Steady Trading Career – Discipline, Courage, and Risk Management
The 5%ers' Blog > Interviews With Traders
The Way For a Steady Trading Career From The 5%ers’ Forex Funded Trader:
36 years old, Rwanda.
Timothy.M. 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 24K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 48K.
We spoke with Timothy.M. 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 from professional funded traders
- How were you introduced to the Forex market?
By a friend back in the day about 9 years ago.
- Do you have a specific trading plan?
In brief, I’m a pure technical analyst.
I trade price action candlestick patterns on daily charts, at support/resistance levels.
I use a moving average to show the prevailing general market trend.
I do not consider news in my trading because the assumptions of technical analysis hold – all available information is factored into the price.
- Tell us about your trading routine.
Interday trading – I trade at the close of the trading day.
I analyze the markets for about 15 minutes at the daily candle close.
On weekends I briefly look at the charts to get a feel of what to expect during the week.
Also, I focus on only 3 currency pairs. Less is MORE.
- Do you have any risk management techniques? If so, please, elaborate?
I follow The 5%ers risk management rules.
To do this, I value my risk in dollars, not in pips.
I use a free pip size calculator app to calculate my lot size to fit the dollar amount of risk I want to take on any trade.
That way I choose and control my risk. This helps with trading psychology as well.
- What was your biggest challenge in trading, and how did you overcome it?
Passing The 5%ers Evaluation program is so far the biggest challenge I have overcome in trading.
I overcame by setting dollar risk values and adding a little to my risk appetite and trading on the longer timeframe ( daily charts )
- What was the key moment of your trading career?
When fear walked out of the room. Hahaha.
- In your opinion, what are the most important characteristics for maintaining a steady trading career?
Discipline, courage, risk management, showing up for battle every time and trusting God to see you through.
- Do you apply any mental/psychological routines while trading? Please elaborate.
I pray and then do the necessary.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
As mentioned before, the managing risk was a big part.
Setting risk in dollars and then adjusting your position size to match your predetermined risk amount.
There are free apps to do this, Myfxbook.com has a pip size calculator that I used a few times.
- Would you like to share anything else with us?
To traders out there… follow your dream! Ignore the naysayers for they are completely incapable of seeing from your point of view.
Dare to be different. Work hard and put God first and He will make your path straight.
- How long did it take you to become a consistent trader?
About 7 years on and off trading.
The game changers were ensuring I apply discipline, risk management, trading longer timeframes, and courage.
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