The Most Important Thing in Forex is not Risking too Much
January 14, 2021 | 10:43 am | Successful Traders
January 14, 2021 | 10:43 am
Have a winning trading strategy first and always practice proper risk management, That’s Billy Advice
“The most important thing in forex is not risking too much”.
Billy has just successfully passed our Level 1 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 Billy 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 trading?
Got curious when I saw the trading gains by my friends on Facebook.
- After how much time did you become a consistent trader?
After 1 year. The key turning point is really not to risk too much per position.
- Do you have a specific trading plan?
Yes. Mostly just trade the trend by using basic candlestick patterns, breakers, and Fibonacci retracements. The most important thing really is not risking too much.
- Please describe your trading routine?
I usually trade starting from the London session. Identify the possible daily bias first. Then trade the H1 timeframe accordingly.
- Do you have any risk management techniques? If so, please, elaborate?
Yes. It took a lot of blown accounts to accept that this will not be a get rich quick journey. I usually risk 0.5% to 1.5% only per position.
- What was your biggest challenge in trading, and how did you overcome it?
In the past, I usually over leverage and often not set S/L points due to my eagerness to grow my account fast. So, despite being profitable most of the time, I get wiped out from just 1 to 2 wrong trades only. By joining the 5%ers program, I am now required to set my S/L points on all trades and not over leverage so I would not be automatically disqualified on the program.
- What was the key moment of your trading career?
Key moment is when I learned about trading prop firms. If I pass the evaluation stage, I will be able to trade a large capital right from the start so I will no longer have the urge to irresponsibly grow my account fast since the profit split would already be monetarily rewarding even if I take it slow and steady.
- What do you think are the most important characteristics for maintaining a stable trading career?
Have a winning trading strategy first and always practice proper risk management.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Craft your trading strategy to conform to the 5%ers program you are currently in. Risk around 0.5% or lower especially during the first trading days until you have a decent amount of profit already. This will help your trading psychology and still maintain your composure when the inevitable losing streak happens.
- Please share your recommendations for online resources that were/are significant in your trading development.
Adam Khoo. https://www.youtube.com/watch?v=4uUjMtzZ2Ms.
- Would you like to share anything else with us?
Thank you 5%ers! I hope we will have a profitable hassle-free partnership.
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