Are you interested in forex trading? If yes, you must be finding the right way to get started. Well, there are two ways you can get started. The first way is by becoming a sole trader, and the second one is using a funded trading program. Both have their own pros and cons. It’s all about which one is right for you.
For example, if you can afford to risk your own capital in the forex market and then learn, then you can become a sole forex trader. However, if you don’t have enough money and can’t afford to risk your own money, then a funded program is for you.
Among so many funded programs out there, you need to pick one that is right for you. FTMO is a funded program using which you can trade forex without risking your own hard-earned money. In this post, we are going to talk about the money you can make with FTMO. But before that, let’s talk about what is FTMO?
What is FTMO?
FTMO is a project which is looking for successful traders. The purpose of the company is to vet out the best traders and work with them. In order to find skilled forex traders, the company has set a two-step evaluation process. This process helps FTMO find the traders with the best trading skills.
The evaluation process consists of two steps – FTMO Challenge and Verification. Both these steps have different criteria. Depending on the balance amount you decide, the criteria will vary. Whether you are a new or experienced forex trader, FTMO can be an excellent way to know about your trading skills and get into the forex market without risking so much money.
After you successfully pass both steps of the process, you will become an FTMO trader. Now your question might be how much money you can make with FTMO.
Evaluation Process of FTMO
Before getting started with FTMO, it is imperative to understand its evaluation process. As we have already seen, the process consists of two steps – FTMO Challenge and Verification. Both these steps have different Trading objectives.
Once you achieve the trading objectives of one step, you can move forward to the next step. As compared to the FTMO Challenge step, achieving the trading objectives Verification step is easier. With a $10,000 balance in the FTMO Challenge step, the trading period will be 30 days, minimum trading days will be ten days, the maximum daily loss will be $500, maximum loss will be $1000, and your profit target will be $1000.
Talking about the second step, i.e., Verification step, with a $10,000 account, the trading period will be 60 days, minimum trading days will be ten days, the maximum daily loss will be $500, maximum loss will be $1000, and your profit target will be $500.
And, once you pass the Verification step, you will become an FTMO Trader. Once you become the FTMO Trader, the company will refund you the signup fee.
How Much Can You Make With FTMO?
Before you know about this, you need to have a clear idea about the fees of the platform. Before you go ahead with FTMO, you are required to pay the platform’s fees. Depending on whether you choose the balance of $10,000, $25,000, $50,000, $100,000, or $200,000, the fees will vary. The good thing is the fee is refundable. Once you complete FTMO Challenge & Verification stages and once you become an FTMO Trader, you will get the refund.
If we talk about how much money you can make with FTMO, it all comes down to your trading skills. The main thing that creates an impact on overall income is how many trades you win and how many you lose. Trading is not easy. So, make sure you don’t set unrealistic expectations with it.
When you make profits on funded platforms like FTMO, besides joining fees, you will be paying fees from the profits as well. That’s how these platforms earn money. When you make profits on FTMO, you will be charged 30%, and you can keep the rest 70%. With a $100,000 account, making 10% a month means $10,000. Out of this total amount, your net profit will be $7000. This is just an average. How much money you can make with this platform will be based on factors like how much balance you opt for, how much percent you make per month, etc.
In short, how much money you can make as an FTMO trader will be based mainly on your trading skills & strategies. If your trading skills are good enough, making a living with this platform can be possible.
FTMO is a great way to become a full time trader with no capital. They say the best way to get rich and continue to be rich is to use other peoples money this is one of the best ways to do so. FTMO has come out with a new $200,000 challenge as well and there is a way to get up to 3 funded accounts through FTMO. Click Here to get training on how to do that along with getting yourself ready for the challenge.
Is FTMO the best prop firm? We think they are definitely at least top 3 for the time being but there are other options out there that are just as good if not better depending on your circumstances. Below are the top 3 including FTMO.
No Timeline: City Traders Imperium – CTI has been around awhile their payout isn’t the best starting at 50% to 60% then up to 70% when to get to 7 figures funded. Now why would we suggest somebody with a lesser payout? Because if the company is making more money they will be much happier relaxing the rules and letting traders do what they want. You can trade during the news, hold over the weekends and take as much time up to to a year on your verification. 50k funded account will cost you around $500 USD.
Longer Timeline: 5%ers – same thing they have a lesser payout at 50%, but you have to look at that they want you to succeed that much more with them paying you 50% and the upside is 7 figures again. They have been around awhile and they give you 6 months to pass the verification as well. It is a little pricier for the verification at around $875 USD, but again not as much pressure as a 60 day verification. Take your time and take the higher quality trades instead of rushing into them.
Most Reputable: FTMO – FTMO has been around about the longest of the most popular prop firms. They aren’t too expensive they have different tiers which used to be only up to 100k, but now they do have a 200k. The only downside with FTMO is the rules they are very strict on things like the news and not holding trades over the weekend and such. This can make you better yes, but it can hold a lot of traders back based on their strategy and principles. We have always been low risk high reward traders so it doesn’t affect us that much.