{"id":613872,"date":"2024-03-27T13:00:55","date_gmt":"2024-03-27T12:00:55","guid":{"rendered":"https:\/\/ftmo.com\/?p=613872"},"modified":"2024-03-27T13:08:08","modified_gmt":"2024-03-27T12:08:08","slug":"managing-emotions-during-drawdowns-was-more-challenging-than-anticipated","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/managing-emotions-during-drawdowns-was-more-challenging-than-anticipated\/","title":{"rendered":"\u201cManaging emotions during drawdowns was more challenging than anticipated\u201d"},"content":{"rendered":"
Traders who can’t handle their emotions can have it quite difficult in trading. Emotions can ruin a good trade and can make a successful trader a losing trader. Managing emotions, on the other hand, can make the average trader a successful trader who can handle even the most difficult situations. Here’s what our new FTMO Traders Max, Bunchhay, Gabriel and Bao Tam think of it.<\/em><\/p>\n What do you think is the most important characteristic\/attribute to become a profitable trader?<\/strong><\/p>\n The most important characteristic for becoming a profitable trader is discipline. Successful traders adhere to their trading strategies, manage risk effectively, and stay emotionally detached from market fluctuations. Without discipline, it’s easy to make impulsive decisions that can lead to losses.<\/p>\n What does your risk management plan look like?<\/strong><\/p>\n My apologies for the oversight. Here’s a more realistic risk management plan:<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n Implementing a $1250 daily stop loss has significantly influenced my trading style. It forces me to be more selective with my trades, focusing on higher-probability setups and managing risk more diligently. Knowing that I have a cap on potential losses for the day encourages disciplined decision-making and helps prevent emotional reactions to market fluctuations. It also prompts me to reassess my risk exposure throughout the trading day and adjust position sizes accordingly to stay within the prescribed limit. Overall, having a maximum loss limit in place has instilled greater discipline and risk awareness in my trading approach, ultimately contributing to more consistent performance over time.<\/p>\n What was more difficult than expected during your FTMO Challenge or Verification?<\/strong><\/p>\n Managing emotions during drawdowns was more challenging than anticipated. Staying disciplined and confident in my strategy proved tougher amidst consecutive losses, highlighting the importance of emotional control in trading.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n Adhering to my trading plan was easier than expected. Having a clear strategy and risk management plan helped maintain discipline, resulting in smoother execution of trades.<\/p>\n What would you like to say to other traders that are attempting the FTMO Challenge?<\/strong><\/p>\n Remember, the challenge is a journey of growth and development. Embrace the process, stay committed, and keep striving for excellence. Good luck!<\/p>\n How has passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n FTMO trader has always been a dream for me. Being in a developing country, my chance of getting ahead is slim. However, with FTMO in mind, I believe that this will be a game changing opportunity for me, as well as my family. I am looking forward to building a long-lasting relationship with FTMO.<\/p>\n What does your risk management plan look like?<\/strong><\/p>\n Though my RR is not really great compared to those in the industry. However, accompanied with an over 80%-win rate, I do believe that my strategy will work well. I plan to go as safe as possible, anything from 1% to 2% is a Max risk exposer for me.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n I eliminate luck away from my trading by thinking of probability. Luck has always roamed around me for so long, which results in a failed many Challenges as well as real account. However, having learned the hard way, I do believe by thinking about the possibility of winning and losing, will make my mind feel at ease. By that, luck will no longer be in my mind since I know that, that exact one position that I open will result in this amount of loss or that amount of gain.<\/p>\n What was easier than expected during the FTMO Challenge or Verification?<\/strong><\/p>\n Spread, swap, execute speed, more importantly FTMO’s dashboard. Now I do believe that FTMO is made by trader for trader, everything is just so smooth and easy to use.<\/p>\n How would you rate your experience with FTMO?<\/strong><\/p>\n 100\/100 cannot stress enough that FTMO is my only choice for so so long.<\/p>\n One piece of advice for people starting the FTMO Challenge now.<\/strong><\/p>\n Stay decline, lost trade mean to be recovered with another good setup. Never chase trade. Good luck!<\/p>\n Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n I do not believe in mechanical planning as a strategy meaning. It’s more about understanding EACH movement and to be able to trade them. I am using some concepts yes, but globally it\u2019s about my own understanding of the current situation with macroeconomics and technical analysis.<\/p>\n What does your risk management plan look like?<\/strong><\/p>\n For 5 stars trades, I usually risk between 1 and 2% MAXIMUM. If I made big profit for the day, I could use those profit as \u201cleverage” to risk a little bit more. But it\u2019s only in specific scenarios, with, again, 5 stars set up.<\/p>\n What was the most difficult during your FTMO Challenge or Verification, and how did you overcome it?<\/strong><\/p>\n Nothing was difficult, I am already a confirmed trader.<\/p>\n How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n With long-term trading and good risk management. The factor of luck is called in reality “variance”, it\u2019s not luck, its variance and we all have to adapt to this factor.<\/p>\n How did loss limits affect your trading style?<\/strong><\/p>\n Positively, if I am trigger one day for any reason and I make a mistake and lose too much in one day, I will be forced to stop to trade to not blow up my account.<\/p>\n One piece of advice for people starting the FTMO Challenge now.<\/strong><\/p>\n Start with paper trading for months until you are really profitable. Work on the hardest part, which is the psychological part, no emotions in trading. The technical part is not EASY, but it\u2019s not difficult, it\u2019s just time, determination, and passion, you have to stay for hundreds, thousands of hours in front of the graph of a specific asset to maybe understand it and master it one day.<\/p>\nTrader Max Johan Leo: \u201cAdhering to my trading plan was easier than expected.\u201d<\/h3>\n
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<\/a><\/p>\nTrader Bunchhay: \u201cI eliminate luck away from my trading by thinking of probability.\u201d<\/h3>\n
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<\/p>\nTrader Gabriel Imre Guy: \u201cI do not believe in mechanical planning as a strategy meaning.\u201d<\/h3>\n
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