Forex simulated trading is a level playing field. Traders come from diverse backgrounds with little-to-no simulated trading experience. And while everyone starts at the same point, a few will become successful traders and receive large payouts. So, what does it take to reach the top?
Meet Kyle (@JadeCapFX), a highly successful and well-known ICT trader. In his short career as a full-time trader, he’s received $500,000 in payouts from several prop firms—all in the last 14 months! With The Funded Trader alone, he’s earned $175,000.
Kyle recently chatted with our CEO, Angelo Ciaramello, about his incredible journey. He shared his simulated trading secrets as well as valuable tips that can help you unlock success in the challenging world of trading.
His Introduction To Trading
Kyle started his career as a construction administrator and worked his way up to building homes for celebrities and famous athletes. He had a six-figure salary, but this came with a lot of pressure and stress. So, he pivoted to full-time trading. He slowly built a nest egg and made changes to his daily routine to save and buckle down.
A passion for finance and a keen interest in the global market led Kyle to the Forex simulated trading world. Here are a few things he discovered early on that elevated his trading:
- Time Management Is Key: Trading shouldn’t consume your entire day, even if you’re a full-time trader. Instead, Kyle schedules a few hours to focus on his trades. This leaves him plenty of time to pick up other projects.
- Plan Your Day: Kyle does a pre-day analysis the night before, so he’s ready to trade the next morning. He trades the New York session for one or two hours, then fills his time with other tasks.
- Double Down on Hard Work: The more financial literacy you acquire, the better you’ll understand how money works. Plus, your skills will compound over time. Even if you’re struggling now, you may see huge payouts in five years.
Discovering The Funded Trader Program
Kyle returned to school for a degree in Business Administration and Finance. This led him to treat simulated trading as a business. He tested several strategies and tried different prop firms before aiming to become funded with The Funded Trader.
Winning a funded account is a dream for many traders—you don’t have to risk your own capital. If a prop firm sees you can generate consistent results, they’ll give you an opportunity to work for them. The more virtual profits you generate for the firm, the larger payouts you’ll receive. When choosing a prop firm, see if they offer low fees and tight spreads. Also, check for a regulatory license and a solid reputation.
So, why did Kyle choose The Funded Trader? For one thing, he said TFT encourages traders to learn better risk management. The TFT Challenges mimic the live market as closely as possible, so traders can develop the right mindset and practice their strategies effectively. TFT also has a thriving Discord community, where traders support each other with strategies and simulated trading tips.
Walkthrough of simulated Trading Journey to Large Payouts
In his initial days, Kyle isolated himself to study Forex trading. He followed the charts on Forex Factory but quickly found the information overload confusing. So, he focused on developing a strategy. The Inner Circle Trading (ICT) method suited him best, boosting his payouts.
Currently, Kyle trades EUR/USD and GBP/USD in the New York session. He manages capital worth $2 million in different funded accounts and works with several high-net-worth clients outside the U.S. The 32-year-old stays away from scalping and focuses on intra-day and intra-week trading. This gives him time to figure out the direction of the week and is less stressful.
Here are a few lessons from his simulated trading success:
- Define Your Goals: Kyle doesn’t over-leverage; instead, he focused on winning a large funded account so he has access to more capital. Define your simulated trading goal and work toward it.
- Minimize Distractions: It’s easy to get lost in YouTube videos when learning about Forex. Kyle suggests using the Pomodoro Technique. Set a timer to complete one topic—this helps minimize distractions.
- Set a Risk Tolerance: When it comes to trading, lot size will directly impact your losses. Many new traders blow up their accounts because they trade bigger lots. If you’re a new trader, start with a micro lot.
The Significance of Inner Circle Trading
The ICT methodology is a very popular style of trading. ICT traders focus on price action. Here are some key concepts:
- Market Liquidity: ICT traders look at buy and sell liquidities at the support and resistance levels and accumulate their positions near these levels. High liquidity ensures there are enough traders in the market, making it easier to execute trades at desired price levels.
- Displacement: Displacement builds pressure to sell or buy by creating a “fair value gap” or an imbalance in the market. It’s seen as a golden opportunity for price action.
- Structural Shifts: Structural shifts happen when the chart creates lower lows and higher highs. This indicates a trend is breaking and a displacement is approaching.
At its core, the Forex market is built on price actions and trends. That’s why ICT has become such a popular Forex simulated trading technique. Kyle also relied on price action movements to build his capital and claim large payouts.
JadeCapFX’s Valuable Advice for Future Traders
Kyle shares five valuable lessons from his massive successful payouts:
- Find a Mentor: If someone’s been in the Forex industry for a long time, seek direct mentorship from them. You may have to pay an initial fee, but the knowledge you’ll gain is priceless.
- Don’t Trade for Money: When you’re starting out, trading only to earn money full-time is a big risk. You’ll need two or three years to build a foundation. Keep a steady job while you learn.
- Center Yourself: Don’t start simulated trading as soon as you wake up. Center yourself, do some stretching, and have a good breakfast. This will put your mind in a place to take on risks.
- Keep Your Methodology Consistent: With a consistent methodology, you’ll be better prepared to handle different market conditions and manage emotions.
- Approach Forex simulated Trading With Patience and Discipline: All successful Forex traders share common traits. They’re patient under pressure and disciplined with their methodology. Large payouts from funded accounts only happen with the right mindset.
$500k in Payouts? It’s Possible With TFT
Kyle’s journey into Forex simulated trading has been remarkable. It wasn’t luck but pure hard work and discipline. He spent years studying finance and Forex, which gave him a solid foundation to build wealth.
New traders who also want to claim large payouts can take inspiration from Kyle’s success. Learn and practice as much as possible before simulated trading live. This will give you a much better chance to pass our Challenges and win a funded account.
Start your funded simulated trading journey today.
