250: From Losing $30,000 to $1.2 Million Funded Trader w/ James Edward
Oct 25, 2023
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Experienced trader James Edward shares his journey from losing $30,000 to becoming a $1.2 million funded trader. He discusses creating a trading system, tracking emotions and analyzing mistakes, and passing trading challenges. The episode also covers fundamental analysis in trading and insights from traders, along with promotions for trading tools and resources.
Persistence and adaptation are key in the learning process for non-natural born traders.
Start with demo trading, focus on backtesting and journaling, and consider prop firms for funding.
Learn fundamental analysis by studying monetary policies and economic data, and analyze past trades based on fundamentals.
Prioritize consistency, patience, and persistence in the trading process, rather than focusing on immediate financial gains.
Deep dives
Starting as a Novice Trader
The speaker admits to not being a natural born trader but emphasizes the importance of persistence and adaptation in the learning process.
Key Steps in the Trading Journey
The speaker recommends starting with demo trading and focusing on backtesting and journaling trades. Developing a solid system and then opening a small live account is advised. The speaker also suggests considering prop firms for funding.
Integration of Fundamentals
The speaker shares a self-taught approach to learning fundamental analysis, emphasizing the study of monetary policies and economic data. Forward testing and analyzing past trades based on fundamentals is recommended.
Importance of Patience and Process Focus
The speaker encourages traders to focus on the process and system rather than immediate financial gains. The mindset should prioritize consistency, patience, and persistence rather than short-term profits.
Guidance for New Traders
The speaker advises new traders to demo trade extensively, emphasizing the importance of backtesting and journaling. Building consistent habits and slowly scaling up risk with a prop firm are recommended.
Additional Resources
The speaker suggests several helpful books for traders, including 'Trading in the Zone', 'The Daily Trading Coach', 'The Mental Game of Trading', and the 'Market Wizards' series.
Contact Information
Listeners are encouraged to visit the speaker's YouTube channel and to reach out via Telegram for further engagement.
James' Links: https://tradingnut.com/james-edward/?r=pod
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