Summer vacation? Some of our new FTMO Traders are likely to spend it in the markets!

Although for most people summer means relaxation and vacation, we bring you an interview with new FTMO Traders who have recently received their FTMO Accounts and will most likely combine their leisure time with trading during the summer break. Let’s have a look at what they had to say about their journey!

Trader Edwyna – “Control your mindset and watch your life change!!”

What inspires you to pursue trading?

I love the idea of the freedom trading can create.

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

Now I have a SMART way to attain 6 figures, responsibly and in the next year.

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

Yes. I have a trading plan and follow it to the letter. I learned through loss from over $9,000 in lessons as a beginning trader. Once I discovered the value-creating a trading plan brought to my trading, I’ve not moved forward without one. I was able to learn more about the market and my potential loss via stop loss and my potential profit for every trade. I would encourage you all to develop a trading plan. It will surely help you in this process.

What was the hardest obstacle on your trading journey?

I believe “I” was the biggest obstacle in my trading journey. It took time to mentally prepare to receive the money available to me through trading. Once I embraced the skillset and my knowledge of it, things budded for me. My trading journey improved and now, I am a funded trader.

Has your psychology ever affected your trading plan?

Psychology can be your best friend or worst enemy. Once you harness your thoughts, you will be in better control of your journey. Set it and forget it, is what I like to tell myself. Once you’ve run your analysis. Trust your work.

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

Take your time as a new trader. Stick to the fundamentals. Control your mindset and watch your life change!!

Trader Mohamad – “You could be 80% right, but the market is always at 100%”

How would you rate your experience with FTMO?

So far the challenge and verification process has been fantastic. I have been always used to MetaTrader, and the fact that FTMO just added some new cryptocurrency assets that i can trade with is amazing.

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

I think the most difficult part was understanding the risk management in place. Most traders fail this challenge due to high risk. Moreover, it is more about understanding the timings you can trade with your account. I printed out the timetable along with a risk management calculator. This really helped me achieve both steps in 10 minimum trading days.

Has your psychology ever affected your trading plan?

It used to a lot. I am a full believer that trading is 99% psychology and 1% technical. The minute you doubt your strategy is the minute you lose it all.

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

Of course!!!! 200,000 here I come.

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

Risk management is key. When you enter a trade knowing exactly what % you will lose when stop loss hits, it becomes stress-free. Always keep emotions out of your trading.

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

Take it slow, you are not in a race with anyone. Be professional and do not get greedy. You could be 80% right, but the market is always at 100%. Remember that.

Trader Katherine – “Everyone gets caught up in the dollar signs and not the slow growth of wealth.”

 

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

This has changed my life immensely. I am able to trade without tying up my personal capital and it gives me the freedom to trade for a living now.

How does your risk management plan look like?

My risk management is simple, with my high success rate on trades, I am already profitable, but the risk-reward ratio is key for me. All trades will be simplified to a minimum of 3:1 RR.

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

I think that percentage gains is key for success. Everyone gets caught up in the dollar signs and not the slow growth of wealth.

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

I think that having patience and being methodical is always a challenge when trading but the mental discipline that I had to fully develop to be successful here was definitely a feat.

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

Yes, I am currently attempting a larger challenge.

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

Trust your analysis and be patient.

Trader Alain – “Backtesting, backtesting, backtesting. It’s KEY!”

What was the hardest obstacle on your trading journey?

Seeing a good setup in front of you and letting it go because at one point during the verification I was close to hitting the max daily loss. However, I know that new setups happen every day and it’s about staying in the game for as long as possible that matters, not the home run trade.

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

Yes I’m in the process of another challenge as I’m writing this.

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

Backtesting, backtesting, backtesting. It’s KEY! Once you find what works and based on your personality, life and financial goals, if it works for you and it allows you to live comfortably then hone in on it and master it. I didn’t say stick to it because the markets are always changing but master that setup, indicator, timeframe or news release. Whichever way you trade, to elongate the factor of risk one needs to have a proven edge and the only way to do that is through backtesting and having a proven strategy. Don’t give up when it fails but go back to the drawing board.

Has your psychology ever affected your trading plan?

No, my psychology was in check most of the time and even upon almost reaching my max daily loss. I was happy with the trades I took and I’d take them again because I know over time they will work out. So no my psychology wasn’t affected but in previous times, taking losses was my worst struggle to overcome and that maybe why I’m so calm when I lose now. Fear of failure is real and that can tie in with not accepting a loss because you want to be right. It’s all probabilities in the markets, you won’t get 10 coin flip guesses right 10 times in row. So play out the probabilités and ride the wins and stay strong through the losses because they will come.

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

Nothing, luckily for me I felt ready mentally and physically. I had been peeping myself for the challenge and that market conditions were beautiful so everything fell in place. I took the same trades on my personal account so for me, this was all real as money was definitely on the line for me.

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

Having done and failed a few challenges, my one piece of advice for new traders would be have patients in the markets and for yourself to get to the level you think you are at in your head. Prepare, through backtesting, chart analysis maybe checking news and most importantly prepare to take the challenge. In most cases, like an athlete, one would take several weeks, months or years to get prepared to compete and they don’t quit when they lose a race but they HAVE to be prepared through vigour sand constant repetitive training. So have the right discipline to put yourself and your future first because this is life-changing stuff and reap the benefits later. THERE’S NO RUSH.

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Editorial note: All responses are 100% organic and received from our new FTMO Traders during the contract signing process. All responders agreed to have their feedback published and all their answers are not being edited by FTMO, hence they can include grammatical mistakes or typos.