Overcoming gambler's mentality and becoming profitable | Instant Funding Interview

Summary

In this interview, Igor, a 31-year-old trader from Minsk, Belarus, shares his journey into trading, which began a year and a half ago with his best friend. Initially struggling with technical analysis, he discovered order blocks and price action strategies, leading to more successful trading. After facing challenges with prop firms and a period of gambling-like behavior, Igor took a break to reassess his discipline and approach. He emphasizes the importance of personal responsibility in trading and suggests finding a supportive community. Igor's insights reflect the challenges and rewards of trading, highlighting patience and self-awareness as key to success.

Takeaways

• 😀 Igor started trading about a year and a half ago with a friend, initially struggling with technical analysis.
• 📉 He found technical analysis challenging and preferred to learn about order flow and price action.
• 🔍 After exploring various strategies, Igor discovered order blocks, which resonated better with his trading style.
• 💰 Initially, he paper traded but found limited success, which led him to seek new strategies and approaches.
• 🤑 Igor became interested in prop trading firms as a way to trade without risking personal capital.
• 🎲 He faced numerous failures in passing prop firm challenges, realizing his trading had turned into gambling.
• 💪 After a break to reflect on his approach, Igor acknowledged the importance of discipline and accountability in trading.
• 🚀 Switching to instant funding accounts allowed Igor to trade without the pressure of passing challenges quickly.
• 🤝 He emphasized the importance of finding a supportive trading community and developing a personalized trading strategy.
• 📈 Igor's journey highlights the need for patience, discipline, and self-reflection for anyone starting in trading.

Q & A

What led Eigor to start trading?

Eigor started trading after his best friend introduced him to a course on technical analysis. They both sought to learn about trading together, initially focusing on cryptocurrency.

Why did Eigor find technical analysis challenging?

Eigor found technical analysis difficult because it involved various levels and figures, which seemed illogical to him. He struggled to understand the concepts of trend lines, support, and resistance.

What alternative strategy did Eigor discover?

After his struggles with technical analysis, Eigor discovered order flow and price action strategies, specifically focusing on order blocks, which he found more logical and understandable.

What is Eigor's view on prop trading firms?

Eigor views prop trading firms as a beneficial way to start trading since they allow traders to use other people's capital rather than their own, reducing the financial risk.

What challenges did Eigor face when attempting to pass prop firm evaluations?

Eigor faced multiple failures while trying to pass prop firm evaluations, which led him to realize he was trading impulsively rather than following a disciplined strategy.

How did Eigor address the psychological challenges of trading?

Eigor took a break from trading to reflect on his mindset. He recognized that his failures were due to his own lack of discipline and not the market itself, prompting him to develop a more structured approach.

What changes did Eigor implement after his break?

After his break, Eigor switched to instant funding accounts, which allowed him to trade without the pressure of passing evaluations, enabling him to focus on discipline and risk management.

What does Eigor believe about the role of patience in trading?

Eigor emphasizes that patience is crucial in trading, as quick results can lead to impulsive decisions. He advocates for a steady, disciplined approach to achieve long-term success.

What advice does Eigor offer to new traders?

Eigor advises new traders to find a supportive community, take their time to learn, develop a personalized trading strategy, and avoid rushing into trades based on the success of others.

How does Eigor view his progress in trading now?

Eigor feels positive about his progress in trading, stating that he is finding profitability and success but still keeps his journey personal, choosing not to share it with his family yet.