How our new FTMO Traders describe their evaluation proccess?

Once again, we bring you new article where we talked with new FTMO Traders, and they were kind enough to share their experience with us. Enjoy the article!

Trader Lai shares valuable information

What was the hardest obstacle on your trading journey?

For me, personally it was sticking to my trading plan and dealing with psychology after losses.

How would you rate your experience with FTMO?

I have not encountered any issues with FTMO besides on the day of migration (data delay).

Your customer service has been excellent, there is a live chat during office hours and even when the line was too long you reached out to me per email and always answered within 0-2 business days.

FTMO seems like a promising startup that is getting mainstream attention (or at least as mainstream as trading can be) and I would love to be part of it.

What inspires you to pursue trading?

I have always enjoyed the idea of being an entrepreneur, being financially independent and not work in a job for someone but myself, but never had any actual business ideas and / or capital. A few years ago, I watched tons of videos on business and how other people had made it.

One video talked about scalability of a business and mentioned trading as an example. That idea stuck with me and I started doing it ever since.

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

As long as that losing trade fits my trading plan, I do not feel emotionally bad anymore.

If I risk too much or entered too late and it derived from my trading plan, I try to not trade for a few days, as some sort of punishment and condition myself to not do it again.

Also journaling helps a lot and I go through my journal on the weekends and review what I did well and not so well that week.

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

10% capital gain at challenge phase may seem to be a lot for most traders but I do not agree with that statement saying FTMO makes the challenge too difficult. Let me explain why.

In math, especially in probability calculation there is a term called variance.

This term describes the deviation of the expected value. Without getting into the specifics, that means: The lower the win rate, the higher the variances.

The higher the no. of trades I take, the closer it gets to the expected value.

From my own back testing my strategy had a win rate of about 60-65% (it is higher in the account metrics due to closing trades partially and filling days with mini lots), so my variance is not that high, which makes a losing streak unlikely.

But even if it worked against me, I should passed the challenge more often. In the verification the variance actually worked for me, so I passed it pretty fast.

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

Practice, practice, practice. It is like learning any skill, if you do not do it yourself, you will never learn it. The learning curve is not linear but rises exponentially. Just don’t give up.

What was the best trade for trader Sami?

What was easier than expected during the FTMOChallenge or Verification?

Risk management became more apparent to follow to succeed.

Where have you learned about FTMO?

Through a referral who was already successful in becoming a trader for FTMO.

Describe your best trade.

Momentum-based trade on GJ, where I entered the market at a cheaper price before it made a big percentage of change in price in such a short amount of time. I knew when to hold and when to start scaling out of my position which yielded an amazing reward.

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

By preparing for a pair to trade in advance early in the week. Luck is what happens when preparation meets opportunity. I was prepared, opportunity presented themselves, and I executed my plan.

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

In the verification, I was in drawdown early in the process and I had to make sure I was only taking high probability trades to come back above the original equity and more. I kept my emotions in check and made sure to let my intuition flow.

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

Be patient when waiting for setups and don’t jump into a trade because of eagerness.

Trader Shirin

 

How would you rate your experience with FTMO?

My experience with FTMO has been amazing. It’s an excellent platform and I would highly recommend it. The Client Area and the Trading Analysis given by FTMO has been informative and helpful in every step of reaching the target.

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

Yes, I do have a trading plan. I stick to my trading rules and maintain discipline strictly.

How does passing the Challenge and Verification changed your life?

Passing the Challenge and Verification has instilled more confidence in me, as a person and as well as a trader. It has given me a wonderful platform to explore my strengths and has also given me a path to achieving financial freedom.

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

Definitely yes, I will take another FTMO Challenge to manage a bigger capital.

Has your psychology ever affected your trading plan?

As a person, I am very strong-willed when it comes to sticking to my ethics and principles in life.

I guess that has naturally flown into my trading as well.

I stick to my plan no matter what and try to look at the practical aspect of it. I trade only when my trading plan/ strategy is applicable in the market and do not force it in all market conditions, which is impractical.

I do not give into emotions like fear of losing, fear of missing out or greed.

I treat good and bad days equal. I do not let it get to my head. So, the answer is NO, my psychology has not affected my trading plan almost 90% of the time.

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

Firstly, approach the challenge with confidence. Never be overconfident or emotional. Work at the moment!

The main focus here is the daily loss limit. I would never let my daily losses go beyond $200 on average.

Accept a loss that you’re only capable of recovering the next day. If your trades aren’t going well as planned, PAUSE!

Do not do revenge trading just to recover those losses. You can always start fresh the next day.

Try to be consistent and make maximum profits when it’s a good day in the market.

Do not over trade! Make about minimum 10%-15% of the target every day and you’re good to go. Discipline, Consistency and Risk Management is everything in FTMO, irrespective of any trading plan you follow.

Lastly, believe in yourself that you can do it! Don’t let the losses make you feel like a loser.

You are much more than that and you got much more than what you see on the trades. Keep that fire burning and never stop believing in yourself. You will definitely pass the Challenge. Good luck and God bless.

Trader Kok

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

There are three things every successful trader must have. 1. A profitable consistent trading plan. 2. A success goal for yourself as a trader. 3. Strong discipline and consistency. When you possess the above three criteria, the question is not how you succeed anymore, it is when.

How does your risk management plan look like?

Risk management is the key to trading. I would not risk more than 1% of the risk on every trade that I enter.

Simultaneously, I would not expose myself to the same currency pair for more than 2% of the risk. With this trading plan, I am able to pass the challenge with ease.

What inspires you to pursue trading?

My passion. I am very passionate about trading and looking at graphs and numbers. The objective that inspires me to pursue trading is financial independence.

Describe your best trade.

I would say my best trade would be GBP/USD in my Stage 2 – Verification Stage.

I had my trading plan ready to short GBP/USD. It fit all my criteria to enter but unfortunately, I got stopped out at the first time.

When the price came back to my stop out level, I still saw the pair meeting my criteria, so I shorted GBP/USD again. With strong discipline and 2 scaling in position, I managed to pass my Stage 2 using just GBP/USD.

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

Definitely. A trading plan is a must for every trader to be successful.

However, if you had a plan and you didn’t follow, it is not a plan at all. Hence, I follow strictly to my plan.

For taking losses, I had a risk management plan as mentioned before. For every position I take, it will have to fit all my trading criteria.

First, the price must be within my area of interest, normally key resistance/support zone at higher time frame, normally H4 or Daily. Second, there must be a price action for me to confirm my entry, for e.g. a shooting star, Fibonacci Retracement Level, or rejections at key areas.

Third, follow your plan strictly. Lastly, let your plan speaks for itself.

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

Never let your psychology affect your trading plan, or at least keep it at a minimal level.

If it ever affects your trading plan, just shut the screen and take a walk. Come back with a fresh mind and start again. Most importantly, have fun trading and enjoy the process!

Trader Eveline from United States

How does your risk management plan look like?

For the $10,000 account I will be risking $50 per trade until I get to $11,000. $100 per trade after

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

Psychology/mindset and experience in the different market conditions

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

Met my expectations

What was the hardest obstacle on your trading journey?

Overcoming the need to be in the trade all the time and being more patient with waiting for right setups

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

Yes

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

Take your time, do not rush the process