FX Summit 2023: Takeaways & Everything We Learned
The Funded Trader staff recently attended FX Summit 2023, which brought together some of the best traders in the industry. This was a networking event like no other. We met real traders (not just the “influencers”), spoke to prop firm representatives, and heard some amazing real-life success stories.
If you missed FX Summit, don’t worry. We’re sharing our key takeaways from the three-day event.
What Is FX Summit 2023?
FX Summit is an exciting social simulated trading conference where traders, investors, and entrepreneurs gather from all over the world. This year, it was held June 9-11 in Miami Beach, Florida.
This event features the who’s who of the finance industry sharing their perspectives on Forex trading. Some of the best retail and institutional traders shared valuable tips on strategies, mindsets, and institutional practices—and how traders can use them to their advantage. It was a great opportunity to learn from and network with experienced traders.
FX Summit also included promotions and free competitions. Some prop firms even gave attendees the opportunity to try their accounts for free.
Most of all, FX Summit was about how to become a better trader. Some of the speakers have millions of dollars in their accounts and have been successful for a long time. It was refreshing to learn how they approach and strategize their trades.
Notable Speakers, Talks, and Memorable Moments
Hundreds of traders used FX Summit 2023 as a venue to network, learn, and share announcements. Some key speakers of the event included:
- Jason Stewart, a seven-figure FX trader
- Michela Silvestri, Head of Business Development at Huobi Global
- Ken Chigbo, CEO of GoodFX
- Roy Dunia, CEO of ChartAddicts
- Pierce Crosby, General Manager or TradingView
There were also seasoned investors and entrepreneurs such as Richard Olsen, Neelesh Alwan, and Bob Elliot. The cryptoverse was represented by Emile Machado, Bryce Johnson, Susan Oh, and more.
A VIP Supercar Show was an especially memorable treat, and there were also live simulated trading challenges that offered exciting prizes. Winners received cash rewards and free equipment for their simulated trading setup, such as monitors and desks.
Valuable Takeaways From FX Summit 2023
FX Summit 2023 offered important lessons and valuable insights for all traders, from beginners to veterans. For instance, these are the takeaways that resonated with our team:
The Power of Learning From Failures
Trading is filled with ups and downs. What makes a trader successful is their ability to bounce back from losses and setbacks. A few FX Summit speakers shared that they were blowing up their funded accounts initially, but they never gave up. That’s because they understood that failure is essential—it made them resilient.
So, don’t dwell on a failure; instead, analyze and learn from it. Here’s how you can change your mindset and turn failures into learning opportunities:
- Don’t Copy Someone Else’s Strategy: Copying someone else’s strategy doesn’t work because you can’t copy their mindset. For instance, Trader Rafael Kimmel shared that he’s been simulated trading for four years and understands when to switch between high-time-frame and low-time-frame charts. But if someone tries to copy his moves, they won’t have the same results.
- Take Away the Distractions: Entrepreneur Lisaldo Tavarez gave a powerful speech about trusting yourself. Pay no attention to the people in your life that try to distract you. They’ll only create mental obstacles that you must remove. But by removing these blocks, you can develop the right simulated trading mindset.
- Trade Safely: According to Pierce Crosby, general manager of simulated Trading View, always do your research before choosing a prop firm. Their spreads may or may not be great. But if they follow regulatory compliance and are licensed, your money and account will be safe.
Use Tech to Your Advantage
Another interesting insight was shared by Ikenna Kinsley Chigbo, a seasoned trader. According to him, you don’t need to be an expert in fundamental analysis. Instead, you should research major banks on the currency you’re simulated trading to learn what their monetary policies are.
In addition, see what the banks’ long-term calls are. Then, use that to inform what trends you’ll follow and whether you’ll aim for long or short positions.
Real-Life Connections: Building Trust Among Traders
FX Summit was an excellent place to see the camaraderie among traders. Trading alone can be lonely. While there are plenty of online forums and chats where traders interact with each other, it’s nothing compared to meeting in person.
Live networking can be a game-changer. For instance, you can hear different perspectives that may inform your simulated trading strategy. It’s also exciting and motivating to see other people’s commitment.
So, try to connect with traders in real life. This will help you learn from their successes (and failures). Many cities have meetup groups where you can discuss strategies and gain valuable knowledge. You can also ask questions and clarify doubts better in person.
Unveiling Trends: No Time Limit simulated Trading and EA Bots
Automated Forex simulated trading is the future. It makes simulated trading easier and more accessible. So, unsurprisingly, Expert Advisor (EA) bots were the new trend that everyone was talking about at FX Summit.
EAs are computer software that analyze the market and automatically execute trades based on pre-defined parameters and rules. One key benefit is that they take away emotional and psychological bias. You can also set an EA bot to run 24 hours a day—something humans can’t do. In fact, at The Funded Trader (TFT), we recently launched our own EA, the TFT Trade Manager EA.
We also noticed another trend: unlimited simulated trading days. As the simulated trading landscape evolves, prop firms are recognizing the pressure to meet virtual profit targets within strict time constraints. Unlimited simulated trading days are now emerging as the right way forward. This gives you the freedom and flexibility to trade the market at your own pace and as per your strategy.
The Funded Trader has shaken the industry by upgrading to unlimited simulated trading days on its Standard and Royal challenges. You no longer have to rush trades and can instead focus on your strategy and risk management.
FX Summit Brings Together the Best in the Industry
FX Summit 2023 was a terrific place to learn the lessons behind some of the most successful traders in the game. Almost everyone talked about the importance of your habits, mindset, and psychology. After all, Forex simulated trading is more than a formula. Your risk management and discipline can both dictate your success rate.
One positive habit we picked up from these successful traders is patience. Break your bad patterns of following the charts around the clock and copying other traders. Instead, wait patiently for the right time to enter the market and take small, calculated risks.
Do you have the discipline and the mindset to become a funded trader? Join our Challenge today to win a funded account.