Don’t risk any more than 1% of the account on a trade.: That’s Justin’s Trading Plan Rule
Justin.W
30 years old, United States.
“Start mitigating risk”.
Justin.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 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 Justin 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
- How were you introduced to the Forex market?
I started out trading penny stocks when I was 18.
- Do you have a specific trading plan?
Markets have two categories, they range and they trend. I will look to see what category the trade will fall into. Then I will look for targeted entries for where I want to be in the trade. Ranging trades will have a target price but trending trades will not. I will try to not risk any more then ~1% of the account on a trade.
- Tell us about your trading routine.
I trade in the morning for about 30-60 minutes and in the evening for about 30-60 minutes. - Do you have any risk management techniques? If so, please, elaborate?
I will look for confluences on multiple time frames before I trade. I want the trade to make as much sense as possible.
- What was your biggest challenge in trading, and how did you overcome it?
My biggest challenge would be that I like to trade a lot and therefore I tend to over trade. My schedule as of now only allows me very little time per day to trade. If I had it my way I would trade 8 hours a day in front of my screens and be able to take advantage of moves on many time frames. Now I only trade in the morning and evening for less than an hour and I am limited to only trading on longer time frames. - What was the key moment of your trading career?
A key moment for me is when I stopped thinking about getting massive gains and started mitigating risk. - In your opinion, what are the most important characteristics for maintaining a steady trading career?
It helps a lot when you are not over leveraging, this way one bad trade will not make or break your account and you can sleep better at night. - Do you apply any mental/psychological routines while trading? Please elaborate.
If the market is frustrating me, I will stop trading for the day and/or week and start fresh again. I will close all trades and come back with a refreshed mind. When a trader gets emotional, it will open up the door for mistakes. - What was your strategy for successfully passing The 5%ers’ Evaluation Program?
My strategy was to scale into trades and move stop losses to break even once the price moved enough. I targeted ranging trades and trending trades. The hardest part for me was scaling down the trade sizes from what I usually do. All of my trades for the Evaluation account were no larger than 0.02. I found out that the trade size of 0.02 was a little too larger for what I like to risk according to the account size and 0.01 was too little. I made it work but I am looking forward to trading a larger account because I will be able to set trade size better according to risk. - How long did it take you to become a consistent trader?
I have become more consistent in the last several years of trading. Discipline is key and set rules for staying consistent. I have come far but I can see other room for improvement and will work towards that. I will make a plan and then trade according to the plan. “Failing to plan is planning to fail” -Benjamin Franklin
