We spoke with Xolani about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
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I’m a Software Developer full time and working for a Bank in South Africa.
I also like sports, and I enjoy watching soccer over the weekend and spending time with my family and friends. I am a hard worker and a very enthusiastic person.
I am a part-time trader. I have been trading for 3 years now. I started trading the forex market since 2021, but my learning started in 2020 during covid pandemic.
I have a trading plan next to my wall. For each account, I build its own trading plan.
I have a trading plan for my trading strategy, which I back-test quarterly. My trading plan helps me to filter high-probability set up and know when to trade or not.
I was having the challenge of risking more or leveraging my account. I used to blow a lot of personal and prop challenges due to overrisking. I have to build a risk management plan and follow it. Also, I was having a challenge of building consistency. I started risking less and taking trades that were 1:1 or 1:1.5 within my risk parameters. Journaling my trades weekly helped me to understand my system better and be able to filter my set up based on market conditions.
I risk only 1 percent of my account when I am winning, but I risk only 0.5% per position, and I build it until 2%. I always build my positions by starting small and adding more until I reach 2% of my account size. Also, I don’t stack my positions and lose more.
When I passed High Stakes Step 2 and got funded, this was a golden moment after I had failed different challenges several times.
It took me one year after 2 years of trading. I was focusing on the process rather than the outcome. I changed my mind from thinking about money and started following rule based system.
I don’t have to decide if my trade will win/lose; I just focus on my analysis and execute. Let the market give me the outcome. I have developed this mentality by focusing on the process rather than the outcome.
I am a trend trader. I always follow the trend; hence, they say the trend is your friend as a trader.
I do top down analysis weekly to understand the market conditions. I always look for sensitive zones or key levels that I can focus on. I focus on zones with weak rejections and where the market can pull back or break the zone and re-test. I consider a simple candle formation before I execute on the H1 timeframe.
Trading for The5ers, you need to follow their risk parameters than when you trade for yourself. It also allows you to expand your capital, and you have trading resources that you can use to grow as a trader.
Patience is key, and follow proper risk management, then you will succeed.
I have learned key tactics from Falcon FX.
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