Interviews With Traders
How Iddrisu Recovered From A 90% DD on His Prop Account
September 8, 2022 | 3:36 pm | Interviews With Traders
September 8, 2022 | 3:36 pm
Interviews With Traders
- Tell us a little bit about you.
I am a man of many hats. Perhaps, that’s because I am always keen to explore everything. However, I’ve worked in recent years as a business developer with my own business consultancy firm. My main role in this capacity has been to establish business relationships between foreign investors with African partners and everything else. But aside from this, I’ve always seen myself as a trader and have worked at this dream since 2012. I guess now. I’ll say that my long-held dream and work are being aligned with the trader funding program to finally take off and realize my trader dream. I guess, after finally passing the5ers program, which I’ve attempted several times since the very early days of the5ers inception and learning along the way, I will finally transition into a full-time trader moving forward.
- How long have you been trading?
I’ve been trading since March 2012, when I started with binary options and migrated to Forex trading in 2015. So it’s been 10 years now.
- Briefly describe your Trading Plan and how it contributes to your success.
My trading plan is called the P.E.E.E plan, i.e., Preparedness, Execution, Exit, and Evaluation. I first prepare myself mentally and physically for the trading day from the night before, ensuring that I carry no residual emotional issues from the past trading sessions, family issues, financial worries, and any other that will distract me mentally. So I come to each day’s session, which begins in the morning, my GMT time, with no mental and physical cabbage. The execution and exits are my market analysis and trade entry part, which begins first by checking the day’s economic calendar for any events that may affect my chosen trading instrument for the day.My entry criteria are based on an impulse move that breaks price structure and a retest at the S or D origin of the impulse move, a wait for a weak to strong transfer at this point, and a momentum injection signal to trigger my entry. My trade management and exits are based on price moving in favor of up to the size of my SL to move SL to BE, or price breaking a recent high or low to move my SL and then trailing the trade. I set targets either as a percentage of the account equity I want to gain, as a 1:3+ RR, as a target of a liquidity area, a pivot or S/R point, or whichever, based on the market conditions.I then evaluate my trades at the end of each trading day to see how much I followed my plan during the trading day and what I must change, etc.
- Please share with us a challenge you faced in your trading career and how you overcame it.
I’ve experienced all the challenges a trader will have in trading all my trading life and have resolved them. However, what still remains for me to address is “Impatience” that cause me to enter trades prematurely and always overtrade. And I realized it stems from my wrong desire to reach targets quickly. This has wrecked more havoc on all my trading accounts than anything else, as I lose focus the moment I am just a step away from reaching the target. And after repeating this several times over the years, and 5X in this particular evaluation, during which I almost run the account down to the drawdown limit in a single day, I finally sat and wrote down exactly who I felt during this time and why and what I can do to address it which was to keep calm, discard the idea of quick results and just execute my trades as I know and have planned. And I believe that by passing this evaluation finally, what I’ve taken from it all is that I should adopt an “a little bit at a time” approach to my trading, and I’ll do just fine henceforth.
- How did you adjust risk management to your trading personality?
I managed risk not by the percentage of the account I lost but by not being the least affected by losses I took which were way too many, if I should admit it. I guess that’s the most important thing, not to be affected by whatever loss, as in that case, I didn’t lose the gut to continue trading or let myself fall off the cliff. However, I do acknowledge that I should add a loss percentage limit to ensure that I don’t give back almost all of what I lose each time, as has always been the case with me.
- Describe a key moment in your trading career.
A key moment for me so far is when I was able to detach myself from any amount of losses finally. I realized by this that I am now able to hold trades for bigger wins, able to take many small losses, and able to step right back into the game even after a very bad trading day.
- How long does it take for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
My journey has been long and painful since 2012, so 10 solid years now. I realized it took me this long because I sabotaged myself all this while by continuing to implement bad practices in my trading. I identified and learned from many bad mistakes, but somehow I was never able to change and apply the right things as easily and quickly as I should have and hence this long period. But thankfully, even as I answer this survey, I realize that I’ve really come far, learned a lot, and I am finally ready to take off successfully and go far if I don’t self-sabotage myself ever again.
- What is your mental/psychological strength, and how did you develop it?
I guess after way too many failures in funded accounts attempts and trading losses, I’ve come to accept it as part of the whole game and now feel very comfortable with losing so much to the point that I’ve become non-resistant losses and detached from them.
- What was your strategy to successfully pass The5%ers’ First Level?
My strategy was self believe without a shred of doubt that I’ve got all that it takes to succeed at it, even after many past failures. “Belief, Begin, Become” is my mantra. And a sheer big enthusiasm to become a fully funded trader no matter the challenges.
- How is trading for the5ers different from trading by yourself?
With trading for the5ers, you are forced to do the right things, such as placing a stop loss in all trades to cut your losses and ensuring that you don’t play around to hit your drawdown limit. I think the rules are like some angel standing right by you who whispers the right things to do to you. You only have to listen to it always, and you will do fine and surely succeed in the end.
- What would you recommend to someone who is just starting with us?
I will tell anyone starting out to understand and trust the5ers process and follow it to the letter as it’s only meant for the trader’s own good. And also be very patient and focus ONLY on the process.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
On trading strategy › mentfx Instagram
On trading psychology
On self-development, inner peace of mind, and the right life’s focus.
- Would you like to share anything else with us?
Yes, I want to thank the founders and staff of the5ers for being there all these years and giving people like me the hope to pursue our dreams of being full-time traders. For the immense change, you are making to the whole world in many ways. I never gave up because you continued to exist through your good business practice, and I look forward to growing with you to higher heights together. I can’t express my thanks enough to all of you!
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