Interviews With Traders
From All The Changes Ryo Made, One Crucial Change Made Him Consistent
February 3, 2022 | 4:03 pm | Interviews With Traders
February 3, 2022 | 4:03 pm
Interviews With Traders
We spoke with Ryo about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professionally funded traders.
- Tell us a little bit about you.
I am a Father to a 2 year old kid, hold a full-time job, and currently trade part-time throughout the day whenever I can set aside time to do so. It is certainly challenging to manage a day job while also managing a family and trade at the same time. However, I am determined to successfully convert to a full-time trader one day and hence took up prop trading to being this journey.
- How long have you been trading?
In total, about 4 years. I am a part-time trader.
- Briefly describe your Trading Plan and how it contributes to your success.
The strategy I utilize is designed to be low risk and allows quick checking of possible trade setups across all timeframes throughout the day. Typically, I find opportunities from the H2 to D1 timeframes. I only look for trades at the close of a Timeframe’s candle at a specific time, and it takes me no longer than 5 minutes to scan and another 5 minutes to put on trades, if any. I look for 2 types of trades: continuation of the trend or reversal of trend trades. It is strictly price action based with entries and exit levels pre-defined using Fibonacci retracements.
All rules are specific. For example, a trade is only valid if the setup candle I am looking for is either an engulfing bar or an outside bar. Hence by trading only my rules, I remain disciplined and allow for quick scanning of trading opportunities throughout the day.
- Share with us a challenge you faced in your trading career and how you overcame it?
Trading psychology was definitely my biggest problem when I started. Things like fear of missing out (FOMO), chasing trades, and not accepting being wrong affected my trading results. Ive found that trading with the 5ers, with the conditions, allows me to develop discipline and also to mature on the psychology front.
- How did you adjust risk management to your trading personality?
I am a low-risk taker, and my strategy typically allocates no more than 0.5% risk. Sometimes, I even drop down to 0.25% risk if need be.
- Describe a key moment in your trading career.
Definitely meeting my mentor (Andrew Mitchem). It changed my trading totally, and the results have been night and day. I cannot thank him enough.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
It took me about 6 months of trading with Andrew to improve my consistency. I would say that the time is well spent as my trading skills were honed sharply and improved exponentially to be where I am today. The one change that made me more consistent above others is the change from taking market orders to using limit orders and waiting for the price to come to my acceptable level before entering the trade. This improved my Reward: Risk tremendously and made me consistently profitable in the long run.
- What is your mental/psychological strength, and how did you develop it?
Definitely not to be bothered anymore with a loss or two. As long as I am trading my strategy and rules with proper R: R, I know that I will be profitable in the long run. Developing this took time and lots of forwarding testing by first trading a significant amount of time on a demo account.
- What was your strategy to successfully passing The5%ers’ First Level?
I will say three words. Patience, Patience, and Patience.
- How is trading for the5ers different from trading by yourself?
The conditions set forces me to be a more disciplined trader and only to take the best setups available, something that I may not be able to do all the time trading my own accounts!
- What would you recommend to someone who is just starting with us?
Definitely hone your strategy and be confident in executing it before taking on the challenge. Do not rush into passing the challenge, and be patient in taking only the best setups available.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
Andrew Mitchem – https://theforextradingcoach.com/. Ive said earlier that meeting my mentor changed my trading around totally. Sharing here for anyone who’s interested in knowing more. In addition to this, the 5%ers website also provides a library of useful information related to trading, which will be beneficial to any trader who thirsts for more knowledge.
- Would you like to share anything else with us?
Thank you 5%ers for this opportunity and looking forward to growing together.
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