We spoke with Philip about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professionally funded traders.
I work in the healthcare field. I mostly work from home, so I am able to watch charts and manage my trades most of the day. I have two sons and an amazing wife, and I am doing trading to supplement my income.
I have been a scalper for 5 years.
My trading plan involves very little indicators. I utilize a 60 and 360 moving average and monitor charts on the 5-minute, 1-hour, and 4 hour timeframe. I look for price action to react at this moving averages, with a bias towards an existing trend. I will also look for reversals if price action indicates it.
I think the biggest challenge that I faced was just failing some challenges or getting funded and then losing the account. I overcame this by working on my risk management and avoiding revenge trading. Once I was able to do that, I became much more consistent and have had multiple payouts.
Since I will take a decent amount of trades on any given day, I try to maintain a strict 0.5-1% risk per trade. If my analysis looks like there may be a big move available or volatility seems high, I will try to move my stop loss to break even as soon as possible.
A key moment in my trading career was when I first got funded on the high-stakes challenge at the 5ers. I had attempted many challenges with another firm and had struggled to maintain a funded account. Once I realized that I needed to drastically lower my risk, I saw an immediate increase in gains, and my loss days were much more under control.
I would say that I had flashes of consistency, and then the market would shift, and I wouldn’t be able to adapt to that. It took me all of five years to become consistent and is something that I think I will continue to improve upon. The aspect that increased my consistency is patience in waiting for good trades. I also have worked very hard to limit my revenge trading on a losing day or chasing more profits on a profitable day. The greatest change came from stricter risk management.
I think the most important aspect of trading is to not be emotionally invested. Follow your plan and let the emotions that come up pass. The only way I have found to develop this is through repetition and review of trades to try to determine what mistakes were made. Once you have confidence in your trades, you have to let them play out.
I just used my normal strategy as much as possible. I would normally start my day trading with 0.5% risk, and if I had a few successful trades, I might up the risk to 1% or add on to the existing trade and move the stop loss to break even. The most common thing that made me successful is to take profit when it is available. I didn’t look for a few large gain trades but was content to build up the account through smaller gains.
The main difference is obviously the amount that you are able to trade with. The other difference is that you are held to strict trading rules, which force you to adhere to specific daily loss and total loss rules. This has helped me immensely in becoming more consistent and being more strict with my own risk management. The 5ers also offers a lot of great resources for increasing your knowledge.
Take your time. There is no time limit for how long you take to get funded, so follow your strategy and use good risk management and you will be making money in no time!
Babypips.com really helped me get a basic understanding of trading. After that I just kind of jumped right in and started learning what would work for me.
Just that I love working with The 5ers, and can’t wait to continue to make money with you!
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