New FTMO Traders share their experience

New FTMO Traders share their experience from our evaluation process. What was easy, and what was hard for them? Let's find out!

Trader Jonas - "Cherry-pick your first trade very carefully."

How did Maximum loss limits affect your trading style?

It didn't affect my trading style and psychology much because I work with max loss limits in my private account.

However, what affected my trading style was that 10% of profit needs to be made within only 1 month for phase 1. So the profit target and time limit actually affected my trading style. I trade bigger time frame setups, so it wasn't easy to get it done in only 1 month.

Therefore, I realized I need to carefully cherry-pick the best setup and execute it with a higher risk than usual. However, In the funded account where there is no time limit or profit target, I will go back to very conservative risk management, where I only risk 0.5-1% and where I can also skip some days with no setups and low volatility.

The primary goal is never to reach any loss limit secondary goal is to profit over time slowly.

Describe your best trade.

Best trade or trades came from a big time frame like daily or even monthly and started working out almost immediately. This, for example, worked out for me multiple times in the DAX. The best trade was in the DAX. It was a short daily setup. I opened it right at the London opening, and it went down a couple of percent right away, basically not ever going into minus.

What was the hardest obstacle on your trading journey?

Phase 2 was the hardest obstacle. It was here where I failed multiple times. This happened because, in phase 1, where there is a 10% profit to achieve in only 1 month, I cherry-picked my set up very carefully and only started the challenge with a perfect setup since I knew how hard it would be.

However, in phase 2, I didn't wait because I thought I only need 5%, and I have a 10% downside and 2 months.

Overall I was expecting it to be way easier, which was a foolish mistake since trading is never easy.

I could have saved money by only starting phase 2 with a top setup and wait until this setup then occurs.

I often traded instruments like forex during the challenge, which I usually don't trade just because I thought there is a setup here, and I have a time limit. I realized later that my trading style shouldn't deviate from other instruments.

Sticking only to DAX and don't look at anything else also helped me pass phase 2. Psychological phase 2 is also harder because you get that feeling of you are almost at the finish line, and once you start losing, that is slipping away from you.

How would you rate your experience with FTMO?

It was a good experience overall. It makes you more disciplined and pushes you to your boundary, which is difficult but makes you mentally stronger after you have passed it eventually.

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

Nothing really, trading is one of the hardest things you can do in your life, and it will always be that way, despite how many years of experience you have and what other circumstances surround you.

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

Cherry-pick your first trade very carefully. Only start phase 1 and phase 2 when the best setup you get occurs exactly the instrument you want.

Please don't rush the process as I did, especially in the transition to phase 2. Another piece of advice is to cut back on your ambitions with FTMO.

My ambitions were too high in hindsight. My goal was to pass FTMO within 6 months (due to work-related reasons), which I eventually did. However, if my goal was more modest (like just ending a challenge in profit), I could have saved money because you can always take it slow and step by step that way, by only ending the process with a little bit of profit and then try the whole process again for free of course.

Trader Anton - "Don’t be greedy. Be patient."

What was the hardest obstacle on your trading journey?

Finding an inner balance, fight the negative greed, and see peace in every trade. Slow and steady wins the race!

How did Maximum loss limits affect your trading style?

I stopped for a longer time period until I could process my mistakes, learn from them, and clarify my goals and trading personality.

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

Patience!

Has your psychology ever affected your trading plan?

Most definitely. On one side, it’s important not to be like the gray mass of retail traders and to follow the most basic movements but to wait like a predator, striking at the right time after all the confirmations have appealed to the trading conditions/strategy.

Describe your best trade.

I waited for my XAUUSD setup to validate for a few days. After ignoring a takeout, I waited until EVERYTHING was set up perfectly, and I took a long, which got me the opportunity to make 400€, which I withdrew the next day and gave to my parents.

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

Give it your best show. Don’t be greedy. Be patient. Calculate three times and take the trade. Don’t overtrade or over-leverage.

Trader Abdulwahab - "Number 1: Risk management, Number 2: Discipline."

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

Number 1: Risk management, 2: discipline. Being able to deal with loss because the loss is part of trading, and with that, I no longer have any problems because of my experiences that I have learned. And the psychology of Trading is also important, of course.

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

Answer: Everything was the same because for me personally, it's about percentages.

Describe your best trade.

My best is trade is on GBPJPY on my first challenge, on a daily timeframe, it was really low, and it was on my daily trendline, which I analyzed myself, and it had gone perfectly. € 800 +

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

I found nothing difficult during that challenge and verification.

How did Maximum loss limits affect your trading style?

Actually, it didn't have much effect because it was made through equity, not closed trades.

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

I really recommend this because I see this as a challenge for yourself or that you really can or not, and it is not easy, but it is simple. Just keep it simple.

Trader Jaroslav -"Stay consistent, disciplined, and stick to your strategy."

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

Losing trades happen to everyone, and it is very important to know when to call it a day. In fact, it happened to me just before finishing the verification process that I lost more than my rules permit. It is very important to stick to the rules you set for yourself and stay disciplined. I realize that my losing gets worse once I don't stick to the rules.

What inspires you to pursue trading?

I have started trading first time 4 years ago and had a winning streak and did quite well for two months to get greedy and lost it all. Since then have been studying and doing demo accounts. Last year for the situation around Covid 19, my contract has been suspended as a director in the hotel company, and that's when I realized I have to make it. I started to study and a few weeks ago successfully passed the exam EFPA.

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

Probably the most difficult was the psyche part of trading.

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

It definitely taught me better money and risk management.

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

That's the plan. I want to take full advantage of this opportunity.

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

The number one advice would be "Stay consistent, disciplined, and stick to your strategy."

Trader Lorenzo - "Your job for long term success in trading is always to make more than you lose."

What was the hardest obstacle on your trading journey?

It is certainly managing emotions. This business is a real rollercoaster of emotions, and being anxious, excited, or worried will certainly affect your trading in a bad way, whether you want it or not.

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

Apart from being psychologically strong, I believe that having a strategy/trading plan that makes you more than you lose is essential. Having losses is just part of the game; nobody is exempt from it, not even Wall Street's big players. Your job for long term success in trading is always to make more than you lose.

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

Having days in which I completely misread the market. I just stopped trading, accepted the "red day," and returned the next day with a more "open mind."

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

By sticking to my strategy and mastering very few instruments.

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

Both the challenge and verification are pretty difficult, but as I mentioned before, the hardest part was managing my emotions.

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

Don't rush. Pick 3 or 4 instruments that you like (better if correlated) and know them like the back of your hand. Back-test a lot until you feel comfortable enough and trust what you're doing. Keep emotions away every time you open the platform, or you will eventually fail. Markets are pretty difficult by themselves, don't be another obstacle between you and your success in this business!