The key to Long Term Profitability is Patience and Confidence
The 5%ers' Blog > Interviews With Traders
Understanding why the price moves the way it does was Gerard key moment trading career
37 years old, United Kingdom.
“Patience and Confidence”.
Gerard 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 Leonardo 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?
As far as I can remember I was always interested in trading, but have not had the chance to take it more seriously due to other life commitments.
- Do you have a specific trading plan?
My trading plans consist of higher time frame analysis during the weekend and marking up key price levels of monthly, weekly and daily charts. My entries are usually done on a daily or 6-hour time frame.
- Tell us about your trading routine.
My trading routine is very simple, I look for specific price action in and around the price levels that I marked up from higher time frames. And I check the charts either once a day before the New York close or 6-hour intervals.
- Do you have any risk management techniques? If so, please, elaborate?
The majority of my trades are between 0.2% to 0.5% of the risk and I aim for 3 to 1 or 5 to 1 reward to risk as minimum criteria for entering a trade. If the trade does not meet this criteria I do not enter the trade and wait for a new set up.
- What was your biggest challenge in trading, and how did you overcome it?
Patience is probably the biggest challenge that every developing trader has to overcome. The ability to trust your own analysis and to mentally withstand any potential draw-down on the account is what has been the most difficult for me to overcome. Once you start trusting your own analysis and begin to get more confident, that’s when you become consistent and less stressed over something that you can not control.
- What was the key moment of your trading career?
The last 4 years of my trading career has been a roller coaster. Going through different retail trading strategies and indicators which led me on a wild goose chase and blowing up accounts, and until I learned how the price is delivered on an institutional level, understanding why the price moves the way it does and the direction it goes, that’s when I started to see consistency in my trading.
- 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.
For me the key to mental routine is looking after yourself, eating well and exercising, avoiding putting on trades during stressful situations in your private life. And working on discipline, patience and Confidence which trading on a higher time frame teaches you.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
My strategy for passing the evaluation program was very simple, higher time frame charts analysis, monthly, weekly and daily, looking at swing highs and lows of these time frames and where the price is trying to reach. Entering on pullbacks or tops/bottoms if the price action allows me to do it.
- How long did it take you to become a consistent trader?
It took me just over three years to become consistent. The main factor to finding consistency was finding a good mentor who showed me how the price is delivered on the institutional level and what to look for in price action.
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