Interviews With Traders
My Trading Plan Consists of 3 Parts That Contribute to My Success
July 15, 2021 | 10:26 am | Interviews With Traders
July 15, 2021 | 10:26 am
Interviews With Traders
We spoke with Winston about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
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- Tell us a little bit about you.
My name is Winston, I’m a full-time trader and live in the Philippines.
- How long have you been trading?
5 years, I started trading part-time in 2016 and decided to become full-time in 2019.
- Briefly describe your Trading Plan and how it contributes to your success.
My Trading Plan consists of 3 parts. First is the Market Analysis, which I used to determine whether I’m bullish or bearish on the currency. I used a combination of Fundamentals, Sentiment, and Technical Analysis. Second is the trading plan itself which consists of the entry price, which I used technical analysis, risk management, profit target, and trade management. And the last is the review trade.
- Share with us a challenge you faced in your trading career and how you overcame it?
The biggest challenge I faced in my trading career was trading psychology. The best way to overcome this is to create a concrete trading strategy with good risk management. Make sure to backtest and forward test the strategy so you will have confidence. And even if you have consecutive losses, it won’t affect you emotionally, and you will stay disciplined.
- How did you adjust risk management to your trading personality?
I risk 0.5% per trade with maximum risk or 1.5% on all open positions. I will adjust it if I have a losing streak.
- Describe a key moment in your trading career.
My key moment was when I accepted that you would have to take losses, miss a good trade or even have a good trade that turns into a bad trade.
- 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 3 years to become patient and discipline. You need to focus on the process and not the profit.
- What is your mental/psychological strength, and how did you develop it?
Having 2 kids helped me to have a lot of patience which is 1 key to become successful in trading.
- What was your strategy to successfully passing The5%ers’ First Level?
Proper position sizing to protect your capital from a 4% drawdown.
- How is trading for the5ers different from trading by yourself?
I need to adjust my risk management and position sizing due to tight leverage and drawdown.
- What would you recommend to someone who is just starting with us?
Proper risk management and position sizing. Be patient and always follow your trading strategy.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
Jarrat Davis, Amplify Trading.
- Would you like to share anything else with us?
I just wanted to say thank you for this opportunity.
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