{"id":631964,"date":"2024-06-12T14:00:19","date_gmt":"2024-06-12T12:00:19","guid":{"rendered":"https:\/\/ftmo.com\/?p=631964"},"modified":"2024-06-26T09:20:51","modified_gmt":"2024-06-26T07:20:51","slug":"stop-chasing-the-losses","status":"publish","type":"post","link":"https:\/\/ftmo.com\/en\/stop-chasing-the-losses\/","title":{"rendered":"\u201cStop chasing the losses\u201d"},"content":{"rendered":"

One of the first things you need to realise when you start trading, is that losses are a part of the game. After realising this, you will probably stop doing everything you can to make up for every loss at any cost in the very next trade. Because that only leads to more losses and, in the worst case, to a loss of your account. Our new FTMO Traders Mariia, George, Charith and Chua already know this very well. How about you?<\/em><\/p>\n

Trader Mariia: \u201cNever give up, even if you have lost a fortune\u201d<\/h3>\n

\"\"<\/p>\n

How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n

Firstly, I learned from my mistakes and moreover I have to be disciplined and consistent and follow my risk management.<\/p>\n

Describe your best trade.<\/strong><\/p>\n

Actually, I have many best trades, but one of my best was almost 1 year back on my other real account on GBPJPY it was RRR of 1:24 and I followed my plan and waited till it hit my TP. Which was one of the best trades with the highest ratio.<\/p>\n

What inspires you to pursue trading?<\/strong><\/p>\n

Actually, my husband is a professional trader, and I was also always interested in financial market, so I also pursued trading few years back with help of my husband.<\/p>\n

\"\"<\/p>\n

What was the hardest obstacle on your trading journey?<\/strong><\/p>\n

Excess amount of trades in one day, desperate to open trades without following my plan, which I have worked on and the FTMO platform has helped me a lot in it.<\/p>\n

How has passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n

FTMO has helped me be more patient and execute trade as per my plan of trading, which was very unlikely in my other real accounts. Also, FTMO platform has helped to avoid unnecessary trades and executing trades during high volatility news, and I feel I can perform much better in FTMO than in a real account.<\/p>\n

\"\"<\/a><\/p>\n

What is the number one advice you would give to a new trader?<\/strong><\/p>\n

Never give up, even if you have lost a fortune. It’s just an educational stage, and one day, when you have graduated in trading with discipline, that fortune will return to you.<\/p>\n

Trader George: \u201cPsychology is 90% of what makes a great trader.\u201d<\/h3>\n

\"\"<\/p>\n

What inspires you to pursue trading?<\/strong><\/p>\n

What I love about trading is the fact I’m able to trade from anywhere and be my own boss. Also, to learn such a complex skillset which the better you perform the greater the pay.<\/p>\n

Do you have a trading plan in place, and do you follow it strictly?<\/strong><\/p>\n

Yes, my trading plan took me a while to create, as I wanted to ensure that I was getting the most out of the time I trade. At first, I followed my trading plan like it was life or death and then went on holiday came back and just forgot how important it is to follow. After a difficult week I worked on my psychology and how I can improve to ensure I don’t have any irrational trades again.<\/p>\n

How has passing the FTMO Challenge and Verification changed your life?<\/strong><\/p>\n

It allows me to begin my trading career and take the next big chapter into my life.<\/p>\n

\"\"<\/p>\n

How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n

By understanding where price is likely to go to (liquidity and imbalances). When you understand where price is drawn to it’s not luck, it\u2019s a skill.<\/p>\n

Has your psychology ever affected your trading plan?<\/strong><\/p>\n

Yes, the week I came back from holiday I let all the nerves of being able to pass the funded get the better of me and in doing so made awful choices and as a result I learned from the mistakes and will be extremely disciplined moving forward.<\/p>\n

What would you like to say to other traders that are attempting the FTMO Challenge?<\/strong><\/p>\n

Be patient. There isn’t a rush to pass the funded and receive a payout. Work on your psychology, as I believe it’s 90% of what makes a great trader.<\/p>\n

Trader Charith Shanaka: \u201cLong-term success in trading is maintaining discipline and continuous learning.\u201d<\/h3>\n

\"\"<\/p>\n

What inspires you to pursue trading?<\/strong><\/p>\n

Trading inspires me because it offers the freedom to live life on my terms. Unlike traditional jobs with rigid schedules, trading allows me to work anytime, anywhere, whether I’m travelling or spending time with family. This flexibility lets me balance my professional and personal life, making it an ideal choice for achieving financial independence while enjoying precious moments with loved ones.<\/p>\n

What do you think is the key for long term success in trading?<\/strong><\/p>\n

Long-term success in trading is maintaining discipline and continuous learning. Staying disciplined helps you stick to your trading strategy and manage risks effectively, while ongoing education ensures you stay updated with market trends and refine your techniques.<\/p>\n

How did you eliminate the factor of luck in your trading?<\/strong><\/p>\n

I think, I eliminated luck from my equation in trading in that I crafted a sound trading strategy based on detailed research and data analysis. Continued application of the approach, disciplined risk management, and learning allowed me to make informed decisions and not leave it all to chance.<\/p>\n

\"\"<\/p>\n

What was easier than expected during the <\/strong>FTMO<\/strong> Challenge or Verification?<\/strong><\/p>\n

This is a funny question to me. When I started the FTMO Challenge, I initially dropped my account by $3,500. This setback made me reflect and come back stronger. Remarkably, I managed to recover and reach break-even in just three days, which propelled me to pass the challenge. That momentum carried through my verification as well. It all felt like a rush, but it happened so fast.<\/p>\n

What was the hardest obstacle on your trading journey?<\/strong><\/p>\n

For me, the key is waiting patiently until you see the right opportunity. When your psychology isn’t strong enough to stay calm and anticipate the market, you might end up acting at the wrong time. This often leads to the need for greater attention to managing your trades moving forward.<\/p>\n

\"\"<\/a><\/p>\n

What is the number one advice you would give to a new trader?<\/strong><\/p>\n

Trade what you see, not what you think will happen. Do a thorough analysis and stick to your plan, regardless of the market’s signals. If you don’t, you will be misled, and you will end up losing your money.<\/p>\n

Trader Chua: \u201cEverything is about your mindset\u201d<\/h3>\n

\"\"<\/p>\n

How did loss limits affect your trading style?<\/strong><\/p>\n

I have to manage the risk very well and control the lot size to prevent having a huge loss, compared to trading my own without-limit personal trading account. Many types of trading systems couldn’t work with the floating drawdown limitation. But on the other hand, it is a good way to learn about risk management and proper way to trade.<\/p>\n

What do you think is the most important characteristic\/attribute to become a profitable trader?<\/strong><\/p>\n

Everything is about your mindset, and real market experiences. Of course, an useable trading strategy too! Don’t judge your trading system too fast when having some straight losing streak, stick to the plan and you’ll get it! Don’t trade too many pairs at a time, most of the forex pairs have correlation, you lose at one pair, maybe you’ll lose at another pair at the same time!<\/p>\n

What does your risk management plan look like?<\/strong><\/p>\n

Stop chasing the losses, give it a go, and come back the next day. Don’t use large lot size and hope that can reach the target in one trade! I have a strict ruleset on my EA, so it won’t overtrade and still maintain the risk very well.<\/p>\n

\"\"<\/p>\n

What inspires you to pursue trading?<\/strong><\/p>\n

Honestly, just because it can be an “unstable” side-income, ha-ha!<\/p>\n

Where have you learnt about FTMO?<\/strong><\/p>\n

Everywhere. Seriously. Google, Facebook, as long as you’re in this field, you heard about the best prop firm!<\/p>\n

What is the number one advice you would give to a new trader?<\/strong><\/p>\n

Get a full-time job with stable monthly income first! This is the priority part! You can’t expect you have a stable income from trading without having a losing streak during some period! I tend to be a full-time trader too, sometimes it can be 1-2 months the account still in the drawdown and can’t get any profit split, it’s very hopeless and frustrating during that period especially I got bills to pay! So, go get a job, use your spare time for trading! Now everything can be automated, if your trading system can work manually, the higher chance it could be fully automated too!<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

One of the first things you need to realise when you start trading, is that losses are a part of the game. After realising this, you will probably stop doing everything you can to make up for every loss at any cost in the very next trade. Because that only leads to more losses and, […]<\/p>\n","protected":false},"author":44,"featured_media":632104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[672],"tags":[],"class_list":["post-631964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ftmo-traders"],"acf":[],"yoast_head":"\n\u201cStop chasing the losses\u201d | FTMO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ftmo.com\/en\/stop-chasing-the-losses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cStop chasing the losses\u201d\" \/>\n<meta property=\"og:description\" content=\"One of the first things you need to realise when you start trading, is that losses are a part of the game. 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