Hi everyone. A very warm welcome to you to my trading blog, which covers my goal to become a 6-figure prop firm FTMO trader. Here’s a link to the very first post if you want to catch up from the beginning. My quest began at the earliest possible stage, with a 14-day FTMO free trial.
Funded Trading Blog #6
I’ve wrapped these two days into one because I’d rather produce one reasonable post instead of two tiny ones. There’s also the fact that, due to the loss on day 4, I had very little motivation to write about trading on day 5, or even do any trading at all, for that matter.
However, on day 5, I did manage to claw back a chunk of my loss, and got a $1875 win going long on the Dow Jones.
Day 6 also produced a gain albeit a much smaller one, around $811.
However, I currently have some positions open that, as they stand, are down by $1560. Today is Saturday, so obviously, nothing’s going to happen to them just yet.
As of now, I have just two trading days left, Monday and Tuesday. I have respected the loss limits and traded for 6 days out of 10 possible trading days, so I’m good in terms of those trading objectives. However, the profit target is almost certainly out of the question, and in all honesty, the loss on day 4 and the knowledge that this is only a trial account both took away a lot of my motivation to try and go positive.
Further thoughts
I’ve always believed that there is no such thing as wasted experience, and this experience has certainly had its value. I was always committed to repeating the free trial, regardless of whether or not I pass it.
Something really valuable I have learned from this is that you are not an exception. Nobody is. The reality is that most people fail at this. And most people fail at forex trading in general. It’s really difficult. That’s why you should only ever trade with money that you can afford to lose.
It also shows that making 10% is much easier said than done. Plus, it also underlines the ridiculousness of thinking that you will double your account in a month, or you’ll put in a few thousand and finish the year as a millionaire. I suppose it’s theoretically possible but it will involve such a high amount of risk, that in all probability, the chances of it actually happening are pretty much zero.
These are expensive lessons to learn with real money, especially when one considers that there is no shortage of material explaining the reality of forex trading. Maybe some people simply need to have money at stake in order for the lessons of forex trading to be fully internalized.
I won’t rule out trading altogether on the last couple of days. I’ll do it if I’m in the mood to do so. To be honest, I’m more motivated to have a go at a fresh free trial. I’m fascinated by Adam Wenig’s strategy for passing the FTMO challenge, which can be successful in just two trades. You can check it out for yourself here.
Well, that’s all for now on my trading blog. Have a great weekend.