How not to fail again, thanks to FTMO tools and tips, and MT4 utilities

October 2, 2019

How not to fail again!

I have broken the “daily max loss” rule so I have to come up with solutions, thanks to FTMO tools tips and MT4 utilities.

First of all: what went wrong?

FTMO “Account Analysis” is super useful!

By analysing the report from FTMO and my own journal I come to these conclusions:

  • I overtraded again!
  • I am highly profitable but need to control losing days.
  • I cannot controll loosing trades when volatility is high.
  • I perform better in shorter days: even though I performed well during european sessions.
  • I must be careful in the first hour of opening of US market.

The rules I have come up with:

  • trade only during US session.
  • take a maximum of 3 trades a day.
  • fixed risk of 1% per trade max as calculated by the bot, never move the stop loss, never add to the trade.
  • but: allow me to take 1 extra trade a week which can be outside any of the rules, as long as it respects the 1% max risk.

FTMO Academy

Free library of videos accessible via the client area.

 

All the videos in the “Worst mistakes” chapter talk about me?! Oh dear…

Let the Bot mentor you! It’s free!

FTMO “Mentor App” for MT4.

More in-depth explanation in the video.

  1. set up your own risk and money management in the website client area.
  2. the utility recognizes the account you are trading on and applies your rules.
  3. alerts are displayed, over any window, to help you notice and take action.

Money Management utility for MT4

I’m testing Auto Trade Driver.

  1. set the risk in percentage.
  2. set the stop loss and the utility has calculated the position size.
  3. set the target (or not).
  4. set a max drawdown of 1% (or other options).
  5. set up to 3 partial take profits, or, set a trailing stop.

If you guys like this utility let me know and I’ll make a full tutorial.

Let a Risk Management utility for MT4 comply with my rules.

Testing the Risk Robot.

  1. set a max of 3 trades per day
  2. set a max drawdown per day
  3. max of 2 losing trades per day
  4. A few money management features as well in this utility.

Watch the our video of introduction to the 100K CHallenge project here.

In this page you’ll find the strategy, the trading room service, and the funders I recommend.

Remember the mantra:

Patience

Discipline

Confidence

Thanks Buddy!

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Let me help you find your freedom.