Day Trader Tips For Beginners, Inspirations & lessons from The 5%ers’ Forex Funded Trader:
Roedet.S.
42 years old, Netherlands.
Roedet.S. 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 Roedet.S. 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?
By a random trading book, which name I forgot. After reading the book I directly opened a demo account.
From then on I just try to read everything about forex trading.
- Do you have a specific trading plan?
Combination of fundamentals on a larger time frame and sentiment on a shorter period.
Simple technical entries and exits (support/resistance)
- Tell us about your trading routine.
At the end/start of the week, I already do my analysis, focussing on pairs that could make a move in the coming weeks, by following the fundamentals, economic calendars, news, and sentiment.
For larger swings, throughout the week I am waiting for the price to react on my designated price levels.
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- Do you have any risk management techniques? If so, please, elaborate?
I never risk more than 1% at the start of a position and split my positions into multiple portions.
Adding into the position if the move is going in your direction.
- What was your biggest challenge in trading, and how did you overcome it?
Try to make money instead of being right.
- What was the key moment of your trading career?
A key moment when I was not just looking at the charts but was focussing on the fundamentals/sentiment.
Although it is not always ‘logic’ but it gave me more confidence in the direction of price movement.
- In your opinion, what are the most important characteristics for maintaining a steady trading career?
When you have a plan, stick to it. And more important to manage your risk.
No strategy has only winning trades.
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- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
As described above. I already tried passing the evaluation program and failed.
After just focussing on fundamentals on just a few pairs in a week after my weekly analysis, instead of trying to predict every nice chart setup, I was able to make more money in just a few winning trades while keeping my losing trades small.
How long did it take you to become a consistent trader?
- approximately 3 years. Journaling and analyzing my trades and more focus on fundamentals and trading on a lager timeframes
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Resource
Forex Factory
View Comments
@Peter: We have several program, the 24K evaluation is where you get $6,000, once qualified you get $24,000 account. For the 40K is $10,000 live trading account for the evaluation, and $40,000 once you have passed.
What is this evaluation program?, trading with 6000 and getting 40000 Forex Funded account. This option does not available on your list.