{"id":595453,"date":"2023-10-11T13:30:32","date_gmt":"2023-10-11T11:30:32","guid":{"rendered":"https:\/\/ftmo.com\/?p=595453"},"modified":"2023-10-11T13:40:52","modified_gmt":"2023-10-11T11:40:52","slug":"max-limits-are-really-great-tools","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/max-limits-are-really-great-tools\/","title":{"rendered":"\u201cMax limits are really great tools\u201d"},"content":{"rendered":"
Many traders say that our loss limits are too strict for them. However, when they realize that it is in their best interest not to risk too much per trade, they realize that these limits were behind their success and helped them to get their FTMO Account. What do our new traders Peter, Majid, Sara, and Kachi think about it?<\/em><\/p>\n <\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n Max limits are really great tools because they make you stop trading when your day goes badly. I mean you know your limits and you can\u2019t overtrade otherwise you are out. So, it gives you that time to calm down your emotions and gives you another chance, another day to make better decisions with a cooler head.<\/p>\n Has your psychology ever affected your trading plan?<\/strong><\/p>\n Definitely, it\u2019s the core of everything. I can have 10 great days but if I fail the 11th and wipe out all my profit then it\u2019s for nothing. This happened to me many times and I know you should never get overconfident about your results even though you feel like you are the king of the world at that moment.<\/p>\n What inspires you to pursue trading?<\/strong><\/p>\n Vision of financial freedom,a better understanding of how financial world works, being able to manage my time my own way and not be dependent on a 9-5 job.<\/p>\n <\/p>\n What was more difficult than expected during your FTMO Challenge or Verification?<\/strong><\/p>\n Trying it 3 times and failing and at the end of the 4th time it went well. Definitely, you are sometimes overexcited about taking the Challenge and seeing that you can become a pro. So, you take a huge trade in the early stage and if it goes bad it frustrates you and can stick with you. This happened to me and that\u2019s why I failed 3 times.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n By carefully watching my trading habits and sticking with the good ones. I mean, when you trade you need to know when not to trade, when you are in control of the position, the most important thing is to get those great entries when you are instantly in the profit and you need to watch pattern, price levels, price actions, choose the right asset (choosing stronger currencies against weaker ones).<\/p>\n One piece of advice for people starting the Challenge now.<\/strong><\/p>\n Don\u2019t get overexcited when you start and don\u2019t take huge trades at the beginning. Be calm and take your time.<\/p>\n <\/a><\/p>\n <\/p>\n How did you manage your emotions when you were in a losing trade?<\/strong><\/p>\n I managed my emotions through trust and effort put in. For example, I have dedicated so much time and effort into building my strategies and backtesting them that I have built up a large portfolio of how the strategy works in each currency, this has helped me to trust the process and have an idea of what\u2019s going to happen. Also, effort, I have dedicated a lot of time and effort into trading, and it took me a while to get to this level, so I have been able to hone my emotional control skills during a loss.<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n Yes of course, I follow my trading plan very very strictly and would not get into a trade if my requirements for a trade are not met, even if it\u2019s the smallest thing I would still not enter the trade. I am extremely strict with it, thus why I have a high W\/L percentage.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n I\u2019d say the Profit Target for Verification was quite easy, after completing the Challenge, it gives you a boost of confidence which you can use towards completing the Verification.<\/p>\n <\/p>\n What was the hardest obstacle on your trading journey?<\/strong><\/p>\n The hardest obstacle was not being able to hold trades over the weekend and I\u2019d say loss limits. My personal loss limits are higher than the ones given by FTMO, but It didn\u2019t take as much from me when getting used to the FTMO ones.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n At first, it was quite hard but then it got really easy as I realized the benefits of having Maximum Loss limits. It helps you to recoup and think about what to do next, go back to your trading plan, and stops you from making any emotional trades.<\/p>\nTrader Peter: \u201cDon\u2019t get overexcited when you start and don\u2019t take huge trades at the beginning. Be calm and take your time.\u201d<\/h3>\n
Trader Majid: \u201cThe most important thing is to be patient.\u201d<\/h3>\n