“Losses are a normal part of trading and learning to accept them can prevent overtrading”

Trading Forex without losses is not possible, as anyone who has ever tried it must know. Accepting this basic idea of trading has led to an improvement in mental well-being and associated better performance for many traders. Our new FTMO Traders Mohammed, Jomon, Yaniel and David know all about it.

Trader Mohammed: “It is OK to have a losing trade.”

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

I started my first FTMO Challenge in February 2023 and failed the challenge a couple of times mainly due to the position size. However, after a period of perseverance and adhering to my trading plan, I eventually adopted a more measured approach, factoring in the potential losses I could endure in each trade and eventually, I succeeded.

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

It’s easier to pass the Challenge with fewer exceptions. I would like to thank the FTMO team for the unlimited trading period which gave me peace of mind and I was able to trade without any rush. Even though I had an unlimited period it took only 7 trading days to complete the Verification as I was not in a rush and didn't take trade in FOMO.

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

During my first couple of FTMO Challenges, I wanted to complete them quickly and become an FTMO Trader and that was the most difficult part. It’s important to stick with the plan and not to overtrade.

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

I am so excited for a new beginning and it will completely change my life for the better.

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

It is OK to have a losing trade. Trading will not go as per the plan. I normally take a quick break and come back fresh for a new trade setup.

What would you like to say to other traders who are attempting an FTMO Challenge?

I highly recommend undertaking an FTMO Challenge. Participating in the FTMO Challenge has been a transformative experience for me, teaching me valuable lessons in self-discipline and significantly improving my trading journey.

Trader Jomon: “I don’t believe in any luck in trading or any other business.”

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

Controlling emotions was the hardest lesson I learned during my entire trading life. When the RR is not properly managed, your emotions will be very high. Sometimes it created a total vacuum in my life. Overtrading was the major reason for my emotional instability, and I overcame such situations by replacing overtrading with disciplined trading. Even if all the confluences were supporting and the trade goes in loss, I will always make a trade journal and evaluate my trading journey to understand where I have gone wrong. On that particular day, I won't take any further trade and will be away with some other activities.

What inspires you to pursue trading?

I have gone through various challenges and the major was financial constraints. During that, I heard about Forex trading and attended the first seminar. As you know, being a novice trader, I was thrilled and excited to see the profitability and the way the presenter explained about the trade. Even though I had challenges, I managed to loan some amount and invest in Forex with one of the brokers. Within a few days, I lost the equity completely and I was in a dilemma with all the problems including financial challenges. I made a decision to learn Forex and it became a passion and I spent 10-12 hours daily up to one and a half years to learn the process. Also, I started watching YouTube Forex videos of successful traders including FTMO winners. This inspired me a lot and that was the start of my trading journey.

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

Yes, I do have a trading plan and always try to grab max profits from one position in any selected instrument including commodity, currency, indices, etc. I will always select the time frame and trading hours and always closely watch the fundamentals about the selected instrument.

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

Seriously, I don’t believe in any luck in trading or any other business, rather it is pure effort, hard work, patience, and continuous learning. Maybe some luck favors to few news traders and trading news is like gambling.

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

Losing the trade on the verge of a profit hit was one of the challenges during the FTMO Challenge and Verification phase. Sometimes, the market reverses prior to hitting the set target and I have to do the entire analysis again from the very beginning.

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

A novice trader always requires a mentor to guide him and to get disciplined. New traders should never think about creating wealth from the very first day of their trade; rather they should concentrate on developing the skill, putting in a lot of effort and hard work to be successful. They must practice on Demo accounts including at FTMO, and once they build up the confidence, start trading at FTMO where they will learn patience and discipline in depth. Develop skill and wealth will follow.

Trader Yaniel: “Opportunities manifest themselves, and it is upon the trader to seize or forgo them.”

Has your psychology ever affected your trading plan?

I believe the paramount factor and the foremost asset for a trader lies in their mindset. Mastering the psychology of trading is imperative.

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

I have participated in several trading Challenges in the past, and I encountered difficulties primarily due to the strict timeframes imposed by these Challenges. Having no expiration date allowed me to exercise patience, wait for optimal trading setups, and avoid the need to force trades.

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

I've been reading the book 'Trading In The Zone,' which has enlightened me about the inevitability of incurring losses in trading. I effectively manage my emotions by embracing the understanding that each day presents new opportunities, and not over-trading trying to get my day back to green.

What inspires you to pursue trading?

I have a strong inclination toward learning about the market; it is something I am naturally drawn to. The pursuit of becoming a more proficient trader not only imparts discipline and patience but also enhances one's skillset.

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

I hold the personal belief that luck does not play a significant role in trading. While occasional fortunate outcomes may occur due to unexpected news events, I predominantly subscribe to the view that the market operates naturally. Opportunities manifest themselves, and it is upon the trader to seize or forgo them.

What would you like to say to other traders who are attempting an FTMO Challenge?

I would advise focusing on your mindset and adhering to the rules that have proven effective for your trading. Avoid the temptation to follow the crowd and instead, identify what suits your individual style of trading. Mastery of your chosen approach and continuous improvement are key. Furthermore, it's crucial to develop the ability to handle losing trades or days with composure. Such losses are a normal part of trading and learning to accept them can prevent overtrading.

Trader David: “Quality over quantity!”

What does your risk management plan look like?

My risk management looks as simple as it can be. Always looking not to risk more than 0.30-0.50% of the account on the individual trade setup. And after that looking to close at least 1-3% in profit. My weekly goal is 3-5% max, usually, I stop trading after 3% is achieved in a week!

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

Since this is not my first time passing a prop firm Challenge there was no difficulty in that process, every trading week for me brings new challenges and I am trying to pass it well.

What inspires you to pursue trading?

Since no job pays as trading in my country it’s a part motivation for me but there is another side of controlling your emotions and behavior that comes with this job. And I like it a lot!

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

As I said above, this is not my first time passing prop firm Challenges, everything will be the same as it was before, with not too much change on a daily basis.

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

The most difficult thing during these two Challenges was controlling the behavior in the Verification process. I had some nice entry levels and positions that increased my account and nearly passed it, but because of a lack of patience, I took too many low-quality trades which again left me at the starting point of balance. So, definitely something I need to work on in the future of trading my live account. Quality over quantity!

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

It’s a very hard question since there is not one piece of advice, but a couple of them, such as simple RRR management. Another and very important is you should find yourself in the market, find a strategy that is proven to work for you, and then execute it well.