₦airaland Forum

ItzProspero:
If ftmo main prop account runs for 14 days, then why are we trying to change the contest from 14 to 30 days?

ItzProspero, Piptocoin's write-ups, below, is the WHY

Piptocoin:
[color=indigo]boss Infofirst, I think the one-month duration is more representative of long-term trading skill rather than the two-weeks duration which will lead to exaggerated results that cannot be duplicated in prop firm environment. Moreover, in prop firm funded account one has 22 trading days to be reasonably profitable.

I was going through forexfactory recently and I read where a guy said ftmo sent him a termination of contract email. The reason for the termination was that his trading style did not match the consistent trading skill they were looking for even though he had been profitable and had received payouts about 4 times from them. He admitted that his trading style included meeting the monthly percentage profit in two days or so and trading 0.01 lots to complete the minimum trading days. He also said the account was not long term as his strategy also blows the account which is why he had a number of ftmo evaluation accounts running alongside his funded account. Ftmo terminated all of them fairly as well as reimbursing him where it was needed and also gave him the value of the profits to which he was entitled for other accounts at the time of the termination.

If, truly, consistent long-term trading skill is required for a venture such as prop firm trading, then I think the competition should be modelled after that. Two weeks is neither too short but not ideally representative of long term goals. This is just an opinion and I stand to be corrected. Thank you (and GabsonFX) so much for all the opportunities....past, present and future (if there will be a future one). My appreciation is verbally inexpressible.[/color]

Piptocoin:
[color=indigo]hahahaha. This really got me laughing.

The simplest way I can break it down is to let you know we are talking about a competition - not 2 competitions. Even if we have three phases in that single competition it doesn't change the fact it is just one competition with three stages or phases. This means that the results of those three stages must be added to have a unified result.

If that unified or added result meets any of the competition rules then decision will be taken based on that rule.

For example, the rule in a hypothetical competition states that a trader will be disqualified if they lose 12% of their equity. The competition will be held in three stages or phases.

Stage 1 DD

Trader A — 6%
Trader B — 2%
Trader C — 5%


Stage 2 DD

Trader A — 2%
Trader B — 7%
Trader C — 3%

Stage 3 DD

Trader A — 3%
Trader B — 4%
Trader C — 1%

After the three stages of the competition have been completed spaning 3 weeks...that is 1 week for each stage...then the competition is decided like this:

Total Drawdown

Trader A — 11%
Trader B — 13%
Trader C — 9%

Guess who gets disqualified for breaking the 12% DD rule of the competition....yeah, trader B. Trader A narrowly escapes disqualification.

You see, the three stages are still one competition, not two competitions and the result gotten in each stage will have a huge impact on the fate of the trader when they are added or summed up to see if the flout or meet the competition rules. Hope you grab [/color]

BrightFuture48:
Nice breakdown but you have just limit it to two phases since that is scenario been propose here for the challenge.

Piptocoin:
[color=indigo]hahahaha. This really got me laughing.

The simplest way I can break it down is to let you know we are talking about a competition - not 2 competitions. Even if we have three phases in that single competition it doesn't change the fact it is just one competition with three stages or phases. This means that the results of those three stages must be added to have a unified result.

If that unified or added result meets any of the competition rules then decision will be taken based on that rule.

For example, the rule in a hypothetical competition states that a trader will be disqualified if they lose 12% of their equity. The competition will be held in three stages or phases.

Stage 1 DD

Trader A — 6%
Trader B — 2%
Trader C — 5%

Stage 2 DD

Trader A — 2%
Trader B — 7%
Trader C — 3%

Stage 3 DD

Trader A — 3%
Trader B — 4%
Trader C — 1%

After the three stages of the competition have been completed spaning 3 weeks...that is 1 week for each stage...then the competition is decided like this:

Total Drawdown

Trader A — 11%
Trader B — 13%
Trader C — 9%

Guess who gets disqualified for breaking the 12% DD rule of the competition....yeah, trader B. Trader A narrowly escapes disqualification.

You see, the three stages are still one competition, not two competitions and the result gotten in each stage will have a huge impact on the fate of the trader when they are added or summed up to see if the flout or meet the competition rules. Hope you grab [/color]

Yes, Pappy, I don grab am

BrightFuture48:
Lol take it easy brother. The whole purpose is to simulate the real challenge and not just for the fun of it while maintaining proper risk management. Some trader can hit the target in just one trade/day with killer lot.... I doff my hat for my boss here GabsonFX but not everyone can do that, and also the rule of Max lot of 0.1 and 5 orders @ a time we checkmate such "wonder" lol.

But if with such risk and trade management rules you can achieve 10% in 14days that is beyond luck but from well thought out strategy and consistent trader. And why wouldn't such trader be given the winner prize when the real objective is to attain that 10% within the 10 minimum days which happens to be highest now in prop firm if my memory serves me well, MFF and E8 have shorter days.

Piptocoin:
[color=indigo]Very true. I deliberately made it three phases in this example so that it will reflect the same thought process used to arrive at a decision if there were two phases or four or more. So I used three phases rather than the two being proposed here...to enhance the scope and understanding of the process.[/color]

exmaysn12000:
In that case, no need for any 2nd phase again since phase 1 already produce a winner.

True, 0.1 lot cap prevents 1 hit wonder.

BrightFuture48:
This is best way to go if the contest should last for 1 month. Taking the advantage of ftmo matrix is very important in this type of competition and its simulate a real challenge scenario and ability to get used to this prop firm platforms.

If not for 14 days time constraints ftmo platform is the BEST but still that can be easily overcome with two phase challenge. Even no need to stress about fxblue metrics again. FTMO individual traders matrix is self explanatory and security tight against any fraud. Also no one will see what other traders open orders are which will further prevent cheating.

Caveat: If any trader achieve 10% in the first phase then no need for second phase.

But if there is no outright winner in the first phase, then the above model should be used. That is the challenge should run full course of 2 phases and total percentage gain in both phases should be added and the winner is the one with highest percentage gain... Balance.

Cheers.

Yes, my bro, FTMO is still the best on the organizer's table. It will make life easy for Infofirst, for sure.

The blue hightlight is a fine addition to the numerous suggestions, but Piptocoin's input stands to counter it

BrightFuture48:
Yeah! but it will be difficult to achieve and if any, he/she should be given the accolades without further delays. My opinion though.

karkinase:
No need for long talks ..14days ftmo with Daily drawdown of 5% and overall drawdown of 10% would do.!

samfelly:
ItzProspero, Piptocoin's write-ups, below, is the WHY

Donvic4u:

As we kindly await the unleashing of boss infofirst contest,

BrightFuture48:
Yeah! but it will be difficult to achieve and if any, he/she should be given the accolades without further delays. My opinion though.

Comrade, something is telling me you go do all of us strong thing for here. I dey suspect you. You don sharpened the 2 edges of your cutlass. You wan act Machete on us within 5 days

ItzProspero:
I may be wrong, but the objective here is to have someone who will manage the prop account. Isn't it?

So let's stick the original plan

samfelly:
Hmmm, the bolded is also another way to go about the Daily DD issue, but it will worn him out, bro. It involves a terrible lots of clicking back and forth o! This approach no go easy for infofirst, chief, believe me

infofirst:
https://www.fxblue.com/competitions/ViewCompetition.aspx?id=1522&rx=1641644439441
That is the link to the first contest. It should get better over time.
Kindly read the rules before joining.
Once we have a minimum of 10 trading days and a winner, the contest will end even thou the duration is a month.
Because this is a first attempt at the contest, the first winner will get sponsored for mff $10k prop account and $10k to get data for the month.
The winner is the first person to hit 10% and respecting the ftmo rules but must trade 10 minimum days and maintaining 5% Daily DD Rules

If someone that wins last contest wins the next, he will get sponsored for the next plan if he is able to manage previous account in good standing.
Kindly suggest ways to improve and it will help with the next contest.
Lets keep it mature. The primary aim is to help us become a better trader and support each other.

Elliotwaveforec:
With 0.1 lots maximum, you need 500 pips for currencies and $50 move on gold to achieve 5% profit.

The question is 'Is it possible to achieve 5% profit with 0.1 lots maximum in 14 days'?

My suggestion is don't cap the lot size as FTMO doesn't; by so doing, 5% profit will be achievable in 14 days and the DDs will deal with the greedy ones.

infofirst:
If I do not cap it, some folks will do some funny stuff, we do not need to wait to see it happen before we prevent it.

samfelly:
Comrade, something is telling me you go do all of us strong thing for here. I dey suspect you. You don sharpened the 2 edges of your cutlass. You wan act Machete on us within 5 days

Elliotwaveforec:
In that case, raise it to 0.3; 170 pips can be achieved in 14 days.

BrightFuture48:
Lol... When a lot of Don are here, which chance do a learner like me have. I want to see how these will further improve my trading approach both strategy and psychological wise.

Elliotwaveforec:
In that case, raise it to 0.3; 170 pips can be achieved in 14 days.

infofirst:
It will o

I know, cos I have been there. During the 1st contest I participated, in July, I tried to check everyone's performance overview, it was painstakingly stressful

infofirst:
Based on several suggestions, I have modified the rules , Kindly read the rules again.
We will still use the ftmo trial as it will help us track the Daily DD rule. If there is anyone with existing ftmo trial account, You can easily open another one with a different email. We need the fxblue metrix to help us ensure no one is trying to run more than one account, it will also help us to track the ranking of traders among others, basically both fxblue and ftmo metrix will compliment each other and ease the tasks for me. Every one is able to see who is who in ranking with fxblue, I am able to confirm the daily DD with ftmo metrix and all that.
I have reduced the target to 5% and the contest will run for 14days. There will be only one phase.
All non Fta monikers have been disqualified.
All the best to us all.

LucaB:
How can I link fxblue to ftmo free trial guys??

samfelly:
I know, cos I have been there. During the 1st contest in participated, in July, I tried to check everyone's performance overview, it was painstakingly stressful
Good. All Correct! Great work!!

BrightFuture48:
You don't get it. You can open 0.1 lot x 5 = 0.5 lot at any given moment so the pip target is 100 pips not 500.

Elliotwaveforec:
With 0.1 lots maximum, you need 500 pips for currencies and $50 move on gold to achieve 5% profit.

The question is 'Is it possible to achieve 5% profit with 0.1 lots maximum in 14 days'?

My suggestion is don't cap the lot size as FTMO doesn't; by so doing, 5% profit will be achievable in 14 days and the DDs will deal with the greedy ones.

BrightFuture48:
You don't get it. You can open 0.1 lot x 5 = 0.5 lot at any given moment so the pip target is 100 pips not 500.

Elliotwaveforec:
I just checked the rule again, 0.5 lots size is big, it's okay; 100 pips in 14 days.
@infofirst, it's okay

infofirst:
Based on several suggestions, I have modified the rules , Kindly read the rules again.
We will still use the ftmo trial as it will help us track the Daily DD rule. If there is anyone with existing ftmo trial account, You can easily open another one with a different email. We need the fxblue metrix to help us ensure no one is trying to run more than one account, it will also help us to track the ranking of traders among others, basically both fxblue and ftmo metrix will compliment each other and ease the tasks for me. Every one is able to see who is who in ranking with fxblue, I am able to confirm the daily DD with ftmo metrix and all that.
I have reduced the target to 5% and the contest will run for 14days. There will be only one phase.
All non Fta monikers have been disqualified.
All the best to us all.

infofirst:
Good. We are good to go

Those with non or unfamiliar fta moniker should report here before they are disqualified.
@bay61 @cheehummer etc

Elliotwaveforec:
Put both the maximum and daily DD at 5%