Prep for Trading Challenge: ICT Charter Member Interview
Our funded trader, Meeran, lives and breathes trading. He’s been simulated trading since 2008 and has made money from penny stocks, forex, crypto, and even corn and wheat futures. Originally from Nashville, Tennessee, he now lives in Kurdistan where he manages hundreds of accounts at his own brokerage firm. Meeran maintains it was our simulated trading challenge that catapulted his virtual profits.and elevated his life—to the next level.
Meeran is a charter member of ICT and operates a $400,000 funded account with The Funded Trader. He recently took a $10,500 payout.
Today we’ll give a detailed breakdown of his ICT strategy that can help novice traders reach new heights in our simulated trading challenge. Let’s dive in.
Meeran’s Beginnings in Trading
Meeran’s simulated trading journey began with penny stocks back in 2008. He made a lot of money with it but also lost quite a lot. He then decided to try his hand at forex trading. Meeran says he hopped from teacher to teacher, guru to guru, to learn more about forex trading. Meeran got fooled by several “gurus”, who photoshopped high-end cars to flaunt their wealth and showed demo account trades to claim how much money they made.
As a rookie, he also jumped from one strategy to another. He tried indicators, robots, Fibonacci, and moving averages to make quick money without having a solid strategy in place. After tanking his account, he understood that he needed a system to truly win consistently. So, in 2016, he started digging deep to find the right mentor. And lo and behold, that’s when he found ICT.
The ICT System
ICT refers to the Inner Circle Trader. It is a simulated trading strategy developed by a popular trader named Michael J. Huddleston. The Funded Trader has several traders like Meeran who successfully implement this system.
ICT, or the inner circle simulated trading strategy, is a price action-based approach to simulated trading forex. It involves analyzing price charts and identifying institutional order flow, as well as fair value gaps and order blocks. The strategy is based on the concept of supply and demand, and traders look for areas where supply and demand are imbalanced, leading to potential simulated trading opportunities. The strategy is generally suitable for experienced traders who have a good understanding of technical indicators as well as fundamental analysis.
For Meeran, the biggest takeaway from ICT has been risk management. That’s because the ICT method highly emphasizes the importance of risk management and position sizing. Traders using this method typically use a small percentage of their account balance as their risk per trade and adjust their position size accordingly. Meeran also doesn’t risk more than 1–2% of his account.
Meeran became a charter member of ICT and has been a profitable trader since 2018.
Journey Through Trading: Meeran’s Strategies and Experiences
Meeran follows smart money concepts and trades only liquidity. Trading liquidity in forex means that a trader focuses on buying and selling high-volume currency pairs. This way, traders can take advantage of small price movements in these highly liquid pairs.
Another interesting strategy that Meeran uses is buying and selling above stop-losses. He does not track supply zones or order blocks and strictly trades by focusing on external and internal liquidity. This strategy is mostly used by experienced traders who believe the market may reverse direction.
He trades in the London session and starts his day by studying the dollar index. This is a strategy that he learned from ICT. The dollar is the world reserve currency, after all—and if it goes up, everything comes down. He analyzes the dollar and then compares it to the Euro/GBP to decide which currency to trade. Over the years, he has fine-tuned several techniques that new traders can find helpful. For example, he doesn’t trade on Mondays and instead uses the day to study how the market is poised for the week. He also studies the Thursday New York sessions to look for reversal opportunities on Friday. His entire strategy revolves around buying and selling above external and internal liquidity in areas of interest that are at a premium or a discount.
Here are some key takeaways from Meeran’s years of experience that you can implement in your simulated trading challenge:
The Importance of Managing Money
Meeran has been greatly influenced by Michael Huddleston’s ICT method, where he teaches the importance of managing money.
So, what does a good money management system look like? Well, it involves several different strategies and techniques, such as setting stop-loss orders, using leverage wisely, and managing trade sizes. This can help traders minimize risk and avoid large losses that can potentially wipe out their simulated trading accounts.
Another important aspect of money management is diversifying investments. Meeran has a hefty portfolio of futures, selling courses, and running a successful brokerage firm that ensures he doesn’t put himself in an all-or-nothing scenario when trading.
Create your Own Path to Success
It is easy to be lured by someone else’s success. However, if someone is selling you their dream, it will most likely not work for you, as everyone’s simulated trading journey is unique. Meeran says other people’s large payouts might look good when you are scrolling through Instagram, but when you get in the market yourself, it is a completely different game.
The only way to achieve your goals is by constantly learning from your mistakes and gaining experience. Do not believe those who sell you the dream. Trading is hard work and requires years of discipline and practice.
Choose the Right Prop Firm
Prop firms can be a huge step up in your simulated trading journey. They provide you with capital and access to advanced simulated trading tools. Anyone can attempt a simulated trading challenge and become funded. However, you should take time to research and choose the right prop firm to avoid getting scammed.
Meeran was already funded at another prop firm but was facing a lot of difficulties with withdrawals. He was also signing up several more people in Iraq with this firm. Their slow and tedious process became a big point of frustration for him and his clients.
He researched The Funded Trader and found that we comply with all financial regulations. Our simulated trading challenge has a much bigger drawdown and our thriving Discord community is always there to support new traders. He decided to make the switch and, to date, he hasn’t had any withdrawal issues and loves our prompt customer support.
His reputation and credibility have also reached new heights now that he’s a certified Funded Trader. His brokerage clients in Kurdistan have come to trust him more!
Meeran’s Advice to Future Traders
Meeran has plenty more advice for novice traders:
Learn Risk Management
Losses occur due to poor risk management. A true trader knows how to manage risks. The first thing to do is to protect your investment. You may hit lucky traders once or twice, but without a risk management strategy, you are sure to get liquidated.
Practice Higher Time Frames
Taking short trades is risky for new traders. Instead, you should first master higher time frames. It reduces the burden of constantly following the charts and gives you more time to plan your exit point. According to Meeran, short time frames are risky and can mess up your psychology.
Even as a successful trader, Meeran still buys courses and learns new techniques. He especially encourages new traders to learn liquidity concepts and spend time learning the benefits of each session and how they impact liquidity.
Don’t Aim for Perfection
There’s no perfect strategy. Even bots cannot predict correctly each time. So don’t wait for absolutely perfect conditions to place your trade. Experience, mistakes, and constant practice make you a better trader each time.
The Real Value is Built Over Time
Don’t take excessive trades, even if you are on a winning streak. Two trades a day are more than enough. Also, you should avoid getting into unusually hyped trends. For example, crypto skyrocketed in 2021 but wiped out nearly half the wealth in 2022. Remember, easy comes, easy goes. The real value is built over time.
Build your Wealth with The Funded Trader
Meeran’s simulated trading career reached unprecedented heights after discovering The Funded Trader. Best of all, he’s far from alone. Hundreds of our traders have claimed massive virtual profits through our firm.
Ready to be the next simulated trading success story? Join The Funded Trader Challenge today!