“Take care of your risk management, it is incredibly important”

We have this year's first batch of questions and answers with traders who have managed to meet the FTMO Challenge and Verification requirements and became our FTMO Traders. Of course, every responsible trader who wants to succeed in financial markets is aware of the importance of risk management and money management, but practice makes perfect. Find out what Jonathan, Amir, Sasa, and Felix have to say about their trading journey at FTMO in the following article.

Trader Jonathan: “Remember, the way to be successful is to not rush and never ever give up!”

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

When I am losing trade I accept the loss and step out, I then have a look to determine what went wrong, if you know the risk and know there is a potential to lose then you have to persevere as it is part of the game and by entering you have to accept sometimes you win and sometimes you lose. If I did start to feel stressed or emotional, I would manage this by going for a walk or to the gym to have a break from the trading view, when feeling more relaxed you are then able to go back and assess what went wrong which enables you to learn from your mistakes.

How did the Loss limits affect your trading style?

I always stay under 3%, the majority of the time I trade at 1%, and I am always happy with my profit. The key is to not get greedy, as this can damage or ruin your account and lead to a large loss. It is rare I go to 3% as I believe this can be a high risk; the rare exception being, if I can clearly see the analysis 100% at high size with low SL or at low size with high SL.

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

Yes, I follow a trading plan and I have also created my own set of golden rules, if I don’t follow the rules or the plan then I wouldn’t open a position as I know in myself this wouldn’t be wise. When I have matched the plan to my own set of rules, I am then confident in opening a position.

How would you rate your experience with FTMO?

On a scale of 1 to 10, I rate FTMO a 10! I truly believe it is an amazing experience, the first time I joined I enjoyed the new challenge in learning the games rules and limits. After I had got to grips with everything and had learnt from the game’s rules, I was then able to create my own set of rules which I feel works well for me.

What was the hardest obstacle on your trading journey?

The hardest for me was staying patient during slow days and trying to remember that profit will come, I found it frustrating when I realized I had just missed the perfect entry point and knowing I had to persevere and wait until the suitable time opened up.

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

My advice would be to follow FTMO rules and set up your own risk management, create a plan that works for you including golden rules you will stick to such as how you will manage your frustrations and fears, your limits in a bid to ensure you don’t get greedy. Remember, the way to be successful is to not rush and never ever give up!

Trader Amir: “Take care of your risk management, it is incredibly important.”

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

This is not my first time, so I knew what to expect. Self-confidence was better this time, but the first trades were a little scary, but eventually it became completely normal. Phase 2 went very well, considering the win rate and things like that. The challenge itself went very well, but you quickly notice that it is very much about discipline and self-confidence, you have to trust yourself, and make good choices.

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

For now, I will stick to just one account. I will have to master it first and think about it. But it sounds like something I'll be considering in the future.

Describe your best trade.

I was minus in phase 1. Around 2 - 3 000. I took a short GBPUSD that got me up to plus again, and it really boosted my confidence.

Has your psychology ever affected your trading plan?

The thought of having to earn 10 000 or 5 000 in a limited amount of time felt like it had an effect on me. I just wanted to reach the profit target as fast as possible.

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

The challenge has made me see my weaknesses, so I will probably say I have a good plan ahead

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

Just take it easy and spend your time. You have 30 days in phase 1 and 60 days in phase 2. Do not use for high lot size, take care of your risk management, it is incredibly important. You can lose 10 trades, and then hit TP on two trades and you will still be good if you manage to control the risk.

Trader Sasa: “People say that we need to learn from others’ mistakes, but I think that we all learn just from our mistakes.”

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

After 2 years of working on forex and perfecting my knowledge I think I have mastered that skill. We all need good trading plan, and we all need good risk management plan. Its key for me

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

Of Course! Trading plan with risk management is key for success. I prefer trading with 0.5%, max 0.7 % per one position. This is because if I have 3 SL for one day, I am done. But with this risk when I hit 3rd time SL I loose just max 2% and with next TP with RR 1:5 or 1:6 and more I cover my loss and then I am in profit. You just need good strategy with big RRR.

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

Yes. Probably 100 000 or 200 000. But I will wait for scaling my first FTMO. Step by step.

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

I already live the life of a trader. This is just another added success in my career. I am grateful to FTMO for the opportunity he gave to everyone, and I definitely recommend everyone if they do not have a lot of capital to start cooperating with FTMO.

Describe your best trade.

I have good trade on my first phase. I think it’s USDJPY, and when price show me price action that I wanted to see, I decide to enter my first trade to Sell. After that, I see one more opportunity on same pair, and I enter one more with 0.5%. Booth positions are Take Profit. So good feeling. Same thing happened on Verification. I have few good trades with BTC, and I done 10% in first few days.

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

I think that all must go there. But first one, all need good education. People say that we need learn from others’ mistakes, but I think that we all learn just from our mistakes.

Trader Felix: “The hardest obstacle in my trading journey is myself.”

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

The most difficult during my FTMO Verification stage is the pressure I imposed upon myself that I should be able to finally pass before January 1^st, 2022. I was able to overcome such difficulty and in fact was able to hit the target exactly on December 31^st, 2021, by enhancing my trading skill, identifying the very start of a new trend and ride with it.

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

In my humble opinion, discipline and trading skills are the most important keys for a long-term success in forex trading.

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

Yes, I am looking forward to manage a bigger capital. If not by taking another FTMO Challenge, perhaps through scaling.

What inspires you to pursue trading?

My family, my wife most especially. She supported me all throughout my journey in my trading career.

What was the hardest obstacle on your trading journey?

The hardest obstacle in my trading journey is "myself". I know the don'ts in forex trading and yet I keep on doing them. Fortunately, I was able to conquer myself and execute all my trades without emotion.

What is the most important advice you would give to a new trader?

My advice for new traders is for them to keep learning the craft, be disciplined, be patient, plan your trade, and trade your plan with high degree of accuracy.

 

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