Take The Time And Effort to Learn Yourself

Daily-timeframe strategy: That’s Kiel’s Trading Strategy

Kiel.R

25 years old, U.S.A.

Kiel (Madhuram) 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 Kiel 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 the Forex market?
  Through my brother who took an interest in IML (International Markets Live – I believe). I did not trust it whatsoever and felt like it may have been a scam BUT I did become very curious about trading.

• Do you have a specific trading plan?
  Yes. I wait for a price (on any instrument) to pierce a tunnel of EMAs (144 and 169), after which I verify the following criteria: 1) Are we in the Asian session? I do not trade in the Asian session due to the habit of consolidation during this period. 2) Are the hourly, daily, weekly and monthly timeframes all aligned? I trade with the trend. 3) Is the 12EMA within 5pips or so of the other EMAs? If all of the above are satisfied, I then enter a trade with a max risk of 2% total balance.

• Tell us about your trading routine.
  I usually get up at 5 am (NY Time) and see if there are any trading opportunities or trade management opportunities. I spend about 10-20mins doing that, after which I meditate for about an hour. After meditation, I would then take the other 30mins to assess if any adjustments need to be made to overall market analysis (trend lines and general market direction analysis). After this, I then go into a more passive trading mode in which I listen out for alerts from my platform.

• Do you have any risk management techniques? If so, please, elaborate?
  Yes. 1) Max 2% risk per trade 2) Max 6% total risk (for all trades combined) 3) I am very selective of my trades. 4) Partial Profit Taking…very powerful for me (trading-wise and psychologically) 5) I trail my S/L into profit as the trade progresses but always allow for enough breathing room. 6) If I see major signs of reversal, I always move my S/L to breakeven. I also give trades a time limit, meaning, if they’ve been lingering near entry price for more than a week, I exit. Of course, these techniques are a bit more discretionary and come from screen-time. Something I’m now learning to be confident in and also learning that I’ve gained. 7) Avoid trading pairs with the same symbols. For example, I will rarely place a trade on both the AUD/USD and AUD/NZD unless one is long and one is short (hedging of sorts).

• What was your biggest challenge in trading, and how did you overcome it?
  Strategy-hopping and confidence in both myself and my strategy. Not quite sure, it just happened eventually. If you really want something and you give your all to seeing the change that you, it eventually happens. Maybe not immediately, so patience is required, but it does. Even when I felt like crap and that I wasn’t sure if I ‘d ever make it as a trader, there was a part of me that kept pushing and refused to give up or give in. 95% or whatever percentage of traders fail not because they don’t make money. Everyone loses money at the start. Instead, they fail because they give up. Never give up and be patient with yourself.

• What was the key moment of your trading career?
  My first profitable week. I had finally decided to really stop strategy-hopping and two or so weeks later, I saw the results. I believe I made $1500 that week. For me, that was MIND-BLOWING! And, of course, positive results often times feeds positive results.

• In your opinion, what are the most important characteristics for maintaining a steady trading career?
  Self-exploration and mastery. You have to understand yourself on a deeper level…mentally, emotionally and spiritually. You should also take care of yourself physically. Eat right and exercise. Furthermore, have some hobbies, side businesses, sports, etc. Trading cannot be the only thing in your life, otherwise, you’ll become too close to Mr.Market…always manic, always up & down. Trading is such an amazing career but should also serve as a tool for you to enjoy life. Everything in moderation, right?

• Do you apply any mental/psychological routines while trading? Please elaborate.
  When I trade, I give my full attention. No phone, no videos on the side, no talking to anyone (including my family), nothing. For whatever short amount of time it takes, I give it my 100. I guess I always double, triple and quadruple check a trading opportunity but also myself. Am I trading emotionally right now? Is this actually a valid setup or am I just seeing what I want to see? If I find myself in front of the charts for too long, I always leave and do something else. Sure, I’ll have my phone with me but I do not check unless I get an alert.

• What was your strategy for successfully passing The 5%ers’ Evaluation Program?
  The one described above. I also used the daily-timeframe strategy of capitalizing of 50-EMA bounces. Advice: Patience and lots of it. I’m not a day-trader and developing the patience to swing-trade takes time. More so, take the time and effort to learn yourself. Not everyone can trade the same way. If so, I would’ve never traded my strategy.

• How long did it take you to become a consistent trader?
  I became a consistent trader after the first 2 years. I decided to take the plunge, quit any jobs I had and dedicate myself to becoming a successful trader. Though that was a rough year, I emerged a consistently profitable trader. What changed? I believe some huge shifts were decided to give my all to trading instead of also directing attention to “escape routes”. I had to believe in myself. A few other shifts would’ve been switching completely to swing-trading, sticking only to one strategy and ALWAYS trading with the trend.

• Would you like to share anything else with us?
  Thank you for the opportunity to trade with you.
  In my opinion and experience, you are the very best prop-firm I’ve ever had the pleasure of dealing with. You neither enforce strategies nor other incredibly, restrictive requirements upon traders. Instead, I genuinely feel that you give them room to trade. No more mandatory news avoidance. No more closing all trades at end-of-day or Friday. No more elimination based on ONE mistake. No more radio-silence (no communication) No more unreasonable weekly/monthly profit targets. No more ridiculous max drawdowns. Keep up the good work. Thank you.

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