FTMO is one of the larger Forex proprietary trading firms in the market offering traders the chance to trade with a larger account in return for a good chunk of the profits (in their case 70%).
Max Shilo was one of the more skilled traders to take on the challenge and navigate the evaluation tests they put all the aspiring traders through. Max come out the other end as a funded trader and was given access to a large account he could make a living from.
Today we get an insight into Max’s journey which is packed full of lessons every newbie or experienced trader can learn from.
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Max’s Video of the Week
[13:30] I didn’t withdraw the money. So, it would be good to say that I made the money, but I didn’t because I lost it, obviously.
[15:19] I thought it was gonna be quite easy to actually be successful in the game and basically, I even thought about quitting my job straight away. But, from there it wasn’t that easy.
[16:08] Bet small and stay in the game as long as you can until you actually learn this stuff and understand how the market works.
[16:38] If you are making progress you are actually ahead of where you were yesterday.
[18:38] You can do really well in trading on a smaller account, you can flip accounts, you can do basically enormous returns. But the moment you get a bigger account and start trading real money then it will change.
[22:03] The market actually respects the market structures which are basically patterns. It doesn’t have to be picture perfect, but it respects them from wick to wick.
[22:32] What I’ve discovered is that market respects the structures from wick to wick and how it gets to the top or bottom of the structure is really important.
[24:01] I came to realization that trading is pretty much 90% psychology rather than just pressing the button.
[25:07] Trading is a way to rediscover myself and a way of self-development.
[30:54] The reason why traders fail in this game is because they give up. The only way to fail is to give up.
[46:27] Trading doesn’t have to take much of your time. You just have to have your daily routine.
[49:05] The moment I start like getting into the market straight away is the moment I will start losing.
[63:03] I struggled a lot with consistency of backtesting but I think it’s the most important thing in trading because it eliminates the fear.
- He’s a Forex trader from Estonia
- Although he didn’t know what he was actually doing at first, he got lucky and turned €10 into €2,000 in just a couple of weeks
- He considers himself as a day trader
- He trades using lower time frames
- He trades continuation patterns and market structures
- He failed many times before he became an FTMO funded trader
- He also trades with his own money using a different strategy to the one he traded with FTMO
- He didn’t actually like being a full-time trader, he prefered to have different activities aside from trading
- The number of trades he places in a week varies depending on the market
- EURNZD is his favorite currency pair
- His favorite Reward-to-Risk ratio is 3:1
- Majority of his trades are limit orders
- His favorite entry setup is an M-pattern