Tale no. 13: The Most Important Quality for an Investor is Temperament, Not Intellect

Every day, our traders are succeeding and reaching closer to their goal of finding ultimate financial freedom. FundedNext is pleased to become a crucial part of thousands of traders’ success stories. We hear inspiring stories of traders’ trading journeys, which have been a great motivation for us to move forward. Among the many, we have collected a few again this week. Give it a read.

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John Albert Medallo, a Italian Fundamental Trader

Can You Tell Me About the Initial Day of Your Trading Journey and When It Began? Please Provide Some Details.

I’ve been trading for three years now. At the beginning, I tried many strategies, but I stuck with supply and demand. I felt that it was the one that fit better with the kind of trading I’d like to do. I start trading FundedNext on Dec 29, 2022 and finished the Phase 1 on exact 5 days minimum.

Can You Describe Your Most Successful Trades to Date? Please Share a Detailed Scenario of a Trade.

One of my best trades was in the USD/JPY market. On January 18th, I noticed that the currency pair had experienced a strong rebound. I also observed that it was hovering around the 128.86 resistance level. Based on this information, I predicted that there would be further upward movement, and I decided to enter a long position.
My prediction turned out to be accurate, and the trade was successful. The key factor that contributed to this success was my ability to identify a potential rebound in the market and make a calculated decision based on that analysis. In summary, by analyzing the market indicators and making a well-informed decision, I was able to execute a profitable trade in the USD/JPY market.

In What Ways Does FundedNext Complement Your Trading System?

FundedNext is an excellent fit for my trading system because it offers realistic trade and loss management, resulting in a good risk-to-reward ratio. Moreover, using this platform has helped me learn how to control my emotions, which allows me to trade without pressure and make informed decisions.

What is the Secret to Long-term Success in Trading?

When it comes to trading, it can feel like a wild ride with lots of ups and downs. But there’s a secret sauce to long-term success, and it’s all about managing your emotions. We all know that fear, greed, and other emotions can cloud our judgment and lead to bad decisions. So, it’s essential to keep them in check by being patient, disciplined, and sticking to your trading plan.
Don’t let your emotions drive your trades, take a step back and evaluate the situation before making a move. One way to help with emotional regulation is to practice mindfulness and meditation. Another way is to join a trading community or find a mentor who can offer valuable insights and feedback to help you stay on track. With the right mindset, you can overcome emotional challenges and achieve success in trading for the long haul.

What Challenges Did You Encounter During Your Assessment Phase, if Any?

When I started the assessment phase, I struggled with risk management and not knowing my profit targets. This caused some stress and affected my mindset. However, I was able to overcome these difficulties by learning more about risk management and setting realistic profit targets.

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Ubah Michelle Chichedom, Gold Trader from Nigeria

What Type of Trader Are You and What Instruments Do You Prefer to Trade?

Depending on the kind and timing of the market, I also change the types of trades I make. I work in forex fast scalping, and I am a crypto swing trader. And I do daily and long-term trading in the stock market. My personal style is a combination of classic technical , ichi moko and specially price action (smart money, ict and s&d)

Could You Discuss Your Trading Strategies? Have You Switched Between Strategies or Have You Stuck to One and Improved It Over Time?

My approach to trading involves a combination of classic technical analysis, Ichi Moku, and price action strategies, particularly SmartMoney, ICT, and supply and demand principles. I also use RSI indicators and wait for my setup before entering trades. Additionally, I utilize grid orders to maximize profitability. In the past, I experimented with various strategies, but I have found success by sticking to my current approach.

How Do You Manage Risk in Your Trading? Please Provide Some Specifics.

 I use a combination of technical and fundamental analysis to determine my risk management strategy. I take into account a number of indicators, such as volatility, ATR (Average True Range), and support and resistance levels, as well as fundamentals like news and earnings reports, to assess the risk-reward ratio of each trade. I set my stop loss at a percentage of my account balance and position size based on the volatility and risk level of the trade.

In your opinion, can FundedNext help traders improve their abilities and increase profits?

While FundedNext has some areas for improvement, such as the need for a smoother terminal experience, overall, they offer an excellent opportunity for traders to enhance their skills and earn profits through their funded program. I would definitely recommend them to other traders.

How significant do you believe psychology is in trading? How do you handle your emotions during wins and losses?

Of course after trading skills the main thing is to control yourself during a trade. When I open a trade I barely look at the money which is fluctuating. My focus is on the candles and I try to stick to my strategy. We should accept Winning and losses are part of this business, we are trading based on thesis and probabilities.

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Blagovest Popov, living in Plovdiv, Bulgaria

How Do You Manage Risk in Your Trading? Please Provide Some Specifics.

My risk management is related to the money I am willing to lose daily, so I can divide that daily risk by three, so I can have three trades!  But when doing swing trading as my favorite trading style, the risk is a bit higher and I divide my daily risk by 2! Of Course my daily risk is different from the daily drawdown of the prop firm ( I decide accordingly)

Do You Believe Psychology Plays a Significant Role in Trading? How Do You Handle Your Emotions During Losses or Wins?

Maintaining good psychology is critical in trading since losses are inevitable. However, by accepting them and having a long-term mindset, traders can minimize the impact of losses on their emotions. Additionally, having a sound money management strategy can help prevent emotional turmoil and keep traders on track.

What Challenges Did You Encounter During Your Assessment Phase, if Any?

One of the challenges I faced during my assessment phase was the ever-changing movement of the market. This required me to adjust my trading strategies, especially since the platform didn’t allow me to trade during important news. Although this required some extra effort and flexibility on my part, I was ultimately able to adapt and succeed in the assessment phase.
During the assessment phase, I faced some difficulty in getting a response from the support team. I had a simple question, but it took a while to get it resolved. However, everything was eventually sorted out.

What Advice Do You Have for Traders Attempting to Pass the Assessment Phase?

My top advice for traders attempting to pass the assessment phase is to control their emotions and risk-taking tendencies. Traders should strive to maintain a consistent approach and avoid overtrading or fantasizing about trading in a real account. It is essential to take fewer, high-quality trades and focus on one step at a time. Implementing a risk manager can be beneficial, and traders should aim to achieve a modest, sustainable profit of 1-3% per week.

What is the Secret to Long-term Success in Trading?

If you want to make a living from trading, you need to have a solid plan in place. This means trying out different strategies until you find one that works for you. It might take some time, but it’s worth it. Once you have your strategy sorted, stick to it like glue! Don’t let your emotions or sudden market shifts sway you. Consistency is everything in trading. Remember to have a clear idea of when to enter and exit trades, how to manage risk, and how to handle the ups and downs of the market. If you can do that, you’ll be on your way to long-term success!

Anna
Anna

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