Tale no. 4: Trend Is Your Friend

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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Roodee Wohmae, 34 years old from Thailand.

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

I began trading around eight years ago, and it took me four years to become consistently successful. I spent tens of thousands of dollars on trading courses with names like Elliott Waves, SMC, Order Block, Trend Line Trading, and Moving Averages method, among others.
In my first three to four years as a novice trader, I made several blunders, and I quit trading for a year.

But after a year, I returned to the markets and began to think rationally, laying out everything I had learned and highlighting all the mistakes I had made. I came to the conclusion that my problem wasn’t with the type of strategy I was using, but with my lack of patience, discipline, and ability to handle risks.
It took me several years to master risk management, money management, adherence to strategy guidelines, and patiently awaiting setups. However, after I learned this trading strategy, the Forex market became second nature to me.

I have maintained regular month-to-month growth for about two years. I do have losses, since I can’t avoid them completely, but what matters is that I manage my risk and end the week or month ahead.

Describe Your Best Trades So Far.

On the 21st of September, I saw a trend line liquidity just below my point of interest. As price was in a bearish structure, my bias was to take shorts at that time. The DXY is rising insanely. The order block was created at the NYSE Open on the 15th of September. I marked 50% of it, set a sell limit with a stop loss of 50 pips (risking 0.5% of my 200K account) just above the order block. With the FOMC news, we saw a liquidity hunt and it triggered my sell limit. I held the trade till the next lower low, which I assumed was at 1626. Around 600 pips!! I thought the price dropped a little more, but I was happy with 1:12 RRR which is equivalent to $1,200. It was the best trade so far in my life & I was excited for a few days.

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What Does Your Risk-management Look Like?

I risk 0.5% for medium probability setups and 1% for high probability setups based on my rules. However, I never go above 1% even if the market is in a perfect setup and aligns with my strategy. Someday I imply compounding where I increase my risks but reduce the lot size accordingly with a fixed 1:3 RRR.

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

Definitely. Especially with larger accounts and larger numbers, holding trades to reach your take profit becomes difficult. But so long as I risk less than 1% of my account balance in every trade setting, I should be able to remain in the game for the long haul.

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. 
– And make sure your risk to reward ratio is more than 1:2.

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Motaz Hakim, 33 year-old Egyptian Trader.

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

This is my first time joining prop trading. For me, the difficulty I went through was the daily loss limit. because it is counted as a negative float and close loss trade. I think I either got overwhelmed by the prospect of becoming funded or I somewhat underestimated the challenge.

Describe Your Best Trades So Far.

Ok, I recall this particular trade. When I woke up in the morning, prices had traveled up so much on the daily chart that I knew the rest of the day would likely see prices come down reasonably. I dropped to a 15-minute chart to sell off after a bearish pin bar was formed. It proved to be a very big move down. 

Another time, I recognized a definite channel. I was buying at the bottom and selling at the top. I made good pips going up and down.

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

I agree with that opinion. Once, my mentor suggested finding a hobby. He said, after executing any trades’ stop loss and target profit, we can do our hobbies. The purpose is to make us forget about the trade we made. If I lose, I will study why the trade is a loss, and I focus on thinking about the next opportunity. In the market, we have many opportunities to generate profit. If I win, I will also study why the trade was successful. If I reach my target, I stop trading. That’s how I manage my emotions.

Is There a Secret Sauce Behind Success in Trading?

For me, there is no secret. if you understand how to use your trading strategy. You only think to generate a little profit. This is to reduce risk. and think about a long-term investment. However, there must be Consistency, no competition with others, and no customizing one’s trade to suit him or her.

How is FundedNext Suited to Your Trading System?

FundedNext is great! ‘Little or no spread. I like that about their platform; it’s easy navigation on your dashboard. Fundednext allows news trades at the evaluation phase. Though I don’t take news trades, the on-going entries don’t mess up the challenge if it hits SL or TP. I believe FundedNext’s system is great.

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Darko Vrbat, 20 year-old Serbian Trader.

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

This is my first time joining prop trading. For me, the difficulty I went through was the daily loss limit. because it is counted as a negative float and close loss trade. I think I either got overwhelmed by the prospect of becoming funded or I somewhat underestimated the challenge.

What Difficulties Have You Faced During Your Assessment Phase/Phase?

I’m not accustomed to trading with a time limit, so this was the hardest mental hurdle for me to overcome. Knowing I had 30 days to meet my profit goal while attempting to maintain enough discipline to avoid daily losses. Depending on the setup I have and the sort of trader I am, I often execute 1-3 trades per week.

However, this compelled me to be more proactive while being as disciplined and patient as possible. It was a wonderful experience that boosted my confidence. After settling in, I recognized I didn’t need to adjust my trading approach; rather, I needed to fight the mentality that I would run out of time. And stick to the trading strategy.

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

Keep calm and trust your instincts; trade without any hesitation or fear. Stick to only one strategy. Take a risk of 1% and gain a 1 to 3 risk to reward ratio, then risk 3% and gain a 1 to 2 risk to reward ratio. It’s like 2 trade evaluation clearing.

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

I like to take trades that will last about 15 minutes to 1 hour. Most of my trades are managed in a window of 1:3 RR. I set up my trades to break even as soon as I have decent room for market development and start taking partial profits, waiting to take profit,, or sometimes just manually closing the trade.

I take 1% risk. If it fails I switch to fixed lot sizes of 0.1 lots. Once I reach 1% growth I again risk 1%.

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

My best trade was with the EURUSD. It was a very simple trade. The market structure was bearish, I was waiting for the new lower high to be created in the 4H time frame. I got the break of structure in the lower time frames, aligning with the London opening, I entered the market and it was a beautiful trade.

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