Funded Trader Earns $200K Account!
“Any strategy works if you follow the strategy to the T. If you learn a bit of this, a bit of SMC, a bit of Wyckoff, you will have too much going on at once.” – Ugo
This week we take a look at Ugo; one of our newly minted Funded Traders who has just earned his $200k account! He shares not only his simulated trading journey; but principles on risk management, psychology, and a look into his strategy.
“What I learned is that many traders don’t have a plan of withdrawal. They make a lot of money, but never withdraw, and end up blowing it. Prop firms switch your mindset from growing your account to making percentages.” – Ugo
Funded Trader Earns $200K Account!
What’s your educational background?
I’ve got an Undergrad in BSE Finance and a Master’s degree in sports management.
Knowing what you know now, what do you wish you did differently?
Honestly, there are four things I would change. First, I wish I took my time and understood that these Instagram traders are not traders. Every time I tried to shoot for the same virtual profits they were making, it was always my downfall. Secondly, I wish I understood how to break down simulated trading into numbers. Understand that $200 a day is good enough. $500 a day is good enough. Understanding that it will take time. Thirdly, any strategy works if you follow the strategy to the T. If you learn a bit of this, a bit of SMC, a bit of Wyckoff, you will have too much going on at once. Finally, I wish I wrote everything down. My feelings, my emotions, my trading.
What is the hardest lesson that simulated trading has taught you?
There isn’t an amount of money that I could lose that would affect me emotionally. It makes you understand that attachment to money is everyone’s downfall. Lesson learned. Don’t get attached to the money, just grow steady
Do you set alerts or constantly watch the market?
I trade at around the same time every single day, trading the same types of assets. I look for the move I want to get on the screen and trade that asset. If I set out to trade the London session, I look for setups, and after I take the virtual profit or loss for the day I’m out.
What was your first impression of The Funded Trader?
I first heard of TFT from Blake Olson, but before that, I was with another prop firm which I maxed out. I respect and trust Blake, after watching many of his videos I decided to join the Funded Trader.
What motivated you to become a Funded Trader instead of simulated trading your own personal account?
The moment your mind has been expanded in any aspect of life, it can never be reduced. When I was simulated trading a few hundred dollars and when I began simulated trading funded capital I knew that I could never go back. I decided I’m going to take the route of funded trading. What I learned is that many traders don’t have a plan of withdrawal. They make a lot of money, but never withdraw, and end up blowing it. Prop firms switch your mindset from growing your account to making percentages
How many times have you blown an account?
I think I’ve blown about 100 accounts. Challenges, personal accounts. On my personal Youtube channel, dedicated to how many accounts I’ve blown. I am the definition of the worst trader out there. A lot of people come on here and tout that they are a good trader, No. I am the worst trader. I want people to see that if a person like me can make it, they can do it, too.
Have you ever traded with another prop firm or managed someone else’s account?
I had over $300,000 in funding from another prop firm, but they dissolved and took the capital I worked hard for with them. That’s when I found The Funded Trader and began building a funded account with them.
What are your favorite pairs to trade and why?
I trade only Gold. I trade it because of the way it moves. Gold gives you those pips that you need. It follows my strategy. I’ve lost a lot on Gold, and it was the pair that I stuck with to master it.
After a few losses, what do you do to come back from that?
I take a break, I’m not going to fight the market again. If I take a ton of losses on my personal account, I withdraw my remaining money and eventually redeposit when I’m ready to trade again. When I take a string of losses on my funded account, I delete the account from my MetaTrader4 and go do something else for a week. I go back to analyze the mistakes, and start up again.
Do you use any Fundamentals or EAs?
I check the news during the time I’m about to trade. I also check the currency strength meters. At the end of the day, it is mostly technical analysis for me. I believe that the News, it Skews. Everything still happens for certain technical reasons.
Social Media for Ugo?
Youtube: Ugo the Eagle