Law Student Earns $88,000 Profit
“I think simple simulated trading is the best trading. You don’t want to convolute the process and make it so complicated. Paralysis for Analysis they call it. Keep it simple.” – Jin Kang
Law Student Earns $88,000 Profit
This week we take a look at Jin as he earned over $88,000 virtual profit on his funded account. He shares not only his simulated trading journey; but principles on risk management, psychology, and a look into his strategy.
Where are you from?
I was born and raised in Jersey. I still live there. I am currently a law school student here in New Jersey. Just like Angelo and Carlos, I also graduated from Rutgers University, so there is common ground there.
How did you start in Forex?
Just like everyone else back in 2020, during quarantine, I was interested in the concept of trading. The year before I got into law school, I saw this one guy at church who pulled up in a BMW i8. I said, “what are you doing, show me the secrets!!?” He tells me that he trades the stock market. I had an interest in that, and when quarantine hit I thought it would be a great opportunity to start learning. I started with the stock market in the summer of 2020. It did me poorly. I didn’t like how restrictive it is with the time zones. From 8-4 or 9-5, whatever the simulated trading hours are, and how manipulative the banks are. Elon Musk could post a tweet and the price would fluctuate 20%, so I didn’t have great success in the stock market. I came across Swaggy C’s market breakdown. It changed my life. I learned that the market is open 24/5, it’s the biggest market in the world. The fact that there is no PDT ($25k simulated trading minimum in the stock market) is such a relief. The biggest factor is there being prop firms. The fact that firms will fund you if you know how to trade. That was my biggest incentive to start trading. I started around late December 2020, that’s when I discovered forex. It took me about a year and two courses. After about a year, that’s when I started to see some profitability. It’s been about a year and four months since I’ve discovered forex, and five months since I’ve been with The Funded Trader.
What brought you to The Funded Trader?
The daily drawdown rule of 6% is very nice. The overall drawdown of 12% compared to 10%. At the time, the virtual profit target was 8%, so there is no reason for me to pay more for another prop firm with higher targets and less risk. It just makes sense as a consumer. I thought it was a no-brainer to go ahead and sign with TFT.
Have you ever traded with another prop firm or managed someone else’s account?
I traded with FTMO, Funded Next. FTMO will always be a staple of the prop industry, but what I didn’t like about MFF is the equity rule. It caught me off guard and I lost the account because of it. The Funded Trader doesn’t have that kind of thing.
What’s your educational background?
I’m a full-time student. Hopefully, this simulated trading career is consistent. Consistently successful. As a student, you’re taking out money to pay for an education, and you have no stream of income coming in. Trading has changed my life entirely.
What would you tell someone trying to get funded with The Funded Trader?
Just focus on your skills and be patient. If you are patient and invest in yourself, you will be paid out. Don’t rush the process. Say that you can’t make your 10%, get a refund. Just make a dollar over your initial balance. Get a refund, and try again. There is a light at the end of the tunnel, and it’s a glorious light, so just believe in yourself.
How do you feel about the community at The Funded Trader?
It’s good. I’m part of the discord group. It’s a very welcoming, close-knit community. It’s nice because you can DM the CEO, and he will answer your questions. It’s very well managed. I’ve never had a prop firm like this.
What would you do differently on your funded account?
I think I have to be more patient. Now that the conditions are coming back to normal, I’m rushing into trades that end up not in my favor. I think I have to wait for that extra confluence, that extra 4-hour candle closure, the re-test. Principles that I learned, I think I forgot because I knew what assets would do because of the current global situation. I’m going to have to be more patient before getting into a trade.
Do you sit in front of the charts or do you set alerts?
I tend to wake up for the NY session, see what the market is doing, and then if I see a decent trade that is worth going in I will set an alert. For the most part, I just wait throughout the day. I am a full-time student, so I can’t look at the chart 24/7. I can’t tell you the exact sessions I trade, and I realize I should be more consistent. I usually go in for the trades that I am able to capitalize on.
How many times have you blown an account?
I blew so many accounts. I have to say, I’ve done at least 20-30 challenges. After 3 months of studying, I went into the markets, and that was a terrible decision. At the end of the day, that’s what I needed. I needed that live money market conditions and the emotions/psychology behind my trading. One good payout pays it all. I believe in it so much. It’s been a game-changer in my life. I love the markets and I want to do this for the rest of my life.
When you take a few losses, what helps you come back stronger?
I’m not going to lie, I’m still learning right now. It does affect me emotionally when I lose a few trades. I just think about all the winning trades I’ve made in the past, especially the payouts. I remind myself that it is a part of the game. Take the punch and move on. Don’t let your emotions clog your simulated trading strategy, stay level-headed.
Long-term, what do you believe The Funded Trader will do for the industry?
Considering the fact that TFT is less than a year old, it’s arguably already at the top with FTMO. I can attest to it. I got my payout, the community is very nice. They do a lot of promotions, I want to be here for the long term. It will compete in terms of revenue and capsizes vs FTMO.