Persistence and hard work, these are the characteristics of Piotr, our trader from Poland who takes trading very seriously. His journey started with quick success followed by an even quicker reality check. He didn't quit, he learned and became consistent. We wish Piotr a further success in the future with FTMO.
“The Challenge teaches consistency and allows to look at trading as a business and not as a fun for big boys.”
Tell us something about you. How did you start trading?
I have been interested in the financial markets for as long as I remember. That has been like this since my studies. At first there were stocks, then futures contracts and at the end of it, currencies. I treated my interests as a hobby. I read a lot of professional literature, I followed internet forums. I earned a lot of money and then I lost everything. It was a breakthrough moment. I understood that if I don't change anything in my trading, I'm going to turn around in circles. I started to work on myself and my psyche. I learned the consistency. I developed my investment system. After many years of failures I realized that the most important in trading is psychology and money management.
Can you briefly describe your trading strategy?
My trading system is based on moving average T3 and weekly and monthly pivot points. I use 1h and 4h charts. The T3 moving average bundle determines the range in which the price should move, i.e. determines the direction of the trend and the maximum level of correction at the same time. Pivot points determine the take profit level. According to my observations, price most often moves between the levels determined by pivot points. In case of a strong trend, horizontal pivot points of course lose their importance.
What did you do well?
Before, I managed to finish the Challenge and Verification, I lost 4 times. At the beginning I focused on the result, completely disregarding the principles of money management. I traded too big positions. I wanted to finish the Challenge quickly and I risked too much. Finally, I understood that the most important thing is to protect capital. I started to control the losses and I set the SL to never exceed the maximum daily loss level. But it was still not a good strategy. Now I try to keep the maximum daily loss below 2-3%. It is easier to make up for a loss of 2% than 5%.
What do you need to improve?
I believe that in the case of aggressive risk, the level of profit target should be the same as in the normal risk level and only Maximum Daily Loss and Maximum Loss should be increased. Most trading systems have a DD greater than 10% and increasing Maximum daily loss would allow you to stay on the market and earn money.
Was the Challenge helpful?
Participation in the Challenge has definitely improved my trading. I learned the consistency in the implementation of the strategy and the principles of money management. I started to treat losses as an integral part of trading without emotional pain. The realized SL allows me to play further, showing only that the market behaved differently than expected by my system. And, as we know, every game is random and independent and can result in a profit or loss. A good system, thanks to its statistical advantage, will have more winnings than lost games.
Would you recommend Challenge to other traders?
I strongly recommend the Challenge for learning the professional approach to trading. Most traders have problems with discipline and loss taking. Participation in the Challenge forces traders to learn from previous trading errors. The Account Analysis quickly shows weak points of a trader. The Challenge teaches consistency and allows to look at trading as a business and not as a fun for big boys.