{"id":568642,"date":"2023-06-21T13:30:49","date_gmt":"2023-06-21T11:30:49","guid":{"rendered":"https:\/\/ftmo.com\/?p=568642"},"modified":"2023-08-01T13:04:52","modified_gmt":"2023-08-01T11:04:52","slug":"when-things-arent-going-your-way-accept-it-and-make-adjustments","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/when-things-arent-going-your-way-accept-it-and-make-adjustments\/","title":{"rendered":"\u201cWhen things aren\u2019t going your way, accept it and make adjustments\u201d"},"content":{"rendered":"
Things don’t always go our way. In Forex, such periods sometimes occur more often than we would like, but that is something every trader has to deal with. You can read about how our new FTMO Traders Abdullah, Dani\u00ebl, Martha and Kwong Cheung handled such situations in our next article.<\/em><\/p>\n <\/p>\n Describe your best trade.<\/strong><\/p>\n The best trade I have ever had so far was my last trade on the Verification account. Once I was able to identify the opportunity (US100), I got in and loaded the trade up, and exited a few minutes later because the market did a double tap (1:1.5 RRR). Once the market created a new high, I jumped in again and this time with bigger lots and a calculated Stop Loss, and managed to close on a 1:3.75 RRR. I closed it because I thought the market will dip due to it slowing down in momentum, but the moment the market gained momentum again I hopped in a third time and loaded up all the way until I hit the target (1:5.5 RRR)<\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n I usually distracted myself with playing chess or continuing to read a book until the Stop Loss was hit. Monitoring the trade would not be a bad option but you are more prone to moving your Stop Loss if you do so.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n By setting up a gameplan and knowing where and when to enter, and where the market trend is headed overall. I followed the basic price action to identify my opportunities luck-free.<\/p>\n <\/p>\n What does your risk management plan look like?<\/strong><\/p>\n Risk per trade is around 0.3% to 0.9% and on rare occasions 1%. Once the trade gets profitable I would stack another one if the market continues in the desired action with the same amount of risk, but this time I would be at break-even if it fails because the first trade’s Stop Loss is now at breakeven and the new trade’s Stop Loss is with it.<\/p>\n What do you think is the key for long-term success in trading?<\/strong><\/p>\n Discipline and self-control, identifying areas for improvement in your trades, and having an eye that can see the overall market direction ASAP. My first FTMO Challenge failed so hard because I did not realize how long my trades took (which was around two weeks for just one trade with 1% risk and 1:1.5 RRR and a TERRIBLE win rate). So basically, if you notice anything unusual in your trading style, I recommend you do a top-down analysis of everything regarding it.<\/p>\n One piece of advice for people starting an FTMO Challenge now.<\/strong><\/p>\n Just know that if you work extremely hard at whatever you got going on and you stick to it, your whole life will change. It does not take a lot of effort to make it to the top but rather discipline is what it takes. Stay blessed and Goodluck to y\u2019all.<\/p>\n <\/p>\n What was the most difficult during your FTMO Challenge or Verification and how did you overcome it?<\/strong><\/p>\n I am relatively new to trading. I started learning about trading last year at the end of July, so the psychology of trading is very complex, controlling your emotions, I think, is the hardest part, I burned my first FTMO Challenge account because of this. But I learned from this and opened a second one which is the one I just passed.<\/p>\n <\/a><\/p>\n How did passing the FTMO Challenge and Verification change your life?<\/strong><\/p>\n It will give me freedom in terms of time and, financially speaking, if I maintain the account with consistency and grow the account.<\/p>\n Describe your best trade.<\/strong><\/p>\n My last trade was supposed to hit TP at a fractal, but I would need another trade to pass the second phase since I would be missing $15, so I decided to let the trade go (since the previous fractal went above $25) and try to hit it or loss part of the profit. So, the trade hit the profit that I needed and I liked this trade because it was giving me all the win conditions and I made the choice that paid off but if the trade didn’t reach the target and go back and hit the SL I would also be fine with that.<\/p>\n <\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes! I have a strategy for entry management, exit management, and account management. I know how important it is to be consistent and to do this you need to follow a plan.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Sure, I burned the first account I opened with FTMO.<\/p>\nTrader Abdullah: \u201cIf you notice anything unusual in your trading style, I recommend you do a top-down analysis or everything regarding it.\u201d<\/h3>\n
Trader Martha: \u201cI know how important it is to be consistent.\u201d<\/h3>\n