“Be extremely patient”

Patience is one of the qualities whose importance is known to all traders, but most of them still have a problem with it. This is one of the reasons why few traders have the ability to achieve positive results over the long term. Will our new FTMO Traders be some of them?

Trader Bernanrdo: “Although I try not to force trades, there were times when it did happen.”

What was the hardest obstacle on your trading journey?

The hardest obstacle on my trading journey was maintaining patience to wait for a good setup in terms of risk/reward. Although I try not to force trades, there were times when it did happen.

What do you think is the most important characteristic/attribute to become a profitable trader?

I believe the most important characteristic to become a profitable trader is the ability to remove all emotions from trading and focus on following the plan, rather than thinking about the money. This is also the most difficult aspect to master.

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

When facing a losing trade, I managed my emotions by reminding myself that a single or double consecutive loss shouldn't affect me too much. However, in a system with a 60%-40% win rate, experiencing a cluster of 4-6 consecutive losses can be challenging. The most critical thing to overcome in such situations is to avoid increasing risk or position size to try to catch up with the losses.

What was the most difficult during your FTMO Challenge or Verification and how did you overcome it?

The most difficult aspect during my Challenge or Verification was the limit on the equity instruments I could trade. In my personal account in other brokers, I'm accustomed to trading my favorite mid-cap stocks, which often exhibit more predictable behavior due to lower trading volume where "whales" like Hedge Funds or other Professional Organizations can't operate. Unfortunately, in my FTMO account, I only had access to 4-5 stocks with the right volatility and price to operate within the account's parameters. These 4-5 stocks are significantly more challenging to trade due to the presence of advanced algorithms aimed at liquidating retail traders. These stocks are highly liquid with enough volume for "Big Money" to be present, and they frequently make manipulative moves, making them less appealing for day trading. However, with some training, I managed to overcome this challenge with some efficiency.

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

Nothing was easier than expected.

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

To other traders attempting the Challenge, I would like to emphasize some cliché stuff, be extremely patient. Only trade when you see a proper setup that aligns with your strategy. Accept losses as part of the system and learn from them. Additionally, try to hold onto your winning trades for as long as possible to maximize profits. Remember, consistency and discipline are key to success in trading.

Trader Cameron: “Stick to one strategy, keep risk small and stay consistent and disciplined.”

What does your risk management plan look like?

1% risk per trade, I personally aim to take every trade setup that my strategy provides. However, if I have ended up in say 3% drawdown for one trading day, then I would only allow to take one more trade following my rules for that one trading day, as to not violate the 5% daily loss rule. I also have pre-defined Stops and targets for each trade and personally try to only stick to those and not manually exit trades.

Where have you learnt about FTMO?

I have been following FTMO for the last 3 years, I think it was during the time I was in the phantom trading group that I first heard of FTMO and prop firms in general.

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

Currently, my thoughts on passing the FTMO Challenge and Verification has allowed me to realize that I can be a consistent and disciplined trader as long as I follow my plan, my goal is to be consistent trading the 10k account and use the first payout to fund the 100k challenge and hopefully build from there.

How would you rate your experience with FTMO?

Very good so far, the Challenge has been made a lot less stressful by removing the time limit, also I have had assistance with passing the FTMO Identity verification which I am very appreciative of.

What inspires you to pursue trading?

I have been trading for 4 years, at the start it was all about money as it is with pretty much anyone who gets involved with trading, but now it’s not so much the money I am focused on, it's more being able to be my own boss, living a life on my own terms and having my time back.

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

Stick to one strategy, keep risk small and stay consistent and disciplined, and also that technicals are not the main thing to be focused on, instead the psychological mindset of trading is the main thing to focus on.

Trader Giuliano: “Hold yourself accountable, treat backtesting like your veggie.”

How did the loss limits affect your trading style?

It hasn't affected me as I am allocating 0.5% of risk for each trade.

How would you rate your experience with FTMO?

10/10, hands down best prop firm in the industry, best customer service and transparency everywhere I look.

What was the most difficult during your FTMO Challenge or Verification and how did you overcome it?

I had to apply refinements during my phase one, and because any tweak I add to my edge has to be data backed, I had to go through a lot of data. In the end proved worth it.

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

I just look at the data and backtesting and as long as I stick to my plan, it's part of the process.

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

Yes, I do have my personal trading plan and I do follow it strictly. I created my plan from a lot of expensive and free courses online, no one was 100% convincing to me, so I got to work and puzzle it together with what I thought could work and understanding how my personality in trading worked, it really kept me excited.

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

Hold yourself accountable, treat backtesting like your veggie (no one wants to eat them but are necessary to survive), don’t go public with how much money trading could make you, no one cares and probably people have a better job than yours, so keep it to yourself. They will also make fun of you so don't bother. Don't put money in things that are not data backed, you will lose more money than you could think of. This is no investment, it's trading, it's another beast. Be smart, don't read books about the next best system, don't follow the trends, follow the rules.

Trader Anthony: “I just don't think of trading as a game of luck anymore.”

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

As long as I understood and knew what my risk was before I entered the trade, the outcome (loss) had little effect on my emotions. The only time I had a hard time was when my risk was higher than the usual risk I would take. I simply changed my risk profile to have smaller losses, and everything worked out perfectly, even when I was down 5% from the initial capital.

What inspires you to pursue trading?

I re-discovered trading 4 years ago and decided to go all-in with the endeavor. For 4 years, I was reading, studying, losing, losing, losing, losing, losing, losing, studying even more (6-8 hours a day) until I was consistent NOT losing money anymore. I decided to prove myself with the FTMO Challenge. I simply want to be a phenomenal trader with amazing risk management skills. Money will follow. I want to be able to have a great lifestyle for myself, my family, and my parents.

What was the hardest obstacle on your trading journey?

The hardest obstacle is by far managing your emotions in a trade and following the plan. I am 100% positive that every great trader goes through the same phase of emotional control. I have added meditation in my trading practice, up to 2 hours a day just to catch myself when I am overconfident, but also when I am over fearful to take a new trade. Assess my risk and move forward for the next trade.

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

I just don't think of trading as a game of luck anymore, simply as a game of probabilities. I love how the FTMO platform shows you all the statistics and trade journal. This is A GAME CHANGER! I think it takes time and executing a lot of trades to really understand this. I believe I had maybe a 10-12 losing streak but still managed to get on top. As long as you don't blow out, you still have ammunition for the next trade.

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

Yes. I hope to be one of the best FTMO Traders. Hopefully I can manage over 500,000$ for FTMO. My next step is to take the 200,000$ challenge. How many can I take ?! :)

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

Study, study, study, and study. Look at charts, understand the patterns, learn how to recognize them so fast that you have no fear of execution. When execution time comes, KNOW YOUR RISK (% of capital), and execute without fear or hesitation. It took me over 5,000 hours of studying charts to be able to easily recognize great entry points. I would start trading the free demo account to understand the platform (I am used to trading only stocks) and see if the strategy you use has a positive expectancy. Once you do, you can take the Challenge. Now the emotional aspect will kick in, and the only way to manage this is through experience. Don't give up, continue trading, but always trade small.