Forex Blog Articles

The Key for Passing The5ers’ Evaluation is a Good Risk Reward Ratio

November 5, 2020 | 1:05 pm | Forex Blog Articles
November 5, 2020 | 1:05 pm
Forex Blog Articles
The Key for Passing The5ers’ Evaluation is a Good Risk Reward Ratio (1)

If you have a losing streak keep cool, keep calm, and keep following your plan., That’s Rico Advice

Rico .Y, 29 years old, Australia.

“The key for passing The5ers’ evaluation is a good risk reward ratio”.

Rico 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 Rico about his 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

The Key for Passing The5ers’ Evaluation is a Good Risk Reward Ratio

 

The Key for Passing The5ers’ Evaluation is a Good Risk Reward Ratio stats

 

In this video, Rico updates on passing The5%ers evaluation program!

You can also watch the videos How Rico Plan to Pass the Challenge, and his Exit Strategies

 

 

  • How were you introduced to trading?
    My parents were the ones who introduced me to Forex (so thank you!) They knew I was not happy working a 9-5 job so they told me about trading. The rest is history…

 

  • After how much time did you become a consistent trader? What aspects changed that helped you to become consistent?
    It took me years to become consistent… The hardest part is to master my emotions in trading…Once I can let go of all of my emotions, I start to become profitable.

 

  • Do you have a specific trading plan?
    Definitely. This is the key to my success. I think it is not just about having the trading plan, but the implementation of it. So I’ve been disciplined and committed to follow the plan and I got the reward.

 

  • Please describe your trading routine?
    I only check the market every 4 hours. If I don’t see any setups, I don’t trade.

 

  • Do you have any risk management techniques? If so, please, elaborate?
    As part of my trading plan, I always decide how much I will risk per trade at the beginning. For this particular challenge, I risk between .5 – .75% per trade. And I also have exit strategies. Most of the time, I will not let my trade hit my SL because my exit strategy will let me know to get out of the trade early, and this saved me a lot of money.

 

  • What was your biggest challenge in trading, and how did you overcome it?
    I think when I had to deal with a losing streak. There was a time when I reached $478 profit and it was so close to passing the challenge but then I had losses so it went down back to only $100 profit. I kept my cool, kept calm, and keep following my plan.

 

  • What was the key moment of your trading career?
    I think the key moment of my trading career is when I got a job in a Forex broker company, as a trader. That was my dream job. Not only managing funds but I also trained other traders and became a speaker in a Forex seminar. This was an amazing experience.

 

 

  • In your opinion, what are the most important characteristics for maintaining a steady trading career?
    For me, I want to make sure I survive in the long run so I must manage risks. Trading is a risky business and we can’t expect to make money all the time. So I always try to have another source of income so when I do not make any money from trading, I won’t be stressed.

 

  • Do you apply any mental/psychological routines while trading? Please elaborate.
    Let your profit run and cut your losses. I check my trades every 4 and 8 hours. The more you spend time in front of the monitor, the more you will make stupid trading decisions.

 

  • What was your strategy for successfully passing The 5%ers’ Evaluation Program?
    I use the Engulfing pattern to trade this particular challenge. To be honest, you can pass this challenge with any strategies. The key here is to make sure you have good risk-reward ratio so your average wins are bigger than your average loss. if you do this, you will pass the challenge.

 

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