Forex Funded Trader Tips For Beginners | Inspirations lessons
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Forex Funded Trader Tips For Beginners, Inspirations & lessons from The 5%ers’ Forex Funded Trader:
32 years old, Germany.
Nikita.W. 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 24K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 48K.
We spoke with Nikita.W. about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.
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- How were you introduced to the Forex market?
Through the book of Steve Nison, technical candlestick analysis.
- Do you have a specific trading plan?
My plan is a mix of price action and getting a feeling for the fundamentals.
What’s the sentiment for today, risk-off or on. And I don’t put much pressure on the entry, instead, I try to have good management for my trade.
- Tell us about your trading routine.
Always check the news for the day. Then I mark important price zones for the, with the high and low of the previous day and week.
Checking the ATR Indicator, because most of the time, the price is moving in the average range (so you get a good idea for your target).
And after that, I just watch how the price is acting around those zones.
- Do you have any risk management techniques? If so, please, elaborate?
Most of the time I set my stop loss 30 pips away. And risk 1-1.5% of my capital.
- What was your biggest challenge in trading, and how did you overcome it?
Trading with too much leverage. Most of the time, when you do this, you just chase the money.
But if you focus on the process, it means being in a trade where the probability is on your side, it will add up in the long run.
It means if you have an account size of 6000 and you wanna earn 1000, but in one week, you probably will over-leverage and blow up your account.
But if you put your mind in the long run, you could split $1000 in 20 days, this would be only 50 for each day. That shift really helped me to overcome the challenge.
- What was the key moment of your trading career?
Knowing that you can do it and not letting a loss defining your ability as a trader.
It’s part of the game. Each day you have new trading opportunities.
- In your opinion, what are the most important characteristics for maintaining a steady trading career?
Always try to develop as a trader and trade what you see and not what you want to see.
- Do you apply any mental/psychological routines while trading? Please elaborate.
Visualize what kind of a trader I want to be. And focus on your breath before and during the trade, it helps me to stay calm and manage my position in a better way.
Sometimes the market changes all of a sudden, but you are still in the mode of “I really wanna go the trade that way”, and not managing your position in the proper way.
This routine helps me to make those emotions more obvious.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Don’t rush the process and come back every day with a fresh mindset.
- Would you like to share anything else with us?
Thank you for the opportunity and for being a part of The5ers.
- How long did it take you to become a consistent trader?
It took me a few accounts to blow them up, till I started to get consistent.
The most important aspect for me always goes in the long run. Small changes add up after time.
Jerry.S. statistics on Forex Factory
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