{"id":590206,"date":"2023-08-30T12:45:41","date_gmt":"2023-08-30T10:45:41","guid":{"rendered":"https:\/\/ftmo.com\/?p=590206"},"modified":"2023-08-30T12:46:46","modified_gmt":"2023-08-30T10:46:46","slug":"slow-and-steady-growth-is-the-best-advice","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/slow-and-steady-growth-is-the-best-advice\/","title":{"rendered":"\u201cSlow and steady growth is the best advice\u201d"},"content":{"rendered":"
Nowadays there is really no rush, as there is no limit to the time required to meet the conditions of the Evaluation Process. You can wait for the right time to enter the market, and this can give you a psychological advantage that can help you to successfully complete both your FTMO Challenge and Verification. Our new FTMO Traders will only confirm this in today’s article.<\/em><\/p>\n <\/p>\n What was the most difficult thing during your FTMO Challenge or Verification and how did you overcome it?<\/strong><\/p>\n A difficult part in the beginning was taking profits. You make an amazing plan, but it just will not go exactly like that. I overcame this part by taking profits earlier and securing my profits. I also made use of a trailing stop on some occasions so that the profits could be maximized.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n I expected the Challenge to go way longer, I failed 3 accounts before. I took 2 months off to become stable again, and set up a plan so that I would have excellent risk management. In the end, I managed to finish both Challenges in 6 trading days, 2 days quicker than the minimum. So I had to trade 2 days extra. \ud83d\ude42<\/p>\n Where have you learned about FTMO?<\/strong><\/p>\n I learned about FTMO because of a friend, he introduced me to it and showed me the basics of Forex trading, from there on a group was created and we learned more and more every day.<\/p>\n <\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n Maximum loss did not affect my trading style, as I said risk management is my top priority, I try to not overtrade and keep losses reasonable.<\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n I managed my emotions by just accepting it. A loss won\u2019t be a problem for me since I made use of good risk management, so a loss did not affect me that much. So, no revenge trading etc. Accept your losses – it is part of the process.<\/p>\n What would you like to say to other traders who are attempting an FTMO Challenge?<\/strong><\/p>\n For other traders I would say, risk management and emotional control is the most important step in trading. Learn to master these 2 aspects and you will be profitable already. Don\u2019t overtrade yourself, and don\u2019t be shy to look for help. FTMO has some amazing informative videos and an Academy program I am trying to finish now. There are a lot of sources to learn, feel free to test several and find what you like. And 1 more tip: don’t trade news events if you don’t exactly know what you are doing. Also, try out different trading platforms like Metatrader or cTrader so you find the software you feel comfortable with. I personally use cTrader \ud83d\ude42<\/p>\n <\/p>\n What do you think is the most important characteristic\/attribute to become a profitable trader?<\/strong><\/p>\n I’ll give you three. 1) Discipline 2) Patience 3) Lack of loyalty. You must create rules for yourself and have the discipline to follow them. Otherwise, you’ll have no idea why you’re losing trades, or winning for that matter. Patience is a must in this business. It only takes one good trade each week to grow an account. The issue is that most traders treat their account like a slot machine, attempting to feed it every day regardless of market conditions. You need to have patience to wait for the A+ setups and patience once in the trade to let your winners run. A lack of loyalty seems like a strange (positive) attribute for a trader, but it’s essential. You have to be able to flip your bias in an instant if the market proves you wrong. Otherwise, you’ll quickly find yourself trading what you want to happen instead of trading what the charts are telling you. I could go on but those three are essential for any aspiring trader.<\/p>\n <\/a><\/p>\n Describe your best trade.<\/strong><\/p>\n My best trade was the GBPJPY weekly head and shoulders that formed just before the 2008 financial crisis. I caught the first leg down for just over 3,000 pips.<\/p>\n How would you rate your experience with FTMO?<\/strong><\/p>\n Excellent.<\/p>\n <\/p>\n What does your risk management plan look like?<\/strong><\/p>\n I start with 0.25% and scale into a maximum single-trade allocation of 0.5% with a maximum account allocation of 2%. I also use hard and soft\/mental stops so that I can cut losing trades early.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n I was given some decent market conditions during both phases, so I didn’t have to wait long to get into profitable trades.<\/p>\n What would you like to say to other traders who are attempting an FTMO Challenge?<\/strong><\/p>\n Whatever risk you think is acceptable, cut it in half and aim for one A+ trade setup each week. Slow and steady growth is the best advice I can give.<\/p>\n <\/p>\n What was the most difficult during your FTMO Challenge or Verification and how did you overcome it?<\/strong><\/p>\n The most difficult thing was the time limit… When FTMO announced that there would be UNLIMITED days, I was honestly shocked and excited. The problem began when I was informed my phase 2 Verification would NOT be transitioned to unlimited time. This caused me more heartache and stress than almost anything I’ve experienced. I overcame this by eventually having an epiphany. I simply prayed to God and said I do not want to be afraid anymore. I do not want to be ruled by fear, anxiety, stress, or doubt. I’m going to trade with confidence and just trust in you, the Lord God.<\/p>\n What was more difficult than expected during your FTMO Challenge or Verification?<\/strong><\/p>\n I will reiterate again. The time limit caused me inconceivable amounts of stress and anxiety. I had a game plan. I had a perfect trading strategy, but the added pressure was seeping deep into my subconscious. I was making decisions that I would never do in a normal situation.<\/p>\nTrader Marcel: \u201cYou make an amazing plan, but it just will not go exactly like that.\u201d<\/h3>\n
Trader Justin: \u201cWhatever risk you think is acceptable, cut it in half and aim for one A+ trade setup each week.\u201d<\/h3>\n
Trader Denis: \u201cThis game is for SERIOUS TRADERS.\u201d<\/h3>\n