-£50K Loss to £140K FTMO Funded Forex Trader - Student Interview

Introduction to Ruhel's Trading Journey

Ruhel, residing in East London, began his trading career in January 2019 while he was still in university. He was discontent with the idea of a full-time job and was attracted to trading for the freedom it offered. Initially learning from YouTube,Ruhel invested his savings of £10,000 into trading but lost it all due to a lack of proper discipline and knowledge. After experiencing significant losses and realizing the need for a structured approach, he enrolled in a four-week trading course in March 2019. Although he briefly turned £1,000 into £6,000 using the course's principles, he eventually blew his account again, leading to a turbulent period in his trading journey.

Initial Struggles and Realization 

Ruhel shared his initial struggles with trading, where his lack of discipline and reliance on YouTube strategies led to continuous losses. From May 2019 to November 2020, his trading journey was marked by ups and downs, ultimately resulting in him taking a break to work a full-time delivery job from November 2020 to June 2021. Determined to pursue trading as his career, he joined a comprehensive four-stage course in June 2021. Initially, he found the coursework, which involved extensive writing and self-evaluation, challenging but crucial for his growth.

Psychological Insights and Strengths

The course required Ruhel to reflect on his psychology and trading mindset, a practice he had never done before. Writing down his strengths and weaknesses helped him identify key areas that needed improvement, such as his gambling mindset and lack of discipline. His drive and resilience were identified as significant strengths that kept him motivated despite the hardships. He acknowledged that trading required a mental fortitude that many people struggle to maintain.

Joining the Four-Stage Course 

Ruhel was drawn to the new four-stage course due to personal connections and positive testimonials. He appreciated the structured approach and the detailed feedback provided. Despite the significant workload, he completed Stage 1 in one month while working, which laid a strong foundation for his trading. The course required him to unlearn previous bad habits and fully immerse himself in the new strategies being taught.

Stage Two and Full Commitment 

Ruhel completed Stage 2 in two weeks after quitting his job to focus entirely on trading. He admitted this was a high-risk move, often advised against, but he trusted the program's potential to yield positive results. Despite the financial and mental strain, his commitment to the course demonstrated his determination to succeed in trading. The initial stages of the course involved learning core concepts and strategies, which he found challenging yet essential for building a robust trading framework.

Challenges in Stage Three and Community Engagement 

Stage three of the trading course was both the most challenging and rewarding for Ruhel. It involved active engagement with the trading community and hands-on experience in the market. This stage provided practical trading experience and interaction with fellow traders, which was invaluable for Ruhel's growth.

Completion of Stage Three

Ruhel completed stage three in twelve weeks, during which he had to catch 500 pips through major and cross-pairs trading. This period was crucial in refining his trading skills and gaining a deeper understanding of the market.

Comparative Experience and Stress Management

Despite having caught over 1,700 pips in the past, Ruhel found this time around to be more structured and less stressful. The course's approach minimized the time spent on charts, allowing him to enjoy a better work-life balance. The focus on understanding his trades, evaluating performance, and receiving feedback from mentors made this experience more meaningful and educational.

Transition to Stage Four and Psychological Challenges

In stage four, Ruhel felt confident in his trading skills but acknowledged the significant role of psychology in trading. He was aware that maintaining mental strength was crucial to avoid blowing his account, especially since he had to pay to participate in the FTMO challenge.

Choosing FTMO for Capital

Ruhel chose FTMO because he lacked the capital to trade on his own. Passing the FTMO challenge would provide him with the capital needed to trade without risking his own money. This approach offered a sense of security and a fresh start, reducing the psychological burden of trading with personal funds.

Initial Knowledge and Experience with FTMO

Ruhel discovered FTMO in 2020, a year before joining the course. Intrigued by the opportunity to trade with significant capital, he attempted the FTMO challenges but failed five times. Despite his early failures, the potential to recover his losses and trade large sums kept him motivated to continue.

Lessons from Early Failures

Before joining the course, Ruhel's attempts at the FTMO challenges were marked by high risk and insufficient preparation. He started with smaller challenges but eventually moved to larger ones. Despite passing some challenges, he failed at the verification stage due to poor risk management and psychological issues. This period cost him around £2,000 in challenge fees.

Preparation and Practice

After failing multiple FTMO challenges, Ruhel realized the need for proper training and structure. He enrolled in the course and spent twelve weeks demo trading on FTMO's free trial to hone his skills. This period of practice and preparation was crucial for his subsequent success in live trading.

Passing the FTMO Challenge

Encouraged by his mentor, Ruhel took the FTMO challenge with a £140,000 account and passed it in three days using a conservative risk strategy of 0.2% per trade. However, the requirement to trade for a minimum of ten days meant he had to wait seven more days before completing the challenge. This waiting period affected his psychology, leading to a more aggressive approach during the verification phase.

Psychological Impact and Verification

Ruhel's excitement and eagerness to return to trading during the waiting period negatively impacted his psychological state. When he started the verification phase, he found himself rushing into trades, trying to replicate the success of his challenge phase. This section ends with Ruhel preparing to show his challenge log and discuss his trading approach in more detail.

FTMO Challenge and Verification Curve

Ruhel begins by sharing a screenshot of his trading curve from the FTMO challenge, which he started on November 8th. Initially, he faced significant losses, going down by £6,700, which was just £300 shy of hitting the daily loss limit. However, he managed to recover the losses the next day and ultimately passed the challenge in three days. This quick recovery and turnaround were crucial in meeting the 10% target required by FTMO.

Initial Verification Attempts and Psychological Pressure

Upon entering the verification phase, Ruhel found it more challenging than expected. Although he anticipated it to be easier due to the lower target of 5%, he experienced a rollercoaster of emotions and trading results. At one point, he was down by 8%, close to failing the verification. This pressure led to old habits resurfacing, such as his gambling mindset, which compromised his trading discipline. Despite his efforts, he failed the verification.

Reflecting on Verification Failures

Ruhel reflected on why he reverted to bad habits during verification. The proximity to being fully funded created immense psychological pressure, causing him to abandon the disciplined approach he had learned. This realization highlighted the enduring impact of psychological challenges in trading, showing that even with technical skills, mindset plays a crucial role.

Overtrading and Identifying Weaknesses

In a single week, Ruhel engaged in around 200 trades, which revealed his tendencies towards overtrading and obsessiveness. These issues stemmed from his identified weaknesses such as a gambling mentality. Although he was aware of these tendencies, they resurfaced under stress. He joked about needing a constant reminder, like a tattoo, to avoid falling into these habits.

Restarting and Evaluating Mistakes

Despite the setback, Ruhel decided to start another challenge almost immediately after failing the verification. He evaluated his mistakes and humbled himself to start fresh. This quick restart and his ability to recover from initial negatives were consistent patterns in his trading journey. He began another challenge the same week, rebuilding his momentum and eventually passing it.

Second Verification Attempt and Consistent Patterns

In his second verification attempt, Ruhel experienced similar struggles, starting with significant losses. Again, he found himself down by 8%, close to the limit. He attributed this recurring pattern to his dislike of wasting time and the pressure to get funded quickly. Despite the difficult trading period in December, he aimed to finish before the year ended.

Managing Risk and Passing Verification

Ruhel discussed how he managed to pull the verification back from a nearly blown account. On the first day, he was very close to the daily loss limit but managed to regain his rhythm and build back up to pass the 5% target. The relief he felt upon reaching this milestone underscored the intense pressure of the verification process.

Starting the Funded Account

Ruhel received his funded account on Monday at 3 PM, which was late in the trading day. Despite this, he started trading around 5 PM. This marked the beginning of a new phase in his trading journey, where he would now trade with real capital provided by FTMO.

First Funded Account Trades

Upon receiving his funded account, Ruhel placed a couple of trades. One trade resulted in a loss, and the other closed at break-even, despite initially being in profit. He admits to deviating from the course guidelines, which led to these suboptimal results. On Tuesday midnight, unable to sleep due to the excitement and nerves, he traded from his phone against the course's advice. This resulted in significant losses of £6,700, nearing the daily loss limit and preventing him from trading during the prime hours the next day.

Psychological Challenges and Recovery

Ruhel acknowledges that his psychological struggles, particularly obsessiveness and a gambling mentality, continued to challenge him even after achieving the funded account. Despite these setbacks, his strong risk-to-reward ratio, as taught in the course, helped him recover. By Wednesday, he managed to earn £18,000, covering his losses and netting a £10,000 profit. After consulting with his mentor, he decided to stop trading for the year to avoid further risk, resulting in a net profit split of £8,000.

Reviewing Trading Performance

Ruhel discusses his trading performance tracker, showing his progress since the start of Stage 3 in August. Initially, he had two negative weeks but quickly turned positive, consistently hitting targets and managing overall good performance. Out of 15 weeks, he only had three negative weeks, demonstrating the effectiveness of his trading strategy. However, his primary challenge remained managing his psychological tendencies, which often led to impulsive decisions.

Future Goals and Psychological Strategies

Looking ahead, Ruhel aims to improve his psychological approach to trading, aspiring to trade comfortably without excessive stress. He plans to establish additional funded accounts to provide a safety net, ensuring peace of mind. His mentor suggests setting a daily trade cap and strict rules to prevent overtrading and maintain discipline. This structured approach is intended to mitigate the risk of psychological pitfalls and ensure consistent, sustainable trading performance.

Setting Specific Targets 

Ruhel and his mentor discuss the importance of setting specific, measurable goals for 2022. The mentor emphasizes the need for targets with deadlines, financial objectives, and clear time frames. Ruhel agrees to create quarterly goals and adjust them as necessary to ensure they remain realistic and achievable. This structured approach aims to provide clarity and direction, helping Ruhel stay focused and motivated throughout the year.

Maintaining a Learning Mindset

The mentor stresses the importance of maintaining the same mentality that Ruhel had during the foundation stage of the course. He warns against becoming overconfident or arrogant, which can lead to mistakes and setbacks. Instead, Ruhel should continue approaching trading with humility and a willingness to learn. By doing so, he can sustain his progress and avoid the pitfalls that often affect new funded traders.

Continuous Support and Engagement

Ruhel acknowledges the benefit of ongoing support from the academy, even after completing the course. He appreciates that he can still attend webinars, participate in group chats, and seek guidance when needed. This continuous engagement helps him stay grounded and avoid the common mistake of isolating himself after reaching a certain level of success. The mentor reiterates the importance of this support system in maintaining long-term success.

Consistency in Trading Approach

The mentor emphasizes that nothing fundamentally changes between trading on a demo account and a funded account. The same market conditions, rules, and strategies apply. Therefore, traders should maintain the same disciplined approach and not let the transition affect their mentality. Ruhel is encouraged to keep this perspective and use it to stay consistent and focused in his trading.