Passing 5ers Challenge in Roughly 2 Weeks Grew my Trading Confidence
February 4, 2021 | 10:32 am | Successful Traders
February 4, 2021 | 10:32 am
Ditching the get rich quick mentality is a good way to maintain a stable trading career as you focus more on growth, That’s Marcos Advice
“Passing 5ers Challenge in Roughly 2 Weeks Grew my Trading Confidence”.
Marcos has just successfully passed our Level 1 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 24K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 48K.
We spoke with Marcos 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 trading?
I have always had interest on the stock market and investing so a friend introduced me to forex by providing me a supply and demand beginner’s course.
- After how much time did you become a consistent trader?
I became profitable a year after trading and the biggest obstacle I had to overcome in order for me to start being profitable was putting an emphasis on my trading psychology+ Managing my risk. Experience is the biggest aspect that changes your trading in my opinion. Overtrading and looking at too many pairs is one of the biggest issues rookie traders have.
- Do you have a specific trading plan?
Yes I have a trading plan, it is very thorough and subjective to current market conditions. I am a predominant ICT style trader so I look for very specific setups at specific times or else I stay on the sidelines. I only trade new york and London sessions. All my trades are a minimum 1:2 risk to reward ratio or else I won’t take the trade and wait for a better setup/entry. Usually, At 25 pips I go break even and start taking partials along the way to my target, once my target is reached I leave a small runner while trailing it tight with a sl. I analyze the dxy and what it wants to reach for at the moment in order to get a daily bias whether I want to go short or long on foreign currencies. I only look at 4 markets which are eur/usd, gbp/jpy,gbp/usd/, and usd/jpy .Rarely will I trade any other pairs.
- Please describe your trading routine?
I start by analyzing the dxy and trying to get the feel of whats the trend and what does it want to reach for so I can determine my daily bias on foreign currencies. After my daily bias is determined and all my levels are marked I go over EUR/USD, and GBP/USD and try to look for a setup/entry before the market open. I usually do this an hour before each session, so I start hunting setups at 2 am est for london session and and at 7 am est for new york session. My bread and butter setups are the manipulation setups where retail traders get stopped out and I wait for that to happen but I obviously have more setups and more in depth market knowledge where my chart is relatively clean and I just read price action blended in with market structures, no indicators whatsover.
- Do you have any risk management techniques? If so, please, elaborate?
25 pips in profit I go breakeven and take 20-40% off my position, then every 10-20 pips after that until my target I take partials off, once target is reached I take 90% and leave 10% running while trailing it with a tight sl. If price initially makes a run of 10 pips or higher after my entry and then comes back to retest it and doesn’t make a higher low or a lower high, I take 50% off at breakeven and let the rest of the trade play out.
- What was your biggest challenge in trading, and how did you overcome it?
My biggest challenge was letting my emotions get the best of me , and over trading. I would take impulse revenge trades, overleverage, tried to chase trade opportunities that weren’t there. Experience made me overcome these obstacles and also setting up a strict rules system for myself helped overcomes these obstacles.
- What was the key moment of your trading career?
A key moment in my career is literally passing this 5ers challenge in roughly 2 weeks as it grew the trading confidence I already and I demonstrated myself that I can do this.
- What do you think are the most important characteristics for maintaining a stable trading career?
Maintaining consistency in your trading, not worrying about the dollar amount but the monthly percentage growth so you can focus more on the process of becoming a successful trader down the long run. Ditching the get rich quick mentality is a good way to also maintain a stable trading career as you focus more on growth. Overall working on trading psychology is a big aspect that gets overlooked by probably 90% of traders that focus too hard on technical analysis.
- Do you apply any mental/psychological routines while trading? Please elaborate.
Anything in specific that comes to mind? Not really but something small that I do think about is that there is a 50% chance I am going to be right or wrong so I don’t hesitate on executions because you should be confident if in your opinion you have a high probabilitu setup. I drill in my head that I will not take more than 2 trades per session as the more trades you take, the more risk you expose yourself to. Why trade more if you already reached the set goal you have for the day and if you haven’t reached that goal and are on a losing streak, why overtrade and risk more knowing emotions will get in the way.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
As I mentioned above, risk management was the key to me passing as I passed with a winning ration below 50%. I know when to cut losers, take high rr trades and high probability setups. Mostly traded one pair and did not overleverage.
- Please share your recommendations for online resources that were/are significant in your trading development.
https://youtube.com/c/InnerCircleTrader Michael(innercircletrader) This gentleman is by far was the most genuine and helpful resource during my trading development after taking on many different systems and courses.
- Would you like to share anything else with us?
Thank you 5%ers! I hope we will have a profitable hassle-free partnership.
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