Interview #7

Meet Ryhan: The Euro Trader

Ryhan, also known as "The Euro Trader," is a trader who is thirty-seven (37) years old. He began trading when he was twenty-two (22) years old, and now he has over fifteen (15) years of experience in trading.

Transformation: A Journey Through 2023

Reflecting on his success, Ryhan mentioned that despite trading for many years, success only recently found him. He said, "2023 was transformational for me," describing his journey as a crazy one.

Challenges and Triumphs

Ryhan began trading with prop firms back in May 2023. By July of the same year, he had managed to secure a substantial funding of over $700,000. Then, come August, he had received a payout exceeding $100,000. However, things took a downturn when Ryhan found himself on a losing streak that eventually wiped out all his funded accounts. It was a tough blow for him, indeed.

Resilience and Redemption

But Ryhan didn't let his setbacks define him. By October, he decided to take on the challenges once more. During our interview, Ryhan mentioned that he had regained funding from most of the firms and had amassed around $3.25 million in funded accounts. Quite an impressive feat considering his earlier setbacks.

The Power of Persistence

Throughout his journey, the biggest hurdle Ryhan faced was funding. He struggled to access significant funding and couldn't scale up his personal account as he desired. It wasn't until 2023 that Ryhan even became aware of prop firms.

The Mantra and Philosophy

Reflecting on his journey and growth over the years, Ryhan shared a mantra that he lives by: "I am better than last week, and by next week, I will be better than this week." It's a simple yet powerful philosophy that keeps him moving forward. Ryhan also emphasized how prop firms have truly changed his life for the better.

Insights and Strategies

Ryhan talked about his time in prop trading, especially with Goatfunded Trader. He said his experience with Goatfunded Trader was amazing. He mentioned how swiftly he received his phase two credentials after passing phase one of the challenge. 

Ryhan also shared that he got his funded account credentials in less than 24 hours after review. He noted that the KYC verification process was also fast. He appreciated the payout on-demand feature and mentioned benefiting from it once he reached the target of making four per cent on his funded account.

Ryhan's Trading Focus

When Andrea, the interviewer, asked Ryhan about the pairs he trades, he said he only trades one pair: EUR/USD. He called himself the Euro specialist and said he has focused solely on this pair since 2015, which was about seven years of trading experience at the time of the interview. He also mentioned that he only trades on one timeframe: the 4-hour timeframe.

Ryhan talked about his strategy, mentioning that it's based on Fibonacci and Elliot waves. He said he used to only trade with Fibonacci for many years until he discovered Elliot Waves. Since then, he has been improving his strategy continuously.

Andrea, who is also part of Ryhan's group, mentioned she was fascinated by how unique Ryhan's strategy is compared to others.

Ryhan explained why he decided to develop his own strategy from scratch. He said he has been interested in Fibonacci since 2008 until 2012 when he was part of a trading room that primarily used Fibonacci Retracement. Later, he learned about Elliot Waves and wanted to enhance it for his trading. He emphasized that his strategy is a result of dedication, spending long hours in front of the screen, extensive backtesting, and keeping detailed journals.

How Ryan Got Into Trading

When talking about how he got into trading, Ryhan mentioned his uncle, who was introduced to trading by a friend, also introduced him to it. He and his uncle started trading together about eighteen years ago.

Andrea noticed that Ryhan could keep trading because he had a job to cover the losses he made while trading. She made sure to tell new traders not to rush to quit their jobs.

Ryhan’s Advice To Traders

Ryhan added to this advice by warning young traders not to follow his path, as he learned the hard way. He shared how he started trading full-time after graduating, which led him into a lot of debt. He emphasized that trading consistently doesn't happen quickly; it takes months and years to become profitable, often years.

 He explained that profitability usually comes after three to five years of trading. He suggested that traders start with a demo account and switch to live trading only after six months to a year of consistent profitability. He warned against jumping into professional trading right away.

Lessons Learned

Ryhan stressed the importance of gaining experience, noting that his profitability came from fifteen years of trading. He advised traders to keep journals and backtest their strategies, something he does on weekends. He highlighted the significance of understanding different market periods, including consolidation and trending moves.

The Journey of Recovery

Ryhan again talked about how he earned over $100,000 in profits back in July 2023. He explained how he bought and managed accounts, passed challenges, and received payouts. Unfortunately, he also shared how he eventually lost all of them. At the moment, he mentioned his current equity stands at $3.25 million. 

According to Ryhan, it takes him about six weeks to pass the challenges and two weeks to get payouts. He also mentioned that he uses a trade copier to handle all his accounts simultaneously. 

During the interview, Ryhan mentioned plans to withdraw over $100,000 again across all the prop accounts he trades. He advised traders to begin with one account and reinvest their earnings into purchasing more prop challenges.

Adaptation and Refining

When discussing how he recovered from his losing streak, Ryhan explained that after losing everything, he revisited his journal, refined his strategies, and reduced his risk. Initially, he had been risking 2% per trade due to his trading style. 

However, after his losing streak, he decreased his risk to 1% to focus on accumulating more capital. He noted that he takes more risks only when he's completely confident in his trades and has all his confirmations in place. Ryhan stressed the importance of having larger capital and risking less across all accounts. 

He also mentioned that he treats challenge and funded accounts similarly without being overly aggressive on funded ones. Moreover, Ryhan suggested traders trade less frequently, look at longer timeframes, and hold their trades for extended periods. He emphasized the necessity of having a defined strategy and good risk management to avoid gambling in the market. 

According to him, confidence in one's strategy allows traders to remain in the market for longer durations.

The Importance of Psychology And Closing Thoughts

Andrea noticed that Ryhan strongly believes in the significance of psychology when trading. When she inquired about the psychology books Ryhan has read, he honestly admitted that he hasn't really delved into psychology books due to personal reasons. 

Nevertheless, he mentioned that his colleagues have recommended Mark Douglas' "Trading in the Zone" to aid traders in enhancing their psychology. In addition, Ryhan emphasized the importance of what he calls his "Trading Bible," which is his Trade Journal. According to him, whenever he feels lost, his journal guides him through the markets. 

Moreover, Ryhan elaborated on the abundant trading opportunities available, emphasizing the need for patience and the avoidance of constant chart checks. He expressed his view that trading can be solitary, describing it as an individual pursuit, and suggesting that traders should take breaks to spend quality time with family and friends. He also advised traders to be part of a community of like-minded individuals to learn from and draw motivation.

Overall, Ryhan conveyed a strong belief in the significance of psychology in trading and highlighted various strategies and perspectives to navigate the trading world effectively.
Follow his interview through this link.

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