Turning failure into success: how to master trading psychology | Instant Funding Trader Interview

Summary

In this interview, Manuel Bueno speaks with Hamza, a trader from Mumbai, India, who shares his remarkable journey in the world of trading. Hamza, who began trading in 2019, initially lost $5,000 using an EA (Expert Advisor) but later turned things around. He discusses his struggles, learning from books, demo trading, and ultimately achieving success with a consistent strategy. Hamza emphasizes the importance of psychology in trading, sharing his approach to risk management and the significance of real-money trading for understanding market dynamics. His story is a testament to resilience and the power of learning from setbacks.

Takeaways

• 📈 Hamza, from Mumbai, India, started trading in 2019 and initially lost $5,000 due to an EA bot's poor performance.
• 📚 After the initial loss, Hamza educated himself on trading strategies, focusing on Candlestick patterns and developing his own methods.
• 💡 He credits his cousin brother as a mentor who introduced him to trading and provided him with an EA bot to start with.
• 🌐 Hamza believes in the Forex market's liquidity and sees it as a long-term commitment, with no plans to quit.
• 💼 During a break from trading, Hamza worked in the Forex industry, which helped him gain insights and learn from experienced traders.
• 💹 After blowing up his account twice, Hamza managed to turn $100 into $3,500 by sticking to a disciplined trading plan and risk management.
• 🚫 He emphasizes the importance of not overtrading after a loss and taking a break from the platform to avoid impulsive decisions.
• 📊 Hamza's current strategy involves technical analysis, focusing on support and resistance levels, and Candlestick patterns.
• 🎯 He has a clear trading plan with a weekly goal and only takes two trades per week, which has helped him grow his account significantly.
• 📚 He recommends reading books like 'Trading in the Zone' and the 'Candlestick Bible' to develop the right trading mindset.
• 💡 Hamza advises new traders to start with real money, not paper trading, to experience the psychological aspects of trading that are crucial for success.

Q & A

What is Hamza's background and how did he get into trading?

Hamza is from Mumbai, India. He got into trading in 2019 after being introduced to it by his cousin brother who worked for a broker. He started with EA (Expert Advisor) trading.

What was Hamza's initial experience with EA trading?

Hamza's initial experience with EA trading was not successful. He lost around $5,000 in a year, which was a tough year for him.

How did Hamza improve his trading after the initial loss?

After losing money, Hamza started reading about candlestick patterns and developed his own trading strategy. He also did paper trading for a year to refine his strategy.

What was the turning point for Hamza in his trading journey?

The turning point was when Hamza started seeing consistent profits on his demo account and decided to put his new strategy to test with real money.

How did Hamza manage to get back on track after blowing up his account?

After blowing up his account, Hamza took a break, worked in the Forex industry to learn more, and then returned with a new $500 account, focusing on survival and discipline in his trading.

What is Hamza's approach to risk management?

Hamza's approach to risk management includes limiting himself to two trades per week with a weekly goal of making $50. If he loses the first trade, he stops trading for the day.

How did Hamza hear about instant funding and what was his experience with them?

Hamza heard about instant funding from his friend Samit, who is also a trader. He decided to give it a try and found their service to be the fastest in terms of withdrawal processing.

What was the most significant trade Hamza made with instant funding?

With a $10,000 account, Hamza made a trade that resulted in over 10% profit, which was a significant achievement for him.

How has trading impacted Hamza's personal life and mindset?

Trading has made Hamza very patient and mature for his age. He believes his experience in the markets has changed him significantly over the three years.

What advice does Hamza have for someone new to trading?

Hamza advises new traders to always trade with real money to understand market psychology, and to read as many books as possible to acquire the mindset of a professional trader.

What is Hamza's current trading strategy?

Hamza's current strategy is based on technical analysis, focusing on candlestick patterns, support and resistance levels, and top-down analysis from weekly to hourly charts.