Interviews With Traders
This Money Management Gives Me Peace Of Mind
September 23, 2021 | 12:13 pm | Interviews With Traders
September 23, 2021 | 12:13 pm
Interviews With Traders
We spoke with Eric about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
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- Tell us a little bit about you.
I am enjoying an early retirement from work since 2020 now.
- How long have you been trading?
I have been trading on and off for 15 years. But that was mainly focused on swing trades. Since I stopped working, I can spend a lot more time trading.
- Briefly describe your Trading Plan and how it contributes to your success.
Do not copy me…: I don’t have a written trading plan. My Trading Plan is the total I see in my account after a month of trading. I once started a journal, but I stopped doing that. It took me a lot of time keeping it, and I hardly ever look back into it. Bad habit, I know. BUT I review every day my trades or the entries I could have taken that day. And I am not a person who makes a mistake twice.
- Share with us a challenge you faced in your trading career and how you overcame it?
This extra free time I have now caused a need to change my approach to trading because I wanted to day-trade more now. This change in trading style took a couple of months to get used to. But now I am getting the hang of it.
- How did you adjust risk management to your trading personality?
I use very rigid money management. By risking a relatively small amount, I can afford to have several losing trades in a row. This gives me peace of mind. I just stick to my plan and have confidence in it.
- Describe a key moment in your trading career.
Passing the 5-ers challenge!
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
Early on, I kept my trades real small. But I always have traded real money. Just to get the feel of it. There is no sense in trading large amounts if you can not even be profitable or even breakeven when trading with small amounts.
- What is your mental/psychological strength, and how did you develop it?
When I see a setup, I trade the setup. That is what I have tested, and I know it works in the long run.
- What was your strategy to successfully passing The5%ers’ First Level?
I mainly look at extremes of swings. Especially supply/demand levels in these areas, Then I have a couple of EMAs to get into a trade. I base my decisions on H1/M15 charts. I might get in on M1 charts to get a better entry.
- How is trading for the5ers different from trading by yourself?
Less risk per trade. But the5ers challenge really taught me to have a solid money management system.
- What would you recommend to someone who is just starting with us?
Test your strategy. Then when you see a setup (you have tested), then take it. Trade as you have practiced.
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