Why most traders failed our last test
Some of you would remember that, more than one year ago, we sent an advert, looking for professional traders who can trade any market of their choice.
The idea was to test them in simulation mode, and then give them further tests, and if they passed, connect them to a foreign-based company which would give them huge amounts of money to manage and then give them a good percentage share on a monthly basis.
Many people applied and nearly all those who applied were accepted.
Some failed the first test, some
Those who passed the first test were given the second test, and most of them failed the second test. Only a few passed.
The second test was given so that we could see how their strategies can withstand all market conditions. Longevity and risk control matter in everything, and we are not moved by short-term results.
The best way to get a good trader is to test them first, not to hire them based on sugar-coated mouth or past results (which don’t guarantee future performances anyway).
During the second stage of the test, the traders were given some money to compensate them for data…
We gave them some rules to guide them from overtrading and/or excessive risk. We didn’t interfere with their strategies (entries and exits, stops and targets): We just told them how many trades they could open per day and the maximum lots plus mandatory use of stop loss.
Some traders who made it to stage 2 refused to obey our advice because they thought they were masters of the markets. Sadly, they failed in the end.
Only a few traders succeeded in the second and final stage.
We will never mention the names of the traders we tested and those who succeeded in the end. We respect everybody’s privacy.
Needless to say, those few traders who scaled to the end are now smiling at their banks. I won’t tell you their compensation in USD.
Most others didn’t scale to the end because of:
1. No stop loss
2. High lot sizes
4. Inability to endure or go the
5. No patience. Expectations that are too quick and too soon.
6. Not taking advice
I think we should learn some
lessons from this.
Risk control and trade management rules are for the safety of your account. Without them, the best strategy in the world would often leave you with an empty trading account.
We should also stop putting money first in everything we do. We should just focus on doing things well. Money is simply a by-product of doing what you’re doing well. If you pay too much attention to money anytime you just start doing things, that is a recipe for disaster. Endeavor to do what you’re doing very well; money will come naturally.
Any further opportunities?
There are good traders in Nigeria. In fact, some of the best traders in the world are also from Nigeria… Therefore, you can no longer afford to be your own enemy. You cannot continue to stand in the way of your own progress.
Enough is enough.
Stop making your trading mistakes, increase your strategy accuracy, and become a disciplined trader as soon as you can.
Please don’t give up on yourself. You will make it.
Whether we have tested you or not, another opportunity is coming for those who are interested in working for others as trader… Later this year.
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