One of the common mistakes among traders is that they often rush their decisions with the goal of chasing profits. This is why we have made a 10-day minimum trading day a rule where traders must open at least one position each day to complete this rule. Thanks to this, our traders don’t chase profits and think more about their decisions as they know they don’t need to rush anything. A trading day is defined as a day when at least one trade is executed. If a trade is held over multiple days, only the day when the trade was executed is considered to be the trading day.
Minimum Trading Days
Professional traders that trade in proprietary trading firms and hedge funds always have risk managers that control their performance and tell them when they reached their daily limits. This luxury is something traders from home can’t afford. This is why Maximum Loss and Daily loss rules are in place. For maximum loss traders cannot exceed 10% of their trading balance during the whole evaluation period. Daily loss limit can be called “trader’s daily stop-loss”. This is set as 5% from the initial account balance. The rule says that in any moment of the day, the result of all closed positions in sum with the currently open floating P/Ls (profits/losses) must not hit the determined daily loss limit. When traders must follow these rules, they pay much more attention to their trading plans and risk management strategies. Which leads to improved results.
Maximum Daily Loss and Maximum Loss
FTMO Trading applications that help your trading discipline
Because our newer traders might have problems following the rules, we developed an Account MetriX for them.
Account MetriX is an innovative and unique web application, which monitors your progress towards becoming the FTMO Trader. The Account MetriX serves every trader undertaking the FTMO Challenge, Verification or Free Trial.
Thanks to this web application, you have a complete overview of the Trading Objectives. In the Account MetriX, you will also find a wide range of statistics, which every trader must know.