Swing Trading or Intraday Scalping, Stick to Money Management
December 24, 2020 | 12:43 pm | Forex Blog
December 24, 2020 | 12:43 pm
Develop a plan which enabled you to start having more patience to grow smaller accounts, That’s Phillip Advice
“Swing trading or intraday scalping, stick to money management”.
Phillip 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 an 80K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 160K.
We spoke with Phillip 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?
Researching how to make additional income online.
- After how much time did you become a consistent trader?
After 4 years, I realized that I needed to be patient in order to be profitable.
- Do you have a specific trading plan?
Swing trading or intraday scalping, stick to money management. Trade fresh breakouts or retests. Look for double tops and bottoms around major rejection zones. Using Fib as additional confluence but not confirmation as fibs can be very tricky.
- Please describe your trading routine?
Checking fundamentals, then Top down analysis, also leaving charts marked up for a long time helps.
- Do you have any risk management techniques? If so, please, elaborate?
I use a risk calculator which allows me to have a dynamic lot size because the currency value amount at risk is static. It can be found here: https://www.earnforex.com/metatrader-indicators/Position-Size-Calculator/ or Using.01 per $1000.00 as a base with fixed lots and fixed stop loss and take profit, with a little leverage.
- What was your biggest challenge in trading, and how did you overcome it?
Not having enough capital at first, which resulted in over leveraging. Also not having a trading plan was my biggest challenge. I overcame this by developing a plan which enabled me to start having more patience to grow smaller accounts.
- What was the key moment of your trading career?
When I started to look at higher timeframes for swing trading and trading with the same trend from the higher time frames on the lower timeframes.
- What do you think are the most important characteristics for maintaining a stable trading career?
Being intentional about having integrity, being honest with oneself, being able to forgive oneself, and aim to have a strong mental foundation. Exercise and utilize meditation practices. Help other traders in the community to advance.
- Do you apply any mental/psychological routines while trading? Please elaborate.
I listen to trading podcasts like “chat with traders”, I cycle about 10 miles every day while listening to meditative media. I try to stay active, playing soccer which includes lots of running, etc…
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Looking for shorter intraday or “intraweek” trade setups.
- Would you like to share anything else with us?
I think this is a really great program. I am looking forward to introducing this opportunity to other traders.
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