Interviews With Traders
Never Feel Lonely Again – The5ers Feels Like a Family I Belong To
March 23, 2023 | 1:44 pm | Interviews With Traders
March 23, 2023 | 1:44 pm
Interviews With Traders
Never copy trade or use trading signals and use a stop loss that is part of a defined risk management plan. That’s Eugene’s Advice.
Eugene J, 48 years old, From South Africa.
Eugene has successfully passed the instant funding program and is now one of The5ers-funded traders, trading on a $40K low-risk account.
His next mission is to reach 10% of profit and double his funds to $80K.
We spoke with Eugene about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professionally funded traders.
Eugene low-Risk Account
- Tell us a little bit about you.
I’m a South African who grew up in a small town called Vryheid – translated to English, which means “Freedom.” After school, I tried university for a year and failed. Those years studying law meant you had to master Latin, and I simply couldn’t! After picking myself up, I got involved in marketing and sales in the South African textile industry. This was my home for 11 years until the industry collapsed due to cheap imports. Two or 3 failed jobs in different industries eventually led me to online trading in 2012. I blew a few accounts but persisted and eventually became profitable. Now I’m grateful to be able to do this full-time with The5%ers! I am married to Sonja, have a Persian Cat child named Chewy, and we stay in Pretoria.
- How long have you been trading?
Since 2012 – 11 years. I am a full-time trader.
- Briefly describe your Trading Plan and how it contributes to your success.
I trade a “hybrid” supply and demand strategy. I adapted a few strategies I found online to “fit my eyes.” You have to “see” the chart before opening trades. I always use a stop loss, and I’ve learned to be patient – let the trade come to you. It is a good idea to journal your trades and review your losing trades – that is the only way to become a better trader.
- Please share with us a challenge you faced in your trading career and how you overcame it.
I was blowing quite a few accounts by copy-trading or using trading signals. I realized I was the only one responsible for my trading success, so I decided to take hold of my trading and not “give it away” to someone else. You have to master your own strategy. It is solely your responsibility.
- How did you adjust risk management to your trading personality?
I use a fixed stop loss and don’t change it. If it hits the stop loss, I move on to the next trade. During the early years, I either moved the stop loss or did not use one at all. Bad idea!
- Describe a key moment in your trading career.
During a webinar hosted by a previous Goldman Sachs trader, he showed his stats – he has a win rate of only 65%. I realized then I do not and cannot be profitable at all times. So instead, let your winning trades run, cut your losers short and focus on sound risk management.
- How long does it take to become a consistent trader, and what aspects did you change that helped you become consistent?
Quite a few years, to be honest. I had to accept losing trades and had to implement a strong risk management strategy. Trading can be lonely, but you have to accept that to be successful.
- What is your mental/psychological strength, and how did you develop it?
I’d say to silence the voices of the world around you, especially on Social Media. You must learn to say “No!” and focus on your plan and goals. This isn’t easy because sometimes you want to please others, especially those you love. But your success is your responsibility alone.
- What was your strategy to successfully pass The5ers’ First Level?
A “hybrid” supply and demand strategy. One I developed to make sense of chart patterns. Not all people see charts the same.
- How is trading for the5ers different from trading by yourself?
You meet other traders, have great in-house resources, and it feels like a family I belong to. Trading only on your own can be extremely lonely.
- What would you recommend to someone who is just starting with us?
Develop your own trading strategy, never copy trade or use trading signals and use a stop loss that is part of a defined risk management plan. Also, become part of the family.
- Share online resources that were/are significant in your trading development.
Sam Seiden’s work – you can find it here or also on FXStreet’s YouTube channel.
Anton Kreil’s work, also their YouTube channel are worth looking at.
- Would you like to share anything else with us?
Never give up! You will be successful if you continue investing time in your trading journey by consistently studying worthwhile content.
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