OldNoobs return and FTMO Challenge

OLdNoob · Apr 26, 2022

After several years away from trading I've got the itch again and have been messing about with a small IG account, Google algorithims then led me to the FTMO challenge and I thought it sounded like a good idea, after making sure I was happy with my stratagy I did the free trial and will now be attempting the challenge and documenting here.

I trade trends and look for entries on pullbacks, nothing new or exciting with regards to entries, the money is made/lost on the exits anyway.

I trade the dow exclusively in the evenings averaging between 3-5 trades per day.

SL is set to a max of 60 pts, exits in profit come from either the SL been moved and hit or me exiting for fear of a turn.

Below are my trial results. will be starting the challenge either this week or next

BigDeal · Apr 26, 2022

Looks pretty impressive. Well done.

Keeping it simple and concentrating on things you understand, is a good approach to trading.

I'm a sceptic of FTMO and similar businesses which market themselves as (pseudo) prop firms, but if you can manage their terms and play the game, then good luck !

OLdNoob · Apr 30, 2022

Well I went live on Wednseday and I had a mare, discipline and focus went out the window and i ended up chasing a trade and having 4 losers in quick succession, doh!

That dented my confidance on thursday and friday resulting in one flat trade on thursday and 1 loser on friday.

Weekend reflection to reinforce my belief in myself and my system.

needless to say 1.5k down is not a good start but not impossible to turn around.

OLdNoob · May 10, 2022

Rough week, massively down on the account.

Its amazing how a few poor days along with the pressure of the deadline can make you doubt yourself and start tinkering, or maybe the tinkering comes first and the doubt after!

target is now to get to +2.5% in order to secure the extension but will be tough.

OLdNoob · May 16, 2022

no improvement on my peformance last week, challenge is looking like a lost cause, only option now is to trade size that gives me a max of 3 losers in a row before wipe out. I imagine my challlenge will come to an end soon and it will be bak to the drawing board.

OLdNoob · May 20, 2022

This week has been much better, I feel i have been more in sync with market movements, Goal is now to land in the green before the end of the challenge (4 more trading days) in order to qualify for the free repeat.

OLdNoob · May 26, 2022

Boom!

4 week period is done, needles to say i did not do as well as I thought I would, may give it another go in the future,

I think the principal is sound and fair.

If you end in profit without breaking th eloss rules, you get a free repeat, if you make 5% you get a 14 day extension.

so the problem is my trading not ftmo.

Around trade 64 I made some changes to my trading that yeilded good results and I had 6 up days in a row, the big crash after that was in one day, never should have been trading, I was hit by a car cycling home and was not thinking clearly, didnt even notice that the fed chair was speaking till after my trades.

Todays crash was me just betting the house on the last day of the account.

lots to process, only time will tell if lessons will be learned.

OLdNoob · Jun 6, 2022

Started attempt no 2 today, feel ive made the adjustments needed to nail this.

Set myself a target of £500 per day. I stop trading if reached/exceeded. Anything above $250 puts me on target to pass the challenge.

Today was at $5 pp the .1 was a trade placed on a chart that I had not adjusted the qty on.