Recently a BD member by the name of Filippo Von Palace got funded trading the Mogwai Reversal strategy. Below is a message he wrote to the BD community the day he got funded.
Yesterday I passed a Funded Challenge for the first time. I would like to tell you my story:
I started learning trading in January 2023.
In October 2023, I decided to quit my job and trade with full commitment (i didn’t even have much experience on a demo account).
A friend of mine helped me a lot and recommended this community to me. So I joined here in October and immediately bought a 100k challenge on TFT. I lost it on January 31, 2024. My mistakes: took bad setups and traded too many pairs. Then I bought another challenge at TFT and was up 4%, but then TFT closed and I didn’t get my account back until today.
After that I started to try futures and got a challenge at Apex Funding on May 1st. I decided to only trade GU and later added UJ (mogwai reverse only). And with that I did it.
On the journey to passing the challenge, these were my most important learnings:
– Don’t listen to people in the Telegram group, it affects your trading decision.
– Trade well, don’t trade a lot. For me, this can mean not taking a trade for 2-3 days if the setup is not good enough.
Anyone can trade a lot, but very few can wait for the best trade.
– Trading just one or two pairs gives a better overview and you won’t miss any trades.
– Only use top setups. Patience and discipline are really required here. If you see a setup that others in the group are taking, you have to be able to not take it, if it doesn’t completely comply with the (your own) rules.
– If you take a setup that complies 100% with the rules, it doesn’t matter whether this trade wins or loses. (Psychology that helped me: I never say “I lost the trade”, because that’s how you tie yourself to a trade. Anyone who is emotionally free from a trade says “the trade lost.”
– Losses are part of the game. Taking the fourth trade even after 3 losses in a row is incredibly important. I also had a drawdown phase of 8 losing trades in a row.
– Protect what you have (risk management).
– Learn a strategy and stick with it until you have mastered it. A typical beginner’s mistake is to hop from one strategy to another.
It took me 6 months to get the Mogwai reversal strategy right.
– It’s not about making big profits quickly, but being consistently profitable from month to month.
– Psychology was the most important part for me and the biggest factor in becoming profitable.
I’m still a long way from reaching my goal, but I’ve already made some progress. Thank you @Jamie Palmer for always answering questions as well as you can. Your live webinars have helped me enormously and have always provided me with an “aha moment”. Thanks to Michael Austin for this strategy and thanks to all the others in the group who always help when there are questions!
