Benson's Trading Journey
Trader Snapshot
Benson's Trading Journey
Summary of Bensonâs Trading Journey and Insights
Benson, a trader from Nigeria with a background in finance, recently achieved a significant milestone by hitting his 10% profit target on a funded account of 15,000,doublinghisaccountsizeto15,000,doublinghisaccountsizeto30,000. This interview explores his trading journey, strategies, mindset, and advice for aspiring traders.
Timeline of Key Events
Timeframe | Event/Development |
|---|---|
~4 years ago | Benson started learning and trading after leaving a banking job and starting a business. |
3 years ago | After a difficult learning curve with substantial losses, Benson began to understand the importance of discipline, patience, and consistency. |
Recent (current) | Achieved 10% profit target on a 15,000fundedaccount,leadingtoanaccountsizeincreaseto15,000fundedaccount,leadingtoanaccountsizeincreaseto30,000. |
Bensonâs Trading Journey and Challenges
- Initially, trading seemed easy, but reality proved difficult; he faced financial challenges and losses.
- Trading was a process of trial and error, involving significant losing trades that ultimately taught him vital lessons.
- Took approximately three years of consistent learning and trading before achieving reliable profitability.
- Key realizations included the importance of emotional control, patience, and discipline.
- Trading is described as a "disciplined business" where emotional capabilities and strict adherence to rules are essential.
Trading Strategy and Methodology
- Benson uses a simple yet effective breakout strategy focusing on breakouts and retests of support and resistance levels.
- Incorporates double bottom and double top patterns to confirm setups.
- Utilizes a confluence of indicators to validate trades, including:
- Trend lines
- 50 Moving Average (50 MA)
- Applies top-down analysis starting from the monthly timeframe down to weekly and finally to 15-minute charts for trade execution.
- Trades mostly executed on the 15-minute timeframe, using the 50 MA as a key reference point for entries.
- Implements a waiting period of 1 to 1.5 hours after breakout signals (especially on 4-hour charts) to confirm market direction, reducing impulsive entries and increasing patience.
Risk Management Approach
- Maintains strict risk control by avoiding excessive leverage.
- Uses stop-loss orders and moves stops to break-even once the trade moves favorably.
- Typically takes 50% profit off the table before trailing the stop loss to break-even.
- Acknowledges that risk management is crucial for long-term success, controlling daily losses and protecting capital.
- Recognizes that trading involves good and bad days, emphasizing consistent application of rules to manage risk.
Psychological and Behavioral Changes
- Improved emotional discipline, preventing impulsive reaction to trades.
- Developed patience by waiting for setup confirmations rather than chasing trades.
- Confidence grew as trading rules and risk management were strictly followed.
- Learned to capitalize on trending market conditions, avoiding trading during choppy or sideways markets.
Experience with Funded Trader Program
- Describes the journey with the program as challenging but rewarding.
- Expresses appreciation for the prompt payout process (receiving payments within 24 hours).
- Emphasizes perseverance and belief in his abilities as key to overcoming setbacks.
- Plans to continue growing his funded account with a long-term goal of hitting $500,000 monthly profits.
Key Insights and Advice for Traders
- Discipline is the most critical factor in successful trading, more so than intelligence.
- Patience and consistency are essential; waiting for the right setups rather than forcing trades is vital.
- Do not give up despite setbacksâtrading is a journey of continuous learning.
- Confidence in oneâs system and rules helps maintain focus and reduces emotional interference.
- Understanding market conditions (trending vs. choppy) improves trade timing and success.
Summary Table: Bensonâs Trading Approach
Aspect | Details |
|---|---|
Trading Style | Breakout and retest strategy on support/resistance with double tops/bottoms |
Timeframes | Monthly â Weekly â 4-hour â 15-minute for entries |
Key Indicators | Trend lines, 50 Moving Average (50 MA) |
Patience Technique | Wait 1-1.5 hours after breakout to confirm direction |
Risk Management | Low leverage, stop loss to break-even, partial profit-taking (50%) |
Psychological Focus | Emotional control, discipline, patience, confidence |
Funded Account Performance | Achieved 10% profit on 15,000account,doubledto15,000account,doubledto30,000 |
Long-term Goal | $500,000 monthly profit |
Conclusion
Bensonâs story underscores the importance of discipline, patience, and emotional control in trading. His methodical approach to entry timing, combined with sound risk management and a structured top-down analysis, allowed him to transform years of losses into consistent profitability. His experience with the funded account program highlights persistence and confidence as critical for scaling trading success. Bensonâs advice to new traders centers on perseverance and discipline as the cornerstones of trading success.
This interview provides valuable real-world insights into the trading journey, emphasizing that consistent profitability is achievable through structured strategies and psychological resilience.
Choose The Best Plan
Designed to reduce stress by removing deadlines đ Unlimited trading period for Challenge, Verification and Live stages.
1st and 2nd Steps:
You only need to trade on 4 different days. A trading day is defined as a day when at least one position is opened.
Live account:
No minimum trading days
The Daily Drawdown resets every day at midnight (MT5 server time â GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the accountâs balance or equity at rollover, whichever is higher.
Your equity cannot fall by more than 7.5% (5% for the 2nd step and live stage) in a single trading day. Once the day resets, a new limit is set based on your updated balance or equity, following a static-based model.
Example:
Account balance at rollover: $120,000
Daily Drawdown (7.5%) â $9,000 â Equity must not fall below $111,000 that day.
If equity or the balance rises to $130,000 by the next rollover, the new daily drawdown will be $9,750 (7.5% of 130,000).
The Absolute Drawdown (Maximum Drawdown) is 15% (or 10% for the 2nd step and live stage) of the initial account balance and remains fixed throughout the challenge.
If either the daily or absolute drawdown is breached, the account will be terminated.
Example: Account balance: $120,000
Absolute Drawdown (15%) â $18,000 â The account will be closed if equity drops below $102,000.
The profit target is 10% on the Challenge stage and 5% on the Verification stage. Achieving these targets while following the rules will qualify you for a Live account
Profit sharing starts at 75%, you can reach up to 90% with consistent performances in line with our scaling plan.
Once on Live stage, traders can request withdrawals biweekly (every 14 days). After the request is approved, traders will receive the profit share in their wallet on the same day.
Once traders earn a payout, they'll be eligible for a Reward Bonus equal to the initial registration fee. This will be included with the first payout from the Ability Live.
Not anymore
You may hold trades over the weekend and trade during news events. Simply avoid opening, closing or adding to positions within 3 minutes before or after any high impact news release or speech, as that can be identified as excessive risk.
EAs are allowed if they follow our prohibited-strategy rules and are not sourced from third-party signals. Please see our prohibited trading practices here.
Copy trading is allowed between your own accounts within Audacity Capital. Copying from an external account is allowed only if the account belongs to you. Third-party copying is not permitted.
Select Program:
Select Account Size
phase 1
Max Drawdown
$750
Based on Initial Balance
Total Loss 15%
Daily loss: 7.5%
Profit Target
$500
Based on Balance
Target : 10%
phase 2
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
$250
Based on Balance
Target : 5%
live
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
More than 10%
Less than 10%
Challenge
Designed to reduce stress by removing deadlines đ Unlimited trading period for Challenge, Verification and Live stages.
1st and 2nd Steps:
You only need to trade on 4 different days. A trading day is defined as a day when at least one position is opened.
Live account:
No minimum trading days
The Daily Drawdown resets every day at midnight (MT5 server time â GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the accountâs balance or equity at rollover, whichever is higher.
Your equity cannot fall by more than 7.5% (5% for the 2nd step and live stage) in a single trading day. Once the day resets, a new limit is set based on your updated balance or equity, following a static-based model.
Example:
Account balance at rollover: $120,000
Daily Drawdown (7.5%) â $9,000 â Equity must not fall below $111,000 that day.
If equity or the balance rises to $130,000 by the next rollover, the new daily drawdown will be $9,750 (7.5% of 130,000).
The Absolute Drawdown (Maximum Drawdown) is 15% (or 10% for the 2nd step and live stage) of the initial account balance and remains fixed throughout the challenge.
If either the daily or absolute drawdown is breached, the account will be terminated.
Example: Account balance: $120,000
Absolute Drawdown (15%) â $18,000 â The account will be closed if equity drops below $102,000.
The profit target is 10% on the Challenge stage and 5% on the Verification stage. Achieving these targets while following the rules will qualify you for a Live account
Profit sharing starts at 75%, you can reach up to 90% with consistent performances in line with our scaling plan.
Once on Live stage, traders can request withdrawals biweekly (every 14 days). After the request is approved, traders will receive the profit share in their wallet on the same day.
Once traders earn a payout, they'll be eligible for a Reward Bonus equal to the initial registration fee. This will be included with the first payout from the Ability Live.
Not anymore
You may hold trades over the weekend and trade during news events. Simply avoid opening, closing or adding to positions within 3 minutes before or after any high impact news release or speech, as that can be identified as excessive risk.
EAs are allowed if they follow our prohibited-strategy rules and are not sourced from third-party signals. Please see our prohibited trading practices here.
Copy trading is allowed between your own accounts within Audacity Capital. Copying from an external account is allowed only if the account belongs to you. Third-party copying is not permitted.
Select Program:
Select Account Size
phase 1
Max Drawdown
$750
Based on Initial Balance
Total Loss 15%
Daily loss: 7.5%
Profit Target
$500
Based on Balance
Target : 10%
phase 2
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
$250
Based on Balance
Target : 5%
live
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
More than 10%
Less than 10%
Designed to reduce stress by removing deadlines đ Unlimited trading period for Challenge, Verification and Live stages.
1st and 2nd Steps:
You only need to trade on 4 different days. A trading day is defined as a day when at least one position is opened.
Live account:
No minimum trading days
The Daily Drawdown resets every day at midnight (MT5 server time â GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the accountâs balance or equity at rollover, whichever is higher.
Your equity cannot fall by more than 7.5% (5% for the 2nd step and live stage) in a single trading day. Once the day resets, a new limit is set based on your updated balance or equity, following a static-based model.
Example:
Account balance at rollover: $120,000
Daily Drawdown (7.5%) â $9,000 â Equity must not fall below $111,000 that day.
If equity or the balance rises to $130,000 by the next rollover, the new daily drawdown will be $9,750 (7.5% of 130,000).
The Absolute Drawdown (Maximum Drawdown) is 15% (or 10% for the 2nd step and live stage) of the initial account balance and remains fixed throughout the challenge.
If either the daily or absolute drawdown is breached, the account will be terminated.
Example: Account balance: $120,000
Absolute Drawdown (15%) â $18,000 â The account will be closed if equity drops below $102,000.
The profit target is 10% on the Challenge stage and 5% on the Verification stage. Achieving these targets while following the rules will qualify you for a Live account
Profit sharing starts at 75%, you can reach up to 90% with consistent performances in line with our scaling plan.
Once on Live stage, traders can request withdrawals biweekly (every 14 days). After the request is approved, traders will receive the profit share in their wallet on the same day.
Once traders earn a payout, they'll be eligible for a Reward Bonus equal to the initial registration fee. This will be included with the first payout from the Ability Live.
Not anymore
You may hold trades over the weekend and trade during news events. Simply avoid opening, closing or adding to positions within 3 minutes before or after any high impact news release or speech, as that can be identified as excessive risk.
EAs are allowed if they follow our prohibited-strategy rules and are not sourced from third-party signals. Please see our prohibited trading practices here.
Copy trading is allowed between your own accounts within Audacity Capital. Copying from an external account is allowed only if the account belongs to you. Third-party copying is not permitted.
Select Program:
Select Account Size
phase 1
Max Drawdown
$750
Based on Initial Balance
Total Loss 15%
Daily loss: 7.5%
Profit Target
$500
Based on Balance
Target : 10%
phase 2
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
$250
Based on Balance
Target : 5%
live
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
More than 10%
Less than 10%
Designed to reduce stress by removing deadlines đ Unlimited trading period for Challenge, Verification and Live stages.
1st and 2nd Steps:
You only need to trade on 4 different days. A trading day is defined as a day when at least one position is opened.
Live account:
No minimum trading days
The Daily Drawdown resets every day at midnight (MT5 server time â GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the accountâs balance or equity at rollover, whichever is higher.
Your equity cannot fall by more than 7.5% (5% for the 2nd step and live stage) in a single trading day. Once the day resets, a new limit is set based on your updated balance or equity, following a static-based model.
Example:
Account balance at rollover: $120,000
Daily Drawdown (7.5%) â $9,000 â Equity must not fall below $111,000 that day.
If equity or the balance rises to $130,000 by the next rollover, the new daily drawdown will be $9,750 (7.5% of 130,000).
The Absolute Drawdown (Maximum Drawdown) is 15% (or 10% for the 2nd step and live stage) of the initial account balance and remains fixed throughout the challenge.
If either the daily or absolute drawdown is breached, the account will be terminated.
Example: Account balance: $120,000
Absolute Drawdown (15%) â $18,000 â The account will be closed if equity drops below $102,000.
The profit target is 10% on the Challenge stage and 5% on the Verification stage. Achieving these targets while following the rules will qualify you for a Live account
Profit sharing starts at 75%, you can reach up to 90% with consistent performances in line with our scaling plan.
Once on Live stage, traders can request withdrawals biweekly (every 14 days). After the request is approved, traders will receive the profit share in their wallet on the same day.
Once traders earn a payout, they'll be eligible for a Reward Bonus equal to the initial registration fee. This will be included with the first payout from the Ability Live.
Not anymore
You may hold trades over the weekend and trade during news events. Simply avoid opening, closing or adding to positions within 3 minutes before or after any high impact news release or speech, as that can be identified as excessive risk.
EAs are allowed if they follow our prohibited-strategy rules and are not sourced from third-party signals. Please see our prohibited trading practices here.
Copy trading is allowed between your own accounts within Audacity Capital. Copying from an external account is allowed only if the account belongs to you. Third-party copying is not permitted.
Select Program:
Select Account Size
phase 1
Max Drawdown
$750
Based on Initial Balance
Total Loss 15%
Daily loss: 7.5%
Profit Target
$500
Based on Balance
Target : 10%
phase 2
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
$250
Based on Balance
Target : 5%
live
Max Drawdown
$500
Based on Initial Balance
Total Loss 10%
Daily loss: 5%
Profit Target
More than 10%
Less than 10%
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