Interviews With Traders
I Took Advantage of The5ers Resources & Parameters to Become More Disciplined
September 28, 2023 | 5:14 pm | Interviews With Traders
September 28, 2023 | 5:14 pm
Interviews With Traders
We spoke with Spencer 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.
Spencer low-Risk Account
- Tell us a little bit about you.
I’m semi-retired. I’m an electrical engineer by trade. I worked heavily in Information technology over the last 20+ years. Along the way eventually attained my MBA and fell in love with the business and financial world. I’ve worked for major corporations in both fields. On the lighter side, I’ve always loved gaming (and still do) I’m a self-proclaimed Gen-X gamer, you might say. Trust me. Gaming experience helps when taking on the Forex markets.
- How long have you been trading?
I’ve been trading forex for about 5 years. Prior to that, I strictly traded stocks and options for many years.
- Briefly describe your Trading Plan and how it contributes to your success.
Leave my emotions at the door. Primarily trade the London and New York sessions. Shoot for up to 10 – 15 trades per day (striving for attainable profits). Maintain realistic risk limits and stick to them. Stick to my strategy. Try to get out of the markets for the day by noon. I rinse and repeat this on a daily basis. Also, part of my trading plan is, if I decide to take on a new strategy too make sure I back-test it thoroughly before taking it live. All of this ensures a higher chance of consistency and probability of success in my book.
- Please share with us a challenge you faced in your trading career and how you overcame it.
My mindset has been the biggest challenge for me as I have been prone to perform some revenge trading in the past, and to overcome that, I stepped away from the charts (not always easy) which I had to slowly practice this discipline as it didn’t happen overnight. Also, to overcome this, I learned to just come to grips that I have no power over the markets. No matter how good I think I may be.
- How did you adjust risk management to your trading personality?
I’m a penny pincher by nature. So, I try to carry that behavior over to trading and managing risk. Practicing to give enough room for error (.05% to 1% risk) and/or kill a trade before it gets out of hand. I found that keeping my risk low also keeps me in a calmer state of mind.
- Describe a key moment in your trading career.
When I first let a trade play itself out in a zone to zone strategy (Demand to Supply zone) about 80 pips. When you develop the courage to let a planned out trade play out, it does wonders for your confidence as a trader.
- How long does it take to become a consistent trader, and what aspects did you change that helped you become consistent?
Out of 5 years of learning forex and trading it, I started seeing more consistency in the last year and a half. I had to become more patient and psychologically sound than I thought I already was and make sure I stayed true to my risk management.
- What is your mental/psychological strength, and how did you develop it?
My mental strength is having the least amount of emotion as possible while trading. I developed it over the years as gamer. In gaming you have task as a solo or team player and over time you develop a thick skin so to speak as to what is thrown your way as the level of difficulty increase against opponents. You learn to become more tactical.
- What was your strategy to successfully pass The5ers’ First Level?
My strategy was to keep my trades as simple as possible using supply and demand techniques as well as paying closes attention to price action and certain patterns. Many time using them in unison. for example I may see an evening star pattern coming out of a supply zone and this tells me that a reversal is highly probable and I’ll then look for other confirmations such as an additional bearish close that may be break of structure. Along with being a position trader scalping was also a part of my trading strategy. Still using supply and demand and reading price action.
- How is trading for the5ers different from trading by yourself?
I have become a lot more disciplined since trading for you. You have parameters in place that I would not necessarily put on myself. Just when I thought I was well disciplined I’ve since come to realize there was and still is a lot more room to improve.
- What would you recommend to someone who is just starting with us?
Get a demo account, and use the resources that the 5ers provide (and continue to provide) on their website/blog/YouTube channel. If you take on one of their challenges, don’t rush it. Use the demo account along the way while you test strategies, and make sure you see consistency. You have unlimited time on the challenges now. That’s a percentage of the stress gone at the start.
- Share online resources that were/are significant in your trading development.
For one, the 5ers website is full of resources that I took advantage of. Especially the supply and demand course performed by your founder, Gil Ben Hur. I also have to mention the Scruffy trader. I was in his private discord for over a year and learned a lot from his experience as a Forex trader. I also liked the fact that he’s Gen-X like myself. And there’s a pretty good book by Dr. Alexander Elder called “Come Into My Trading Room”. It’s very insightful on trading psychology.
- Would you like to share anything else with us?
Be patient. Don’t rush. Put in the work. Keep learning, then learn some more. Strive to be the trader you know you’re destined be. See you at the top!
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