“Relying on luck is not a trading strategy”

Any experienced trader will tell you that a certain amount of luck always plays its role in your success, even the wealthiest businessmen were sometimes simply lucky. As our new FTMO Trader Alejandro mentions, luck can never be fully eliminated from your trading, but neither can you rely on it. Trina and Mason mutually agree that consistency is the key to mitigating the luck factor while Arash also makes a good point reminding us that trading is a game of probabilities. Find out what else these new FTMO Traders have to say in our newest FTMO Traders Q&A.

Trader Alejandro: “I don't believe there is such a thing as the elimination of luck from trading.”

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

I do have a trading plan in place, as any disciplined trader would. My plan is structured and concise and goes as follows: I never risk more than 1% on a singular trade (no matter how enticing the particular setup may be) and I don't open more than 2 trades in a single 24-hour period. I have begun to find myself more comfortable risking an average of 0.5% in order to emphasize the longevity of the account as much as possible. I follow this plan strictly.

How has passing FTMO Challenge and Verification changed your life?

Passing the FTMO Challenge & Verification has given me the morale boost and confidence many people seek as traders. Passing has validated my skills and given me a reaffirmation that I am on the right track.

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

Personally, the FTMO Challenge was more difficult simply because the profit target is greater and the time constraint is also greater.

What inspires you to pursue trading?

Freedom. The ability to work on your own schedule whilst having infinite profit potential is invaluable.

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

I don't believe there is such a thing as the elimination of luck from trading. As a trader all you can do is apply your skill set and work hard to find good setups in the market. Sometimes your technical analysis may prove to be incorrect, but luck happens to be on your side, or vice versa. However, relying on luck is not a trading strategy.

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

I would say to traders looking to attempt the Challenge that you should prepare for at minimum 3-4 months of backtesting before trying. This way you will have the utmost confidence when it matters most. And even if the worst comes to worst and you don't pass, keep going. Keep going, keep going, keep going. One day it's bound to happen.

Trader Trina: “I look at trading as an art.”

What inspires you to pursue trading?

When I got into trading I wanted to find something that would allow me to make extra income and have more free time. However, from the last year I have fallen in love with trading for a number of reasons. Now I do it because it makes me happy. I look at trading as an art. From drawing on the charts to bringing it to life. You are creating something, an expression. Growing up we are taught the only way to live is to go to school, get a job, and retire. However, learning to trade opens up your eyes to the fact that there is a number of ways that we should be living and that isn't the only way. So to put simply trading brings hope for me. I have also grown to love the growth of my mindset. Trading has pushed me to think in a different way, not only about trading but in my daily life. I have had to learn that in all you do your "mindset matters". Your mindset is the thing that dictates your successes or failures. And for this I am forever thankful.

Describe your best trade.

For me my best trade was not in dollar amount. My best trade was the trade that showed me my strategy worked and the reason I kept losing was from psychology errors. I had begun to start watching the consistency of my profits. I started to see the endless possibilities, which was the best trade I had. On this day, I woke up around 12 at night with my trade deep in profit, on its way to my take profit.

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

Psychology. Simply psychology because the greater you get with your mindset, the better your trading results will be.

 

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

Consistency. I kept trading through losses and wins and that’s how I realized this isn't luck.

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

Psychology. Reminding myself that none of the information being offered to me is harmful. Reminding myself to relax. Choosing to go do something else with my time. I also calculate my loss in dollar amount and if I am emotionally, mentally okay with it then I have a good lot size.

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

Do not focus on just the trading and finding a strategy. Take some time and focus more on the psychology, "the growth of your mindset" especially when it comes to dealing with losses. There is no way to trade without a loss and the sooner you accept it the better you will be. Losing is a cost of doing business.

Trader Mason: “Only take the challenge if you know you’re ready and are trading profitably consistently.”

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

Discipline, patience & risk management. These are the key attributes a profitable trader must have. I have patience and wait for the best set ups with higher probability, using the strongest time frames, and I will be executing small risk, so I am not at risk to losing account.

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

Yes, I plan on taking another FTMO challenge using the profits from this trading account.

How has passing FTMO Challenge and Verification changed your life?

It will enable me to earn more money & therefore help me support my family more, plus open up more opportunities in my life. It was also help towards trading full time without the need of another day job.

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

Luck is eliminated by executing your own profitable strategy consistently, luck is involved when taking random trades & having random results.

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

It's important to stick to the process and carrying on trading as usual, for me I keep my emotions to a minimum because I know losses are inevitable & my win rate is high.

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

Only take the challenge if you know you’re ready and are trading profitably consistently. Secondly take your time and only execute higher quality trades, remember there is a 14-day extension + free trials, don't rush the process.

Trader Arash: “Die with memories, not dreams”

What does your risk management plan look like?

My maximum risk for every single trade is 1% that most of time I divide it in two 0.5% (one for first target and second for runner). Actually I describe maximum risk per day and it is 2%. If I loss 2% in a single day I stop trading that day. The main rule for me is 2% maximum risk per day, so it is flexible and may be sometimes I use all of my permissioned risk in one trade.

Describe your best trade.

I use swing account and based on I was waiting for a sell in GBP/JPY pair. Some news about attack of the Russia to The Ukraine become a fuel and in 1-2 hours I have a profitable trade about $31.000, but by 2% risk.

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

Trading is a probability game and just risk/reward ratio and money management with minimum 50-60% win rate strategy keep you profitable trader. But luck is important for finding good setup and right time for big movements of the market.

How has passing FTMO Challenge and Verification changed your life?

This is really big chance for me, like others I have dreams and human is alive with dream. "Die with memories, not dreams" and I feel FTMO and this amazing work condition can make my dream true and make memories. On top of my dreams list is financial freedom.

How did Maximum loss limits affect your trading style?

Honestly maximum loss and daily loss made me a better trader. In this market you should always learn but I think money management and maximum losses help us to be better trader.

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

At first you should back test your strategy, please pay attention to capacity of your mind and choose an account that you have experience of trading with that balance. Secondly, 30 days duration is long time, and 2-3 good trades is enough for pass the challenge.