{"id":546059,"date":"2023-03-29T12:31:37","date_gmt":"2023-03-29T10:31:37","guid":{"rendered":"https:\/\/abrakadabra.ftmo.com\/?p=546059"},"modified":"2023-06-06T14:04:07","modified_gmt":"2023-06-06T12:04:07","slug":"finding-a-good-strategy-that-suits-you-is-very-important","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/finding-a-good-strategy-that-suits-you-is-very-important\/","title":{"rendered":"\u201cFinding a good strategy that suits you is very important\u201d"},"content":{"rendered":"
Newcomers to Forex often fail quickly because instead of testing their own strategy and finding what is best for them, they try strategies from more successful traders with the vision of easy and quick profits. However, there is no strategy that will make the same profit for all traders, as something different may suit everyone. Trading is simply an individual sport, and our new FTMO Traders thrive on it.<\/em><\/p>\n What inspires you to pursue trading?<\/strong><\/p>\n Potential for a financial gain: One of the primary motivators for pursuing trading is the possibility of making money. Trading offers individuals the opportunity to earn profits by buying and selling various financial instruments such as stocks, bonds, options, futures, and currencies. With the right knowledge and skills, traders can potentially earn significant profits. Flexibility and autonomy: Trading can offer a great deal of flexibility and autonomy to individuals. Traders can work from anywhere with an internet connection, and they have control over their own schedules. This can be appealing to those who prefer to work independently and have a lot of control over their own careers. Entrepreneurial spirit: Trading can appeal to individuals who have an entrepreneurial spirit. Trading is essentially a small business, and successful traders need to have an entrepreneurial mindset in order to succeed. They must be able to manage risk, make smart investments, and continuously adapt to changing market conditions.<\/p>\n How has passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n Passing the FTMO Challenge and Verification can be a significant milestone for traders, and it can have several positive impacts on their lives. Here are a few ways that passing the FTMO Challenge and Verification can change someone’s life: Increased confidence: Passing the FTMO Challenge and Verification can be a confidence booster for traders. It validates their skills and knowledge and shows that they have what it takes to succeed in the markets. This newfound confidence can spill over into other areas of their lives as well. Improved finances: One of the most significant changes that passing the FTMO Challenge and Verification can bring is an improvement in finances. Successful traders can earn a share of the profits generated by the trading account, which can be a significant source of income. This can lead to improved financial stability and more opportunities for personal and professional growth. Enhanced reputation: Passing the FTMO Challenge and Verification can also enhance a trader’s reputation in the trading community. It shows that they have passed a rigorous Evaluation Process and have the skills and knowledge necessary to succeed. This can lead to more opportunities for collaboration and networking within the industry.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n The rules and guidelines for the FTMO Challenge and Verification were clear and easy to follow. The Trading Objectives were also straightforward and aligned with the trader’s existing trading strategies. Additionally, the funding process was reported to be relatively quick and straightforward. Once a trader passed the Verification stage and was funded, they were able to start trading with minimal delays.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n I managed to eliminate the factor of luck by doing the following things: Developed a trading plan. Used a systematic approach. Backtested the strategy. Proper risk management. Continuous learning from mistakes.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes, I do have my trading plan and I’m very strict about it.<\/p>\n What is the number one advice you would give to a new trader?<\/strong><\/p>\n Be patient. Try to focus on quality trades and not on the quantity of trades.<\/p>\n Do you plan to take another FTMO Challenge to manage even bigger capital?<\/strong><\/p>\n Maybe in the future depending how my trading goes with the current capital I have.<\/p>\n What inspires you to pursue trading?<\/strong><\/p>\n What inspired me to pursue trading was not being stuck down to a 9-5 job, it was the freedom especially with being a mum knowing I could work when I feel like and enjoy time with my daughter at the same time.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n I don\u2019t believe it is easy to do, especially with emotions involved it can be hard, but have a plan set out and make sure to follow it with risk management.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n Maximum loss limits made me put a more stricter trading plan and style in place to ensure I followed and completed the Trading Objectives. It makes you more committed to pass and to put more work in.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes, I have a trading plan in place, I aim to make a certain amount of profit each day and if the day ends in a loss I try not to let it affect me mentally and will not put trades on just to try and recover the loss. I believe trading angry or revenge trading can end badly.<\/p>\n What would you like to say to other traders that are attempting the FTMO Challenge?<\/strong><\/p>\n Believe in yourself, control your emotions, don\u2019t close a trade if it is in negative, as a trade can also reverse, and have a TP. If you\u2019re having a bad day, leave the charts for a day, refresh and go again. It is possible.<\/p>\nTrader Swarupanand: “Try to focus on quality trades and not on the quantity of trades.”<\/h3>\n
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Trader Leah: “I believe trading angry or revenge trading can end badly.”<\/h3>\n
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