Successful Traders
Thanks to The5ers Risk Parameters I’m Successfully Funded on 3 Accounts
December 15, 2022 | 4:55 pm | Successful Traders
December 15, 2022 | 4:55 pm
Successful Traders
The5ers risk parameters shaped the discipline I needed for trading success
Lih Y. is 34 years old, From Malaysia.
Lih has successfully passed two Level 1 low-risk account, the $40K and the $80K. In addition, he also passed the $100K Bootcamp account. He is now one of The5ers funded traders and is trading with an overall $220K funded accounts.
His next mission is to reach 10% of profit in the low-risk program and double his funds to $240K, and 5% profit on his Bootcamp program to receive a $125K account.
We spoke with Lih about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professionally funded traders.
Lih Y. $20k evaluation
- Tell us a little bit about you.
A full-time surgeon with a strong passion for trading
- How long have you been trading?
I have been trading for 5 years. I am a swing trader.
- Briefly describe your Trading Plan and how it contributes to your success.
My trading plan consists of daily analysis of the market in the morning, and I will mark the areas of interest and set alerts. Then, I will wait for the alerts to remind me to take a look at the charts again and make some final confirmations, especially in regards to risk-reward and also whether that move to my alert is influenced by some big news that might alter the fundamental bias of that particular pair. Having a similar routine reduces analysis paralysis, and I could take action pretty quickly.
- Please share with us a challenge you faced in your trading career and how you overcame it.
Patience, both in waiting for good setups to form or waiting for my positions to materialize fully. Meditation is the way I used to overcome this challenge and keep having the bigger picture in mind to remind me of what I wanna achieve from trading, knowing that patience is everything that matters.
- How did you adjust risk management to your trading personality?
Currently, I have an even more sophisticated way of adjusting risk after taking a couple of other prop challenges. I would start with 0.5% risk and quickly reduce it to 0.25% if the first few positions were losers. This enables me to have plenty of room for losing streaks. This reduces my stress while trading but still maintains that flexibility of increasing risk if I manage to capture 4 times the current risk level. But I would cap it at 1~1.5% risk per trade at most.
- Describe a key moment in your trading career.
Passing the challenge for the first time really boosted my confidence. It enables me to take this bigger account size challenge.
- How long does it take for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
5 years. Stop revenge trading and take the process step by step.
- What is your mental/psychological strength, and how did you develop it?
After losing enough time, you will understand that unless you change the way you think and manage your tradings, you will not achienve success. The thought of failing hurts more than anything else. Hence I make sure that I could lose to the market if the current market sentiment doesn’t suit my strategies, but not to my own psychological weakness.
- What was your strategy to successfully pass The5ers’ First Level?
Smart money concepts, in short.
- How is trading for the5ers different from trading by yourself?
The risk parameters shape the discipline needed for trading success.
- What would you recommend to someone who is just starting with us?
Absolutely, the experience of trading with you guys is amazing, and the support team is very helpful as well.
- Share online resources that were/are significant in your trading development.
Ariel Fx, Trading nut podcasts, Desire to trade podcast
- Would you like to share anything else with us?
Thank you for giving us the opportunity, and I will try to make a profit for the firm as well.
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