Q&A with new FTMO Traders

We are bringing you a new dose of interviews with our freshly funded FTMO Traders. They share their strategies, trading styles and what helped them to complete the FTMO funding process. Enjoy the reading!

John talks about his journey and trading style

 

About me:

I started trading 6 years ago when I still had my full-time job. Having a 9-5 job that I was not passionate about, led me to trade for some sort of side hustle. I started trading with the PSE (Philippine Stock Exchange), and it eventually led me to move on to Forex. Early last year, I quit my 9-5 job as an initial plan to study and work abroad. For some reason beyond my control, that plan did not push through. Given this negative situation, I saw it as an opportunity for me to reinvent myself and decided to go all-in on the idea of becoming a full-time Forex trader.

For over a year, I have isolated myself to focus all my time and energy in honing my skills to become a profitable trader. I spent most of my days backtesting multiple hours a day on all currency pairs, watching and re-watching webinar content to work on my technical skills and read a lot of psychology and personal development books to work on my mindset. All those daily routines paved the way for me to become a consistent and profitable trader today.

How do I trade?

I trade structure and patterns. Basically I do most of my heavy analysis during weekends. I would go through all the currency pairs from the monthly time frame down to the hourly time frame. It enabled me to see the opportunity for the week ahead. I then usually shortlist all the pairs to my top ten pairs that I will focus on the week ahead. During the trading week, I would have my morning routine and do my daily forecast on all pairs on my watch list. I then filter out my top 3 pair for the day.

Consequently, I set alerts on the key level where I’m interested to get involved in the market. Once those alerts are triggered, it is where I am on the ball and be on the charts, prepared to execute my trades on the H1 when the set up presents itself.

What went well?

Well, it was challenging. It really tests the traders’ profitability and risk management skills with all the trading objectives.

What to improve?

I think I need to work a lot on my mindset, having drawdowns on my challenge and verification. I can easily see myself going into a negative spiral and be consumed with negative thoughts. Something I need to work on, in order for me to execute my trading plan properly and let probability play out.

Has the Challenge helped me?

Yes, it has. It helped me become a better trader and really filter out the positions I’m taking. It reduced the number of trades I’m taking in a month. To be honest, I have failed the Challenge a couple of times, but I’m a kind of a person that sees failure as a good thing. I see trading as how I ride my mountain bike. I’ll be willing to crash myself 10 times to get that perfect line on the trail once. Knowing on my 11th try I’m more equipped with information and knowledge on what to do and what not to do.

Do I recommend the Challenge?

Hell yes! Especially to someone who is passionate about trading, who is patient, persistent and willing to put in the work to get things done. Trading up to a 300k USD account and have the opportunity to earn more than you can spend, doing the thing you love, can be like living a daydream.

 

Price Action day-trader Ugwuanyi

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

In order not to have had feelings when I lose I try as much as I can to apply my money management system, because losing is part of the art. So having that in mind that I have mapped out what I can withstand emotional when I lose, it becomes much easier to get over it and move on.

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

When I experienced a back to back losses, I was like what. But I have to calm my emotional attachment towards it down, by so doing I was able to do more analysis which helped my overcome the losses I encured.

How does your risk management plan look like?

Depending on the nature of the opportunities I saw in a market. To start with I made sure I don’t overtrade, because it gives a hard feeling when you have some trades in profit but only one stupid trade will eat up all the effort made by the other positions.

So my max trade per day was three positions but could add more the next day when the other had entered into profit or taking me out in profit or loss and lastly the lot size and the pips I risk depends on the high level probability of the opportunities I see in the market, but as someone managing $10k account I don’t use more than 0.5 lots and not more than 30pips SL

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

Yes of course, I am a day trader who uses price action trading coupled with Stochastic ( divergence and convergence), my daily target per every trade is 30pips worse 50pips.

Has your psychology ever affected your trading plan?

Sure very many times, to be frank that is what am still battling as a trader but by God and our mother’s grace coupled with discipline am overcoming that now.

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

My advice to new traders is that first you should try and develop a system that works for you, don’t use this system because you see your friend use it and it worked for home or her, try and work on the one that best suits you and stick to it no matter what comes out of it.

The truth is there is no holy Grail system but if you stick you will always have higher percentage win. Finally don’t stop learning no matter what.

 

How FTMO Challenge helped Trader Tom to achieve his goal

 

How does passing the Challenge and Verification changed your life?

Hopefully, this will enable me to turn full time in the next couple of months which has been a massive goal of mine since I started.

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

By following a good strategy and staying disciplined too it know Because of my risk management if I take the same trade over and over again I will come out in profit.

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

Yes I plan on doing 2 more Challenges in the next 2 months to get $300k. I attempted 2 more while doing this with a slightly different strategy but failed so the next two I will do with the strategy I used to pass this one.

What was the hardest obstacle on your trading journey?

Staying disciplined. Not over-trading.

How does your risk management plan look like?

I risk 1% most trades with a 4-10% gain.

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

Definitely give it a try, if you pass or fail you will learn about your trading and yourself while doing this Challenge.

 

Trader Chinedu shares what is key for long term success in trading

Where have you learnt about FTMO?

Out of curiosity, I typed something along the lines of “funded account for forex traders”, and FTMO popped up in the online search engine.

Has your psychology ever affected your trading plan?

Yes, It used to be my Achilles heel in trading, but I realized that if I am going to have longevity as a trader, then I need to ensure that I am in the right state of mind whenever I am trading.

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

For long term success, you need to be firing on all cylinders. Ranging from having a profitable trading methodology to proper risk and money management. But above all, consistency and long term success in trading depends mostly on the state of mind of the trader also known as trading psychology.

How does passing the Challenge and Verification changed your life?

One of my biggest limitations in trading has been under-capitalization. By passing the Challenge and Verification, I have solved that problem now because I now have quite a larger account to work with.

How did Maximum loss limits affect your trading style?

It was an absolute game changer. It puts risk and money management in the front row of trading.

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

Manage your risk. Trade only when your strategy spots a trading opportunity. One and two calendar months is more than enough time to meet the trading objectives for the challenge and verification respectively, so be patient. Just be patient.

 

Trader Peter from Hungary

 

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

I have my (not too tight) stops in place at all times and don’t take on too big and too many positions. So if it’s hit, it’s hit. No problem, there are many opportunities in the markets, so I wait until the next one arises.

How does passing the Challenge and Verification changed your life?

I’ve become a professional trader, so it had a huge impact on my self image and boosted my confidence. It brings a huge amount of responsibility as well, and I’m about to handle it wisely.

How would you rate your experience with FTMO?

Excellent.

What was the hardest obstacle on your trading journey?

The biggest obstacle was how to accept and act on what the market tells me instead of trading according to my views on the markets. Also, watching and managing my emotions with the traded time frame and proper money management had a big impact.

How did Maximum loss limits affect your trading style?

I coded an order management system on MT4 that takes on exactly as big positions as I want, calculated from the stop and the entry level, and R. In the Challenge I risked 1% with a trade, in the Verification I wanted to be on the safe side, so I lowered it to 0.5%. I had time, since I did both in 7 days.

There were 2 days when the daily limit was in danger, and since I risked more than money, I risked my success, I’ve learned to stop trading and go back to analysis.

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

Be open and flexible in your analysis, gain confidence by practice and put on trades that leaves you without emotions. It’s not a sprint, it’s a marathon.