Are You Funded Yet? A Prop Trader Shares Everything You Need To Know
In this video what we've done is we brought in a prop trader from www.urbanforex.com to talk about what it means to be funded, and is funding even worth it? Let's have a look. All right so welcome everyone to this special webinar where we're actually doing an interview with a funded prop trader his name is Olly, he's been funded by Urban Forex or Urban Forex prop firm and yeah Olly if you can briefly introduce yourself. Hi everyone i hope you're all well safe my name is Olly i'm based in London UK and just like Armand said I'm a trader in the Urban Forex prof firm and i've been here for about two months. Okay and how long have you been in forex? My journey into forex or my journey to training has been going on for about four years I became quite inquisitive and I was doing research on the web and stuff i came across some from some youtube websites and some youtube videos of Navin and from that that quickly escalated into doing the MPA and then the 4CB which is now the Iconic Trader Program and then I joined the Elite Community and then snowballing from there and then i attended the agm in Koh Samui which was a blast i got to meet a lot of my friends from the community but at the same time i got to meet you guys and that just carried on giving me the itch to to want to do more. Oh that's great yeah i
remember you being at at the event in Samui and for the people that don't know before the Covid struck the world we used to do a yearly or annual seminar in in Koh Samui in Thailand but then Covid happened so we haven't done it since but we hope to do it in the future again but yeah Olly was really cool to see you there and yeah to already see the fire in you and then the the ambition and the hunger to to to make it as a trader so did you always want to be a trader? Was this always something that was in your mind? No not really i came from like a traditional educational background you know i was always expected to go to university to get degrees i ended up working in the medical profession working in digital advertising in the pharmaceutical fields but as i got older and matured i definitely became fascinated and understood that there's probably a better way to have a different lifestyle and that's probably when i started to explore what trading could offer me and you know that all sense of freedom that training could give and to know there was a world out there based on trading really got me ticking over i wanted it even more but a lot of it stemmed from understanding what the trader does when i was at closing Okay great so how did Navin actually pull you in to you know to to to fund you? Because I've been with Urban Forex for a long time and i know he doesn't do this easily so yeah is is thinking like how did you get funded? I'm sure this is probably varying accounts on how this happens on my side it was definitely a mixture of perseverance and physical harassment i think he eventually caved in because i just kept playing and trying but no i think jokes aside like i think i really set my store up from from day to day from the beginning from you know going to koh samui and whenever i got the chance to talk to him i was really inquisitive to understand what the journey looks like and how did you become a one-to-one how you know how does how do you progress into becoming a professional trader when i got you know snowfall the opportunities to catch up with Navin if he was ever coming to London to meet other students i always made a beeline to catch up do a lot of training and do a little learning with him and then obviously i was keen to show that i could replicate what he had taught me so whenever i was going to Dubai i always try to make the effort to catch him up and i think in the end he really saw the determination of me that was serious i was not going to give it up or go away yeah actually i already saw this as well when when you're in koh samui that that persistence to to really learn and when you were also a member of the elite community and i i also saw that you were consistently doing your post analysis there and i also mentioned to Navin at the time like look look at this guy he's he's doing his pa so consistently and there's also honesty in them it's not just oh this was my trade this was right this was wrong okay on to the next one there was like that real road that you know being honest with yourself like okay this is absolutely where i did wrong and this is how i change my whole trading behavior so do you think post analysis has also or played an important part in the journey of getting funded yeah i mean look i think in i never stop asking questions i think you know whether it's in person or in trying to improve yourself i think it makes a difference it goes back to that hunger and desire right if you want to be the best that you can you have to be honest with yourself and not just go through the motions or the exercises of saying hey look i just did a pa that's not going to achieve yeah anything for anyone if you want to be successful and prove that you're worth investment from a serious firm you kind of have to strive to be the best right i also think for yourself that you know if you want to grow in anything then you have to be just honest with yourself and yeah i'm like the priest on on post analysis in the elite community so post analysis is like to me it's the golden key to trading so i'd like to put a little extra emphasis there but so now you're funded so you got funded and then what you're set right this is this is the finish line ? Right no i think it's it's very dangerous to think like that i think you know you have to be totally honest with yourself if you get funded in the right firm it's it's the start of a whole new journey again and it's really an investment on both both parties you know i'm happy to have been backed and funded but there's still a hell of a lot of hard work to be done you know i've i've not come across any trailer that just joins a firm and kicks off from from the offset and just mince it or flies i i don't think it's i don't think you're set just because you get funded okay so you're funded but it's not like all said you made it so because i wasn't i was under depression under the impression that that was the case that once you're funded that's it but that's not the case no i think that's a misconception i think and i think that's going to be downfall for a lot of people if they they kind of believe in that and i'm pretty sure there's loads of people on social media or insta showing like this kind of lifestyle i think i was listening to the podcast before i think you guys are absolutely right there's so many firms out there that you know they get you to pay and to join that firm you know you've got to ask yourself are you really there on merit right you know if you don't produce results you know i'm pretty sure in these cases you're quickly at the door. Okay so Navin also mentioned support being a very big part of of the whole you know prop trader or prop trading firm so can you explain a bit on what kind of support is needed and what the importance of that is? Yeah i mean look what's absolutely vital you need an environment of you know support training and patience i think that's like the holy trinity of what you need if you want to be successful you know me in particular i thought training was going to be like a manual you know like a car mechanics manual i'm one of these guys that you know is a scientist i just thought you just have to go through a set of procedures you know in my instance i was i was very much a patent trader and i think much of nothing's frustration patterns yeah yeah please please don't don't curse in here right. I know Navin. gets riled up when when people you know get get stuck in patterns. right so yeah so when you're in a firm and you're trying to get profitable you're trying to launch you know you need time to learn from these experiences you need to be able to talk through your issues with your mentor you know you don't want to be under pressure to perform off the off and i've been given that time you know i've been given time and training to fix my issues and i don't think you'd get that in a lot of phones you know i just don't think so. Okay so you're
not the only one who's on the on the prop trading firm there's some other colleagues there did they start before you or did they start after you? No we pretty much all started around the same time i mean some of the guys were probably there before me they're not a lot before me so we've all been there or they're about the same time and you know it's nice to see that some of the guys are on their journey you know maybe a little bit more advanced for myself that some of the guys have launched quite nicely. Okay without getting into too much details about their journeys because you know i can interview them as well and i and i will but did any of those other colleagues really launch from day one? I know you already kind of mentioned this but let's get a little bit deeper into this. No I not really look i think we all have to learn and we'll probably learn at our our own pace we probably all have our our own personalities we probably like and can pick up breeds and certain things better than the others so nobody came in off the off the bat and just came in and start putting you know ten percent in the accounts you know i think very much the the process is you know you learn from your mistakes you you do your pas you try and stabilize and then once you know that you've launched them you know you get more and more backing okay yeah again the importance of pa so can't stress that enough so what about your routine not so much your trading approach but what does what does your day look like as a as a prop trader yeah it's really cool it's obviously the lifestyle that i won my day actually starts the night before i like to pick my peers and read the charts prior to a day's trading session i don't like to wake up in the morning and be reactionary or reactive to to what's going on so i pick my peers the night before it keeps me focused and then i prepare myself to trade for London and New York the process is that once you you do find a pair that you like or pairs that you like you know i'll do a pre-analysis of that pair so within the the group of the prop firm i'll load up a video explaining what i'm what i'm looking at why i'm looking at it explaining my read going through how i want to trade it what the alternatives could be how it could react you know i'd go through and try and plan exactly how i want to trade that pair and that's only half the day and then you know the second half of the day is obviously once you've traded it going through your post analysis figuring out what you've done good figuring out what you've done bad figuring out where you've got some flaws and how you want to fix that and then the step beyond that is is is trying to iron out all those issues and being able to have that you know that almost that 24 7 access to living to to have your one-to-ones carry on flourishing and growing. It's funny that in in your routine you mentioned a lot about the the preparation, so the prep, you mentioned like two words about doing the trade and then you mention quite a bit about the post analysis so it seems like most of the work is actually done in the preparation then during the trade you know what to do and then in the post analysis you go over what you could have done better and what you will do better next time Is post analysis in the prop firm more difficult than it is in your you know regular trading? Or the trading before you are in the prop firm? It can be it can definitely be the most frustrating thing that you do especially when you know you're making the same mistakes again you know some of my pas tell me it's patterns again yeah yeah some of my pas definitely get a little bit scary at times but look you know PAs can also be the most rewarding things because in our firm you have the ability to learn from your mistakes you know you're not pressurized as well to you know if you make a mistake it's fine you can figure it out you can get around it and then once you do get it right you know it's a great feeling. So you're mentioning the word pressure
and you also mentioned that you're allowed to make mistakes and that you can learn from so trading at the capital of Urban Forex then and you make mistakes you're losing that capital right? And you also mentioned that not everyone launches or actually no one launches from day one so do you feel pressured to perform because of that? Because you know at some point you'll you'll have to or everyone will have to deliver right? Sure for sure 100 look of course this pressure this personal pressure to make it this pressure that i put on myself to make it there's the pressure of being committed to going full time right but then yeah absolutely like you say there's the pressure of being in the firm and wanting to be the best or wanting to launch and that's exactly my case at the moment you know it's what i feel right now because right now you know my reads really really good i'm not either maximizing from profits all the time or i'm scratching that break even and i see my trade lift off where i'm taking a small loss i go look at other guys pas and the teams and they've made money off of a trade that i've picked so you do feel it you feel it but yeah of course you also know that there is a pressure and a deadline that you have to make it by you know i don't feel well that not all of us will make it in in the furnace so it's important to be you know on for me to be on the roster in 2022 and to be training a larger size account but i guess what i'm really saying here is ultimately there's still that fear of failure even though you've been funded and backed right you know you're not brandished we're not brandished with pressure you know we're given an environment to flourish but the whole point is to be profitable so it's a win-win for everybody. Yeah that's good because i'm personally not that much involved in the prop firm or not at all actually so it's it's good to hear that there is a an environment of good support and also that the pressure is manageable in a way that you you feel supported and that not you know you make one mistake you're out what you know kind of what we just heard in the in the podcast prior to to this webinar so some of your colleagues are are doing quite well and what would that mean in more concrete terms? so some of the guys like i said i've mentioned you know they've now stabilized and they're turning over doing multiple hours on a weekly basis some of the guys have continued that and consistently perform on that level and they've got a few cycles of funding behind them so they've got larger and larger accounts so the good thing to to know and the great thing to realize is that you're going to be backed based on your performance and you're going to give it given the time to perform you know i know some of the guys are flying out to Dubai right now to do further training so if you do enough you you definitely get the backing you know it's done in a logical way not like how we've we've heard before where you have to pay to get in and you're not going to wear it you know you you get you get if you perform you get and you deliver results you get back. And you you also get the space to you know to start to perform to launch base absolutely yeah okay that's very good so is it like a competitive environment because you mentioned that sometimes you pick some pairs and then and you may not always end up profiting from those pairs or from those setups but you see some of the colleagues actually making money from those so that does that create a competitive environment or look it's like it's healthy it's really healthy it's really positive there's no negativity in the firm at all it's an absolute great place look we've all come from different backgrounds with different ages you know with different cultures you know we're pretty much spread across all the continents right but yeah it's really healthy friendly competition because we all want to get into into that place right now you know i'm aspiring i'm looking at others in the group don't get me wrong you know i want to be the best trader that there isn't the problem it's all done in a healthy way. okay that's good that's good
so because there are different performances among all the the prop traders or different results do they do you guys also use like different methods or different systems or or anything? No not at all i mean look we all have the same training we've all learned the same edges like i said i think i think the reason that this variation is because you have different personalities as traders you know and you can only trade with what you're comfortable i guess you know i mean example i like trading pull backs in on markets you know that's where i i feel safest but some of the guys like doing bounces some of the guys like trading ranges on channels you know it's all about your development and how you read the charts yeah that's probably why there's varying levels of progress you know we have the freedom to pick our own trades so it's it's it's always nice and sometimes it's great to see you pick a trade and that will say you know what i'm watching that one with you or yeah i'm in on that with you so you know you get you get that you know reassurance as well does does that happen a lot yeah he's i think he's been meeting me for a while. Okay that's cool so yeah what i gather from from you so far is that being funded is not really the finish line so it's it's not like oh you crossed it because you found it and yeah you put your hands in the air and it's the finish line and that's it is that right is that a correct conclusion? No i don't i don't i don't agree that it's not my opinion at all like i mentioned i think it's it's the beginning of a new journey right provided that you're in the right firm you know where you're invested in then you deserve to be on that platform yeah but look you're always going to make mistakes and as long as you're allowed to to develop and you know learn from those mistakes i think you know we're given the opportunity to go and develop you know there's something that Navin said to me at the beginning of my my started in the prop firm he was like look you've got all the education you've got all the knowledge now you just got to go get the artistry you know go go get the artistry and what is exactly meant by that is you know go develop go go find how you'd like to trade you know you're given that that time and that space to develop. Yeah that's nice and so when when you makes mistake when you make mistakes sorry, you you're still going to be supported so what we were just discussing in the in the podcast is that you have to follow like so many rules and everything it's it's not at all like that right? So you have a lot more trading space if you will yeah we have the freedom to pick up to pick our own traits as long as we can explain it and justify it and yeah for sure we do make mistakes you know but you know just just circling back to what the main aim is what the main goal is you know we've been brought in to make money in the long term so you know it's important and it's it's nice to know that the firm trusts you like i've been trusted with you know you're allowed to to get there to develop and fix things because you're part of that long-term plan. Does that already give you some sort of peace of mind that kind of evens out that pressure we were talking about earlier? Yeah because the whole setup is for you to flourish you know the whole setup is is for you to to turn around i mean the understanding is there you know like listening to the podcast prior you know once you get in you it's only the start you know you're not under specific terms or rules or times you know you're there to to to grow as a trader and it and it's it's a two-sided thing it comes from both sides if you know if i've been trusted and invested in you know then you want to you want to develop and show that return as well right so you don't feel that pressure yeah so basically the the interest have to be aligned between the prop firm and and the trader it cannot be there cannot be no alignment there. Yeah i agree okay another thing is is there anything that you do differently as a trader? So you mentioned that you've gone through all the the courses like the MPA 1 one and the 4CB which is now the Mastering Technical Analysis and and all those other courses. Is that still what
you follow or do you trade differently or based on something else in the prop firm? No it's it's it's exactly the same there is no difference the materials the same whatever the the courses are and if you're in the elite community you see some of the sessions with the one-to-one guys but they're being taught we're being taught exactly the same thing you know on some occasions if i have an issue or if i've if i've made a couple of mistakes you know navin will say to me you know go and watch one of these one-to-ones i think what you've done is covered off in there almost so all the materials the same you know we trade we trade the same way right we're trading trend ball backs and just trying to pick the right pairs and get the timing right the main difference is in what we do is probably the sizing and the scaling up and getting the consistency in those trades and how to scale you know that's that's that's knowledge and technique that i've not seen before and that's what i'm now trying to harness for me because right now that's what we're trying to do in order to once we get that mastery right then we can move on to trading the larger accounts. Yeah yeah that makes sense okay, well i think we've covered pretty much everything that i wanted to know and all the questions i prepared i'd like to know one thing so if we were to go back to when you were working in the medical industry and you first heard about trading and everything and knowing what you know now would you still do it? 100%, I love it i'm obsessed with charts i look at the charts you know 24 7. i kind of wake up and i look at charts you know i spend my weekends practicing my only regret is i didn't see it earlier i didn't know it was there earlier but having done what i've done about what i've done in my education you know that's a journey in itself i don't i don't regret any part of that but yeah i definitely wish i got into it earlier or maybe found those those youtube videos earlier yeah yeah. We we hear that a lot actually but oh can't can't change destiny i guess or whatever it may be okay well thank you Olly for for making the time to to answering some of these questions i'm sure there were a lot of people here that were wondering about a lot of these things and yeah i'm gonna wish you all the best for the upcoming months or the last months of this year and 2022 as well i can tell from your persistence before both before this this interview and now that yeah i i'm pretty sure you're gonna make the make it and then you know you're gonna be trading a larger account you're going to go through those those funding cycles a few times so i'm looking forward to that. Yeah yeah i really appreciate it and nice to to come and talk and i maybe next next time around i can i can be on the other side of the fence to tell people what it's like to be trading a loved or an account yeah It's a nice one it's a brilliant interview Olly since i know that the interview is coming to an end we need to get onto a call to discuss some of your post analysis that you've done for patterns again get out the whip get out the whip all right since i have you here i'm like after this we can get onto a call so yeah okay okay cool well i'll end the webinar here thanks everyone for tuning in i hope you all enjoyed it you all i think it was useful to to hear what Olly has to say about his experiences as a funded trader and i'm actually looking forward to doing a few more of these interviews with some of the other guys on the prop firm and with Navin as well so thank you all for taking the time to be here and we will catch up again in the next webinar in two weeks time have a good day cheers bye
2021-09-09 14:46
