“Some people think about simulated trading as only about money. You may start focusing on the monetary aspect, but it’s more than that. It truly is a lifestyle. You have to be willing to change. If you don’t change, you won’t make it as a trader.” – Amber
This week we take a look at Amber; one of our newly minted Funded Traders who has just earned her $400k account! She shares not only her simulated trading journey; but principles on risk management, psychology, and a look into her strategy.
Mortgage Advisor Becomes $400k Funded Trader
How did you start in Forex?
I like my free time, so I would like to be free for the rest of my life. I wanted to look for something that would help me retire by 30. I am 27 right now. A friend of a friend introduced me to forex. When other people say there is an easy way to make money, I realize now that it’s not an easy way, but if he can make it then I can also make it.
What do you do for a living?
I’m a mortgage advisor.
What do you wish you did differently in your forex journey?
I wish my mind was clear going into the charts. It’s the biggest issue for me. I need my mind to be clear. A lot of traders won’t even open the charts if their mind is cluttered.
What is one way you clear your head before going on the charts?
Most of the time I go for a walk or meditate. It’s a good thing for me to make my mind clear. It’s really important that when your day is bad, or things are not going well in life, you should probably take days off. This will stop you from gambling.
How much time have you dedicated to Forex?
I’m still studying, but around 4-5 hours a day. I look at the news, I look at the things that each currency respects. I don’t know how many hours exactly, but I know it is a lot.
What is a hard lesson that simulated trading has taught you?
In the normal world, my job will always be selling some product or doing something. In the world of forex, however, the market doesn’t care about you. You have to take the losses and learn about them. Even if you have a bad trade, you are following your simulated trading plan. There is always something to learn. For me, in my mind, it was about making my mentality strong. I feel like a robot sometimes.
Would you say simulated trading has changed the way you think, and your personality?
I am more ok with myself. You have to think differently. Some people think about simulated trading as only about money. You may start focusing on the monetary aspect, but it’s more than that. It truly is a lifestyle. You have to be willing to change. If you don’t change, you won’t make it as a trader.
What are your favorite pairs to trade and why?
Most of the time I select a few pairs, especially when I am day trading. When I am swing simulated trading I am simulated trading even more pairs. I like a lot of the JPY pairs. AUDJPY, GBPJPY. I trade Gold, but I feel like I lose a lot with Gold. Sometimes EURNZD, GBPAUD, and other pairs for correlation.
What would you say your simulated trading style is?
I mostly focus on swing trading. I rarely, if ever, scalp trade. Swing simulated trading has been difficult these past few months, so I have been setting up day trades within my swing trades. I trade the swing and I take many day trades along the way.
Do you use any Fundamentals?
I look at SPX500, the DXY, I check forex live a few times a day, and the forex factory. I look at the bias. Are we sitting at the risk-on or risk-off modes? I spend a lot of time with correlations.
How do you handle simulated trading with uncertainty?
I take some days off. When I lose a few trades because of the news. The setup was good, the technicals were good, and the correlation was good, but the trade ends up as a loss. I take a few days off and come back refreshed ready to look at what I could have done better in terms of my losing trades.
