TOP FTMO Trader Daisy: “I do not have to force the trades“

In the next part of the series on successful FTMO Traders with above average profits or consistent results, we will look at the approach of trader Daisy from Kenya.

Daisy became interested in forex trading in 2019 and has been trading since 2020. The possibility of interesting returns intrigued her greatly and as a result, she invested in a company that traded on forex. Unfortunately, the company turned out to be a scam and Daisy lost all the money she invested.

This experience, however, made her become much more interested in forex, she started to educate herself, watched videos about forex for several hours a day, etc. However, like many beginners, she found that it is not as easy as it seems at first glance because she tried too many strategies. This journey has been really challenging for her and much longer than she expected, but in the end, she has found an approach that suits her.

One pair is quite enough

Today she is trading exclusively the currency pair GBPJPY, which best suits her trading style. Even though she had more instruments to choose from, the amount of trading opportunities she had on a daily basis was more of a burden for her. Thus, one pair is much more advantageous for her from a risk management perspective and she can focus on it fully.

She chose the GBPJPY pair because of its volatility and the time period in which she trades, with her strategy giving good results on this pair. This is because she usually trades when the London market is open and partly during the New York session.

Focused on technique

Daisy focuses mainly on technical analysis and only follows the most important macro data that could have a strong impact on what is happening in the markets. This then allows her to adjust her positions in a way that does not negatively impact her results.

She is a classic intraday trader, so she does not keep positions open overnight. She uses top-down analysis, so she first looks at a 4-hour chart to decide whether to enter the market, looking at the market structure, whether the market is trending or range bound, etc.

The actual market entry is then decided on a five-minute chart. The size of the Stop Loss then depends on the swing that the price creates just before entry and she risks a maximum of 1% per trade. However, she usually does not enter trades when the Stop Loss should be greater than 25 points. Similarly, she then sets the Take Profit based on the price action. With the GBPJPY pair making relatively large movements in points on a daily basis, Daisy does not have to worry about the price not hitting her TP if she is on the right side of the trade.

Pure Price action

As for indicators, Daisy doesn't use them much and only makes decisions based on price action and "candle anatomy". So if the price doesn't create the right candle to think about entering the market, she doesn't enter the market. Since she makes her entry decisions on the H4 chart, which only produces three candles in the time period in which she trades, there aren't many signals to enter during the day (but that's good enough for her). Thanks to this approach, she made only 5 trades in a twelve-day period and earned more than $13,000. In one month, she does not execute more than 8 to 9 trades.

Overtrading and low confidence as the biggest enemies

At the beginning of her trading, Daisy had the biggest problem with overtrading. However, when she started to solve it, the next enemy was low confidence, fear of losses and inability to open positions. Interestingly, the first step she had to take was to stop backtesting, which then led to her missing the opportunity for a good trade less often.

The next step was to record her trades in a journal, which helped her to distinguish good entries from bad ones, to be aware of the emotions she was experiencing, etc. Thanks to this, she can now focus on her plan and strategy and not think about things that are irrelevant. Eventually, this approach has helped her in her daily life as well, making her more patient.