My Trading Plan for a $200k FTP Retry

I want to share with you my plan for my Funded Trading Plus Retry using a very short-term Swing Trading strategy, what it’s like using their new Trading View platform option, and how my challenge is going so far as I am 3 weeks into the challenge. 

After failing my first Funded Trading Plus challenge, I stepped back and took a good hard look at what I needed out of a trading style and routine.

I’ve been a scalper for the majority of my three-plus years trading both Forex and stocks, but I’ve finally come to the conclusion that higher time frames and longer holding periods for trades are far less stressful, much more convenient for my personal schedule, and often more consistently profitable over the long run.

Taking a Funded Trading Plus Retry

So a few weeks ago, after taking some time off to reflect and learn a new approach to swing trading, I decided to sign-up for my next FTP challenge.

A cool benefit about this retry is that it coincided with FTP’s release of their Trading View platform option so I signed up for a 200k account with a 10% discount- (BTW, if you also want a 10% discount off of your FTP challenge, be sure to use “DFX10” at their checkout).

Set up was very easy.

They emailed me the login info, which I could instantly use in my Trading View account. I’ll note that I have a Pro+ account with them so features like multiple partitions, saved layouts, alarms, and other benefits are already available to me. It’s possible to use Trading View’s free service with this challenge, at the very least to access their intuitive and easy-to-calculate order forms, but I personally believe it’s worth the extra cost to access more of trading view’s features and benefits.

Once logged in, the login info was saved, so I can connect without having to type in my password each time I log on. Because this password is saved to my Google Chrome, I can log on to any of my laptops or devices that access TV’s web platform.

A Daily Chart Strategy + Plan

So with this new challenge, I’ve decided to use a daily chart strategy that I’ve put together. This strategy depends on a couple of tools, like price action, Bollinger bands, fib retracement, support/resistance, among others to help me make a discretionary trading decision after the NY close of the daily candle. Let me tell you more by showing you my trading plan for this challenge:

funded trading plus strategy

Using Funded Trading Plus’ Trading View Option

Next, let’s talk about Trading View.

I am just in love with being able to directly trade off of the Trading View platform!

Nothing pisses me off about MT4/5 more than how difficult it is to use quick, pips-based order forms and install other tools and indicators.

With Trading View, everything is available in one place. The charts are clean, easy to adjust, or change the appearance of the chart, and overall it’s a pleasant experience.

My saved templates and previous markups on the charts are already there even once I signed on to the 8-cap account.

funded trading plus trading viewHowever, funded trading plus uses 8-cap as its broker, so you need to be sure to select 8-cap’s chart before setting an order on it.

Luckily, Trading View will notify you if you attempt to trade on another broker’s charts, so this is more of an annoyance than it is a problem to watch out for.

But, as with any difference in brokers, I’ve noticed that 8-caps charts often look different from Oanda’s, which I still use for my first look at the charts for the day and overall trading decisions.

As someone who is trading at the close of the NY session, I have to wait a bit after the 5 pm EST close before setting a trade, otherwise, my order will be rejected. Its markets open up again usually within 5 minutes later. The spread is sometimes good but can also be nasty, depending on the instrument, so with my strategy, I’m mostly looking to stick to major pairs or popular minor pairs in order to avoid costly spreads in the afternoon.

My First 3 Weeks

Lastly, I’m going to show you my current progress going into my fourth week of trading this challenge. I’m happy to report that it’s been a continuous upward drive the whole way through!

I’m currently up 4.22% with 10 trades overall and a 70% win rate (image was taken a day after).

funded trading plus challenge

The average win and the average loss are close to one another as I’ve chosen to close a few trades early due to a lack of evidence for continuation on certain trades.

I will say though that I am also a little trigger happy when it comes to closing trades early, and will swiftly close the trade early if there’s even a slight sign of a turnaround, so there’s a possibility that I’d have a higher balance and higher profit to loss ratio should I have held out to profit target on all of my trades. This is something I can go back to test and see if such is the case.

I will say, overall, that emotions play far less of a role in my trading now that I’m taking more relaxed and long-term trades.

The majority of my trades close within 24 hours but some will take two or three days to hit their target.

I’m spending less than 2.5 hours a week trading and it feels amazing to see such profit with very little effort and time.

I’m looking to formulate this strategy and package it up into an informative trading education course, so be on the lookout over the next couple of weeks for further updates!

Overall, I highly recommend considering Funded Trading Plus, particularly if you’re a swing trader, but really for any trading style because having no time limit on your challenge is a wealth of stress relief that could literally save you from making hasty and irresponsible trading decisions!

If you’re looking to take a FTP challenge or are already in one, please let us know how it goes, and I wholeheartedly wish you nothing but the best of strength and luck in your trading.

I’ll see you all in the markets, take care!