Desmond's Trading Journey
Swing Trading Strategy: Desmond’s Forex Journey & Risk Management Tips
Trader Snapshot
Trader Type | Swing Trader |
Current Occupation | Computer Science Student |
Location | Ghana |
Experience | 2 Years |
Assets Traded | Forex, Metals |
Primary Timeframe | 4-Hour |
Strategy Focus | Trending market retracements |
Technical Tools | Fibonacci Retracement (50% & 61.8%) |
Risk Management | Flexible, Maximum 2% per trade |
Funded Account | AudaCity Capital - Ability Challenge |
Desmond's Trading Journey
Introduction and Background of Desmond
- Desmond is a swing trader and a final-year computer science student based in Ghana.
- He has been trading for approximately two years.
- Trading and computer science complement each other as both involve screen time and analytical thinking.
Trading Journey and Motivation
- Desmond was introduced to forex trading by a friend.
- He was attracted by the accessibility of trading via a mobile phone and the ability to withdraw profits quickly.
- His initial motivation was to understand trading deeply enough to make successful withdrawals.
Evolution of Trading Style
- Desmond experimented with different trading styles through trial and error:
- Started with scalping but found it stressful and ineffective.
- Tried intraday trading but it conflicted with his academic schedule.
- Ultimately adopted swing trading, holding trades for days with predefined take profit (TP) or stop loss (SL) levels.
- This approach allowed better balance between trading and studies.
Markets and Instruments Traded
- Primarily trades forex markets.
- Occasionally trades metals.
- No mention of other asset classes such as stocks or cryptocurrencies.
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- Desmond’s strategy is based on:
- Identifying trending markets.
- Determining the market phase—distinguishing between impulse moves and corrective retracements.
- Waiting for retracements in the trend before entering trades.
- Uses Fibonacci retracement levels combined with market structure and price action to find entry points.
- Trades continuation signals after retracements within the trend direction.
Fibonacci Levels and Timeframes
- Prefers trading with the trend, entering on retracement lows.
- Key Fibonacci retracement levels used: 50% and 61.8%.
- Uses the 4-hour timeframe exclusively for both drawing Fibonacci retracements and executing trades.
- Does not scale down to lower timeframes for entry or exit decisions.
Risk Management Approach
- Desmond applies a flexible risk management style rather than rigid rules.
- Maximum risk per trade can be up to 2% of the trading capital, which is relatively high but justified by the low frequency of trades.
- Typically takes one setup at a time and waits for the next trading opportunity, sometimes days or weeks later.
- Risk size per trade can vary between 0.5%, 1%, and 2%, depending on the quality of the setup.
Trading Experience with Other Firms and Audacity Capital
- Before trading with Audacity Capital, Desmond traded with multiple other firms.
- He finds the trading conditions and rules at Audacity Capital simple and smooth.
- His first account with Audacity Capital has recently seen a withdrawal, marking a milestone in his trading journey.
Biggest Challenges in Trading
- The main struggle has been trusting his trading edge and consistently applying proper risk management.
- Early on, Desmond doubted his setups, causing hesitation.
- Now, he emphasizes discipline by following the system consistently regardless of winning or losing trades.
- This repetitive approach aligns with the principle that mastery comes from repetition.
Current Status and Drawdown Recovery
- Experienced a drawdown on the new account but is currently recovering.
- Recognizes drawdowns as a normal part of trading.
- Stresses the importance of sticking to established trading parameters during such phases.
Advice to New Traders
- Desmond’s key recommendation: “Don’t quit.”
- Emphasizes the importance of persistence and consistency as essential traits to succeed in trading.
- Encourages beginners or students to remain dedicated and patient with their trading journey.
Closing Remarks
- The interviewer thanks Desmond for sharing his story and trading experience.
- Desmond is encouraged to continue his efforts and maintain good trading practices.
Summary Table: Desmond’s Trading Profile and Approach
Aspect | Details |
Background | Final year computer science student, Ghana |
Trading Experience | 2 years |
Trading Style | Swing trading |
Markets Traded | Forex primarily, occasionally metals |
Strategy Overview | Trade trending markets; enter on retracements using Fibonacci levels and price action |
Fibonacci Levels Used | 50%, 61.8% |
Trading Timeframe | 4-hour chart for analysis and trade execution |
Risk Management | Flexible, max 2% risk per trade; low trade frequency |
Trading Frequency | Usually one trade setup at a time |
Challenges Faced | Trusting edge, discipline in risk management |
Current Status | Recovering from drawdown |
Key Advice | Persistence and consistency; “Don’t quit.” |
Experience with Audacity | Positive; simple rules and good trading conditions |
Test your trading strategy with a free challenge
Free Prop Firm ChallengeKey Insights
- Swing trading suits Desmond’s lifestyle as it allows holding trades over days, fitting around his academic schedule.
- Using Fibonacci retracements on a 4-hour timeframe is central to his technical approach, paired with clear market phase identification.
- Flexibility in risk management allows adjusting exposure depending on the quality of setups, but overall risk is capped at 2%.
- The biggest psychological barrier was trusting his trading system and sticking to it consistently, which he has since overcome.
- Drawdowns are viewed as normal and manageable, emphasizing discipline and adherence to rules.
- Persistence and consistency are highlighted as critical success factors for traders at any level.
Core Concepts Discussed
- Swing Trading: Trading style where positions are held for several days to capture medium-term market moves.
- Fibonacci Retracement: Technical analysis tool used to identify potential support and resistance levels during a trend retracement.
- Market Phases: Differentiating between impulse moves (strong directional moves) and corrective moves (retracements) within a trend.
- Risk Management: Strategy to limit potential losses by controlling the percentage of capital risked per trade.
- Trading Psychology: Trusting one’s edge and maintaining discipline through consistent application of a trading plan.
Certification
Certification
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Choose The Best Plan
Designed to reduce stress by removing deadlines 👍 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 – GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the account’s 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%) → $9,000 → 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%) → $18,000 → 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 👍 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 – GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the account’s 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%) → $9,000 → 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%) → $18,000 → 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 👍 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 – GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the account’s 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%) → $9,000 → 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%) → $18,000 → 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 👍 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 – GMT+2 / GMT+3 depending on Daylight Saving Time).
It is calculated as 7.5% (5% for Verification and live stage) of the account’s 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%) → $9,000 → 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%) → $18,000 → 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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