In a recent interview with Forex Prop Firm, experienced trader Filmon Debesay opened up about his journey in the trading world, shedding light on the challenges he faced and the lessons he learned along the way.
Debesay, reflecting on his early days, emphasized the difficulty of securing capital for trading, initially relying solely on personal funds. “I was only trading my personal money, and I was just gambling,” he admitted, highlighting a lack of discipline and understanding of market dynamics.
However, Debesay’s journey took a transformative turn as he delved into resources like books and podcasts, particularly citing Tom Hogar’s “The Best Traders: Losers, Disciplined Traders” as instrumental in reshaping his mindset. He emphasized the importance of self-reflection and continual learning, stressing the need to overcome emotional challenges and develop discipline.
Addressing the risk associated with trading, Debesay advocated for a cautious approach, advising newcomers not to rush into trading and to treat it as a long-term journey rather than a get-rich-quick scheme. He shared his own painful lesson of over-leveraging early in his career, losing a significant portion of his savings in a matter of minutes, but acknowledged it as a pivotal moment in his growth as a trader.
Debesay also discussed his risk management strategies, which he has honed over time through journaling and meticulous trade analysis. He stressed the importance of knowing oneself and leveraging available resources to navigate the complexities of the market.
Here is the Full Interview for the full insights:
About the Firm
Forex Prop Firm is a proprietary trading firm with the intention of providing its traders with a comfortable trading environment. That is why they have developed six unique funding programs. Traders have the opportunity to earn substantial profits, with the flexibility to manage account sizes up to $400,000 and receive up to 100% profit splits.
