Every day, our traders are succeeding and reaching closer to their goal of finding the 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 on our Traders Tale this week. Give it a read.
Ricardo Erazo García, a 21 year-old trader from Ecuador
When did you first start trading and can you tell us about your initial experience?
I started trading in 2020, and as I am a mechanical engineer, I did not want to do a job or run in the rat race; I was ambitious and decided to do business. I was aware of stocks, but as a young blood, I chose to start my trading career by trading cryptocurrencies, which is the most volatile market where risk and reward are both high. I started learning about blockchains, NFTs, and DEFI, which fortunately started well, but then the bear market taught me a good lesson: we should always diversify our portfolio. So then I started working and backtesting forex and stocks by learning strategies. The initial days of learning trading taught me that trading is all about controlling our emotions. At the early stage, I realized that winning is not always the key, but consistency is.
Can you describe one of your most successful trades so far?
Scalping on the GBP/USD pair has been one of my best trades. I always use stop-loss and take-profit orders as a technical analyst. On one occasion, I missed setting a take profit, but due to fundamental news, I made a 200-pip profit in just one hour, equating to a profit of $2000.
What are your trading strategies, and have you stuck with one or switched between multiple?
I am a multi-timeframe trader, which means I switch between different timeframes depending on my trading style and market conditions. In my case, I trade off of the daily chart for my medium-term trades, but I will also use intraday charts for shorter-term trades. My strategy is based on the Wyckoff Method, which is a technical analysis method that utilizes market structure, volume analysis, and point-and-figure charts to identify trends, breakouts, and market sentiment. Additionally, I also use indicators like moving averages and RSI to confirm my entries and exits, and I always keep my risk management in mind while making any trade.
How important do you believe psychology is in the trading world? How do you manage your emotions when experiencing a loss or win?
For me personally although I hate losses extremely but in trading they are inevitable it just has to be you can’t always be 100% right so when the losses comes I try to be calm and accept it,it also a part of trading I can’t always win all and when they come consistently like 3 to 4 times in a row I sometimes sit back and find something to distract me from the painful losses because in truth losses can be painful things like video games or sports football in particular and maybe hangout around with friends and after the pressure has been subsidized I’ll continue I can’t give up for me in trading it’s either I win or I win no other options and loses are just part of the game
How do you feel about FundedNext and how well does it fit in with your trading system?
Actually, I adapted because of news trading; most of the time, I have running trades, so moving the SL is mostly a last resort, so it’s more of a system adaptation for me, but in the long run, this challenge has built discipline and consistency in me. I don’t want to risk much, and I also don’t want to be chasing trades.
Kelvin Chong, 48 years old full-time trader
What inspired you to start trading in the first place?
My interest in trading began about a year ago, and I have been educating myself by consuming various resources such as videos, articles, and podcasts on trading. Throughout this time, I have learned about different trading strategies, the psychology of trading, and the importance of risk management. I am constantly looking for ways to improve my skills and stay up-to-date with the market, including learning from experienced traders.
What was the most difficult part of the challenge phase for you?
Well, for me, it is reaching the profit target, and that is because I risk between 0.25% and 0.5% of my account, so making 10% is going to take time, and the second one is probably during the night period of 10pm to 11pm WAT, where the market spreads are so big and the market movement is sometimes spiking. I consider it a difficulty because I use tight stop-loss orders, so considering the spread and market movement at that time, for pairs close to my entry I usually take out my SL so as to not get stopped out by spread, and these activities can be tiring sometimes, but I’m also aware there is little to nothing that can be done, and I have learned to adapt with time.
What has been your best trade with FundedNext so far?
My best trade so far in forex trading was with the EURUSD currency pair. I sold at a previous supply zone, and the market moved in my favor, resulting in a 500-pip gain on a 0.1-lot trade. This equated to a profit of $500, given the pip value of $10. This was a great trade for me as I had done proper technical analysis and a risk management strategy was also used.
Do you often switch between trading strategies or do you stick to one?
I have found that sticking to one strategy and consistently leveling it up over time has been the key to my success. My strategy is based on candlestick price action, which I use in combination with moving averages and RSI indicators to identify key levels of support and resistance. Additionally, I place a strong emphasis on risk management, using a strict money management plan and a good risk-reward ratio to minimize potential losses.
Do you believe that FundedNext can help traders improve their skills and increase profits?
Indeed, I do. I had limited sense of proper risk management before Funded Next. Although I had great market analysis, I lacked in risk management and Funded Next forced me to apply that when trading. I thought I’d be able to pass easily and over-leveraged at my first attempt. My account was instantly shut down on the first two trades I took (a twin trade) due to drawdown. My trade played out and hit my TPs, but at that point, my daily drawdown had already hit. I didn’t understand why I was kicked out until I went back and read the rules, which I didn’t do at first. I definitely thought that since I knew how to trade, I could come in and get the money easily without realizing I had to follow a set of rules. I thought I just had to hit the target, which I thought I could accomplish in two trades. So, I would say yes—lesson learned.
Akhtar Hussain, a 23-year old trader from Hassanabdal
Do you think Psychology plays a role in a trader’s success?
Yes, psychology is a game changer. No matter how good you are at technical and fundamental analysis, if you can’t control your emotions, one day is enough to blow your account. The market deviates from your psychology, but if you come with a specific strategy and a solid plan of entry and exit with risk management, it will be rewarding even if you hit SL.
Can you describe your best trade so far, including the scenario and strategy used?
I have found that my best trades tend to occur during the afternoon, particularly in gold and other volatile pairs. This is when I am able to achieve the most benefits from market conditions. One of my most profitable trades was in December 2021, when I made a profit of $1,500 in 7 minutes by using news and following the trend of the market. I believe that by keeping a close eye on the market news and being aware of the market trends, I can make more profitable trades.
How has FundedNext impacted your life as a trader?
FundedNext helps me achieve a constant income and profit every month. I prefer to make small profits and keep risk under control, but being consistent is the key to success in trading. Also, I like that FundedNext’s drawdown is balanced, so when I trade, I know that if I make a profit and hit my stop loss, I won’t violate, whereas at other prop firms with relative drawdown, you can’t grow.
What is your risk management strategy like? Can you give some details?
I use a dynamic risk management strategy that adapts to changing market conditions. In my trading, I set a stop loss at a fixed percentage of my account balance, typically around 1-2%. However, I also use volatility-based position sizing, which adjusts the lot size based on the volatility of the market. This approach allows me to take advantage of high-volatility market conditions while limiting my risk in low-volatility market conditions. Additionally, I use technical analysis to identify potential entry and exit points and also consider fundamental analysis of the underlying asset. This allows me to set a precise profit target for each trade and maximize the risk-reward ratio.
What advice would you give to traders who are currently in the assessment phase?
Pace yourself; don’t rush through. Everything is not a race to see who can finish first and with the fewest trades. I used WAY smaller lot sizes than I saw other traders use, and I finished phase 1 in 10 days, whereas some people blew their accounts by using larger lot sizes and risking a large drawdown.