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.
Petro Bainov, a 42 year-old Albanian Trader
When did you first start trading and can you tell us about your initial experience?
I have been actively trading for over 10 years, and during that time, I have gained a wealth of experience and knowledge. In this time, I have had a number of successes and failures, but I have always taken these experiences as opportunities to learn and grow. I’ve realized that in order to be successful in this market, you have to be able to adapt and evolve, continuously learning and developing new strategies.
Can you describe one of your most successful trades so far?
My best trades are always at noon, particularly in gold and other volatile pairs. I have been able to take advantage of market conditions during that time and make the most profits. One of the most profitable trades I made in 2021 was during 7 minutes with a profit of 1.5 lac dollars. I always use the news to follow the market trend and adjust my trades accordingly.
What are your trading strategies, and have you stuck with one or switched between multiple?
My trading strategy is a hybrid approach that incorporates both technical and fundamental analysis. I utilize a combination of indicators such as the Stochastic Oscillator, Bollinger bands, and Moving averages, along with market structure, and key levels of support and resistance. I also pay close attention to key economic indicators and news events that can impact the market. This allows me to adapt to changing market conditions and make informed decisions on when to enter and exit trades.
How important do you believe psychology is in the trading world? How do you manage your emotions when experiencing a loss or win?
Well yes psychology played a big part for me initially. I always started with big lots and always got out of the trade early to secure some profit, and whenever it hit my SL, it used to be a big loss as compared to my wins. So in order to manage it, I made my lots smaller, let the trades run for longer periods of time, and followed my plans. When I started hitting 1:3 RR trades, the losses started to affect me less because my wins used to be bigger.
How do you feel about FundedNext and how well does it fit in with your trading system?
FundedNext helped me control my trading style and take care of my risk because I’m a scalper. Usually, scalpers have a high-risk trading style. I personally had to tweak my trading system in order to coexist with the system of FundedNext, but I’m glad I did since I’ve become more disciplined now.
Zeeshan Samoo, 28 years old Day Trader
When Did You Start Trading, and How Was the Initial Trading Day? Give Some Details.
“I began my journey in trading 2 years ago, but I initially faced difficulties due to financial constraints. However, I have recently secured funding, and I am now in a position to increase my investment in the market. I have been focusing on developing my understanding of different trading strategies and risk management techniques, and I am excited to see how my increased resources will impact my success in the market.
What was the most difficult part of the challenge phase for you?
In my phase 1 assessment, I almost breached the overall limit drawdown because I didn’t stick to my trading plan. I wanted to pass my first phase in less than 5 days, forgetting that I have enough time to actually pass it. So later, I came back to my senses and stuck to my trading plan, and I passed phase 1 in three weeks, and in phase 2, I reached the target profit in two trading days.
What is the Secret Sauce for Long-term Success in Trading?
There is no specific “secret sauce” for long-term success in trading, as success in this field depends on a variety of factors and can vary significantly from person to person. However, there are several key factors that can contribute to long-term success in trading, including having a well-defined trading strategy, effectively managing risk, maintaining discipline and avoiding emotional decision-making, staying up-to-date with market developments, and continuously seeking out education and resources to improve your skills and strategies. It is also important to be patient, consistent, and disciplined in your approach to trading, and to always be willing to learn and adapt to changing market conditions.
What Does Your Risk-management Look Like? Give Some Details.
My risk management strategy is based on the use of multiple position sizing and stop loss methods. I use the 2% rule to limit the maximum potential loss on any single trade to 2% of my account balance. I also use volatility based position sizing that adjusts my lot size based on the volatility of the asset I’m trading. This helps me to have a better R:R ratio and the ability to take advantage of trends while limiting my risk.
Do you believe that FundedNext can help traders improve their skills and increase profits?
Absolutely Yes! And that’s why I and all my friends are here. The Personal Account Manager for any Support and the smooth client interface on both the web and the app literally nailed it. From my POV, what do traders need? buttery smooth interface? Manager Support Lowest Fees on the Prop Firm Industries ? Profit Share in Assessment ? I have all these opportunities here now!
Attiq Ullah, a 28-year old trader from Pakistan
Do you think Psychology plays a role in a trader’s success?
Psychology is a huge factor when it comes to trading; if you ask me, this is probably another aspect that needs to be taught. I learned to have more confidence in my trades to manage the mental aspect of trading. With more confidence, you aren’t tempted to pull out early or have FOMO, etc. Confidence in your market skills is key.
Can you describe your best trade so far, including the scenario and strategy used?
I am always very cautious when it comes to trading, and I always strive to minimize risk. I have had a series of back-to-back trades in the past week where I was able to perfectly identify liquidation zones on the US30 index and played the bounces and breakouts to perfection, resulting in a significant profit.
What is the Secret Sauce for Long-term Success in Trading?
It is generally a good idea to avoid trading during news releases, as market conditions can be volatile and unpredictable during these times. It is also important to use the correct lot size for your trades, as this can help you manage your risk effectively. Additionally, it is important to be patient and remember that losing is a natural part of trading. While it is not always possible to profit in the long term, we can still strive to keep our trading account in good health and have the resources available to continue trading. To do this, it is helpful to approach trading like a sniper, rather than a soldier, and focus on making targeted and well-planned trades rather than taking a more reckless and haphazard approach.
What is your risk management strategy like? Can you give some details?
I employ a combination of both fixed and dynamic risk management techniques in my trading. For my stop loss, I use a fixed percentage of my account balance, in this case, 1%, to determine the maximum loss I am willing to take on a single trade. For my position size, I employ a dynamic approach by adjusting my lot size based on the volatility of the market and the level of risk associated with the trade. This allows me to maximize my profit potential while minimizing my potential losses.
What advice would you give to traders who are currently in the assessment phase?
Develop a strategy that suits you best, always maintain risk management parameters, and develop psychological control over trade. Never revenge trade because you forget your setup and risk parameters, accept the reasonable SL and move on.