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Prop-firm Challenges (FTMO) Risk Management
Prop-firms tell us to come trade for them so that they can take trades off our ideas. In reality they make their money on relying on the fact that 95% of traders are unprofitable and will fail either the challenge or verification stages of their trading.
People fail because either they do not have a real edge on the market, they cannot control their emotions, or some combination of the two.
If you only have a 10% total loss before you lose the account, why are you risking 1% per trade? why are you risking 1% with only 2% left? The short answer is because you cannot manage risk. And if you cannot manage risk you with either fail immediately, or fail in time.
This is a risk profile guide for attempts at FTMO or any other prop firm. The basic premise is to begin at 1% and raise it while in profit, and lower it while in loss. A new theoretical 0 point can be established even within profit in order to protect your gains.
You must understand that no single trade is that important. If you are hoping for a trade to change your life you are going about this the wrong way. What is important is compounding profitable trades that outweigh the losers.
People fail because either they do not have a real edge on the market, they cannot control their emotions, or some combination of the two.
If you only have a 10% total loss before you lose the account, why are you risking 1% per trade? why are you risking 1% with only 2% left? The short answer is because you cannot manage risk. And if you cannot manage risk you with either fail immediately, or fail in time.
This is a risk profile guide for attempts at FTMO or any other prop firm. The basic premise is to begin at 1% and raise it while in profit, and lower it while in loss. A new theoretical 0 point can be established even within profit in order to protect your gains.
You must understand that no single trade is that important. If you are hoping for a trade to change your life you are going about this the wrong way. What is important is compounding profitable trades that outweigh the losers.
Let the algo show you its hand.
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