*My latest challenge, trading my way to a FREE* $70,000 USD!*
Hi everyone, I’m back with a new “series” of blog posts tracking me and my trading activities through the next 90 days of my latest challenge… Trading my way to 70k.
This is a challenge that any of you can also do when you are ready and I will explain what it is, how you can do it and what it’s involved. The challenge is operated by a company called FTMO and it involves a challenge phase and a verification phase (I will explain each phase in more detail) of which you must pass both in order to receive a fully funded trading account of $100,000.
Before I explain how the phases work and the rules of the challenge, if you want to check out the FTMO website and what they offer then the link to their website is below.
You must first complete a 30 day trading “challenge” phase to prove you can trade the financial markets and know what you are in doing in terms of using a brokerage and trading platform. The rules of this phase a strict but they are there to make sure you are able to manage your exposure and someone else trading capital before they give you live funds.
Once you pass the 30 day challenge phase you then go to the verification phase. This is when you prove your worth over a longer period of time and show FTMO that you weren’t just “lucky” and you have what it takes to trade over the longer term.
If you successfully pass both phases then you are given access to a $100,000 trading account with a profit share of 70/30 (%) in your favour.
You have manage to trade your way to 70k!
The rules of the challenge phase are simple but could be the make and/or break of a new trader. Firstly, there is a minimum number of trading days of 10 days required. At first glance this may seem low but don’t let it fool you… having a minimum number of trading days could quite easily push a new trader in to “over trading” and losing some of your hard earned profits.
The second rule is that you must have a minimum of 50% positive trading days. This is self explanatory but must be carefully monitored because those traders with win rates but higher reward:risk ratios may struggle with meeting this requirement if not careful.
The maximum daily loss and maximum total loss are the easiest rules to manage and stay with in. The maximum amount of daily drawdown is 5% ($5000 on the $100k account) and the max total loss is 10% ($10,000 on the $100k account). I advise you all to check if you are able to stay within these limits before you start trading the challenge.
The target profit for the challenge phase is $10,000 USD for the $100k account which equates to 10% profit. This is scaled down to the smaller account balances also.
If you can stay within these rules and reach the target profit of 10% then you move on to the verification phase.
The rules of the verification phase are the same as the challenge phase but it is for 60 days instead of 30 days. This is to show you can maintain your trading performance over a financial quarter instead of just a single month. In order to help you pass the verification phase, FTMO kindly lower the profit target to 5% ($5000 on the $100k account).
If you successfully pass the verification phase then you will become a full funded FTMO trader with access to an account of up to $100,000 USD. With the profit share they offer this is the same as you trading $70,000 USD of your own funds.
If you are also interested in trading your way to $70k then check out the FTMO website for the full breakdown of what’s involved. They are excellent at dealing with you as a customer and a trader and keep in contact with you at all stages.
They also have a very handy free trial offer for you to test your ability to pass the challenge phase. You can find this by clicking here.
So there we have it. This is how I shall spend my time over the next 30 days and hopefully the following 60 days should I pass the challenge! I will be updating you weekly with my progress and I will share the results of the challenge as they happen. Part of the FTMO process is to have access to their excellent platform that monitors your progress and I will show you this once I begin.
Have a good week and please don’t forget to LIKE, FOLLOW & SHARE my blog to stay up to date with my latest posts 🙂