Aim for a Percentage Increase in the Account Every Month Rather Than Chasing Pips
March 25, 2021 | 1:39 pm | Successful Traders
March 25, 2021 | 1:39 pm
It’s important to focus on building consistency and minimizing losses, more than quick returns at the start, That’s Jane Advice
“Aim for a percentage increase in the account every month rather than chasing pips”.
Jane has just successfully passed our Level 1 with a great trading plan and has become a forex funded trader.
She 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 Jane about her trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professional funded traders
- How were you introduced to trading?
A friend of mine is a professional trader.
- After how much time did you become a consistent trader?
After a full year of live trading, and getting experience of the ebb and flow of the market at different times of the year, I felt then that I had acquired enough basic experience to be consistent (but I do still feel like I have so much to learn!)
- Do you have a specific trading plan?
I use a mix of indicators and fundamentals to make trading decisions off of the daily timeframe. Entries and exits are carried out on the 1-hour timeframe and I monitor trades into the smaller timeframes too when the markets are volatile.
- Please describe your trading routine?
I used to hold over the weekend, but given that certain fundamental news announcements can affect the markets on re-opening, I close all my trades on a Friday. On Sunday evening when the markets open I re-evaluate my plans for the week, have a rough idea in place, monitor, and carry out those trades as they appear throughout the week.
- Do you have any risk management techniques? If so, please, elaborate?
Maximum stop loss of 1.5% UNLESS there’s movement indicative of an institutional move. If this happens, I widen my stop loss to allow for the move to ‘breathe’, and more often than not, price re-enters the existing trend.
- What was your biggest challenge in trading, and how did you overcome it?
I had a couple of big losses that affected me psychologically and I panicked, deviated from my trading plan, and resorted to a couple of stupid trades that made the losses even worse. I thought that I’d almost certainly failed my evaluation, but I reviewed all of my trades, looked at what went wrong, considered the general market activity and my poor decision making, and got back into the evaluation mindset; this time really doing my best to minimize my losses. The turnaround was a success and I’m really glad I had the historic data on hand to help improve my future trades.
- What was the key moment of your trading career?
Passing this evaluation! All my life I’ve struggled with assessments and deadlines, and I very nearly let panic ruin things again. Thankfully I managed to overcome my psychological issues and make this a success.
- What do you think are the most important characteristics for maintaining a stable trading career?
An awareness for the desire to trade on impulse/panic. Yes, it might work out some of the time, but if you panic, overleverage, and the trade go against you, it could be disastrous. Trading is definitely playing the long game and I think it’s important to focus on building consistency and minimizing losses, more than quick returns at the start.
- Do you apply any mental/psychological routines while trading? Please elaborate.
No specific mental/psychological routines. I know that if I’m really tired or stressed I tend to opt out of trading on those nights. I’m also aware that the markets don’t need to be traded every single day. When I first started out, I was caught out by consolidating markets for that very reason.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Have a trading plan, stick to the plan, and be happy in trading portions of a trend as opposed to trying to trade it all. I aim for a percentage increase in the account every month rather than chasing pips; I feel that works best for me.
- Please share your recommendations for online resources that were/are significant in your trading development.
No Nonsense Forex – Youtube I enjoy the market commentary podcasts of Peter Schiff and Macro Voices weekly. My background and work outside of Forex are in manual therapy, Psychology, and Human Anatomy and Physiology. So I read a lot about mindset and how people work within societies. Jordan Peterson, Brett Weinstein, Carl Jung, Viktor Frankl. Not specific to Forex, but I feel a lot of this further reading makes sense of market bubbles and abnormal economic conditions.
- Would you like to share anything else with us?
I just want to say thank you and that I’m very thankful for the opportunity to be able to trade a live money account with you. This is something I would be unable to accomplish on a large scale on my own, and being a part of The 5%ers makes this possible. I’m excited to get started on Level 2!
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