Realize That One Profitable Year Doesn’t Make You a Profitable Trader
February 25, 2021 | 11:42 am | Successful Traders
February 25, 2021 | 11:42 am
Don’t go into revenge mode after a losing trade, That’s Janko Advice
“Realize that one profitable year doesn’t make you a profitable trader”.
Janko 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 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 Janko 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?
By a Pozi scheme that was raging in UAE for 5+ years, I knew their returns were unreal so I wanted to learn to trade for myself. Also, another colleague of mine was trading during our layover so I started asking questions.
- After how much time did you become a consistent trader?
Only recently I’ve become consistent. I had the year 2019. with 45% of profit and max drawdown of 9%, but the year after that I was not profitable.
- Do you have a specific trading plan?
I read and analyze news every day. Fundamental and sentiment analysis is very important for me, as well as political and geopolitical events. After that, I apply technical analysis to pinpoint the trades.
- Please describe your trading routine?
Usually an hour before the London Session I go through the news from the Asian session or any other session that I missed, then I check the current sentiment, equity, commodity, and bond markets. After that, I look at the charts to see what the price action is telling me. Then I check the economic calendar for the important data. I read a few news letters from other analysts. If there are no clear trades in sights I turn the news squawk on and read some book or play Counter-Strike.
- Do you have any risk management techniques? If so, please, elaborate?
Mental risk management is important for me. As soon as I open the position I consider that trade as a loss immediately, that’s what I have to be prepared for. I imagine my account reduced by the size of that stop loss in USD. If I feel fine with that image in my head, if it’s not stressing me out, that means the position size is right. Realizing that risking 0.5% with 10 pips stop loss and 0.5% on a 40 pips stop loss position are completely different things, yielding completely different emotions.
- What was your biggest challenge in trading, and how did you overcome it?
Overconfidence and Fear of missing out. I made almost every trading mistake that exists multiple times, after that I became numb, and eventually I stopped making them. Reading the book ” Thinking Fast and Slow” helped me also.
- What was the key moment of your trading career?
Realizing that anything is possible in terms of the markets( like negative oil prices) and one profitable year doesn’t make you a trader.
- What do you think are the most important characteristics for maintaining a stable trading career?
Patience. Being able not to trade. Recognizing when the mind and the market are not clear.
- Do you apply any mental/psychological routines while trading? Please elaborate.
I try to ask myself how do I feel before entering the trade. is it fear of missing out, Am I calm and ready to lose this trade.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Not going into revenge mode after a losing trade. I used to anchor my mind around the highest account equity level I had, which caused anger whenever I was below that level.
- Please share your recommendations for online resources that were/are significant in your trading development.
- Would you like to share anything else with us?
Good Luck to everyone.
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