{"id":398087,"date":"2020-12-16T14:18:13","date_gmt":"2020-12-16T13:18:13","guid":{"rendered":"https:\/\/ftmo.com\/?p=398087"},"modified":"2022-05-10T13:17:42","modified_gmt":"2022-05-10T11:17:42","slug":"ftmo-traders-answer-our-questions","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/ftmo-traders-answer-our-questions\/","title":{"rendered":"FTMO Traders answer our questions"},"content":{"rendered":"
What it’s like to pass the FTMO evaluation process? What are the hardest obstacles you can face along the way? Can the FTMO Account be a life-changing experience? Inspire yourself and learn more from what our new FTMO Traders had to say.<\/em><\/p>\n <\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n I use the power of high probability when I trade.<\/p>\n When I trade I’m looking to book a profit with the market makers. I do not want to be on the other side of the spectrum (retail traders). One rule of thumb to remember is: statistics say 90% of traders lose their capital in the first 90 days of their trading career.<\/p>\n Keep that in perspective and always at the back of your mind. The market is designed to make you lose, so be careful. Expect losses, but fire back with greatness!<\/p>\n How does passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n This will bring big changes for me overall.<\/p>\n Being able to trade on a live $100,000 account is quite substantial. It allows me to remain calm because then I’m not overleveraging on a smaller sized account. FTMO is like a big-time boost in the Foreign Exchange industry.<\/p>\n It will definitely make more trader’s dreams come true and in a lot quicker manner! So thank you, FTMO for that!<\/p>\n So please I ask you, take advantage of such a wonderful opportunity. I promise you won’t regret it. Being able to pass this challenge and verification is not an easy task. I believe about 90% of traders fail it. One thing the Challenge and Verification have done for me is it made me a more disciplined trader overall.<\/p>\n <\/a><\/p>\n What do you think is the key for long-term success in trading?<\/strong><\/p>\n Being able to stick to a game plan.<\/p>\n What I mean by this, is a trading plan.<\/p>\n Use relatively the same lot size per trade, and never force trades that are out of the ordinary.<\/p>\n I think the hardest thing traders can’t manage while trading, is their psychology.<\/p>\n It is a hard thing to master, but it’s a value you gain with practice over the long run. One important thing I want to share with all of you is: this market plays very deep in your mind. I want to talk to you about sports.<\/p>\n When you hear the saying in baseball: “3 strikes and you’re out” per example. You know the batter is out in the game. The market works in similar ways. We as humans respond to things, typically when things happen in a row.<\/p>\n I want to let you know the market works similarly.<\/p>\n And it’s in response mechanism to mainly fear and greed are the driving factors of the market. People that invented the markets in my opinion knew the background of true human psychology and how their emotions play intact. So yes, risk management is important.<\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n Most of my trades only run for 2-8 hours maximum at a time.<\/p>\n If I’m not in profit within the first 2 hours when market makers have dealt their cards to me.<\/p>\n I fold my cards and move on to the next trade. This process makes it’s very easy for me to manage emotions. Because my trades move quickly in pip value, I don’t have to worry about checking the trade too often.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Absolutely. When I first started my trading journey.<\/p>\n I used to have quite a bit of loss.<\/p>\n My strategy was fine, but when I would lose.<\/p>\n I would revenge trade or have a fear of missing out on the market (FOMO).<\/p>\n I have educated myself quite a bit since first trading.<\/p>\n Now I use higher probability set-ups, and that gives me a major sigh of relief\/edge in the markets! This makes my mind crystal clear, and I try to visualize trades before they happen.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Practice your strategy on a demo account for roughly 3-6 months first.<\/p>\n I think too many traders dive into this market thinking they can make quick money because society says so.<\/p>\n Anything quick money, in the financial world leads to the equation of overall loss. You won’t last in this industry thinking in that mindset\/state of mind. Once you have succeeded in trading on your demo account.<\/p>\n Open a small live account. I would say $500 is just fine with any broker to get started. Use smaller lots like .01 sizing.<\/p>\n Trade on the live account for 3-6 months.<\/p>\n Watch the account grow, and then take an FTMO challenge to get funded and hone your skills.<\/p>\n Another tip: lots of misinformation is spread about the Foreign Exchange market designed to make you lose.<\/p>\n Whether it’s endless strategies, broker manipulation, fraudulent companies running a pyramid scheme.<\/p>\n You name it, you’ll find it everywhere. Let’s talk about broker manipulation overall.<\/p>\n Any broker will hate me for publicly discussing this but let’s take a stab at it.<\/p>\n Why would a broker want you to sign up with a bonus deposit and high leverage attached to it? Once again, it’s quick money thinking.<\/p>\n They want (you) the trader, to think Forex is easy to make a lot of money.<\/p>\n So let’s give them more leverage then they can handle psychology wise and then BOOM the broker burns the stops and your money is lost.<\/p>\n This is just one example of how Forex is highly manipulated.<\/p>\n Overall, have fun trading. Remember, losses come and go. Just aim to achieve more wins than losses.<\/p>\n Don’t stress, you got this! The world is changing drastically, and soon enough many jobs will become obsolete. So, gain a skill set that will pay you for a lifetime! Many blessings to all of you on your journey to becoming the ‘FTMO trader’.<\/p>\n <\/a><\/p>\n What do you think is the key for long-term success in trading?<\/strong><\/p>\n All it takes is hard work, discipline, patience, and resilience.<\/p>\n How does your risk management plan look like?<\/strong><\/p>\n I risk 1-1.5% per trade, my maximum risk exposure per day would be around 3-3.5% the max. As I found whenever I lose more than 2 trades per day my trading psychology is most likely to be affected. Taking a step back and re-assess everything is important to have a clearer state of mind.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n I personally find the verification to be harder as it’s approaching the stage where I’m about to be a funded trader, where the mental stress is increasing.<\/p>\n <\/a><\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes, I do have a strict trading plan with various strategies that can be used across different market condition<\/p>\n Where have you learnt about FTMO?<\/strong><\/p>\n FTMO is a reputable international prop trading firm that is well-known in different places such as trust pilot, Instagram, etc.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Creating a trading plan and multiple strategies is easy. But the path to sticking them and having that emotional detachment is a lifetime skill for a successful trader.<\/p>\n <\/a><\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n I did well trading the challenge, not looking at the trades and let them run. Win or lose. Until I got closer to the goal of 10%, then I started going out of the trades cause I got scared. I will be honest. But, going around in my head with myself made me solve this. I know I have to let it run and trust my trades since I keep seeing the trades would hit my target if I wasn’t scared. So I have truly fixed this.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n I only trade reversals and manipulations in the market. I do follow it strictly, I have 2-3 confluences I must see before entering a trade. And I always use a stop loss and take profit.<\/p>\n What was the hardest obstacle on your trading journey?<\/strong><\/p>\n Overcoming fear of losing trades.<\/p>\n <\/a><\/p>\n How does passing the FTMO Challenge and Verification changed your life<\/strong>?<\/p>\n This has really made me more confident in my trading and strategy! I now how a plan for the future, trading is my go-to as newly I am sick from scaffolding work because of health problems.<\/p>\n How does your risk management plan look like?<\/strong><\/p>\n I trade max 1,5%. Depending on the trade I go as low as 0.5%. I always use a stop loss. If I had a bad day, I wait 1-2 days before trading, depending on the charts. I sneeze opportunities, but not if it hurts my account.<\/p>\n One piece of advice for people starting the FTMO Challenge now.<\/strong><\/p>\n Test and make sure the strategy works on demo. I know feelings are hard to suppress, as they were for me. But this is possible so have a clear goal of what you will do in the future managing trading. Your future goal is more important than the feelings in trading, leave your trades not looking at them is helpful.<\/p>\n <\/a><\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n A detailed backtested trading plan from 3 years of tested data, including strict rules\/ checklist, confluences, risk management, and consistent routine.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Previously, yes. But I never deviate from my plan even if I take a loss as my strategy has proven that RRR always plays and my winners are bigger than my losers. I also work hard on mindset using meditation, goal setting, reading, and ensuring I exercise and have downtime to refresh.<\/p>\n How did Maximum loss limits affect your trading style?<\/strong><\/p>\n I risk 0.5% so the Max loss is not an issue nor a worry for me or my trading plan. I am very low risk, high reward trader.<\/p>\n <\/a><\/p>\n What do you think is the most important characteristic\/attribute to become a profitable trader?<\/strong><\/p>\n Risk management and sticking to your tested and refined trading plan.<\/p>\n How would you rate your experience with FTMO?<\/strong><\/p>\n Excellent, always professional, and has given me and others an opportunity to achieve our goals.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Do not rush the process, work hard on backtesting your chosen strategy, do not set any time limits to get funded, success if forex takes time and once you have a solid trading plan based on consistent backtested data then take your strategy live and risk small.<\/p>\nTrader Andrew – “FTMO is like a big-time boost in the Foreign Exchange industry.”,<\/em><\/h3>\n
Trader Yong – “All it takes is hard work, discipline, patience, and resilience.”<\/em><\/h3>\n
Trader Sondre – “This has really made me more confident in my trading and strategy!”<\/em><\/h3>\n
Trader Daniel – “I never deviate from my plan even if I take a loss as my strategy has proven that RRR always plays and my winners are bigger than my losers.”<\/em><\/h3>\n
Trader David – “The journey so far has had its challenges and now I trade full time and enjoy the freedom it gives me.”<\/em><\/h3>\n