INTERVIEW #11

Steven's Journey from Crypto to Prop Trading Success

Introducing Steven: The Trader from Miami

Meet Steven, a 34-year-old trader hailing from Miami, Florida. Steven has been actively involved in trading for over two years. His journey into trading with prop firms started approximately a year ago, which he describes as a crazy adventure. However, he has since mastered his trading systems and strategies, paving the way for a more confident and successful trading experience.

From Crypto to Currency Trading: Steven's Journey Begins

Steven's journey into the trading world commenced with cryptocurrency in 2022 when he purchased Bitcoin at $4,000, resulting in significant profits from holding onto it. However, his fortunes changed when he began actively trading crypto, leading to a loss exceeding $100,000. Despite this setback, Steven remained undeterred by his fascination with trading.

Embracing Education: Steven's Trading Evolution

Driven by a thirst for knowledge and a desire to understand market dynamics, Steven sought out resources to deepen his understanding. He stumbled upon Trader Reality, who provided invaluable insights into market mechanics and served as a cornerstone for his trading education. Steven considers this foundation crucial for his trading journey.

Reflecting on his trading experience, Steven acknowledges the ever-changing nature of the market and the need for traders to adapt to different trading styles.

Prop Firm Trading: A Turning Point

In early January 2023, Steven embarked on his journey with prop firms, a pivotal moment that reshaped his trading perspective. Reflecting on his experience, Steven acknowledges the value of trading with larger capital, recognizing its superiority over attempting to generate significant profits from smaller accounts. 

Steven emphasizes his preference for the $200k challenge account, attributing its appeal not only to its size but also to its lower drawdown. He candidly shares his struggles with the $100k challenge accounts, noting a series of failures along the way. 

Learning from Setbacks: Steven's Trading Philosophy

Acknowledging the inevitability of failure, Steven views these setbacks as valuable learning experiences, enabling him to gain a deeper understanding of the prop firm landscape and refine his trading system. In the process, he encountered a significant loss of approximately $50,000 from prop firms, a challenging but instructive episode in his trading journey.

The Challenge Phase

Steven explained that trading the challenge phase of a funded account differs significantly from trading the simulated live phase. He emphasized treating the challenge phase as if it could disappear at any moment, adopting a fast-paced approach and risking approximately 2% of the account. However, once he receives the funded account, he shifts to a more conservative strategy, risking only 0.5% to 1% of his total account balance. Drawing from his own experiences, Steven encouraged traders not to fear losing a challenge account and instead advised them to embrace the process and persistently repeat it to achieve success.

Payouts and Success: Steven's Milestones

In discussing his payouts, Steven revealed that at the time of the interview, he had already received approximately $20,000 from Goatfunded Trader and had put in a request for an additional $10,000 from the same platform. Overall, his cumulative payouts from various prop firms exceeded $300,000. Furthermore, he disclosed investing over $100,000 in purchasing prop firm challenge accounts, although he clarified that he maintained profitability throughout.

Trading Style and Preferences: Insights from Steven

Regarding his trading style, Steven disclosed that he identifies as a day trader. He arrived at this approach after experimenting with swing trading, which proved unsuccessful due to the anxiety he experienced when holding positions overnight.

Steven also mentioned his trading preferences, stating that he engages in the New York session while avoiding the Asia session due to its unfavorable trading conditions. He expressed an interest in trading the London session but cited time zone constraints.

In his trading journey, Steven emphasized the importance of taking trades before and after 10 am, as he believes the New York session openings are often manipulative.

Regarding his trading pairs, Steven exclusively trades Gold and NASDAQ, although he recently added NASDAQ to his repertoire.

When asked to elaborate on his trading strategy, Steven generously offered to share his screen. He explained that his personal trading system combines elements from ICT, SMC, and Trader Reality, making it a valuable resource for beginner traders. Steven emphasized his preference for using the 30-minute or 5-minute timeframes to establish a general bias, while executing entry and exit points on the 1-minute timeframe. He also discussed the significance of VMAS in his trading approach, as it helps him assess the market's overall condition and determine key levels for entry, stop-loss, and exit. Drawing from his experience, Steven noted that the first quarter (Q1) often presents the greatest challenge when trading Gold due to its unpredictable movements, leading to occasional setbacks.

Consistency and Growth: Steven's Trading Status

Speaking about the frequency of his payouts, Steven mentioned that he receives payouts weekly, and they can come at any time during the week. Additionally, he revealed that he currently holds approximately $1.5 million in forex funding and is considering branching out into the futures market. To maintain momentum, he stated that he consistently engages in challenges, regardless of the amount he has in funded accounts.

Regarding his trading status, Steven confirmed that he trades full-time. However, he also generates income from other sources, such as Airbnb Arbitrage, which provides a steady monthly income.

The Solitary Nature of Trading: Steven's Reflections

Describing the forex trading journey, Steven emphasized its solitary nature. He stressed the importance of having a supportive community or network, as without it, individuals may find it challenging to persevere in the face of difficulties.

When discussing backtesting and journaling trades, Steven admits that he engages in these practices sporadically. He acknowledges that he should perhaps dedicate more time to them. Nonetheless, Steven ensures a daily review of all his trades, carefully analyzing the reasons behind both wins and losses.

Prop Firm Benefits and Advice: Steven's Recommendations

Furthermore, Steven highlights the advantages of trading with prop firms. He emphasizes that challenge accounts limit potential losses to a specific amount. However, he underscores the unlimited profit potential associated with these accounts, deeming it an excellent opportunity for traders to exploit.

Based on his extensive experience, Steven and his group of traders have observed that individuals who find the challenge phase challenging are often afraid of losing their accounts. However, he encourages traders not to fear losses, emphasizing that setbacks are inherent in trading. According to Steven, every successful trader has encountered losses along the way. Additionally, he expresses his willingness to assist struggling traders who reach out to him for guidance and support.

Furthermore, Steven praises Goatfunded Trader as a prop firm that he enjoys trading with. He mentions that he has no complaints whatsoever about our services.

Conclusion: Steven's Final Words of Wisdom

Steven advises traders to consider having multiple funded accounts because the likelihood of losing the initial funded account is considerably high. He emphasizes the importance of perseverance, encouraging traders to persist in their efforts. Furthermore, Steven suggests selecting the most favorable prop firm available, such as Goatfunded Trader, which offers optimal trading conditions. He underscores the significance of resilience and strategic decision-making in navigating the challenges of trading.

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