In an exclusive interview with FundedNext, Ronald, a trader from Uganda living in the UAE, shared his experience and insights into trading.
In an exclusive interview with FundedNext, Ronald, a trader from Uganda living in the UAE, shared his experience and insights into trading.
In an exclusive interview with FundedNext, Ronald, a trader from Uganda living in the UAE, shared his experience and insights into Forex trading. Working with FundedNext, Ronald detailed his journey and strategy and offered advice for newcomers venturing into the world of Forex.
Ronald, originally from Uganda and currently residing in the UAE, discussed his trading journey, which began in the midst of the 2020 lockdown. With a background in business administration and fisheries management, Ronald transitioned to trading after working in NGO organizations.
Ronald started learning about Forex trading from scratch in mid-2020. He credits his initial knowledge to the Baby Pips website. He found comprehensive lessons on Forex, including topics like Fibonacci, Ichimoku, and moving averages. After six months of learning, Ronald began demo trading in December 2020.
He explored various brokers, but it was through YouTube channels that he discovered FTMO, a funding company that caught his attention. Ronald appreciated the idea of a trading challenge and decided to embark on this new phase of his life with the funds provided by FTMO.
Although Ronald is not a full-time trader, he successfully balances trading with a nine-hour job. He shared his unique strategy, where he sets trades before going to work and checks them periodically during breaks, adjusting as needed. This approach allows him to engage with the market without being tethered to screens all day.
Ronald identifies himself as a trend trader, specifically employing breakout and fakeout strategies. He simplifies his approach by using trend lines and support/resistance levels. His method involves setting buy orders above highs for breakouts and sell orders below lows. Ronald emphasized the effectiveness of simplicity in trading.
Highlighting the significance of risk management, Ronald discussed his approach to preserving capital. He only risks a small percentage of his account, sets stop losses for each trade, and diversifies across different currency pairs. With a maximum of four open trades at any given time, Ronald focuses on position sizing and manual trade closures to maintain control. Ronald’s advice for newcomers revolves around education, patience, and starting small.
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The Funded Trader follows a belief that every retail trader deserves an opportunity to raise capital based on their performance and commitment to building their own business. They are searching for passionate and experienced traders who will succeed with the help of their funds by showing skills in various market conditions.
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MyFundedFX offers traders three different challenge programs that aim to provide an opportunity to trade without risking their own capital. Profitable traders receive a payment based on a specific percentage of the profits they make while having no liability on the firm's capital, meaning that they will cover all losses.
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