Recently, we had some precious moments with Taha Khan from Mumbai, who shared his struggling trading journey and how he successfully went through it. This interview presents us with in-depth information about Taha’s trading journey, successful strategy, and risk management techniques. We will also like to mention why he chose the Forex Prop Firm. Stay connected to unwind his trading story and bless your ears with today’s lesson.
1. Tell us a little bit about you.
I was and am mainly into textiles, but I stepped into the trading industry three years back. I had little awareness, so I started before my cousin, but as I was new to the field, I made great losses in the beginning but fortunately kept going.
2. How long have you been trading?
I have been trading for the past three years.
3. What inspires you to pursue trading?
My main reason for learning and completing new trading challenges was to become successful and, yes, work for an additional income source.
4. Do you have a trading plan in place and follow it strictly?
My trading strategy was to focus on only some of the pairs. I go with the ones I am very confident about, such as the Nasdaq and tax, sticking to two or three scripts. I also focus on spending just an hour or half an hour on trading and getting my one percent in that particular time instead of sitting the whole day in front of the screen. Try to achieve one ratio of two rewards for every single trade.
5. What was your strategy to successfully pass The Forex Prop Firm Challenge?
My strategy was to focus on the guidelines from the Forex Prop Firm. Also, I learned to make the most out of trading for about an hour rather than trading for consecutive hours without any strategy, mindset, or goal.
6. How is trading for The Forex Prop Firm different from trading by yourself?
Trading on my own was risky compared to the two pre-funded accounts from your Forex Prop Firm. This risk of money loss puts a lot of traders under pressure when investing their capital. Also, my strong stickiness and a good understanding of the lessons, strategies, and techniques from Forex Prop Firm helped me achieve better-protected growth.
7. How would you rate your experience with The Forex Prop Firm?
My experience with The Forex Prop Firm is easy in passing the evaluations with a threshold of 12%, because of which I completed both phases in literally two days.
8. Why did you choose The Forex Prop Firm over another prop firm?
I chose the Forex Prop Firm because of its founders’ and other team members’ secure performance, vast experience, and professionalism. The way its people help the new traders learn and grow is what I always want.
9. What would you like to say to other traders attempting The Forex Prop Firm Challenge?
I recommend every trader attempting this challenge to secure and grow his capital, stay in the game and give breaks to your trade instead of losing it.
10. Describe your best trade.
I had my best trade in the past week, and it was a NASDAQ trade that gave me 200 pips, which all happened after I got four stop losses.
11. What is the number one advice you would give to a new trader?
My first advice for a new trader is to stay patient without falling into the FOMO trap.
12. How does your risk management plan look?
My risk management plan represents maintaining my patience by making smaller trades, even 0.01 plot size on gold. Also, I stay away from FOMO culture and only trade according to my trading strategy and mindset. I also reduce my risks by not listening to every internet guru and not getting greedy.
13. What would you recommend to someone just starting with us?
My recommendations to the new traders are to set an aim, make a trading mindset, perform pre-market analysis, and focus on it. Start with 0.25, then 0.5, then 1, then 1.5, and jump slowly. And yes, always listen to your seniors.
14. Share online resources that were significant in your trading development. Names and links are appreciated.
My trusted online resources include the 10, 20, and 200 EMAs, combining figs and market sessions. For further confirmation, I may sometimes be RSI too.
15. What made you trust The Forex Prop Firm for your trading career?
I trusted the Forex Prop Firm because of their 12% threshold, which is beneficial in easy evaluations. Your effort to make your firm safe and risk-free for traders and maintain the highest passing rate without any daily drawdown.