{"id":544149,"date":"2023-02-15T13:00:18","date_gmt":"2023-02-15T12:00:18","guid":{"rendered":"https:\/\/ftmo.com\/?p=544149"},"modified":"2023-02-16T13:43:09","modified_gmt":"2023-02-16T12:43:09","slug":"the-pressure-of-a-profit-target-and-time-limit-was-something-i-had-to-overcome","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/the-pressure-of-a-profit-target-and-time-limit-was-something-i-had-to-overcome\/","title":{"rendered":"\u201cThe pressure of a profit target and time limit was something I had to overcome\u201d"},"content":{"rendered":"
Many traders feel psychological stress at some stages of the Evaluation process and losing trades can be very disappointing. However, more experienced traders, including our new FTMO Traders, know very well that patience and mental well-being are among the most important weapons of those who are successful in the long-term.<\/em><\/p>\n What was the hardest obstacle on your trading journey?<\/strong><\/p>\n Adapting my trading to protect it against high impact news releases and weekend gapping. Even though I use the swing account model, I still personally choose to avoid certain high impact news releases and weekend holding as and when deemed appropriate.<\/p>\n What was more difficult than expected during your FTMO Challenge or Verification?<\/strong><\/p>\n Psychology – I thought I had my psychology on lock having already been learning trading for a number of years. However, doing the Evaluation Process with a profit target to reach within a limited amount of time really tested my psychology. I initially was avoiding taking trade opportunities that ended up going on to win due to me overthinking things. The pressure of a profit target and time limit was something I had to overcome, particularly in the FTMO Challenge stage. Once I rectified this, I saw my trading in the Evaluation Process go to another level.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Yeah, during the Evaluation Process it did at one point early on, \u00a0as described above. Also, early on in my trading journey it did as it does with every trader – you assume trading is just technical, but as you become more experienced you realize risk management and psychology are the 2 most important things in trading before you are even able to allow yourself to benefit from your trading edge.<\/p>\n Describe your best trade.<\/strong><\/p>\n I’ve had some good trades in my personal trading account over the years, but with regards to the Evaluation Process, it was during my Verification. It was a GBPUSD trade that banked me around $11,164.06 – it was a key trade as it got me out of drawdown and was really a turning point in my Verification where I felt confident in passing.<\/p>\n How has passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n Mentally and spiritually, I feel amazing and a lot more like myself. I’ve been so focused on achieving this goal over the past year, putting on hold some other dreams and aspirations I have, adapting my trading, putting in those hours, being patient in waiting before I took another FTMO Challenge. That hard work feels like it has finally paid off. I still have so much left to do, but this is a big, crucial and essential step. Once I start making withdrawals, that is when I will really start to see the financial change in my life I\u2019ve long been wanting and working so hard towards – excited for the future but still so much to do. Mainly, I\u2019m focused and excited for what the remainder of 2023 holds and beyond.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Show profitability in your strategy in backtesting over a long time period (relative to the timeframe you trade on) and make sure it is multiple backtests that you do, not just one – maybe 3-5 – just to prove there really is an edge in your strategy. Spend a month or two demo trading, then after this deposit a small amount of money you can afford to lose and start with live trading. Once you start to see some consistency in your live trading, you can then decide whether you feel confident enough to put more money in your trading account. Also, at this point it may be worth taking the FTMO Free Trial to see if you have a good chance of passing the real Evaluation Process. If you then feel confident of passing the Evaluation and you would benefit from more capital, I would certainly recommend taking the FTMO Evaluation Process to become one of their traders! Also BE PATIENT! It may take you years (it takes most years) to become consistently profitable, but it is all worth it. Don’t beat yourself up because you haven’t reached where you want to be after a year or two or three, etc. Everyone has their own timing and it’s a journey. You only fail once you quit – don’t ever stop. I know you can do it and you know that too!<\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n As always, it is disappointing. Especially in a paid FTMO Challenge and moving forward through the Challenges as each trade counts so it is naturally scary\/nerve wracking. I managed them by pretending I’m not too fussed if it goes wrong. It is “only” a Challenge, my life doesn\u2019t depend on it and it is not (yet, hopefully will) my primary income.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n I focused more on the profit target. Relying on a larger risk to hit the target without thinking of the Maximum Loss was the only way to hit the profit in a month. I had to check all my confluences and enter a position with good confidence.<\/p>\n What do you think is the key for long term success in trading?<\/strong><\/p>\n Only enter a position if you are confident, if it meets your strategy. Focus long term, focus on your R:R ratio and win rate for continuous profitability. Don\u2019t look at the P\/L. It is a good month if you see green. Stay in the green!<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Yes. Sometimes I will think too confidently in one confluence instead of meeting the others, e.g. international markets were very bearish so I will ignore the local market’s weekly trend. It is a fine mixture of being too casual about entering a trade or being too confident in one aspect, ignoring the others. Relax, your life doesn\u2019t depend on it.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes! As I enter a live account, I am hoping to take the plan more seriously. After all, watching a winning trade taking place and having not entered into it is better than a loss.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Take a relaxed approach. You aren\u2019t going to be a millionaire anytime soon and there definitely isn\u2019t a rush. Be boring!<\/p>\n <\/p>\n Describe your best trade.<\/strong><\/p>\n I have been trading for quite some time now. I can\u2019t exactly recall which trade would have been the best. However, any trade above RR 1:4 I would consider good<\/p>\nTrader Raymond: “Show profitability in your strategy in backtesting over a long time period”<\/h3>\n
<\/p>\n
<\/p>\n
<\/a><\/p>\n
Trader Sean: “Take a relaxed approach. Be boring!”<\/h3>\n
<\/p>\n
<\/p>\n
Trader Jacek: “Hardest obstacle is filtering all the information you learn every day”<\/h3>\n
<\/p>\n