Take a look at how these new FTMO Traders passed the Challenge!

The FTMO Challenge is not always easy to pass. That’s why it’s called a Challenge. What are the hardest obstacles to overcome in trading? How traders manage their emotions while trading? Our latest FTMO Traders who reached our funding answer these questions and much more. Be inspired by what they had to say.

 

Trader Chun’s “Set-and-Forget” trading style benefits of the irrational market moves

Has your psychology ever affected your trading plan?

Psychology, like stated many times by others, is the biggest contributor to determining whether a trader can stick to a trading plan, or alter it based on emotions. Sticking to a trading plan is key to ensuring trades can properly mature to completion; whether it’s to hit SL or TP.

Till this day, psychology still plays a major part in my trading, however, in more recent times I’ve learnt to trim down the trading plan to make following it easier. It’s important to make sure a trading plan is not ambiguous and open to interpretation, as some may have experienced, it’s during periods of drawdowns or pressure that you ‘doubt the trading plan’ and therefore try to ‘correct’ it on the spot.

What was the hardest obstacle on your trading journey?

The hardest obstacle would be being more patient and allowing trades to mature to completion; in part, ensuring a trading plan is simple and easy to follow, with appropriate backtesting to obtain confidence in the trading system. Unfortunately, this takes time and tremendous amounts of effort and dedication to see to fruition. It’s only recently that this obstacle has become smaller.

How did Maximum loss limits affect your trading style?

Minimally affected my trading style as my risk was always defined prior to entering trades, and was always less than 1% of total equity.

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

Allow trades to mature and for them to play it out to the end. If the risk is determined and accepted to below, the profits will come after. Minimising risk is my number 1 focus.

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

Ensuring that appropriate backtesting is carried out for your trading system and fully understanding your trading system are what I believe helps to ‘eliminate luck’.

However, COVID19 has proven to be extremely volatile, with a stronger emphasis on fundamentals and uncertain markets, some would argue that riding off the back of a Trump tweet is either Lucky or All-Planned. My trading system is based off set-and-forget and benefits of these irrational moves, and therefore, this is how I’ve eliminated luck from my trading.

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

Minimise the risk as I am of the belief that time in the market leads to more successful trades.

Trader Carl shares valuable information about how he managed emotions while trading

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

If you compare my Challenge results vs Verification you’ll notice that the market conditions changed dramatically as US Summer trading conditions kicked off during my Verification stage. To manage my emotions in losing trades, I needed to change my trading strategy to fit the market conditions. i.e smaller lot sizes, wait for proper confirmation whilst prices were drifting higher on the right side of a broken trend line. Trade the price ranges as opposed to larger RR strategies. Trading my plan based on probabilities knowing that anything can happen.

Accepting my predetermined loss before entering a trade. Do not enter any trade without a plan or proper risk management especially in current ranging (Consolidation) conditions.

What was the hardest obstacle on your trading journey?

Forcing trades by entering too early and then having to manage my risk whilst in a drawdown.

Has your psychology ever affected your trading plan?

Yes, it does, in those cases, I prefer cutting my loses and protecting my capital to trade another day. Listening to the audiobook, Trading in the Zone by Mark Douglas helps.

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

Yes. I definitely want to take the $100 000 Challenge.

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

I do have it in place and follow it yes.

One piece of advice for people starting the Challenge now.

You’ve got to have a trading plan. Know your Risk/Reward and accept your risk before entering the trade Accept that anything can happen because you trade based on probabilities. If you can’t deal with uncertainty, work on your psychology first. Take this serious, stop following the hype out there. Believe in yourself and remain humble at all times

Trader Avinash talks about his FTMO experience


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

Anything you do you love has emotions involved in it and trading can definitely be very stressful overall and more so when you are stuck in a losing trade. As per me, it’s easy to control emotions if you have a strategy in order and then if it goes against you, you should be willing to take the hit .what matters is testing the strategy repeatedly and sticking to it even though it gives you few loses. Win and loss are part of life.

How does passing the Challenge and Verification changed your life?

Well, FTMO Challenge has been very exciting I must say. It has been also a wonderful learning experience. Sometimes when you are losing you tend to do revenge trading which usually results into huge losses. With the Challenge and Verification objective, you always know that you cant act in that way as that can affect your trading objectives. So yes that basically brings the discipline back in the game.

Has your psychology ever affected your trading plan?

I learnt early in my trading career not to marry a position though still, it’s difficult sometimes to control it. Once you overcome this trait and stick to your strategy, your psychology gets aligned with your trading plan.

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

I was a little careless with lot selection during my Challenge which made it very close to hitting my daily loss limit. So that was a scary part. I just closed the trade-in loss and didn’t trade that day at all. You get a month to make the target. Why lose it all in a day?

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

Patience is the one and the only thing I think is the most important attribute. Be patient about the structure which aligns with your strategy and make the money.

One piece of advice for people starting the Challenge now.

We all have made money in Demo but this becomes a different ball game. The trading objectives are not that difficult. A little discipline plus patience will easily help in achieving the objectives.

Trader Ditlev shares the attributes of a successful trader

 

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

Money management, knowledge and experience. Apart from that, patience is key. You can do it if you commit to it.

What was the hardest obstacle on your trading journey?

In taking the challenge the hardest part was the timing I had to choose. Summer consolidation period is not optimal for a test.

But with some adaption to the conditions the target was reached.

In general, my trading journey has been long. I have traded for around 10 years.

The past two years full time. When I went full time, the hardest part was the fact that I needed to actually live from it. Trading on the side of a job is very different from suddenly making it your profession. I learned a lot about myself and the market during the 2 years, that I did not notice when I traded on the side of a job. But now I am there. I made it – and it sure is worth the effort.

What inspires you to pursue trading?

The lifestyle of a trader. Trade where you want, when you want. I have been at sea my whole life, now it is time to be with the family for a change. Trading offers me this opportunity.

How did Maximum loss limits affect your trading style?

Ouch. Apart from the FTMO loss, I need to set my own loss limit to make sure I keep clear of the FTMO limit. It made me a better trader to be honest. Fewer entries needed, tighter stop, smaller positions for first entry. I had to adapt since I am a bit trigger happy. I like to get in on the top/bottom, but that strategy can be expensive. In theory I try and scalp a bit of profit to have a larger buffer for the day, in real life it does not always go that way.

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

That you are able to commit and process the knowledge you get underway to something useful. Patience. There are many ways to trade the market. Only a few people trade alike. You really need to find your own way, which can be hard because there is so much noise on the internet. Do this and do that, else you will never be profitable. The reality is you will get confused by all this information. You need to find a way you want to trade, then polish it to perfection. Observe, process the information the market gives you, then you get an edge.

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

Go for it. Manage your risk and your money. If you don’t have years of experience in reading the market, then risk management and money management can actually be sufficient to pass the test. And hey .. I am 51, I did it. So can you.

Trader Danielle gives valuable advice to those about to take the FTMO Challenge

 

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

Yes, I’ve always been taught to plan your trade, trade your plan. It helps with patience and discipline.

What was the hardest obstacle on your trading journey?

The hardest obstacle for me was patience and discipline. I had to really change my mindset to improve in those areas.

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

I use proper risk. I think it’s easier to control your emotions when you use proper risk management. I’ve also been taught to treat your wins and losses the same. Meaning, don’t get to high over a win and don’t get too low over a loss, just stay cool.

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

The daily loss limit was more difficult until I figured out when it resets according to my local time.

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

I made sure I was patient and disciplined. I waited for A+ setups. So instead of chasing the market, I let the market come to me.

One piece of advice for people starting the Challenge now.

Take advantage of the Free Trial before you start your Challenge. Take it a few times to make sure you understand all the trading objectives. Then adjust your trading style accordingly. Be patient and disciplined, they are the most important.