Interviews With Traders
How I Overcame The Root Cause For Trader Failure
July 29, 2021 | 11:50 am | Interviews With Traders
July 29, 2021 | 11:50 am
Interviews With Traders
We spoke with John 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.
- Tell us a little bit about you.
Real Estate Broker, Property Manager, Forex Market Enthusiast.
- How long have you been trading?
26 years, Part-Time Trader.
- Briefly describe your Trading Plan and how it contributes to your success.
I trade dynamic support and resistance areas using a combination of Price, Time, and Volatility.
- Share with us a challenge you faced in your trading career and how you overcame it?
I suspect I have done most of the things that have been the root cause of trader failure including; risking too much of the account on each trade, over-trading, over-analyzing, too much screen time, trading without a plan, then creating a plan, changing the plan, not sticking to the plan. You name it; chances are I did it! Including paying tens of thousands of my money towards “tuition” for this painful education. I have learned to focus on, analyze and trade just one or two forex pairs, wait for my set up and execute my profit/loss orders. I have also learned to eliminate risk as the trade moves in my favor in case it suddenly reverses on me.
- How did you adjust risk management to your trading personality?
I finally put the odds of success in my favor by dramatically reducing risk to the account. The 5ers allowable risk structure turns out to be exactly what I needed.
- Describe a key moment in your trading career.
When I realized that markets were NOT random and that there were predictable, repeatable and calculable price and time patterns, I knew that trading was something that I would never give up on.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
I have experience many failures and successes in my 26 years of trading and market analysis. Becoming a consistent trader has been elusive mostly because of risk appetite and sticking with a simple trading discipline over the years. Lots of back testing of my basic trading plan and a greater willingness to sit on my hands and stick to my plan has allowed me to become a more consistent trader.
- What is your mental/psychological strength, and how did you develop it?
I have a good degree of patience now which I have developed from the aforementioned experiences.
- What was your strategy to successfully passing The5%ers’ First Level?
Trade the pound sterling us dollar pair only. I like the daily pip movement that would work for 20 pip target and stop with my strategy. Back testing showed potential for 75% winning trades. I succeeded with just 60% in 29 trading days. I’m happy.
- How is trading for the5ers different from trading by yourself?
Trading for The5ers gives me a financial partner I have to be responsible to and their risk parameters provide that structure. I like their capital growth plan way more than using my own capital. The goals are achievable and will get me a greater income in a much shorter period of time if I succeed.
- What would you recommend to someone who is just starting with us?
Create a trading risk management plan that keeps you in the game. If you have ever doubled or tripled an account before — you only have to make 76% to be trading a million bucks with The5ers. What an amazing opportunity!!
- Would you like to share anything else with us?
With the greatest respect and humility, thank you for this opportunity to become your partner in proprietary trading.
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