Another batch of FTMO Traders

New week, new FTMO Traders! As always, they share great tips and valuable information. Learn from those who passed!

Trader Andromeda and her story

How did you manage your emotions when you were in a losing trade?

It was almost where I have become detached to a trades, as long as I stick to my trading plan honestly 90% of the time I didn’t let emotions get in the way.

How would you rate your experience with FTMO?

Truthfully, from 1-10 rating, I would rate my experience with you all a 10! I believe FTMO is truly an awesome company that gives the opportunity to people like nowhere else does! I actually love FTMO customer service as well because they reply so fast and actually help me if I have any questions. I love it!

How did you eliminate the factor of luck in your trading?

I always knew that trading is probability and it’s all about making an educated guess and executing high probability trades that aligns with the fundamentals, which is using your analytical mind.

Do you have a trading plan in place, and do you follow it strictly?

Anytime I execute a trade it is always a 1-2% risk, along with 1:2 ratio. Meaning that if I risk 1%, I will have a 2% gain or more, which I am gaining more than what I am risking. The strategy I use is the Wycoff method which is market structure and phases. I also use fundamentals to know what is driving price a certain way as well.

What do you think is the key for long-term success in trading?

Thinking long term is one of the best ways to manifest a happy successful life. I believe setting, writing, and planning out your trading goals towards the next 5-10 years is significant. The key is deciding what one wants to achieve in life, a monthly target percentage one wants to make, and what one decides to do with the capital they initially made. It is very strategic to plan ahead the next 5-10 years, even 20 years and more.

What would you like to say to other traders that are attempting the FTMO Challenge?

Stick to your strategy and don’t give up!

Risk management is the biggest key to your success – Trader Justin

Do you plan to take another FTMO Challenge to manage even bigger capital?

I don’t plan on taking another Challenge right away, but after the first month, I’d like to take two more Challenges.

What do you think is the key for long-term success in trading?

Risk management is the biggest key to yo success as a trader. There are many ways to go about trading but they all hinge upon risk management. This one thing is what will keep you in the game long enough to find success in rough times and will magnify the good times.

Has your psychology ever affected your trading plan?

At some point, I believe this has affected everyone’s trading plan. Sometimes you just have to not enter the market if your mind isn’t in the right place so that you can preserve capital.

What was more difficult than expected during your FTMO Challenge or Verification?

Phase 2 of the trial ( the Verification) was harder for me than phase 1 was even though the target goal was smaller. I knew I was more than capable of earning 5% and meeting all the other requirements but somehow the reality of knowing once that was over, I’d have an opportunity to change my family’s life, hit me hard, and I had a very tough initial week. But my risk management was tight and that allowed me to survive long enough to get over the mental barrier that was holding me back so that I could complete the task.

How did you eliminate the factor of luck in your trading?

You need a defined set of rules to follow so that there is no question about what you will do once in the market. Define your risk tolerance, entry rules, patterns, how many trades you can lose in one day, etc. Then you enter the market and just have to execute the plan. If this plan has been backtested at least 100x through historical data and has proven to be profitable. You follow the plan.

One piece of advice for people starting the FTMO Challenge now.

Do not enter this Challenge with a defined set of rules that you have backtested at least 100 times. You need the data to know that your plan will work and instill that confidence to follow the plan.

 

How is trader Letlhogonolo dealing with trading psychology?

Has your psychology ever affected your trading plan?

Yes. It is hard being a trader, but it is very important for my trading to get better and in that way, I have to make sure I am not mentally affected by my trades. it is important that I remain impartial to my plan and the way I trade so that my trading plan can accommodate my strategy like it is designed to

How would you rate your experience with FTMO?

Trading the FTMO Challenge and the Verification has helped me a great deal. my risk management is better because of FTMO and for the first time, I don’t feel like JUST A retail trader but a professional.

Where have you learnt about FTMO?

I learned about FTMO from Hanna Forex, she is a very influential YouTuber when it comes to forex traders, please do an interview with her because she is an incredible human being.

How did you eliminate the factor of luck in your trading?

The risk to reward management tool on trading view. Honestly, in trading, we are playing a probability game. thinking in probabilities while utilizing the RR tool on a trading view helps. also, there is a book called TRADING IN THE ZONE by Mark Douglas which really helped me to eliminate the concept of luck, and persuaded me to refine, and backtest my strategy every Saturday.

How did you manage your emotions when you were in a losing trade?

Remaining impartial to wins losses really help, thus, I never close my wins early, that is why I don’t use Take Profits unless otherwise, and with losses, I risk no more than 3% per trading day, should I be on Losing trade, I look at candlesticks formation and price action to support my reason to close my losses early.

What is the number one advice you would give to a new trader?

Knowledge is better than having to win. I think as traders we all go through the same stage, when you lose a lot of money some quit the market for good, some go back to learn the art of trading. for those that learn the art of trading, we no longer focus on winning 20% per month, but we focus on the journey to winning 20% per month> strategy refinement, backtesting, trading plan, community, professionalism, generally becoming a better version of yourself in trading.

Traders Schalk from South Africa

Has your psychology ever affected your trading plan?

Yes. The big old FOMO. It was days 2 and 3 of the verification and because of FOMO and being stubborn it cost me -5.8% and I had to come back from that. It quickly made me realize how crucial psychology is and that it is ok not to be right and just let it go.

What was the hardest obstacle on your trading journey?

The psychology and then not sticking to the trading plan. One thing that I also find being an obstacle is trying to predict what will happen and then trading on that prediction instead of allowing the market to do what it wants to do and then taking the positions according to that and if it is according to your prediction, great and if not then all the better as you waited for the market to show what it is going to do.

What was easier than expected during the FTMO Challenge or Verification?

I did not think I will be able to finish in time, but there was ample time if you have a good strategy and trading according to the strategy.

How would you rate your experience with FTMO?

Excellent. Only have positive things to say during my challenge and verification.

How does passing the FTMO Challenge and Verification changed your life?

It makes a big difference and opens the possibility to achieve my financial goals. I must say it is not just about the money for me as I believe you must be a whole person first before the material things will follow. Lock Down and Covid-19, not to be rude or insensitive as the whole world was affected by it, but it opened up opportunities for me like becoming funded trader with FTMO which I would never have pursued if it was not for lockdown. I am very grateful and thankful.

What is the number one advice you would give to a new trader?

Stick to your strategy and know that it will provide the results and do not be influenced by all the market commentary contrary to your strategy as there is no strategy that has 100% success rate. Trust the process and be in a good space mentally and emotionally.

Trader Ethan from the United States – keep up to date with markets

What was easier than expected during the FTMO Challenge or Verification?

The challenge was definitely difficult pretty it was my first time handling 100k but after a couple of weeks my mental state was calm and I was able to quickly correct my entries and purpose of trades which resulted in good results. The verification was also easier due to the fact of having more time and having a less % gain to achieve. Knowing that I do not need to rush anything but to have more time to find better trades.

What do you think is the key for long-term success in trading?

The major key for me is being sure to be kept up to date to the current market conditions for example markets have changed since the pandemic and even though it was difficult at first as a trader in the month of April. You will have to adapt to it and be up to date on fundamentals and the larger TF technical analysis.

How did you manage your emotions when you were in a losing trade?

My emotions were actually very calm at no point were I worried, panicking, or sad. I managed to pull through because of the countless hours and 2 years of work in the forex market. I am an outgoing person I will go to the gym or gold to release stress which I believe is a huge factor for managing my emotions.

How does passing the FTMO Challenge and Verification changed your life?

This is just the beginning I’m entering this part not knowing how it will be trading with such a huge amount of capital. It has not yet changed my life passing these challenges but I know it will down the near future.

Has your psychology ever affected your trading plan?

No, it has not affected my trading plan I have a very simple strategy of correlating pairs from DXY or XAU to other pairs to find good entries and R:W. That being said I don’t have psychological pain. Trading is a long-term career and I don’t need to rush things and if someone tries rushing things they suffer from huge psychological pain.

One piece of advice for people starting the FTMO Challenge now.

Be sure to be profitable with a minimum of 10k of your own money or at least very much understanding everything about few pairs. “how many pips does it move daily” “What trend” “Understanding where perfect entries are” “Backtesting” Mostly be calm and understand that its a challenge and if you can not beat it the first try its okay and go back to back testing and perfect your skill.