Yet another funded forex trader joined the ranks. Martin had quite a rocky start. As we always state, not all forex trading funding is built equally and the providers do not always have your best interests at heart. Sadly, Martin found out the hard way.
(Click here to learn more about the funding where these traders are finding success!)
However, he did not let it get him down, he took control. Like many who eventually find themselves into the funded trader path, he found himself dabbling into the world of EAs and indicators, MAMs and signals. Like many serious people, he found not all the people behind those systems think those systems through. That is, they program them for specific scenarios and do not stress them for all scenarios and communicate this to clients.
In other words, while other people may act like they found the holy grail of forex trading, their customers eventually learn they don’t.
This is the moment where Martin decided what sort of trader he would be. Would he a permanent follower or would he take control of his own account?
You are reading this article, so you obviously know he took control and became a successful funded forex trader with CTI!
You’ll read his story but there’s something I want to highlight with his story that you should all understand the importance of persistence, psychology and making (and sticking) to your own plan. As we would expect from a stellar forex trader, let alone a funded forex trader.
The other week, we wrote about a funded forex trader who was successful after trying the evaluation for a second time. What is the commonality here? Loss does not keep these traders down.
At least, not permanently. You’re human, of course, you can feel your loss, but you need to turn it into a teachable lesson. Some traders can do it better than others – but it is not something unlearnable (find out how).
While we're talking about trading psychology, it would be useful to talk about some of the common psychological traps traders, I'll only go through a couple that is extremely common and they are confirmation bias which is where a trader will ignore any evidence that suggests their initial thesis is wrong e.g. if they are short and they will ignore any compelling evidence against their short position.
Another one that is common is known as “popularity prescription” where traders will assume because a phrase is popular it means it is true, for instance, “the trend is your friend”, so they will assume any trend is their friend without thinking that they should assess if the trend has run its course.
With Martin's story, it could be a form of popularity prescription where many likely thought these fads were profitable ergo he should try. Rather than be disgruntled with trading, he chose to go against the herd mentality, found his edge and strategically decides when to go with the herd, when to go against and when to sit back.
As many of you should! These are lessons that we teach in the Mastermind as well as our mentoring and psychology mentoring if you feel you require assistance or education. These are options you can consider before, during and after you try the funded forex trader evaluation.
Without further ado, here is Martin's interview!