Read and listen to psychology books to gain the knowledge you need to succeed. That’s Richard Advice.
Richard C, 39 years old, From Ireland.
Richard is now one of The5ers funded traders and is trading with two $80K low-risk funded accounts, and one $160K low-risk account on our platform. He manages a total of $320k.
His next mission is to reach 10% of profit and double his funds to $640K.
We spoke with Richard about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Tell us a little bit about you. I’m Rich, from Dublin Ireland. Trading a long time, Massive Gains and Massive losses throughout my journey. Looking back I just didn’t have my head in the right place, whereby it was do or die on each particular trade. I now have a Trading Strategy, Good Risk Management, and Discipline, The 3 main characteristics I believe that will allow a trader to grow and be consistently profitable
How long have you been trading? 10 years, I am a position trader.
Briefly describe your Trading Plan and how it contributes to your success. My Trade Plan is to execute trades with a 0.5% Risk, Taking some profit off as it moves in my favour and to remain in the trade as long as possible, my longest trade thus far was 36days as opposed to just a year or two ago when my longest may have been 36hours.
Share with us a challenge you faced in your trading career and how you overcame it? My biggest challenge was I didn’t fear the Markets, I expected to be Right thus I didn’t truly accept my Risk. I initially went to London in 2011, Paid a huge price to learn to trade, and I was quite successful (initially) turning a 7000 account into 12000 within a week, I quit my job and focused on Trading full time. However, I wasn’t prepared for the psychological aspect even tho I had heard that trading was 20%trading and 80%psychological. So getting my head space right was key, risking less, accepting my risk, as losses are an inherent part of trading.
How did you adjust risk management to your trading personality? I simply lowered my Risk,
Describe a key moment in your trading career. I guess it’s a combination of a number of key Ah Ha moments… like the market is going nowhere, So it’s how you perform over a month or year, not what you made today. its knowing the probability of your strategy/edge. Knowing the true benefit of risk management. And also knowing that I don’t need to know what is going to happen in the market to make money. Basically, I just think in probabilities.
How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent? I was a slow learner….. I was Boom and Bust for many many years. I changed my entire mindset to think like a professional trader
What is your mental/psychological strength, and how did you develop it? I read and listened to many books on psychology to gain the knowledge I needed to succeed.
What was your strategy to successfully passing The5%ers’ First Level? Trade what I see, If the market tells me to go long I go long, If it tells me to short, I go short. I also had to reduce my risk as to its a 4% drawdown. So I reduced my risk to 0.4% per trade, giving me 10 in a row wrong before I would loose the challenge. As I got some winners straight away, I felt I could increase my risk somewhat.
How is trading for the5ers different from trading by yourself? Trading for the 5ers helped with my discipline as a trader. If I traded for myself in the past, the rules didn’t exist, thereby my risk wasn’t defined and there was always tomorrow to get strict on myself. So I believe it cerently helped my discipline and overall approach to the market, by being more selective with my trades and not jumping in.
What would you recommend to someone who is just starting with us? Take your time, you have 180days, it’s a huge amount of time, you don’t want to rush it as even if you pass straight away, your phycology will be ruined for the next stage.. keep risk small, 0.4% or 0.5% per trade. with these two things, you should be fine.
Share online resources that were/are significant in your trading development. Name and links are appreciated. NNFX, nononanceforex.com Trading in the Zone (Book)
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