Wednesday 03/04/2019
A warm welcome to Charanjit. L, who passed the evaluation a few days ago, had a very low DrawDown of 1.62%. His statement indicates he is a very stable and conservative trader. He testifies that he has been trading for the last 3 years but became profitable last year. The5ers Fund now provides him with a new 24K account and has joined our portfolio manager team. His next target is to reach 10% profit and double the account to 48K; The5ers team wishes him great success. Here are the interview and the trading statistics from Charanjit’s Myfxbook.
Name: Charanjit Lakha
Age: 22
Country: United States of America
Please describe your trading journey. How long have you been trading? When do you become consistent? What made the change for you?
- Been trading for about three years. I became consistent 1 year ago.
How were you introduced to trading?
- I was introduced through a close friend.
Describe your trading plan.
- I tend to focus my trades on GBP, Nzd Cad, and Eur. Because they have the pattern I’m looking for that fits my trading. I usually look for long-term trades but have mostly been trading day trading these past few months. My goal is usually to make about two thousand a month based on my account. The bigger the account, the bigger the profits and losses, etc. I usually tend to use mental stops and not hard stops. But I will be changing that with the 24k account. Usually, I look for long trends, and when I get confirmation, the trade goes my way. I usually trade super small lot sizes. I’m a low-risk trader I down like going passed .10 lots size because with my strategy I try to be safe just in case the market does not go my way for extending the amount of time.
Tell us about your trading routine.
- First, I usually set up my charts and my workstation. Look on the trading view for info. Check for any major news that day or upcoming on websites like Bloomberg and dailyfx, Forex Calendar, etc. I usually have a lot of pairs charted out on my screens. Usually, I look at my charts when the ticker hits the line I draw and I get triple confirmation with the RSI and moving averages on my charts is when I start to trade that is I confirmation for me. Mistily, my research happens on the weekends and Mondays, and I focus on the week from those days. I tend to close trades on Friday because I do not like holding trades over the weekend. 80-90 percent. I usually close them on Friday.
How do you manage risk in your trading? Do you have a risk management technique you can explain?
- Yes, I do have a risk management strategy. I usually use small lots. For example, .02 lots even if the trade does not go my way I know I will lose a certain amount before I get to the trade. For example, is my trading EURUSD I know if the trade does 700 pips I will lose about 300 dollars. But it never drops that much. Again, I usually use mental stops because I use small lots. If anything over.05 I will use hard stops. I usually use 0.02 and will use the same lot size for all my trades. So I can be consistent when I win and when I lose money. So I don’t keep moving my stop down and down if I’m losing.
What was your biggest challenge in trading, and how did you overcome this?
- The hardest thing for me again was risk control, but for the past years, I’ve learned to control it better. At the end of the day, it’s just buying and selling instruments paired down or up. I tend to keep my emotions out. That probably was the hardest thing to overcome. Before, I used to let the loser run and take profits early. However, I overcame that by just moving to focus on my trading plan and risk management strategy. Before I go to the trade, I will profit this much with tp or lose this much, etc.
What was the key moment of your trading career?
- The key moment in my life was when I gained my friend’s trust; he gave me his hard-earned money to trade, and I traded for him. That’s where I all started.
In your opinion, what are the most important characteristics for maintaining a steady trading Career?
- Being disciplined, learn from your mistakes, and follow the trading plan. Forex, there is always something new to learn every day. You have to adapt.
What is the most important trading mental aspect, and how do you apply it in your routine?
- The mental aspect for me is not to have any emotions when trading the markets. Keep it out. I apply this by staying disciplined in my strategy and risk management.
What is your strategy to successfully pass the5%ers evaluation account?
- I’ve already passed. I used a small lot size based on the account I was given. I used the appropriate risk per position. Mostly, I followed my risk management and did not overtrad. And I think that is the biggest reason I passed. I’ve learned many things from the the5ers. One was definitive, got better, and risk management.
Please share your recommendations with online resources that were significant to your development path. Names and links are appreciated.
Please write anything you think is important but was not asked.
- Thanks for the opportunity to be a part of The5ers Fund. Thanks
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