{"id":592074,"date":"2023-09-13T13:00:07","date_gmt":"2023-09-13T11:00:07","guid":{"rendered":"https:\/\/ftmo.com\/?p=592074"},"modified":"2023-09-13T16:47:26","modified_gmt":"2023-09-13T14:47:26","slug":"success-in-trading-is-a-journey-of-self-mastery","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/success-in-trading-is-a-journey-of-self-mastery\/","title":{"rendered":"\u201cSuccess in trading is a journey of self-mastery\u201d"},"content":{"rendered":"
Traders are usually aware that without basic knowledge of how financial markets work, they will not succeed in Forex in the long run. However, continuous education and learning new things during the trading career is already underestimated by some, and this is especially true for those who have been in the markets for a long time. Fortunately, this is not the case with our new FTMO Traders Seme, Ryan, Elyangel, and Eliyahu.<\/em><\/p>\n What does your risk management plan look like?<\/strong><\/p>\n I have to always remember that Forex trading involves inherent risks, and not having a solid risk management plan<\/a> can completely hurt my trading future. However, a well-thought-out and disciplined approach to risk management can help me as I navigate the challenges and improve my chances of long-term success in Forex trading. I have several key things in place to assist me in this regard. Capital preservation: the primary goal of me applying proper risk management is to protect my trading capital. I am sure to — never risk more than I know I can afford to lose. Position Sizing: I go into each trade with a pre-determined size of each position based on my risk tolerance and the stop-loss level. I do this to avoid over-leveraging, as it can lead to significant losses. Risk-Reward Ratio: maintain a favorable risk-reward ratio. Aim for a minimum of 1:2 or higher to ensure that my potential gains outweigh my potential losses. Consistency: stick to my risk management plan consistently. Avoid deviating from it due to emotions or impulsive decisions. Emotional Control: keeping my emotions in check. Fear and greed can lead to poor decision-making. I vow to trust my strategy and follow my plan. I round these off with many other factors, but these are my most key measures.<\/p>\n What do you think is the key for long-term success in trading?<\/strong><\/p>\n I think the key to long-term success is to keep learning and stay informed about the Forex market. Knowledge is a powerful tool in managing risk effectively. I will never cease to be a student of the Forex market. I must apply myself and obtain knowledge every day in order to adapt to the changing market.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n I appreciated the Maximum Loss limits because it helped me to be more risk-averse. I was less likely to take high-risk trades or use excessive leverage because I was constantly aware of the loss limits for the day. Although I consider myself an aggressive trader, this somewhat made my trading style more conservative.<\/p>\n What was the hardest obstacle on your trading journey?<\/strong><\/p>\n The hardest obstacle in my trading journey was simply wanting to reach the fully funded point. I wanted to be able to hold onto my earnings and going through the process of the Challenge and Verification was necessary, however tough because I am the type of person who likes to jump fully into things.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n I have had to keep my emotions in check. I came into the process knowing that fear and greed can lead to poor decision-making. To combat this human error, I made sure to trust my strategy and follow my plan at all times.<\/p>\n One piece of advice for people starting an FTMO Challenge now.<\/strong><\/p>\n My advice to those starting the Challenge now is to focus on the objectives at hand. You can make tons of money once you are funded. For now, use proper measures, keep your psychology in check, and manage your risks well. Take your time and focus like heck! You got this!<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Yes, all the time (but I am a psychology major so perhaps it’s more salient for me to see how it might affect me as I trade). The key is to manage it through knowing yourself, creating systems to adjust, having self-discipline, and learning new things.<\/p>\n What was the hardest obstacle on your trading journey?<\/strong><\/p>\n The hardest obstacle has been trying to be a generalist in terms of the market conditions for trading. Rather than cherry-pick my best setup, I have tried to force myself to be a generalist first and then choose my specialty setups. I figure this will make me a more consistently profitable trader, being able to detect and navigate other market conditions that are what I might be better specialized for.<\/p>\n Do you plan to take another FTMO Challenge to manage even bigger capital?<\/strong><\/p>\n Yes. I will continue Challenges until I have reached the 400k limit.<\/p>\n What was more difficult than expected during your FTMO Challenge or Verification?<\/strong><\/p>\n Specifically, not increasing my risk with each new trade. It’s tempting to want to increase it if you succeed and it’s tempting to want to “revenge trade<\/a>” if you fail. It was key for me to reign that temptation in.<\/p>\n What do you think is the key to long-term success in trading?<\/strong><\/p>\n First, keeping risk at around 1%-4% for all trades. Second, waiting for only the best trades. Third, being wary of wide trends and ranges, disguised as more solid trends.<\/p>\n What is the number one piece of advice you would give to a new trader?<\/strong><\/p>\n If you can create a system or a way so that each time you push that button to enter or increase a position, you have a “winning traders\u2019 equation”, then you will be successful as math (probability) is on your side. Having a winning traders’ equation means that your risk to reward ratio, your max risk per trade, and your win percentage all add up to ensure your success. Create systems that work for you and your personality in order to do that. It could mean programming your system, doing a mindfulness exercise mid-trading, journaling, etc. Every day whether win or loss will show you what you need to learn and improve on. Take time to learn and improve on it through study and practice. Above all, if you really love trading, make sure your systems towards success, your trading style, and your lifestyle make you happy as you work hard towards your future success.<\/p>\n What inspires you to pursue trading?<\/strong><\/p>\n Success in trading is a journey of self-mastery, I fell in love with the process of working hard, learning, and improving. That\u2019s what life is all about, and trading mirrors life.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes! I have a few signals that are an absolute MUST like an MACD cross-over and a break of structure, and a few factors of confluence that help add confidence to my trades like volume and Fibonacci levels but can vary from time to time in how they look. The chart\u2019s not always going to paint the perfect picture on a silver platter for you. Rigorous backtesting<\/a> and experience have helped me figure out what feels like a good trade to me. Generally, I\u2019m only going for continuation trades when the momentum is high.<\/p>\nTrader Seme: \u201cThe key to long-term success is to keep learning and stay informed about the Forex market.\u201d<\/h3>\n
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Trader Ryan: \u201cTake time to learn and improve on it through study and practice.\u201d<\/h3>\n
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Trader Elyangel: \u201cThe chart\u2019s not always going to paint the perfect picture on a silver platter for you.\u201d<\/h3>\n
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