*A quick recap of my first week of the FTMO trading $100k trading challenge*
The weekend is now upon us and I hope you all had a good week. This post is going to be fairly short and sweet as I only started the FTMO trading challenge phase part way through this week. I am going to talk you through how I have found the first few days and what trades I have taken and what positions I have open.
Before I begin, as always… all my technical analysis is done on the fantastic TradingView platform which can be found via the link below. I do highly recommend it to anyone in need of charting software for all financial instruments from FX currencies to stocks and commodities.
https://tradingview.go2cloud.org/SH3bP
I have already written a blog post explaining what the FTMO trading challenge is and if you haven’t already seen it then I recommend you do. It explains what I am doing, what rules and targets are in place and also how you can get involved too! Click here to go to read the blog post.
As it stands, I am currently up just over 4% in my first few days of trading the FTMO $100k account challenge. I am over the moon about this because it means I am almost half way to the target profit that I must reach within the first 30 days. However… it has not been an easy few days.
The trades I have taken so far are as follows:
GBPJPY Long – breakeven trade
Gold Long – breakeven trade
GBPJPY Long (2) resulted in a -0.77% loss
NZDJPY Long resulted in a -0.45% loss
GBPJPY Long (3) resulted in a -0.8% loss
EURAUD Short resulted in a -0.59% loss
EURNZD Short (day trade scale in position) resulted in +0.8%
Current open positions:
Gold Long – executed @ $1274.55
FTSE100 Short – executed @ 7355
EURNZD Short – executed @ 1.71780
EURCAD Short – executed @ 1.50570
Key points to note:
Across all open positions I have 5.7% profit floating and 3 out of 4 positions are now risk free. I am looking to take these positions in to next week and look for possible scale in entries to capitalise further.
I stuck to my entry criteria on GBPJPY but unfortunately this resulted in 1 breakeven trade and 2 losing trades which is not ideal but the power of reward:risk ratio has carried me through. If anything, I am actually under exposed on many positions because I am still getting used to position sizing on this amount of capital.
It also took multiple attempted to buy Gold before I eventually caught the break out of the recent consolidation phase. This is not a problem because I didn’t lose any of the FTMO capital but it did test my patience.
For those of you that haven’t read it already, I have written a full blog post on risk management and exposure control and you can find it via the link below:
I still have over 3 weeks left of the challenge phase to reach my required profit target and stay within the defined rules. Risk management has been no issue for me so far and I think the only part of the challenge I will struggle with is the minimum number of active trading days.
I look froward to updating you with my progress next week. Have a good weekend and please don’t forget to LIKE, FOLLOW and SHARE my blog to stay up to date 🙂
Diary of a Finance Kid 