Back to BlogTrader Tips, Inspirations & lessons from The 5%ers’ Forex Funded Trader:
Vawda.Z.
29 years old, South Africa.
Vawda.Z. has just successfully passed our evaluation program with a great trading plan and has become a forex funded trader.
He is now one of our funded traders and is trading with a $40K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 80K.
We spoke with Vawda.Z. about his trading plan, insights, and lessons gained while trading in the Forex market and on our
platform as a funded trader.
Vawda.Z. statistics on Forex Factory
How were you introduced to the Forex market?
- I was fascinated by the stock market from a young age and happened to see an AD and that’s how I initially got involved.
Do you have a specific trading plan?
- My Trading plan is very simple as I truly believe that simplicity works best in trading and there’s no need to overcomplicate things.
I have a range of things which include a few basic indicators coupled with price action.
In order for me to place a Trade, I need at least 3 confluences to line up in my favor which sometimes might mean I don’t place trades as often as the next person.
However, this is my plan and if my indicators are not met I will stay Out of the market. Discipline is key.
Tell us about your trading routine.
- I begin mostly on the weekends breaking down my charts fresh every weekend once the weekly candles have closed.
Do my larger timeframe breakdowns and make notes of pairs I have an interest in for the week ahead.
I will then look at the economic calendar as well as Bloomberg for potential news and announcements expected for the week ahead.
Every morning I start with the daily all the way to the M30 before London Open and that’s my daily and weekly routine.
Do you have any risk management techniques? If so, please, elaborate?
- I have a basic belief that if a trade doesn’t offer a 1:1.5 risk to reward then I’m not interested in it at all – I already explained that I need quite a few things to line-up properly to even consider making a trade so if they all happen to work together, but the risk/reward doesn’t add up – I will still steer clear.
What was your biggest challenge in trading, and how did you overcome it?
- Mental preparation for being consistently profitable.
The discipline, especially in regards to knowing when is it best to stay out of the market.
I think most traders fail solely because of the mental fortitude and discipline required to be a good and consistent trader.
What was the key moment of your trading career?
- Doing a course with AstroFX. This gave me an entirely new outlook on trading as a whole.
In your opinion, what are the most important characteristics for maintaining a steady trading career?
- I would say discipline, mental strength, patience and trusting your judgment and analysis.
Do you apply any mental/psychological routines while trading? Please elaborate.
- The only thing I do is I have a checklist in my notebook that I look at which allows me to ask 1 simple question ‘would I take this trade regardless of my account balance.
What was your strategy for successfully passing The 5%ers’ Evaluation Program?
- Nothing special. I just followed my trading plan to the letter.
Believing that consistency will finally get me to my target.
I was disciplined and stuck by my strategy even through a period of a couple of losses without losing faith and belief in my ability and analysis.
How long did it take you to become a consistent trader?
- 2 years. I believe the change came when I started working with percentage growth rather than how much money I was making.
Due to the small capital, I had been trading within my first 2 years I was forcing trades even when there were no good setups.
Once I started focusing on percentage growth and discipline I noticed a huge shift in my results.
Would you like to share anything else with us?
- Just that I really appreciate this opportunity and look forward to going a long way with The 5%ers fund.
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