Should I pay someone to complete funding challenge?

Snoo6696

Recruit
Messages
1
Hello everyone, I am an aspiring full time trader who has been practicing trading for almost 6 months. I am considering taking the ftmo challenge and was thinking about paying someone to complete the challenge for me (fiverr.com/share/9b9QAD).

What do you guys think, should I pay someone to do the challenge or keep practicing and do it myself?
 

Pharaoh

Colonel
Messages
20,172
I have 2 thoughts on this:

1. If you can't trade well enough to pass, why hire someone else? If you can't trade to the target standards, you probably will end up getting kicked out of the program quickly and will collect little or no profit (assuming the prop firm you select isn't a complete scam to begin with).

2. If your fiverr guru is SO great at trading, why isn't this person very busy personally passing all the tests for larger and larger accounts and raking in shares of the profits made on those accounts? $50 would seem like a pathetic fee to collect for the time required to actually trade someone else's account when this person could (allegedly) pass all the tests quickly to get funded with the largest available accounts.


And one thought on the whole concept of this rapidly growing number of prop firms:

Where do you think the money for these funded accounts comes from? I doubt there's some bored billionaire trying to develop a talent pool by weeding past thousands of newbies to see who's already talented and who can be trained so that those billions can be managed by hundreds of traders operating live accounts. Just setting up a well designed contest focusing on limiting risk while still making profits could find those with potential for a lot less effort than setting up and running a prop firm. I could much more easily believe thousands of newbies paying challenge fees, buying courses, shelling out cash for "special" data feeds, etc., and only the few who pass are given tightly restricted access to larger accounts (with more fees for a challenge test to move up to higher levels.

I could also picture a case where there are NO live accounts. If the prop firm sends you to its own broker, how would you be able to be sure that your allegedly live account is connected to anything. If that was the case, then they'd pay you directly from fees paid by others who are still struggling to get funded and use your success as bait to lure others in.

Even a hybrid of these could work. Only the accounts of the most profitable traders get their next positions hedged against an LP. Everyone else just thinks it's live. A smart one of these could mirror their best traders' accounts into PAMMS, MAMS, and even set up FX signals services with high subscription fees. The people doing the actual trading wouldn't know that their efforts are being resold for profits that far exceed the "generous" profit splits on that hard-won $50k trading account.

Of course, a greedy scammer could just rig things so that very few people ever pass the challenge tests - more money to the scammers and less to share with anyone else.

I can't say for certain which prop firms have some or all of their traders deceived into thinking demo accounts are live, but if I can even conceive of the idea, I'm sure scammers looking for ways to milk money out of traders can think if it too.


My best advice: If you've got good trading skills, trade for yourself. Pull out half your profits (you'll need some to cover taxes in some countries) and enjoy the rest. Us the other half to keep growing your account. If you get REALLY good, you can try selling signals or managing PAMM and MAM accounts (start small - some good traders aren't ready to face clients who scream and cry every time even one trade ends in loss). If you don't have good trading skills, start reading Forex Military School. It's not guaranteed to make you a great trader, but by the time you are done, you'll have a much better idea of what your strengths and weaknesses are.
 

HeavenLeighRob

Sergeant
Messages
247
Not sure that paying someone is the best way to go about it. If you do, I'd be sure that it's someone you know or trust that isn't just going to disappear or blow your account.
 

sebking1986

Private
Messages
553
Hello everyone, I am an aspiring full time trader who has been practicing trading for almost 6 months. I am considering taking the ftmo challenge and was thinking about paying someone to complete the challenge for me (fiverr.com/share/9b9QAD).

What do you guys think, should I pay someone to do the challenge or keep practicing and do it myself?
If you can't pass the challenge what evidence do you have to think you will then keep the account? Are you then going to pay them to keep the account? So end up giving away a cut after you given your cut to FTMO?

Just be patient and keep practicing.
 

JimmyRozza

Sergeant
Messages
217
I also don't understand why you would want to pay someone else to prove you can meet the requirements... DIY
 
Top