*Live Update of my FTMO trading challenge phase*
It is almost Friday and the week is nearly done. I hope you have all had a good trading week and trading month because May 2019 is almost finished!
I am using this blog post to give you a quick update on the “Trade your way to 70k” challenge I am doing with FTMO. They are one of the leading providers of prop trading capital for retail traders and have, what I believe, to be the most effective and most rewarding set up in the business.
If you want to learn more about FTMO and how you could get access to up to $100,000 in trading capital then click on the link below to go to their website.
I have now been trading the Challenge Phase for 7 days now (5 trading days) and I have my first weeks results to share with you below.
If you haven’t read my previous post explaining what the challenge phase involves in terms of trading rules and targets then I suggest you check out my other blog post via the link below.
As you can see, I am 7 days in to the minimum of 10 days trading required to pass the phase but this should be no problem. It is purely a rule to keep you in “the game” for as long as possible to get a better understanding of a traders abilities.
I am currently passing the 50% positive trading days requirement which is great. Many traders who trade using high reward:risk set ups and lower win rates may struggle with this one if they are not careful. It is important to monitor this and scale in and out of winning positions as best as you can to keep the positive days % above 50%.
Max daily loss is one of the easier rules because they allow a maximum of 5% loss of capital in a single day. My maximum daily loss so far has been just under 1% ($985).
Max loss is also fairly self explanatory and easily achievable if you are a consistent trader. FTMO kindly allow a maximum loss of 10% of trading capital before they fail you and I have kept well away from this threshold with a maximum loss of just under 1.3% ($1269).
The profit target required in the 30 days of the challenge phase is 10% and I am currently just under 3% away from reaching that with multiple open positions running. Hopefully, these longer term positions begin to move with me again and we can reach the target profit next week along with 3 more days of active trading to complete the challenge phase.
Ups & Downs:
Earlier in the week I was actually floating at around 12% of profit but a few key positions swiftly reversed on news announcements.
I was holding short positions on the USDCAD FX currency pair but the news volatility around the Canadian interest rate decision caused me to get stopped out of this trade. This is my own fault for not securing the open profit prior to this news event but I will live and learn.
I am also holding multiple short positions on the FTSE 100 index and it is currently making its next counter trend pullback so that will naturally cause “open profit” to variate as it moves.
Click here to see my analysis on the FTSE 100 Index!