Kieran’s Breakdown on What Helped Him to Become Profitable
October 28, 2021 | 5:39 pm | Successful Traders
October 28, 2021 | 5:39 pm
We spoke with Kieran about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
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- Tell us a little bit about you.
I am a Civil Engineer, and during the first pandemic lockdown, I decided to teach myself trading, as a hobby and second income. I was already interested in day trading a few years ago when I copied a signals provider from Instagram, which was a mistake as I nearly blew the account. This taught me nothing, I was simply following signals and not understanding the reasons why I was entering the trade.
- How long have you been trading?
A year and a half, Part-Time Trader.
- Briefly describe your Trading Plan and how it contributes to your success.
I check the charts every morning and look for trends before the London open, using the swing high and lows of the trend with a Fib retracement to get an understanding if the dip/retracement is part of the trend or breaking structure.
- Share with us a challenge you faced in your trading career and how you overcame it?
Changing strategy too often, and not allowing the strategy to playout and obtain sufficient data on my results. I would often start a strategy and if it doesn’t match my results during backtesting I would immediately give up on it. Now, I have learned to be more patient and use the data to look back on my results. Checking for mistakes, optimizing my trades, and practicing higher probability setups.
- How did you adjust risk management to your trading personality?
If I am on a losing streak then I reduce the lot size by half until the streak finishes. Also, never tamper with the stop loss and believe in the process, if it’s a loss then take the loss. The worse feeling is exiting a trade with a loss and then for the trade to turn in my favour.
- Describe a key moment in your trading career.
Passing the 5%ers challenge and optimizing my strategy until consistently profitable.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
A year and a half. It took me multiple strategies to discover which I like best. A key quote that resonates with me is that ‘All strategies work’. It’s how you implement them and stick to the plan. Over time each strategy can be optimized until the probability is in your favour. Once I discovered a timeframe I preferred and a strategy that works for me, I just kept practicing backtesting.
- What is your mental/psychological strength, and how did you develop it?
To trade after multiple set backs and to have a strong belief and confidence that I was going to succeed in becoming consistently profitable. I believe my motivation is like most of us, to be my own boss, have financial freedom, and do something I enjoy doing.
- What was your strategy to successfully passing The5%ers’ First Level?
I use a breakout strategy within a trending market.
- How is trading for the5ers different from trading by yourself?
Keeps me focused on the overall goal to become funded and fast track my progression into becoming a full-time trader.
- What would you recommend to someone who is just starting with us?
Trust in your own strategy and reduce the risk if you are on a losing streak. Once you have enough data on the strategy make sure to optimize and work on entries, stops, targets, and psychology during trades. Meditation is very helpful and tries not to constantly monitor a trade, set alerts, and let the trade run.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
Soft4FX Forex Simulator (backtesting software)
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