Don’t risk more than 100 pips, even on long-term trades, That’s Christopher Advice
“Never trade against the longer-term trend”.
Christopher.L. successfully passed 3 programs simultaneously with a great trading strategy and has become a Level 2 forex funded trader.
He is now one of The5ers Level 2 funded traders and he is trading with 3 real accounts, each one with 40K, a Total of 120k.
His next mission is to reach 10% profit on each account and double his funds from 40k to 80k, a total of 240k
We spoke with Christopher about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.
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Watch the interview with Christopher L
- How were you introduced to trading?
My uncle was a day trader of US stocks and suggested I might be interested in them….after time I went onto FX.
- After how much time did you become a consistent trader?
It took a few years, mainly due to psychology more than anything else.
- Do you have a specific trading plan?
It’s pretty basic. I prefer to find major points on a chart, normally related to a large round number. When they are numbers being broken that are monthly in nature – I become much more aggressive.
- Please describe your trading routine?
I am an analyst by profession, so I am constantly watching the markets.
- Do you have any risk management techniques? If so, please, elaborate?
Under normal circumstances, I risk only 1/2 percent per trade. As a general rule, I don’t risk more than 100 pips, even on long-term trades. I NEVER trade against a longer-term trend.
- What was your biggest challenge in trading, and how did you overcome it?
Psychology of taking losses. 5ers helped a lot because of the forced parameters.
- What was the key moment of your trading career?
There are many, but the day I earned a full-time job as an analyst is one of the biggest.
- What do you think are the most important characteristics for maintaining a stable trading career?
Understand that there are opportunities all of the time. Also, you need to understand when you should NOT be trading. - Do you apply any mental/psychological routines while trading?
Not really, at least nothing in particular. The one thing that will help is looking at the longer-term charts and understanding that any one trade is but a blip on the radar.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
I was pretty consistent most of the time with looking at round number support and resistance. When the EUR/USD finally took out the 1.20 level on December 1, I got aggressive, mainly because it had been so important for so long. When something like that breaks – it normally means a huge move.
- Please share your recommendations for online resources that were/are significant in your trading development.
babypips.com is a great resource if you are starting out. I also would recommend reading anything by Dr. Brett Steenbarger.
- Would you like to share anything else with us?
Just to thank you for the opportunity.
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