Interviews With Traders
Golden Tips From The Author Of A Money Making Strategy Book
September 30, 2021 | 1:24 pm | Interviews With Traders
September 30, 2021 | 1:24 pm
Interviews With Traders
We spoke with Eric 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’m an Ambazonian ( a small but very rich country enveloped between Nigeria and Cameroon. I am now resident in the Netherlands. I love trading. It is challenging but very lucrative for the well-prepared and illusive to the unprepared. Trading Forex is not easy, but it can be made simple.
- How long have you been trading?
Full time since 2012.
- Briefly describe your Trading Plan and how it contributes to your success.
I am a technical trader. For Prop challenges, I mainly do day trade, though I can live some trades overnight using my end-of-day strategy. So I use the day trading strategy described in my book, “PROVEN FOREX DAY TRADING PROFITABLE STRATEGY,” listed on Amazon. It is a simple London Open strategy that anyone can master and implement. It is time-specific.
- Share with us a challenge you faced in your trading career and how you overcame it?
Trading what I think the market should do instead of responding to what the market is doing. Journaling my thoughts during trading and evaluating losing trades reveals very interesting information about myself. I was able to deal with this by making my cheat sheet simple in question format. Asking questions and ticking the box before I take a trade helped me to overcome this psychological challenge. It is what I teach my mentees.
- How did you adjust risk management to your trading personality?
Risk in trading equals exposure to losing money. I risk 2% on capital was the risk available. My risk was too small to make a profit. I decided to look at 1% of the capital, which was too much for the risk available. I settled for 10% of the risk available. Meaning for a $6000 account, the risk will be $25, $40 for the $10,000 account, and $80 for the $20,000 account. By doing this, my focus was managing the risk available rather than the capital.
- Describe a key moment in your trading career.
The key moment in my trading career occurred in 2012, when I won the FXCM King of Micro competition, making 1025% in less than 30 days of trading and a second event was when I lost $8,000 in one trade. I was completely frozen and could not act. This event helped me to understand the power of psychology in trading. Respect the market. master your psychology, master the market
- 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 7 years from 2005 when I placed my first trade to 2012 to finally trade full time. Still not easy. I achieved consistency by focusing on the process of trading rather than the outcome of the trades. Keep the process consistent, focus on flawless execution, and the results consistent results will follow.
- What is your mental/psychological strength, and how did you develop it?
Meditation, mindfulness, and deep breathing exercise have helped me a lot. I am present intentionally when I am trading intraday. For End-of-day long-term trading for wealth, not as much.
- What was your strategy to successfully passing The5%ers’ First Level?
I was trading various strategies that I had in my toolbox. I got to 2/3 point of reaching my goal and fell back to starting point. From then, I decided to focus on just one strategy, my intraday London and New York Open Strategy. With a focus on flawless execution, it worked as usual.
- How is trading for the5ers different from trading by yourself?
I still trade a large part for myself, but trading the5ers has helped me with the kind of risk management anyone needs to grow even a small account. So now I know how to help my mentees in structuring risk management for higher profits without the fear of losses.
- What would you recommend to someone who is just starting with us?
You have enough time to reach your goal, don’t blow up your available risk in a quest to make it fast. Take your time and focus on the flawless execution of your strategy. Follow your process judiciously. If you have the time to trade the European Open, go to Amazon and pick up a copy of my book “FOREX: PROVEN FOREX DAY TRADING PROFITABLE STRATEGY.”
- Would you like to share anything else with us?
For all new traders, know that there is a long learning curve ahead. It is not easy, but don’t give up. A mentor can be of huge help to get you started the right way…increase your skills and your confidence. A mentor will impart years of experience and save you thousands of dollars in trial-and-error lessons. If you don’t want to secure a mentor, then make sure you attend the5ers free daily live trading room. I have traded with many other PROP firms. Non did what the5ers is doing for their traders. The5ers really want you to succeed!
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