Interviews With Traders
Oleh Explains How He Constantly Keeps His Drawdown small
October 20, 2022 | 2:11 pm | Interviews With Traders
October 20, 2022 | 2:11 pm
Interviews With Traders
- Tell us a little bit about you.
I am a lawyer and have worked for a government agency for a long time. But I have always been attracted by the freedom that trading gives – you don’t need to sit in the office all day. Therefore, since 2013, I have begun getting involved in binary options and forex.
- How long have you been trading?
Since 2014, I have been trading part-time forex, and a year and a half ago, when I lost my main job, I started trading full-time.
- Briefly describe your Trading Plan and how it contributes to your success.
In trading, I combine price action (in particular, candlestick analysis) and trading with indicators. I believe there is no universal recipe, and each trader should develop their own trading style. I try to enter a trade on an impulse candle with a trend and trail it until the trend is exhausted.At first, I spent many years without results on trading with indicators, then on price action (I think that the significance of the levels is too overestimated), and only their combination began to bring positive results for me. I believe that capital prоtection is the number one for a trader, so if the price does not go to my target for some time or starts to reverse, I close the trade.
- Please share with us a challenge you faced in your trading career and how you overcame it.
I believe that only perseverance can lead to a goal. During these eight years, I often experienced despair, but the desire to make a living from trading kept me moving forward. I agree with the statement that you need to spend 10,000 hours (maybe someone needs less, someone more) to become a professional in any field.If at first years I looked at the chart and frantically tried to understand what was happening, now 5 seconds are enough for me to see the trend, levels, graphics- and candlestick patterns. Again, practice and experience are the keys to success. When you gain confidence in your trading skills, 90% of the trading problems will disappear.
- How did you adjust risk management to your trading personality?
In my trading, I risk a percentage not of the entire deposit but of the amount I am ready to lose (I am not ready to lose more than 30% of the deposit – otherwise, I will stop trading).When passing the5ers challenge, I applied the same principle – I risked 3- 4% in one deal, not on the amount of 20,000 (whole deposit), but on the amount of 1200 (to max loss).
- Describe a key moment in your trading career.
For me, it was the realization of the symbiosis of the trading system, money management, and psychology. It’s like swimming – you will invariably sink if you use only your arms or legs. To swim, you need to work with your whole body synchronously.
- How long does it take for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
It wasn’t a moment like turning on a light bulb. At first, I was losing for a long time, then I swam in the breakeven area, and only in the last two years, I began to earn. Practice, practice, practice is the answer.
- What is your mental/psychological strength, and how did you develop it?
For me, the most important thing is to follow a trading plan. Violation of the plan triggers all the demons of trading – FOMO, overtrading, early exit of trades, holding losses, etc. I don’t remember who said it – show me a trader who follows a trading plan strictly, and I will show you a successful trader. Unfortunately, during the first challenge with The5ers, I violated my plan and lost my account.
- What was your strategy to successfully pass The5%ers’ First Level?
As I said above, it was a strict risk limit and following a trading plan. For example, in my trading, I trade on the daily, h4, and h1 timeframes; with The5ers, I traded on m5 and sometimes even m1. And it was also a serious challenge for my discipline. But if you can successfully trade the lower timeframes, the higher timeframes are much easier.
- How is trading for the5ers different from trading by yourself?
With The5ers, there are limitations of risks, which is very good for developing discipline.
- What would you recommend to someone who is just starting with us?
1)Believe in your system and your skills.
2) Seriously limit your risks.
3) Do not rush your trading – you have a lot of time with the5ers.
- Share online resources that were/are significant in your trading development.
https://www.theforexguy.com/ The Forex Guy is great for price action
- Would you like to share anything else with us?
I like one phrase by Mike Bellafiore (an author of One good trade book) – Everything that doesn’t kill your trading account makes you stronger.
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