Interviews With Traders
The5ers Program Definitely Helped to Mold My Risk Management Mindset
June 16, 2022 | 2:15 pm | Interviews With Traders
June 16, 2022 | 2:15 pm
Interviews With Traders
We spoke with Paul about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professionally funded traders.
- Tell us a little bit about you.
I am a part-time, soon to be a full-time trader. As I continue developing my craft I am excited to work towards the $4 million trading account and beyond.
- How long have you been trading?
I have been trading for 4 years, and I am a part-time Trader.
- Briefly describe your Trading Plan and how it contributes to your success.
When I am looking for a set up I am looking for very specific things based on a macro top-down approach. When the higher time frame level is reached I then wait for a specific entry pattern. Money management is the most important.
- Share with us a challenge you faced in your trading career and how you overcame it?
For the first few years, I was in a rush to try and be successful. Nobody can rush the time and experience element of this business. Although I am not where I want to be yet I continue to work towards it and be patient with the process.
- How did you adjust risk management to your trading personality?
The 5ers program definitely helped to mold my risk management mindset. Before I did not really have a solid structure. Now, it is what I live by, and pair it with solid money management, and any losses are mitigated without stress.
- Describe a key moment in your trading career.
When I started to actually believe I can be a successful and profitable trader. Mindset is a big part of this.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
It took me about three years and it is still a work in progress. The key is that I cannot let myself beat myself mentally. I have the skill but if I do not stay mentally disciplined it means nothing. Follow the rules of your trade plan.
- What is your mental/psychological strength, and how did you develop it?
Often times I find myself repeating key phrases from my mentor in my head. This is one of the fastest ways to cement a habit in my opinion.
- What was your strategy to successfully pass The5%ers’ First Level?
Take it one trade at a time. Do not swing for the fences and try to do it quickly. It will happen at the time that it is meant to happen.
- How is trading for the5ers different from trading by yourself?
The structure of the program and specific target goals and risk limit keeps you accountable.
- What would you recommend to someone who is just starting with us?
Believe in yourself. Take your time. It does not matter how many times you fail. Pick yourself up and never give up.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
The Inner Circle Trader (ICT) on youtube.
- Would you like to share anything else with us?
I am so blessed to be partnered with the 5ers and I am looking forward to a long and successful trading career. The boot camp really made me solid mentally and I am ready to succeed at every level.
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