How were you introduced to trading? Ten years ago I bought a Forex book issued by a local broker and in all this time I had a couple of attempts to trading with a demo account but never felt confident to trade nor allocated enough time for study. This spring I finally made time to read the book and understand better how FOREX market works. Since then I’ve studied almost every day and followed many lectures on the internet.
After how much time did you become a consistent trader? I think it took me 4 or 5 months to be able to steadily increase the profits I made. Money management is essential(no more than 1% or 2% risk) but what helped me to get to the 6% target was studying price action and reducing the number of trades I took.
Do you have a specific trading plan? I trade just one or two pairs and place just one trade per week. I understand the directional bias from the Monthly, Weekly, Daily charts by identifying the support and resistance levels on all these time frames. I open the trade based on H1 chart on Tuesday or Wednesday during the NY session as a continuation of the trend started during Asian and London sessions and take the profits at predefined levels; I always close the trade by Friday.
Please describe your trading routine? 1. Check the Calendar in order to avoid important news. 2. Mark the Week open price on the chart and watch the Monday and Tuesday ranges. By the time the NY session begins on Tuesday or Wednesday, I have had the market structure identified and I’m ready to place the trade in the direction of the weekly trend.
Do you have any risk management techniques? If so, please, elaborate? 1. Avoid trading during a big news event;
2. Risk maximum 2% and reduce risk by 50% after each loss; I get back to 2% after I recover the losses.
3. Never trade on Monday.
4. Trade just one or two pairs per week and avoid correlated assets.
What was your biggest challenge in trading, and how did you overcome it? There is so much information about strategies on the internet and it takes time to find the one that actually works and it’s suitable for your personality and psychological setup. I backtested before live trading and applied money management technics.
What was the key moment of your trading career? In the 6 months period since I’ve started trading, I changed 3 strategies: the first one relied heavily on indicators on daily charts, the second one was based on supply and demand levels but the most profitable and consistent strategy I’ve learned from www.theinnercircletrader.com( free lectures on youtube as well). I understood price actions concepts and behaviors which are repeating each week. I can trade now without any indicators on my chart. I knew I wanted to be a swing or a short term trader and I never stopped searching for the best trading strategy to reach my goal.
What do you think are the most important characteristics for maintaining a stable trading career? You need to backtest your plan in order to trust it. You need to have patience and wait for your desired setup to form on the charts; if you can’t read the market structure then do not trade; Risk and money management are essential and always improve your plan.
Do you apply any mental/psychological routines while trading? Please elaborate. I riskless in order to avoid being afraid of losing. I know the entry and exit points before opening the trade. Once in a trade, I only check the charts every 4 hours.
What was your strategy for successfully passing The 5%ers’ Evaluation Program? I did not rush; I risked a maximum of 1% and allocated a lot of time to study price action as I’m a novice trader. 5%ers program determined me to be disciplined gave me the time to settle on a profitable trading strategy without being pressured to achieve quick profits. By managing risks and reducing losses I managed to achieve the profit target.
Please share your recommendations for online resources that were/are significant in your trading development. https://fusignals.com/
Would you like to share anything else with us? All my thanks to The5%ers tutors for initiating me in the price action concepts. I recommend everyone to understand the market direction by following higher time frames, how markets are interconnected, and how institutional order flow works.
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