Tale no. 5: Mistake is What Leads to Success

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.

…………………………………………………………………………..

Carlos A Brana, 29 year-old Self-Taught Trader

When Did You Start Trading, and How Long Were the Initial Trading Days?

I have experience in Forex Trading for about 9 years with different brokers, for example, Exness, IC Market, and Hot Forex. In my 9-year journey, I have faced different market behaviours with mostly critical reviews. I was a loser for the first five years. It was a critical and worse time in my life, but I had learnt from my failure. It helped me grow as a pro trader. I have observed a lot of market situations, which makes me a pro trader. I have learnt after a lot of study and analysis myself from YouTube, Google, Zulu Trade, MyFxBook, Forex Factory, FxStreet, Trading View, DailyFx, Bloomberg, Investing.com, Babypips, maintaining funded account rules, and so on.

What Does Your Risk Management Look Like? Give Some Details.

I risk 0.5% of my capital in each trade. I chose to take a 1:4 risk ratio. I know where I’m getting out before I even enter the trade. That way, I know how much I will lose if I’m proven wrong.

When Did You Start Trading, and How Long Were the Initial Trading Days? Give Some Details.

I started my career back in 2013. I am a completely self-taught trader. Since the beginning, I made so many errors, but that is what made me the better and more consistent trader that I am today. 
My initial trading days lasted for a period of five years and blew my account. I slowly scaled it up by using 0.01 lots and then eventually blew it up with a higher risk ratio. I almost lost hope but kept my passion for it. I trained myself with YouTube videos, a few books on the fundamentals and strategies of forex.

Describe Your Best Trades So Far. Share a Thorough Scenario of a Trade.

My best trade since I’ve started my trading journey is buying a 16000 PE where I risked only 500 dollars. From that trade, I was able to generate a 1:9 return. Even though the amount is relatively less than the normal position sizing of my trades. Still, I feel that’s the best trade of my life as I followed proper risk management as well as my discipline was maintained and emotions were also perfectly placed.

How Do You Like FundedNext? Is It Suited to Your Trading System?

The journey has been the best. This is the perfect platform to learn and trade simultaneously. I found it perfectly suited to my trading style, and I hope to have a long journey with FundedNext.  
Because of the consistency rule for Express and the limited time for the evaluation, FundedNext has been a perfect example to set themselves apart from a brokerage. It gives great opportunities, an excellent broker and the best platform that is used. MT4 is very friendly and easy to learn, and this is essential to adapt and have more confidence. Moreover, nobody becomes a successful trader without following the rules.

…………………………………………………………………………..

Maria Hasan, 22 year-old Scalper

What Kind of Trader Are You?

I prefer to scalp, but I am a day trader. I use Trading View or the MT4 platform and RSI and Bollinger Bands for indications. I don’t use EA or automated trading systems. I believe only in manual trading because it has gradually made me a professional trader, gradually increasing my confidence level.

Describe Your Best Trades So Far. Share a Thorough Scenario of a Trade.

In the London session, I took different trades aligning with the downtrend and I caught 120 pips. I trade by following smart money concepts and usually have a 1:3/1:4 risk/reward ratio. Although I let my positions get more profit sometimes, I was analyzing the chart and my predictions were almost good to go, but I forgot about the news at that time.. which ruined my trading and I understood the importance of global geopolitical issues do matter in forex, which I take into account while trading.

What Does Your Risk Management Look Like? Give Some Details.

Depending on how I visualize the movement, I usually trade the first strong operations with long SLs and then I measure and lower the risk. I used proper risk management, good tight SL and a good Tp (wide enough). Most of the time, my loss to profit ratio is around 1:3 or 1:4. It is an intraday trade/week. I would go above 3 losing trades for each pair. I risk a maximum of 0.7% on each trade.

What Difficulties Have You Faced During Your Assessment Phase/Phases With FundedNext? 

The drawdown was something that took a toll on me. I have had some really bad days, but I struggle and just walk away because I know tomorrow will come. It’s not easy to walk away with losses, so I struggled. But as I set a personal risk limit, I barely faced any major issues. There were a few slippage issues as well. But as I delivered the trading data to my dedicated account manager, he adjusted the amount and I, as instructed, set the VPS near to the broker.

Do You Think Psychology is a Big Motivator for Traders? How Do You Manage Your Emotions During Losses or Wins?

I personally feel that trading is 80% psychology, 10% technicals, and 10% fundamentals. Psychology plays the most important role if you have to sustain in the markets for a longer period. The only way to deal with your psychology while trading is to accept your loss if you’re proven wrong. You should know where you’re getting out before even entering into a trade. 

…………………………………………………………………………..

Blessing Aghwacha, 35 year-old, a Realist-Trader

When Did You Start Trading, and How Long Were the Initial Trading Days?

I started operating in 2018, where at first I lost many real accounts because I was not well mentally altered. I thought that this was a matter of time to get easy money, a fatal mistake. After several mistakes, I managed to have great mental strength, which is what is really needed to operate in the markets. It is not the strategy itself that works by itself. So in this way, I began to be constant and practical with the operations I managed to undertake with my goals of achieving my objectives, and I am already halfway there. I put dates to the objectives, and step by step I am achieving them.

Best Advice for Traders Who Are Trying to Pass the Assessment Phase?

Don’t mount pressure on yourself trying to pass it at an unrealistic time and target, which will in turn disorganise you psychologically as a trader. Trade what you see and trust your analysis, and also use proper risk management. Do a lot of backtesting, try different risk management models, and dare to complete the challenges.

What Difficulties Have You Faced During Your Assessment Phase/Phases With FundedNext?

I wish FundedNext offered Crypto Trading. Moreover, I did some trading in my busy schedule, but I think to cut the position from MetaTrader 4 , it’s really very difficult to cut, as once you close MT4 on your Android phone, it takes some time to be online.

What Are Your Trading Strategies? Did You Switch From Strategy to Strategy, or Did You Stick to One and Eventually Level It Up?

After a lot of technical, fundamental, sentimental, and price action analysis and back testing, I established a successful profitable strategy with 90% accuracy, which is formed primarily by a combination of indicator based, such as RSI, MACD, Stochastic, Awesome Oscillator, Fibonacci Retracement, Parabolic Sar, and Bollinger Band if ranging market plus EMA 20, 50, 100, and 200. I make a decision when a perfect setup is made from a combination of indicators. I can do all market formations from long, short, day trading, swing trading, and also scalping because of a lot of experience.

 Do You Think Psychology is a Big Motivator for Traders? How Do You Manage Your Emotions During Losses or Wins?

When you trade frequently, you understand that emotions are part of trading, but they should not affect your strategy. Even if you lose some part, don’t be worried as you may find many such good opportunities in the future which you can grasp. Losses or wins no longer bother me because I realised that the value is not in gaining profit but in minimising your risk according to the market, and then you can enjoy your profit as it says risk-reward.