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.
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Jonas Ramanauskas, 32 year-old Lithuanian Trader
When Did You Start Trading, and How Long Were the Initial Trading Days?
I started trading back in 2016 with Crypto due to its great hype. Then I entered into forex after two years of trading with various instruments. From the start, I thought forex was the fastest and safest way to make money if the strategies were done right.
However, at the end of 2018, I got overwhelmed and made some irrational decisions in the market and lost everything. Then I took a long pause to learn and practice under many professionals. Although I traded for 3 years alone, I had to decide to earn a good profit and make a living out of trading. Then I joined the self-proclaimed best proprietary trading firm, only to fail miserably due to their stringent and confining rules. Although I got 3 payouts, the amount was not even worth waiting for.
Describe Your Best Trades So Far. Share a Thorough Scenario of a Trade.
My best trade was GBPJPY 1000 pip short and 800 pip long in one week in the middle of this year. Seeing it coming from analysing the fundamentals, the overall risk was 0.75% of my account, so the trade was easy to hold. Move stopped at a profit of only 50 pips and left it running the whole time. Obviously, in both positions, I took other entries but held three runners nonetheless.
Do You Think Psychology is a Big Motivator for Traders? How Do You Manage Your Emotions During Losses or Wins?
I think that having the right Psychology represents a strong mind. It’s a crucial factor in the trading world.
I manage my emotions by having a fixed and predetermined Stop-loss and take-profit. I have fixed risk on every trade, so I can lose 4.2% in a week with 6 consecutive losses. I aim for 4% gains every week. 2% from each pair; I believe this simplifies things for me.
Best Advice for Traders Who Are Trying to Pass the Assessment Phase?
Follow one trading strategy, risk no more than 0.5% or 1% per trade, stay disciplined to your trading rules and do not chase the price. Try to aim for 1:3 or more, as you will only need to win half or fewer trades to be profitable. Keep calm and trust your instincts.
How Do You Like FundedNext? Has It Suited to Your Trading System?
I love FundedNext because it puts no restrictions on my trading style. I can hedge, I can news trade, and I can hold trades overnight and over the weekend. It has also improved my psychology a lot because of the daily/monthly limits.
I used Eightcap as my broker before, and it has very good spreads, small commissions, and, in general, is a really great broker. The strict rules in place help a lot, because being your own boss is not as easy as it sounds, so FundedNext helps traders take it to a whole new level which I find great and I don’t see why any type of trade could not benefit from these challenges provided by this amazing prop firm.
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Bardhok Maliqi, 29 year-old Forex Mentor from Kosovo
What Kind of Trader Are You?
I’m a technical and a short-term trader. My average trade duration is from 30 minutes to 24 hours. My preferred instruments are major currencies, XAUUSD & US30.
What Does Your Risk-management Look Like? Give Some Details.
My risk management is a solid 1% daily, even if we are allocated 5% daily. Once I am down 1%, I leave the market for the next day. It gives me room for clarity. Mostly, I risk 0.5% for medium-probability setups and 1% for high-probability setups based on my rules.
Best Advice for Traders Who Are Trying to Pass the Assessment Phase?
Be patient, you have a 30-day trading period. Grow it little by little. Just risk 0.5% a day, aiming for 0.5%-2% daily and you are good. What I meant was, to take time and wait for good movement after you can make a good profit.
Are You Able to Gain Profits With FundedNext?
Basically, I do price action and Elliott wave on different timeframes and do trades at different times, trying to maintain good risk management. I currently have 2 Proven Strategies. One for GBPUSD with a 1:1 RRR (win-rate 64%). Another one for US30 with 1:2RRR (win-rate 60% ,only quality setups). I’m glued to these 2 strategies for a year.
What is the Secret Sauce for Long-term Success in Trading?
As for me, it’s being a consistently disciplined trader with a sense of good money and risk management in place, along with a profitable trading system. Having at least 2 profitable strategies and being Consistent with them would be the best if you want to see a consistent profit. This aligns with a very Comfortable and Calming Environment to trade.
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Umair Hassan, 22 year-old, Pakistani Day-Trader
Describe Your Best Trades So Far. Share a Thorough Scenario of a Trade.
New York opens and creates higher highs for three hours in a row, then breaches the high of the day and possibly the high of the previous day. After that, there is a break in the structure of some sort, and that to me is a good indication that a lot of retail traders are buying and have stop losses below the market open price. So I would look to sell the break in the structure at the time with the hypothesis of these “trapped traders’ getting stopped out. At that time, Nasdaq was in the supply area, and I did short selling. I held my position for more than 2 weeks and then I got 1600 points.
The price was in the strong supply area, and at that price the liquidity had swept away, so I lowered the timeframe to a small timeframe to refine the supply area to find the best price for entering short selling.
What Does Your Risk-management Look Like? Give Some Details.
I do not risk more than 1% per operation, a maximum of 1.5%. This has been key to maintaining a clear constancy and continues with a profit ratio of up to 15% per month. Patience and calm have been the keys to having passed this test on my first attempt. No strategy is infallible, the mind is the one that must be kept strong and serene.
How Do You Manage Your Emotions During Losses or Wins?
Psychology is very important in trading. It is a profession that should be taken as such, with great responsibility, as if you were the manager of the best company in the world. It is your own company, in which you must take care of your resources as such. It is your family and your loved ones who are there, that you must take care of.
If I lose or win, for me it’s the same. I don’t feel a different feeling, regardless of the result. I achieved this by working hard on my mental part, which I have been in this psychological part for 2 years, and that helps you better refine your strategy.
What is the Secret Sauce for Long-term Success in Trading?
Never become greedy, and if the account is down by 5%, just use 2% risk and build it up slowly again. Never ever become frustrated and try to use a fat lot size to recover the account. And always put some profits into your own trading account. Most importantly, stick to one strategy and take only reversal trades.
How Do You Like FundedNext? Has It Suited to Your Trading System?
I use FundedNext as a challenge to myself, and it helps to keep increasing my skills, apart from a residual income. It offers a very tight spread, for which I am profiting a lot, unexpectedly. FundedNext has made me more disciplined and consistently profitable. I do believe that FundedNext has the potential to help traders with their skills in the long term.
2 Responses
Thank you for your sharing.
Welcome