Day Trader Tips For Beginners From Professional Forex Funded Trader
The 5%ers' Blog > Interviews With Traders
Day Trader Tips For Beginners, Inspirations & lessons from The 5%ers’ Forex Funded Trader:
29 years old, United States.
Earl.P. 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 Earl.P. about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.
How were you introduced to the Forex market?
- Through a friend that had been trading for over 3 years.
Do you have a specific trading plan?
1) Only enter trades on Tuesday, Wednesday, Thursday during the London or New York Sessions.
2) Only look for entries on the Daily, 4hr, and possibly 1hr timeframes.
3) Only look for trading setups at Key Support or Resistance Levels.
4) Remove %50 at 1R and exit remaining amount at the next level
The profit target is always at least 2:1 win/loss ratio.
Tell us about your trading routine.
- Before I look at the charts, I do the following:
1) I read a devotional.
2) perform meditations.
3) Readout loud the fundamental truths from The “Trading in the Zone” book.
Do you have any risk management techniques? If so, please, elaborate?
- Before every trade, I use a position size calculator to determine my position size. I normally stay at 2% or under per trade.
What was your biggest challenge in trading, and how did you overcome it?
- The biggest challenge at first was putting too much faith in the markets and believing the markets owed me something.
Once I truly focused on my psychology and found a strategy and built a trading plan that suited me I became a consistently successful trader.
What was the key moment of your trading career?
- A key moment up to know is definitely passing the 5ers evaluation challenge!
In your opinion, what are the most important characteristics for maintaining a steady trading career?
- 1) Having strong psychology and belief that “You” can do it.
- 2) A profitable strategy and trading plan.
- 3) Consistently using a trading journal.
Do you apply any mental/psychological routines while trading? Please elaborate.
- Absolutely. I say the below out load every day before I look at the charts.
5 Fundamental Truths
1. Anything can happen.
2. You don’t need to know what is going to happen next in order to make money.
3. There is a random distribution between wins and losses for any given set of variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing happening over another.
5. Every moment in the market is unique.
I Am A Consistent Winner Because:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility to making errors.
7. I understand the absolute necessity of these principles of consistent success and therefore, I never violate them.
What was your strategy for successfully passing The 5%ers’ Evaluation Program?
- 1) Trusting my trading plan and strategy.
2) Limiting how often I looked at the charts.
How long did it take you to become a consistent trader?
- It took me roughly 2 years. The markets exposed some parts of me I didn’t know much existed such as being impatient and undisciplined.
When I read “Trading in the Zone” by Mark Douglas which was a game-changer for me and understanding I needed to master me and not the markets; my trading changed!
Also, certainly building a trading plan and trusting a profitable strategy was a huge change as well.
Would you like to share anything else with us?
- Its a blessing to be a trader and successful trading, in my opinion, is well beyond the charts. Get you right and your trading will improve; you got this!
Earl.P. statistics on Forex Factory
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