{"id":569712,"date":"2023-07-05T13:00:49","date_gmt":"2023-07-05T11:00:49","guid":{"rendered":"https:\/\/ftmo.com\/?p=569712"},"modified":"2023-08-01T13:05:55","modified_gmt":"2023-08-01T11:05:55","slug":"trading-is-a-profoundly-serious-profession-and-cannot-be-rushed","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/trading-is-a-profoundly-serious-profession-and-cannot-be-rushed\/","title":{"rendered":"\u201cTrading is a profoundly serious profession and cannot be rushed\u201d"},"content":{"rendered":"
The biggest problem for many traders is a lack of humility. This is especially true for those who have already achieved success in a different field and feel that they will achieve similar results in trading. Trading may look easy at first glance, but it needs to be viewed just like any other job. As it happens, our new FTMO Traders Kovilan, Javier, Rattana, and Raveena Chandra are aware of this.<\/em><\/p>\n <\/p>\n What inspires you to pursue trading?<\/strong><\/p>\n After enjoying success in private equity, in consulting, and corporate strategy in London, I (slightly recklessly) joined my partner as she moved to Switzerland on an expat package. I would discover to my dismay that this is a heavily protected job market. My brother suggested trading and I was inspired to pursue it in order to reobtain a career \u2018identity\u2019 and also to continue to be an example of success to my son. He was 11 at the time (but he’s now a teen).<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes, I do now and live the plan daily. Initially, I had no written plan. Later, I wrote out a plan but treated it as no more than a box-ticking exercise and prioritized placing trades.<\/p>\n What do you think is the most important characteristic\/attribute to becoming a profitable trader?<\/strong><\/p>\n Humility, especially if you\u2019ve already experienced success in other fields. In my case, some skills were not as transferable as I’d have liked and may have hindered me. It took me 3.5 years to get this far and doing so needed me to understand that trading is a profoundly serious profession and cannot be rushed. It will humble you many times if you try to run before you can walk. Unlike other serious professions that require you to jump many hurdles to gain entry (extensive education and years of professional practice), the only prerequisite to start trading is to stumble on the idea to try it. This can cause problems initially.<\/p>\n <\/p>\n What was the most difficult during your FTMO Challenge or Verification and how did you overcome it?<\/strong><\/p>\n Generally, it was a smooth process thanks to a lot of forward testing to determine how likely it was to see certain predefined worst-case outcomes. But still, the first few trades (no equity cushion) and the final few trades (let\u2019s get this done) were slightly nerve wreck and I found myself taking profits sooner than I\u2019d planned. To help deal with it, I leaned on my years of forward testing and revisiting the probability range of scenarios I can expect from my system. It’s definitely an area I continue to work on to gain more mastery.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n I used to place about 20 trades a day. I now place no more than three simultaneous trades (max concurrent risk of 3%) and make sure the trades are uncorrelated. As I take off risk, I may allow myself to add trades. I usually have about 3-6 trades in a day. I aggressively cut what is beginning to look like losing trades – this does end up reducing my win rate but it works for me, as I just re-enter if the opportunity looks good. I’m also happy to let it go if I’m unconvinced.<\/p>\n What would you like to say to other traders that are attempting an FTMO Challenge?<\/strong><\/p>\n Figure out how you will objectively know if you are ready. And if you confidently meet your criteria then let that feeling carry you through the Challenge (I told myself that the moment I could easily pass two Free Trials in a row I\u2019d consider myself ready). PS. I’d often read what other traders said in these interviews and found a lot of them very helpful. Do that too to see if you are missing something. Wish you the best!<\/p>\n <\/p>\n How would you rate your experience with FTMO?<\/strong><\/p>\n Fantastic. Definitely the best place for serious traders.<\/p>\n What does your risk management plan look like?<\/strong><\/p>\n I have a 2 trades limit per trading day. I adapt my trading size to the account balance, so I’m always comfortable with the risk I take. A system method has 3 parts: signals, risk management, and psychology. Start building up your system by working with your psychological traits. Lots of books recommend a 1:2 or higher risk to reward ratio, but you may not be able to endure the drawdown of a method with a 40-50% win rate. Know yourself and build up from there.<\/p>\n <\/a><\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n With a winning method, how you manage your losses determines your results. You have to learn to monitor, acknowledge and manage your emotions during trading. If you try to ignore your emotions, they will find a way to express themselves and you do not want that. It is like having a pot with boiling water and putting a lid on it to make the problem disappear. You have to learn to accept rejection and learn to be uncomfortable with whatever result you get. That is not easy. It takes time and focused practice. But it can be done.<\/p>\n <\/p>\n How did passing the FTMO Challenge and Verification change your life?<\/strong><\/p>\n I have completed two steps, but I haven’t achieved anything yet. The best is still to come.<\/p>\n What do you think is the most important characteristic\/attribute to becoming a profitable trader?<\/strong><\/p>\n Honesty to be able to get to know you better. Focus and determination to improve the skills you need to develop. Patience and perseverance to carry out the work you must do, mainly on yourself.<\/p>\n What would you like to say to other traders that are attempting an FTMO Challenge?<\/strong><\/p>\n You are going to start losing. There is no magic wand or Holy Grail in this game. The only secret is to look inside you, work on yourself and be patient. But whatever the stage of the path you are in at the moment, remember this is a very difficult task where only a few are successful consistently. Do it for the challenge of becoming a better version of yourself and enjoy the process. Freedom and money will come, but you have to do the work and love the game in the first place. You will get there!<\/p>\nTrader Kovilan: \u201cI’d often read what other traders said in these interviews and found a lot of them very helpful.\u201d<\/h3>\n
Trader Javier: \u201cThere is no magic wand or Holy Grail in this game.\u201d<\/h3>\n