Interviews With Traders
Dave Nailed The Freestyle Program With 8% in 4 Days
March 31, 2022 | 1:27 pm | Interviews With Traders
March 31, 2022 | 1:27 pm
Interviews With Traders
- Tell us a little bit about you.
8 years in the military. 29 years in retail sales. 5 and a 1/2 years trading.
- How long have you been trading?
I have been trading for 5.5 years, and I am a scalper.
- Briefly describe your Trading Plan and how it contributes to your success.
I always try to trade with the trend. I’ll use the 5 minute and 15 minute charts for the pull back, setup. Then use the one minute chart for my entries. I’ll try to build into the trade with multiple positions. Looking for 3 to 7 pips
- Share with us a challenge you faced in your trading career and how you overcame it?
The biggest challenge I have is over trading. It is sometimes hard to stop when I’m ahead. And it’s always that last trade that takes away all the profit.
- How did you adjust risk management to your trading personality?
Because I am a scalper, the adjustment I had to make was to take smaller profits and limit my time on the computer.
- Describe a key moment in your trading career.
A key moment was when I realized that it wasn’t about the money but rather more about the process.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
It’s taken me 5 years to figure it out. What I had to change was my Impulse to overtrade, Which almost always led to losses and revenge trading. It was a vicious cycle. A hard one to get hold of and still is.
- What is your mental/psychological strength, and how did you develop it?
For me, It is easy to approach trading with a gambling mentality. I’ve had to work on total relaxation. Patience, waiting for the setup. And because I am a scalper. I am working From the one-minute, 5 minutes, and 15 minute charts. That is not always easy for me to do. Every single minute of the day I’m trading. I have to constantly remind myself, this is not about the money, but more about the process.
- What was your strategy to successfully pass The5%ers’ First Level?
Focus on the process not the money.
- How is trading for the5ers different from trading by yourself?
This one has obvious. Having larger capital to trade with leads to better profits. Also, I think less stress.
- What would you recommend to someone who is just starting with us?
Take your time. Trading is not a race. It’s a marathon. There is no time limit, no profit target. Wait for that perfect setup. Let the trade come to you. Do not over leverage. And let your profits run, cut your losses early. You will have losses. Be OK with that. Its part of trading.No one wins every time. by cutting your losses early. Even if you have several in a row, you will live to fight another day. If you are feeling frustrated. Walk away. That will help you with the struggle of revenge trading.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
I’ve read many books. Too many to list here. Watched many YouTube videos. But the most important lesson was, learning how to read the charts. With that said. my journey is just beginning. I still have a long ways to go
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