Interviews With Traders
Never Chase Price Wait Until The Candle Closes For Your Time Frame.
March 10, 2020 | 10:27 am | Interviews With Traders
March 10, 2020 | 10:27 am
Interviews With Traders
Don’t be fearful and greedy, stay patient, never stop learning and never give up! That’s Baljit’s motto.
28 years old, United States.
“Never Chase Price”.
Baljit.S 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 52K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 104K.
We spoke with Baljit 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 was introduced to trading by watching CNBC in college and I was obsessed with the business ever since. I was a broke college student so I spent years learning and practicing without executing a single live trade.
- Do you have a specific trading plan?
I spent 500+ hours programming my own indicator. I only use that indicator for all my entry signals, and have a 1.5xATR stop loss on each trade. And I trade the 4 hour charts.
- Tell us about your trading routine.
As a 4 hour chart trader, I’m in front of my laptop 6 times a day, (including the middle of the night) and put in pending orders for all my signals only when the candle closes, and never in between. Prices always have a way of turning against you when the trade seems too good. Never chase price and wait until the candle closes for your chosen time frame.
- Do you have any risk management techniques? If so, please, elaborate?
I only risk a certain $ amount per trade. I hold a lot of positions at any given time so I risk less than .08% for each trade. Therefore each loss has very little impact on my balance. And I let my winners run anywhere from 2R-5R or beyond and trail my stop at 1R of the initial trade.
- What was your biggest challenge in trading, and how did you overcome it?
Psychology and emotions. I use to feel tempted to take profits or cut losses but I never deviated from my plan. I allow my system to run its course. If you back-test your system and it proves itself to be profitable, trade it with conviction and never let your emotions interfere.
- What was the key moment of your trading career?
Not using take profit orders and sticking to trailing stops. Some of the best trades of your career will end up being long term trends that last for days. You only limit your gains if you close out your trades at predetermined profit levels. TP levels only make sense for range traders and scalpers.
- In your opinion, what are the most important characteristics for maintaining a steady trading career?
Patience and confidence. Every trader experiences drawdowns, and you’ll most likely have to deal with it when markets ranges and you’re trend traders or vice versa. The key to long term profitability is being patient through consecutive losses and surviving to trade another day by keeping your losses manageable. As well as the confidence to know your strategy will overcome the losses, and the market will eventually turn back into your favor and you’ll become profitable over the long term.
- Do you apply any mental/psychological routines while trading? Please elaborate.
As a short term swing trader, I try to avoid looking at the charts between candle closes as much as possible. Being on edge whenever the market is open will lead you to enter or exit trades that you’ll regret. Stay busy and distracted and your state of mind will improve.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Constantly learning and using previous trades as data to learn from. I would go over 100s of trades to see which ones could’ve been avoided and which winners could’ve been maximized. Continuously making tweaks to improve without changing the fundamental strategy.
- Would you like to share anything else with us?
Don’t be fearful, don’t be greedy, stay patient, never stop learning and never give up!
- How long did it take you to become a consistent trader?
It took me 3 months to become consistently profitable. Proper risk management was my biggest turning point. Every strategy and time frame has different risk management techniques best suited for it. So choose your risk management strategy with as much planning as you would your entry/exit strategy itself.
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