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FTMO/Prop-Firm Challenges
FTMO/Prop-Firm Challenges
What is a prop-firm & a prop-firm challenge
Proprietary trading firms, commonly known as prop firms, are specialized financial institutions that trade in various markets such as stocks, bonds, commodities, and Forex using their own capital. These firms employ traders to invest and generate profits, which complements their other activities like managing client portfolios and providing investment services.In recent years, online prop trading firms have become prominent. They differ from traditional prop firms in that they provide traders with direct access to markets and the necessary capital, without acting as intermediaries. This model places the onus on traders to be well-versed in market dynamics, risk management, and trading strategies, as well as understanding their own trading psychology.To support traders, prop firms offer resources like capital and demo accounts that simulate live market conditions. When traders execute trades in these demo accounts, the firm replicates them in the actual market, taking on the risk of profit or loss.However, entering the world of prop trading is not straightforward. Aspiring traders must undergo a stringent evaluation process, often referred to as a "challenge," and usually pay an upfront fee. This process is designed to assess whether a trader has the necessary skills to trade responsibly and profitably, considering the significant risk the prop firm assumes by providing its capital for trading.The popularity of prop firm challenges has increased notably since the pandemic in 2020. Firms like FTMO are known for these challenges, which offer traders the chance to trade with the firm's capital and potentially earn higher profits. The rigorous nature of these challenges ensures that only skilled traders are accepted, thereby reducing the financial risk for the prop firms. This has led to a growing interest in prop firm challenges among those looking to enter or advance in the trading industry.
What are prop-firm challenges conditions?
In order to pass a prop-firm challenge and become a funded trader, certain conditions and rules must be complied with:Risk management: Prop traders must adhere to strict risk management rules to safeguard the firm's capital, such as maximum daily and overall losses. If they violate these guidelines, their account may be closed. While some prop trading firms allow traders to retake the challenge, others do not, so it is essential to carefully read the terms and conditions before signing up.Progression: Prop traders must adhere to a progression scheme. Those who demonstrate safe and effective trading skills may have opportunities to move up the ranks and receive more trading capital. The timeframe and criteria for progression differ across firms and industries. Some firms evaluate traders after three months, while others establish progression targets at the outset.Tradable assets: The range of tradable assets available to prop traders varies depending on the firm. Some firms focus on Forex or stocks, allowing them to tailor their support and software to specific traders.Traders can fail a prop firm challenge and lose their initial fee in several ways, with a possible retake depending on the firm's policy:Maximum Drawdown: Firms set a loss limit, usually 4% to 10% of the initial balance. A higher limit might increase the upfront cost.Maximum Daily Drawdown: Failure can occur if traders lose a set percentage in one day, often 5% of the starting balance.Time Limit: Challenges may have deadlines, typically 30 to 180 days. Exceeding this time results in disqualification.Profit Targets: Traders must hit profit targets, generally 5% to 10%, to pass.Despite marketing claims, these challenges are not easy and have multiple failure points.
How to increase your chances of passing a prop-firm challenge
As the popularity of prop-firm challenges has surged, so too has the market for Expert Advisors promising guaranteed success. However, these solutions are often ineffective.The key issue with using popular EAs is that if too many traders employ the same strategy, prop firms can easily identify and restrict these identical trades. It’s not just about the trades placed by the EAs, but how these trades adapt to the stringent rules of prop firms, especially when used simultaneously by multiple traders.The secret to succeeding in prop-firm challenges lies in understanding that no EA can assure victory. The rules of prop-firm challenges are dynamic, constantly evolving to prevent exploitation. To enhance the chances of passing a challenge with an EA, it needs built-in rules and parameters that align with the ever-changing prop-firm guidelines.This is where specialized trading set files come into play. These are designed to make our Expert Advisors compatible with strict prop-firm rules to avoid being limited or flagged.Custom set files offer several advantages:Adherence to prop-firm rules: The EA operates within the strict boundaries of the challenge, preventing the account from getting restrictedUnique trade placement: Randomization algorithms ensure that trades differ from other users, reducing the risk of detection by prop firmsPrivate trading set files: Access to private set files is granted exclusively to purchasers of these EAs, offering a competitive edge.In conclusion, while no Expert Advisor can guarantee success in prop-firm challenges, selecting one that offers tailored, prop-firm-friendly features significantly increases the likelihood of passing these rigorous tests.
How to get a custom prop-firm trading set file
With our Expert Advisors, you have the opportunity to request a custom-made prop-firm trading set file tailored to your specific needs. Simply access your user dashboard and provide details like your preferred prop firm, chosen Expert Advisor, account type, challenge type, maximum drawdown, profit target, and additional rules. Our team will craft a set file based on your specifications and make it available for download directly from your dashboard. This personalized approach ensures that your trading strategy aligns perfectly with your objectives and the unique requirements of your chosen prop firm. Please note, this service is a benefit offered only to our clients who have purchased an Expert Advisor license, ensuring a dedicated and exclusive experience.Here’s a step-by-step tutorial video on how to request your custom prop-firm set file:Click here to watch the videoIn case the video is not enough, you can follow these instructions:1. Navigate to the "prop-firm set-files" section within your user dashboard. Note that this section is accessible only if you have an active Expert Advisor license.2. In the "Request a prop-firm trading set file" menu, complete all required fields and then click the “request set file” button. The necessary information should be available on your prop-firm's website or in their documentation. If you can't find specific details, we advise contacting their support team for clarification, or you can reach out to us at [email protected] for assistance.3. After your prop-firm set file is prepared, you can download it from your user dashboard. It will be located in the “My prop-firm trading set files” section, adjacent to the “request a prop-firm trading set file” option. To download, open the set file and select the “Download” button.Once you've downloaded the set file, you're all set to upload it into your prop-firm’s MetaTrader platform and begin trading. This file is always available in your user dashboard for future access, and you have the option to delete it whenever it's no longer needed.
How to use a custom prop-firm trading set file
You are now prepared to integrate your trading set-file into your prop-firm's MetaTrader platform and start trading. Here's how to proceed:Head over to the “Expert Advisors” in the Navigator menu, and drag the Expert Advisor for which you got the trading set file for into the chart. In this example, I will drag Waka Waka into the chart.2. Navigate to the "Inputs" tab and click on the “Load” button. Then, choose your custom prop-firm trading set file from the download folder and click “Open” to select it.3. After loading your custom prop-firm trading set file, the inputs for your Expert Advisor will automatically adjust. Simply click on the “OK” button, wait for the Expert Advisor to appear on your chart, and then enable it to start trading.That's all there is to it!Your Expert Advisor is now set up to automatically trade on your prop-firm account, tailored to your specific needs.Should you have any questions or concerns about custom prop-firms, don't hesitate to contact us at [email protected] and we’ll be happy to help.