“Slow and steady growth is the best advice”

Nowadays there is really no rush, as there is no limit to the time required to meet the conditions of the Evaluation Process. You can wait for the right time to enter the market, and this can give you a psychological advantage that can help you to successfully complete both your FTMO Challenge and Verification. Our new FTMO Traders will only confirm this in today's article.

Trader Marcel: “You make an amazing plan, but it just will not go exactly like that.”

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

A difficult part in the beginning was taking profits. You make an amazing plan, but it just will not go exactly like that. I overcame this part by taking profits earlier and securing my profits. I also made use of a trailing stop on some occasions so that the profits could be maximized.

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

I expected the Challenge to go way longer, I failed 3 accounts before. I took 2 months off to become stable again, and set up a plan so that I would have excellent risk management. In the end, I managed to finish both Challenges in 6 trading days, 2 days quicker than the minimum. So I had to trade 2 days extra. :)

Where have you learned about FTMO?

I learned about FTMO because of a friend, he introduced me to it and showed me the basics of Forex trading, from there on a group was created and we learned more and more every day.

How did loss limits affect your trading style?

Maximum loss did not affect my trading style, as I said risk management is my top priority, I try to not overtrade and keep losses reasonable.

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

I managed my emotions by just accepting it. A loss won’t be a problem for me since I made use of good risk management, so a loss did not affect me that much. So, no revenge trading etc. Accept your losses - it is part of the process.

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

For other traders I would say, risk management and emotional control is the most important step in trading. Learn to master these 2 aspects and you will be profitable already. Don’t overtrade yourself, and don’t be shy to look for help. FTMO has some amazing informative videos and an Academy program I am trying to finish now. There are a lot of sources to learn, feel free to test several and find what you like. And 1 more tip: don't trade news events if you don't exactly know what you are doing. Also, try out different trading platforms like Metatrader or cTrader so you find the software you feel comfortable with. I personally use cTrader :)

Trader Justin: “Whatever risk you think is acceptable, cut it in half and aim for one A+ trade setup each week.”

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

I'll give you three. 1) Discipline 2) Patience 3) Lack of loyalty. You must create rules for yourself and have the discipline to follow them. Otherwise, you'll have no idea why you're losing trades, or winning for that matter. Patience is a must in this business. It only takes one good trade each week to grow an account. The issue is that most traders treat their account like a slot machine, attempting to feed it every day regardless of market conditions. You need to have patience to wait for the A+ setups and patience once in the trade to let your winners run. A lack of loyalty seems like a strange (positive) attribute for a trader, but it's essential. You have to be able to flip your bias in an instant if the market proves you wrong. Otherwise, you'll quickly find yourself trading what you want to happen instead of trading what the charts are telling you. I could go on but those three are essential for any aspiring trader.

Describe your best trade.

My best trade was the GBPJPY weekly head and shoulders that formed just before the 2008 financial crisis. I caught the first leg down for just over 3,000 pips.

How would you rate your experience with FTMO?

Excellent.

What does your risk management plan look like?

I start with 0.25% and scale into a maximum single-trade allocation of 0.5% with a maximum account allocation of 2%. I also use hard and soft/mental stops so that I can cut losing trades early.

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

I was given some decent market conditions during both phases, so I didn't have to wait long to get into profitable trades.

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

Whatever risk you think is acceptable, cut it in half and aim for one A+ trade setup each week. Slow and steady growth is the best advice I can give.

Trader Denis: “This game is for SERIOUS TRADERS.”

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

The most difficult thing was the time limit... When FTMO announced that there would be UNLIMITED days, I was honestly shocked and excited. The problem began when I was informed my phase 2 Verification would NOT be transitioned to unlimited time. This caused me more heartache and stress than almost anything I've experienced. I overcame this by eventually having an epiphany. I simply prayed to God and said I do not want to be afraid anymore. I do not want to be ruled by fear, anxiety, stress, or doubt. I'm going to trade with confidence and just trust in you, the Lord God.

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

I will reiterate again. The time limit caused me inconceivable amounts of stress and anxiety. I had a game plan. I had a perfect trading strategy, but the added pressure was seeping deep into my subconscious. I was making decisions that I would never do in a normal situation.

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

I am already on another FTMO Challenge. With the unlimited time, I feel completely free to trade. I take all the trades that come within my analysis, and just know if the trade is a loss that it is ok because I have unlimited time to pass! I am on Phase 1 FTMO Challenge with another $200,000 account. I am currently $1,700 away from passing phase 1. I hope to be funded with max allocation in a month! $400,000 funded would change my life forever.

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

Discipline and consistency. Without those two, a trader cannot even fathom success. The journey is long and arduous. You have to be willing to keep yourself accountable in your trading plan with discipline.

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

I know that with consistent profits, a 5-figure payout can do tremendous work in terms of progressing towards my goals and dreams. My vision is to help countless people who don't have anything in this world. All for the Glory of my Lord God Jesus Christ.

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

Take it day by day. If you try to take shortcuts or roll the dice on a lucky trade, eventually that luck will catch up to you, and you will fail. Understand that the market weeds out the Traders who are cutting corners. This game is for SERIOUS TRADERS, and this is evident in every single decision made by the trader. We cannot control the markets or the outcome, but we can control our emotions, risk management, trade management and decision-making. In the words of my good friend, "Never give up, never surrender." - MoLamin Bah from The Gambia-

Trader Jay: “With the markets open 24/7 for the better part of the week, it's so easy to overtrade.”

How would you rate your experience with FTMO?

Even though I've been trading for nearly a decade, FTMO is the first proprietary trading firm that I have dealt with. I've been very impressed by the prompt communication along the way as I completed Free Trials and Challenges. The professional-looking website caught my eye straight away, compared to other prop firms, and the clear wording and explanation of how the process worked certainly swayed my decision to choose FTMO.

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

I would have to say that 'Patience' is key when it comes to trading. With the markets open 24/7 for the better part of the week, it's so easy to overtrade. If a person can patiently wait for the right setup to present itself according to their trading rules, then they're well on their way to becoming a successful trader.

Has your psychology ever affected your trading plan?

In the past when I've missed a perfect trade entry, I chased the price because I feared missing out on the move. Chasing the price after it had already started to make a substantial run never worked out well for me.

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

I have a well-structured and documented trading plan that I adhere to. At the beginning of each trading day, I review my plan to reinforce what it is exactly I’m looking for in price action. I also annotate my Tradingview charts to further reinforce my strategy. Screenshots of each and every trade are vital too so that I can review them at the end of the week to see what could have been done better.

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

There were moments when I questioned the validity of my trade execution. This was particularly true if price made an immediate run against my position after I had just executed it. To overcome those negative emotions, I would pause and go through the reasons why I took the trade. I would also count out how many layers of confluence contributed to my decision.

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

Find a mentor that you can rely on. Someone who loves trading and who will take you under their wing to guide you through the process.