? You know because of the limited set leverage in Europe being 1:30.
Do you personally have account with them? How's your experience so far
Yeah, so essentially they've got two arms, one being on an EU entity (which naturally caps at 1:30) and the other being their international one that caps at 1:500. Though worth noting the international entity is not unregulated, it's fully regulated by the Australian laws, so essentially you get the Australian 'protection' VS the EU. It doesn't effect anything else and you're within your own right to go that route.
Yep I've got an account with them (I've used them on a previous UA-cam set of videos for a 'small account challenge' and still use an account with them now (MT4 standard STP) and happy with everything from them tbh. Straight forward dashboard when you're dealing with the account etc. And no drama setting up of withdrawing.
It's not where my main personal account is (I have a split across a few) but for what I've used them for, no complaints so far!
@@MatttoMillion thanks for the response appreciate it
Does MFF allow buffer like FTMO ? As FTMO you can leave profits to keep the account over break even can that happen with MFF?
Not with MFF they tend to push full withdrawals
"you will always have access to your capital. If you get $100k in prop firm cash you can't just withdraw a $100k, you just make the proceeds from it" Well yeah...that's kind of the point. People are interested in prop firms because they DON"T have $100k or more laying around to trade. Trading a prop firm account and trading a YOLO high leverage account are not the same thing. People that are going to last in trading are not people that use ridiculous amounts of leverage.
Their parameters are designed in this way to eventually fail traders. Better is go for instant funding firms finotive or 5ers.
Yep, very fortunate to have so many options
Bro I like to start a company for trading forex prop firms in Uk.what business category is this trading comes? What will the cost for settingup? Can u pls tell something on this.
How can I find this so called 1:500 personal account, I am in the eurozone where they only allow no more than 1:30 leverage?
You can find it in the link in the description of the video. And yes, the EU 1:30 limit is due to what entity you choose to sign with, rather than the broker itself. When you click the link, it directs straight to the sign up page of the 1:500 entity. When putting in your location you will need to accept the disclaimer which alerts you to the fact that it is governed by the Australian government rather than the EU. This way you're able to achieve the 1:500 leverage under a strong jurisdiction, without restricting yourself to the EU entity.
I find it very difficult to grow a live personal account, BUT I can stick to my strict NNFX rules and grow my account. Reasons, I am from a country where 1 USD or 1 Pound Sterling = to 4 or 5 (my country currency). I have a minus X4 or X5 advantages comparing to you guys who live in UK or US for examples. So, FTMO or other prop firms are our best ticket out to made it to the top. Imagine, to start a USD10,000.00 account i need to fork out 50,000.00 (my country currency) to convert to USD, whereas i just need to fork out USD 99.00 to start a MyForexFund account USD10,000.00 for example. (Sorry, English is not my primary language).
Hey Michael! Yes for sure in certain parts of the world your currency conversion will play a big part. Though the point more in this video is, whilst you get at 10k account you only really have full flexibility over 10-12% of that before losing it. So in essence, your 99USD gets you around 1000USD of fully tradable cash (providing you pass both stages). Equally though, I'm not suggesting that 100USD in a personal account is an easy amount to trade with, it isn't. I actually did a challenge on my youtube a little while back where I took the fee for a 10k challenge for FTMO and put it in a personal account to try and grow it. (this was around 120USD). And it was very tough indeed.
As with anything - you should always do what fits for you, your location and your situation. You sounds like you've given everything a lot of thought and there's no right or wrong way to approach this. Keep on as you are and I'm sure you'll be really successful 💪🏻
you cannot compare a £600 personal account to a FTMO funded account wtf.
1% of £600 is £6 risk on each trade.
1% of £140,000 funded account (£14,000 real capital) is £140 risk per trade.
How can you even compare the two, why would you even bother trading such low capital you will never achieve anything.
Hi Jake, thanks for the comment! Few points in response below:
This isn't comparing net returns from the two amounts. The purpose of using the 600/£70k challenge fee as an example is angled at your use of the initial funds and, depending on your level, where the placement of those funds can deliver you the most value. Not just figuratively but learning also. The pass rate of first stages of challenges sits at around 10% or thereabouts. Meaning 90% of people setting out on the challenge are failing. So it's safe to assume, that the majority of those people are wasting the £600. Either something isn't working strategically, or psychologically they're not ready to trade on live markets. So then the question becomes more, would you rather have a majority % of something or 100% of nothing.
The point here isn't saying '£600 is better than £70,000 funded capital', nor is it saying that it's worth more. The point is, the £600 can serve several purposes in a personal account for those 90% of people which wouldn't have achieved at all, or as well, going for a failed challenge.
One - you trade on live market conditions with real money rather than on demos (made mention in the video the amount of people who have said they've taken challenges having never truly traded live).
Two - You have a wider allowance to make errors (which 90% of people violate on a funding attempt), which means you can still keep trading and learning the right lessons and letting your £600 go far further than it would on a failed challenge. Nothing can substitute being exposed to live markets and learning to deal with everything that comes with it. In a challenge, people may start trading differently for example - often getting a week or two in, in drawdown, then just trading to get back to break even to try and get a free retake. This isn't how you would trade live, or should trade live. So this isn't instilling the right approach. Whilst on the live account, you're able to keep trading normally and be able to have the exposure and freedom to learn the right lessons and build back into profitability. So you have more live market time, with real funds.
The other obvious reason, is with 90% failing, the chances are, they've never actually hit the correct parameters at all, let alone consistently, on any live funds. This way you have £600 to try and hit the correct parameters, so you know for a fact that your trading style supports and gives a lot more assurances on passing a funded challenge. And if you fail them, you've still got £540 left to show for it, rather than zero. For different people, in different financial positions across the world, this amount can be incredibly significant.
So if you're one of 90%, you lose all of your £600, when only losing 10% on your demo capital in the challenge. And most of the time this is done in a few days, maybe a couple of weeks. But either way, if the argument is 'you won't ever earn much on a small personal account', then yes, of course there's merit to that. But in my opinion, I'd sooner (potentially) earn an amount on a small personal (and keep the existing capital rather than losing it), all whilst learning the right lessons and being in a place of confidence when going to pay for the 'proper' challenge. And that's really the point; you preserve your capital, whilst learning what you need to learn, potentially make an amount on it and then stand a much higher chance of being in the 10%, rather than just repeatedly buying challenges and failing them form a wide variety of factors.
To your other point on values, it didn't help with me using £600 as this isn't the latest price with conversion for a £70k challenge. The 140k is around 860 and the 70 is around 465. But yes, you're absolutely right, the 'true capital' you're dealing with in that example is the 10%, so £7,000 and 1% risk of that would be £70 vs the 'fee' would be just £4.65. But equally, you aren't going to pass a challenge, trading 0.1% risk of the 'total' demo account as the targets are based on the full capital. Yes, of course there's an argument of 'I'll pass it, then treat it like it's 10%', in which case, I say go for it but that still isn't a reality if you're in the 90% and haven't learnt the right lessons from trading in the live market - as you'd have just lost your £465 for the privilege.
But in reality, you're risking 10% per trade of your 'allowed' prop capital. So if you were to be comfortable trading at that level on prop, then the same should be applied to the personal. In which the risk would be £46.50. If you were to hypothetically trade the personal the same ways as a challenge at 10% risk per trade of capital, then if you made an average of 5R per month for 12 months your personal account would be worth roughly what your prop account would be worth. (I'm not saying do that, because that amount of risk over time is asking for trouble but people always ignore the compounded effect of trading that money in the same way consistently)
The reality is though, a lot of people lose the accounts very shortly after getting funded even when they achieve it. And a surprisingly large number on the first month. And the real point of this whole thing, is about finding a more strategic way to make sure your trading is in the right position to be able to pass a challenge, and remain profitable. Because the moment the account is the lost, the cycle starts again both timewise and money wise. Hence this advice being for the 90% not, the 10%.
What I am NOT saying, is £465 is the same value as £70,000. But what I am saying, is that you can get a lot more value out of that £465 used in the right way, if you're in the 90% of people who are consistently failing challenges. Also not forgetting we're talking about one challenge fee in these examples, but in some of the reports from various prop firms, it's pretty eye watering double digit stats of the amount of challenges people have bought with no payout.
Again, this is just my opinion and a way of thinking/approaching depending on your situation as there's a distinct difference and step up in level from being a 'demo trader' vs one that can translate that onto the live markets. And I'm also a believer in always having your own personal account and that's more what I was touching on at the end. If you have the skill, do whatever you like for sure but the tax benefits to the average person will also be favourable if you're trading a decent sized personal account/have built one up.
I’ll sum up his response for you, if you don’t know what you’re doing like 90% of traders who fail prop firm challenges, then you lose the $600 fee you paid for multiple challenges and never get funded at all.
He’s suggesting take that same $600 and grow it and perfect your strategy in the real market before taking a challenge. Then pay $600 for a prop firm challenge to get $140,000 to trade with. This way, you don’t lose $1,800 with 3 failed attempts at winning a challenge, for example.
Do you still use a prop firm Matt or just personal?
Yeah but big focus on personal nowadays
This is ridiculous lol
I never blame anyone except myself 🤣
🤣 you're a rare breed!
Whats the leverage on this broker? Even if i open 100 euro account ?
If you open on the international entity it's 1:500
But these challenges are in demo, so i pass in demo before taking these challenges. Im funded bu the way. Making 2 percent a week
Great to hear you're making consistent profit! And yes, they're demos for most of them (other than say Audacity capital for example) but the pricing feeds for the demo trials and the 'live' account often differ. So slippage etc. can become more frequent and not something you'd experience on the demo + a lot of people may pass trials on demo but when they're on a challenge or trading funded, they often 'feel' it as live, because it's become more of a reality & therefore it feels more like their money 'actual' money at stake. And if you fall into that category (which most do), you aren't ever going to be able to experience those emotions unless you've truly traded live. Of course, goes without saying that there are deviations from the norm in people and results. In the same way what is by the most 'common' way people behave/struggles they have, does not reflect ALL people across all things. But you can definitely rest assured and take pride in the fact, that you fall into a very small percentile of retail traders (especially those trying to get funded) who has/had no difficulty keeping the same perception on your demo practices/trials and then the 'real thing' but believe me, you're definitely in a minority there and you should be proud!
You spend $500+ for a 100k-200k account but you’re negatively sayin it’s a 10k account. Prop firms help those who need capital. Why are you trying to talk down on them?
Hey man - thanks for your comments. Had to watch the video back myself (it's been a while!). I still stand by it. There's a fair amount of explanation around the why in this one, which stands true. You sound like an intelligent person & therefore are more than aware of the failure stats (multiple, consecutive failure stats) when it comes to funding. It's eyewatering. The message and content of this video isn't saying don't get funding or saying it's bad (it says the opposite at the start and of course I have funding), but what it is saying, is with over 90% of people taking them failing them, and the % increases again on people who don't don't ever receive a payout as they blow the account, this is targeted at people who are failing or who are yet to take a challenge.
All I am saying, is just prove you can trade that $500 on live market conditions first. Create that 'challenge' for yourself. Because trading in the live markets is a whole ton different from backtesting, forward testing and demo trading results.
And what I'm saying is, if you aren't ready and you hit 10% drawdown (as over 90% of people do) then you still have $450 to either continue trading live with, or withdraw. Where on the challenge you lose your $500 instead of $50. Or the other way you can see it is on challenges you're trading the equivalent of 10% risk each trade (of total listed cap). So mirror that on your 500 too if you want. Worst case, you lose it all, same as a failed challenge. But you could double your account if you did that too.
But I suggest the first because if you fail on there, the cost is far less (and as you say in your message - if you're struggling for capital, the last thing you want to do is blow your hard saved money relatively quickly for a challenge and then have no further exposure to learn and develop in the live markets). And if you prove you can do it, this will add to your confidence and likely increase your chances knowing when to take the challenge, so you can get the full benefit.
But as ever it's just an opinion. I've been trading for 14 years so I appreciate my viewpoints aren't probably as sexy as the up and comers. The purpose of this platform is for you to challenge me and for others to challenge you too and that's why I take the time to respond to as many comments as possible.
But most definitely, do whatever is right for you! Have a great week and best of luck in the markets 🙌🙌🙏
I totally disagree with this.... I m a stock market teacher.... I hv been teaching about markets since 3 yr..... But i m overjoyed recently because my students are funded account rather dan busting their own account... More importantly dey r discussing n focusing on how much they should put in a trade...... And i myself showed them how I cleared a 50 k account both stage 1 n stage 2 in one week.... More importantly handling money from client was very tiresome...yes my forex funds is a business... Bt it is good business... To do
That's great to hear what an inspiration you are to your students. Which parts I'm the video did you disagree with just out of interest?
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