The5ers Newest Forex Funded Trader Says You Should Let Winners Run
The 5%ers' Blog > Interview With Traders
Trader Tips, Inspirations & lessons from The 5%ers’ Forex Funded Trader:
36 years old, Austria
Wolfgang.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 $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 Wolfgang.S. about his trading plan, insights, and lessons gained while trading in the Forex market and on our
platform as a funded trader.
How were you introduced to the Forex market?
- A co-worker in one of my previous jobs explained what forex is and how I could supplant my income through it.
Do you have a specific trading plan?
- It is not really a plan, I simply watch the market like a hawk and enter when I find a nice point.
I keep a tight stop-loss – as soon as the trade goes in my favor I change the stop loss to breakeven.
As for the exits – I just wait until the move is losing steam or hits a resistance/support area.
Tell us about your trading routine.
- That highly depends if I spend the day with my daughter or my girlfriend.
But for most days the very first thing I do when I wake up and the last thing before I go to sleep is to check the exchange rate of the EUR/USD pair.
What was your biggest challenge in trading, and how did you overcome it?
- Accepting that losing trades is normal and part of this job.
I’ve always hated losing and I still do so this was quite the obstacle for me, as it has become a big part of my personality over the years, I overcame that obstacle by accepting that in order to be profitable in the long term I will lose trades from time to time and that must be allowed to happen.
What was the key moment of your trading career?
- Successfully passing the evaluation program and become forex funded trader felt pretty awesome 🙂
In your opinion, what are the most important characteristics for maintaining a steady trading career?
- Discipline and control of your emotions are always key – you can’t be successful if you react to things constantly or if you try to trade while in emotional turmoil.
What is the most important mental aspect of trading and how do you apply it to your routine?
- Most days just trying to stay calm and focused is a big enough challenge, regardless of how I’m doing…
What was your strategy for successfully passing The 5%ers’ Evaluation Program?
- Find good entry points, use a tight stop-loss, manage the trade well, rinse, repeat.
How long did it take you to become a consistent trader? What aspects changed over time that helped you become consistent?
- After 14 years. I had to shift my mindset and lose more trades.
In the beginning, I won ~85% of my trades, but only made small gains per trade.
When I lost trade, I lost big because I didn’t use proper risk and money management.
So I changed that, and I lose more trades now but only for small amounts and when I win, I win bigger amounts.
And I am always reminded of this saying: Let the winners run and cut the losers short.
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