FTMO is a proprietary firm, they offer a range of different sized funded trading accounts, in a variety of different currencies. For example ($) dollars, (£) pounds, and many more. FTMO offers a range of different sized funded accounts, with the maximum funded amount of $400,000.
To get onto the funded account, you have to pass the trading rules and reach a profit target of 10% within 30 days from your first trade. Then the evaluation stage which is only a 5% target and you have 60 days to complete, then if passed you will trade on their account for 70% of the profits.
Also with FTMO if you do not violate any of the trading rules, and end the account in profit by the end of your 30 days, you will be given a free retry at the challenge.
FTMO is a great way to earn capital and their rules will help develop you into a top trader.
Once you are comfortable or have a certain edge, even if you just open up a demo with FTMO it can help you with your backtesting thanks to their software, FTMO provides funding for traders if you pass the challenge, however, to practice they give you a free trial which allows you to use their software.
Step 1: head to FTMO® - For Serious Traders
Here you can look around the website ect get a feel for the company, however, after that you would like to click a free trial. This will take you to the client area where you will need to sign up to get a free trial.
Here you will be given a set of login credentials from here you can log these on to your MT4 accounts.
Once started you need to click on the Metrix icon, this will take you to see the full analysis of your trades and will provide a good way to keep all your trading data in one place, don't be sloppy doing this from the start will help you iron out all the mistakes and also show you if you are developing your edge.
Scroll down to “Trading journal” and click the eye icon below log to open up a more detailed explanation of the trade.
From here you can record your trade in depth with :
- Before & After pictures
- Entry strategies
- Exit strategies
- Comments/emotions on the trade