Interviews With Traders
Funded Trader Jiunnxi Shares The Trading Plan That Helped Him to Pass Our Evaluation Twice
June 9, 2022 | 3:05 pm | Interviews With Traders
June 9, 2022 | 3:05 pm
Interviews With Traders
Statistics of the second account
- Tell us a little bit about you.
I was born and raised in Parit Buntar, a small town in Malaysia. I studied chemistry but never actually worked in the field. I first to know trading when I was watching daily Bloomberg news on TV. Since then, I have had a very strong interest in trading, especially in the FX market.Worked across a few sectors of industries, but it did not offer me a peaceful mind. I only find myself confident when talking about trading. Currently, I am working as a part-time financial market analyst and part-time trader, managing my own trading account and a client account.
- How long have you been trading?
I have been trading for about 7 years, and I am a day trader & swing trader.
- Briefly describe your Trading Plan and how it contributes to your success.
My trading plan is quite straightforward. My trade execution is based on an 80% technical and risk-to-reward ratio; 20% on fundamental and market sentiment.First, before Asia Open, I will look at the news to have a glance to see what had happened last night during the US session and what will happen later on.Second, I will look at DXY, Gold, and Dow Jones to see how they performed overnight, is either on the Risk On/Risk Off-market.Third, once I have an idea on the fundamental side, I will look at the DXY chart, mainly on the D1 and H4 timeframe, and shortlisted currency pairs (majors only) with good risk to reward opportunities, followed by plotting these key levels at D1 H4 H1 timeframe, then I will monitor during London and US session.Fourth, during the London session is open, I usually let the market run for 1-2 hours before triggering any orders. I will have a glance at DJIA futures and DXY again during this period. Once the movement aligned with my view from fundamental, technical, and market sentiment, I will execute a trade with proper risk management.Fifth, during the London-US overlap session, those daily setups, I will exit it before I go to bed, while swing setup, I will just leave it with proper stop loss in place. I do rely heavily on Average True Range (ATR) and Bollinger Bands indicators for my trade entry and exit.
- Share with us a challenge you faced in your trading career and how you overcame it?
Psychology was the main challenging part for me. DON’T revenge trading and stay away from the “go for the jugular” mindset. A casino might be a better place, but trading is not.As time went by, I understood that trading is just like doing a business, i.e., there is a revenue (profit trade), and there is also an expense (loss trade). As long as the revenue (profit) exceeds expenses (loss), the net revenue is there, simple as that. However, there is a losing month, and the same thing goes for businesses where there is a loss of revenue too. The theory is the same.Always stay calm and read trading psychology books. I would recommend this book, “Trading In The Zone” – by Mark Douglas. If we are too afraid that trade goes wrong, it means we are putting too much of risk into a particular trade. The above mindset is well defined.
- How did you adjust risk management to your trading personality?
I only risk 0.5% to 1% risk per trade. Max risk exposure is 2%. of the capital. If I have a losing streak, I will just stay away from my trading desk to avoid further potential losses.
- Describe a key moment in your trading career.
Get noticed by a hedge fund company and be given an offer as a financial market analyst.
- 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 5 years to be profitable. Stay disciplined, practice very strict risk management, and eliminate the element of “hope” in trading. DO NOT follow signal service. Don’t learn it the hard way.A correct trade would favour our direction from the beginning., If we are wrong, just take small losses and come back another day. In trading, there is a day we sell and buy, and there is a day we go fishing nearby river.
- What is your mental/psychological strength, and how did you develop it?
I am very persistent and passionate. If there were no such elements, I would have quit long ago. Success does not come overnight out of thin air, just like that. If there is a way, pls share it with me.
- What was your strategy to successfully pass The5%ers’ First Level?
Risk management first, of course, with a certain level of experience in technical, fundamental, and sentiment. Just like you are driving a car, but you have no clues on what is the basis of the rules and speed limit on the road, then you just accelerate the car’s speed to the max speed limit.
- What would you recommend to someone who is just starting with us?
I would recommend having a proven strategy beforehand. If you do have one, just wait for the right time to sign up for the program, then trade the account. For example, the current geopolitical event in Europe where huge volatility in the market is expected, or during the last day of the month-end, it may be the excellent timing or the worst timing to trade.
- Would you like to share anything else with us?
Believe in yourself. If others dont understand what you are doing, it means you are on the right path.Don’t be affected by others’ opinions that trading is a scam, is not practical, or even is gambling. Just do “Love what you do, do what you love.”Lastly, I would like to thank The5%ers for providing such a platform for traders. I did compare among your few competitors, but I am very confident in The5%ers.
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