Tale no. 14: Persistence is a Great Substitute for Talent

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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Mario González Torres, a 42 years old trader from San José, Costa Rica

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

My trading strategy is centered around the smart money concept, which is the idea that professional traders and institutional investors have access to more information and resources than retail traders, and therefore tend to make more informed trades. I use a combination of technical and fundamental analysis, including market structure, schedules, news, to identify key levels of support and resistance. I also pay close attention to the actions of these  smart money  players to gain insight into their trades and position myself accordingly. 

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

Yes psychology plays a big role! The best attitude should be to stay calm when losing, or when winning. It is good to have a plan of different scenarios that can happen, so when they do, you are already prepared in your mind, there is less emotion because even the risk was known in advance!

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

One of the difficulties I faced during the Assessment Phase was that MetaTrader 4 was extremely slow for order execution, which slowed down my trading process. Despite this challenge, I remained committed to the process and focused on executing trades to the best of my ability.

What Does Your Risk-management Look Like? Give Some Details.

When it comes to managing risk, I take several measures to ensure that I protect my investments. Firstly, I limit my exposure to the news and only consume it to a certain extent, as excessive news consumption can cause unnecessary panic and anxiety. Secondly, I adhere to the company’s consistency rules to maintain a disciplined approach to trading. I use stop-loss orders to minimize my losses in case the market moves against me. I aim to achieve a risk-to-reward ratio of 1:2, and once my trade reaches the breakeven point, I pass my entry to that level. Additionally, I close 80% of my lots when I achieve a risk-to-reward ratio of 1:3. Lastly, I never risk more than 1% of my capital per trade and 1% per day to ensure that I am not over-exposing myself to the market.

Do You Think FundedNext Can Enhance Traders’ Skills and Provide the Best Profit Opportunities?

I am motivated to be extra careful with every trade I make because the company’s next funding goal has been fully funded. It’s a great feeling knowing that the company is doing well and it encourages me to do my best. I’m also grateful that the company provides a lot of valuable information for free. It’s really helpful to have access to those resources as I work to improve my trading skills.

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Nur Kars, 22 years old German Day-trader

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

I started trading in 2019, and the first two years were based on trial and error, with a lot of losing trades. I lost count of the number of times I nearly quit trading, but I’m glad I did not. Every losing trade was an opportunity to draw a lesson from.

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

When it comes to risk management, I like to keep things conservative. I never risk more than 1% per position, which allows me to limit my losses if a trade goes wrong. If a trade goes well, I’ll scale up and cover my position, cutting partials as needed. I also know that the market doesn’t owe me anything, so I’m always prepared to adjust my strategy as needed.

In What Ways Does FundedNext Complement Your Trading System?

Great! FundedNext provides motivational spheres and the MT4 remains the best tool of course. I always read updates in the social media run by the team and it’s always good for any trading day

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

One of the best things you can do to pass the assessment phase is to focus on managing your risk and keeping the right mindset. Be patient, don’t rush things, and remember that your goal is to avoid blowing your account. If you do this successfully, the profits will come naturally over time.

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

When it comes to trading, there is no one-size-fits-all approach that guarantees success. However, there are a few key factors that can increase your chances of achieving long-term success. The step is to build your own trading strategy and stick to it. This means doing extensive research, analyzing the market, and testing different strategies until you find one that works for you. Make sure to have clear entry and exit criteria, a risk management plan, and a plan to deal with market volatility.

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Ogugua Uchechukwu, 28 years old Gold trader

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

I started trading cryptocurrencies about 1.5 years ago, and then I got interested in forex and indices. The initial days were full of mixed results, as I was still learning how to trade and manage my emotions. However, as I gained more experience and knowledge, I was able to develop a solid trading strategy and become consistently profitable.

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

Price action is the foundation of my trading strategy. I believe that it is the master key to understanding the market. While I have experimented with various indicators such as EMA and Parabolic SAR, I eventually added ICHIMOKU and Bollinger Bands to refine my approach. However, I always stick to price action as the primary focus of my trading style.

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

One of my best trades involved the EURUSD at a price rejection level of 1.08400 and 0.9100, where I waited for the price to reach the rejection level before buying or waiting for a pullback to go short. With a $100 account, I was able to grow it to $20 in just two days. However, it’s essential to have good support and resistance zones and not be against a significant flux.

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.

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

There’s no secret sauce to success in trading, but there are certain principles that can help you achieve financial freedom. One of them is patience. You need to be patient with your trades and not rush into impulsive decisions. Another principle is discipline. Stick to your trading plan and don’t deviate from it based on emotions or market trends. Finally, focus on the long-term goal of achieving financial freedom. This means not just making profit in the short term, but also building a sustainable and profitable trading career over time.

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