Interviews With Traders
Trading Career Key Moment Finding Your Repeatable, profitable strategy
January 27, 2020 | 6:14 pm | Interviews With Traders
January 27, 2020 | 6:14 pm
Interviews With Traders
Price Action With Naked Charts: That’s Jacob’s Trading Strategy
41 years old, England.
Jacob.B. has just successfully passed our evaluation program with a great trading plan and has become a forex funded trader.
He is now one of our funded traders and is trading with a 40K forex funded account on our platform.
His next mission is to reach 10% of profit and double his funds to 80K.
We spoke with Jacob.B. about his trading plan, insights, and lessons gained while trading in the Forex market and on our platform as a funded trader.
Click here for more Inspirations lessons and interviews from our professional funded traders
- How were you introduced to the Forex market?
Funnily enough, I was at a free ‘wealth’ seminar where they were discussing property investment and various other investment opportunities.
They had one particular segment that discussed forex trading. The thought of making money from home was really appealing and it sounded relatively simple (haha if I only knew…).
So I did what every beginner trader will do at some stage, I went onto Youtube to find out more.
A day or two later, I had a demo account and I’ve never looked back since.
- Do you have a specific trading plan?
I certainly do. I have a set strategy of how and when to enter the market.
I have particular market setups, patterns, market structures that I look out for.
I’m predominantly a momentum trader so I do not trade with market or limit orders but mainly buy/sell stops.
Happy to discuss more on my Instagram channel: _traderschoice_ (ForexFreedomFighter)
- Tell us about your trading routine.
I wake up pretty early and check the charts prior to the London open.
If there are any setups on the 6 am (GMT) candle close I’ll set my orders.
If not, I’ll occasionally check the charts throughout the day to see if any sets ups come to me.
If I’m in a trade, I’ll manage it throughout the day.
This could be adding to a position if I like the way the market is moving or managing my stop loss/profit targets etc
- Do you have any risk management techniques? If so, please, elaborate?
Yes – For the 5ers trial I was risking 0.5% per ‘opening’ trade.
TP1 I usually set at 1:1 depending on market structure. TP2 may be set at a higher or lower S/R line or I might let it ride and see.
It depends on the price action and volatility. With my newly funded account I’m anticipating that I will risk even less, maybe 0.25% per trade.
I’ll be looking to trade this with minimal risk so as to slowly build the account over time.
- What was your biggest challenge in trading, and how did you overcome it?
Dealing with trading emotions and the psychological aspects of trading.
I overcame it by getting a trading strategy that I truly believed in and general trading experience.
- What was the key moment of your trading career?
Knowing that I have a repeatable, profitable strategy that suits my personality and most importantly of all, I believed in it! A robust strategy is so powerful when you’re in a trade as you can psychologically ‘lean’ on the probability that the trade is likely to go in your favor 70-80% of the time.
Lots of people do not have the required level of belief in their system and when they’re in a live trade it can leave them questioning whether they should get out especially if the trade initially goes against them.
It can also see them getting out of trades early as they do not believe it will hit their profit target.
If you have a real belief in your system, you’ll let the trade run its course and it will reduce some of the negative emotions that stop you from being profitable.
- In your opinion, what are the most important characteristics for maintaining a steady trading career?
Good risk management, belief in your trading ability, regular evaluation/appraisal of your trades, trading your strategy come rain or shine and overall trading experience.
- Do you apply any mental/psychological routines while trading? Please elaborate.
Not really any set routines as such but I try not to trade if I feel my head is not in the right space.
If I’m having a bad trading day I will stop and come back fresh the next day.
This is so important as sometimes when you’ve had a number of losses it can leave you with the urge to get back in the market and win your money back.
It’s important to fight this urge as it will leave you chasing trades and getting involved in setups that you should have never touched in the first place.
Likewise, if you’ve had a really good trading day there will be an urge to make even more money.
Again this greed can leave you giving all your profits from the day back to Mr market. Know when to STOP and be happy with the profits you’ve made for the day.
- What was your strategy for successfully passing The 5%ers’ Evaluation Program?
Keep your risk low and stringently manage your trades.
- How long did it take you to become a consistent trader?
I would say I became a consistent trader after 2 and a half years.
There were many, many bumps in the road but the main thing is I never gave up.
The technical part of trading can be learned relatively quickly but the mental/psychological aspect of trading takes a lot longer to master.
At first, I had to battle many inner emotions, mainly greed, fear of missing out, not wanting to let go of losing trades and a lack of belief in the system I was trading.
All of these things combined meant that I over-leveraged, got into trades that I should have never been in, was ‘over-trading’ and jumping from strategy to strategy.
Essentially the typical things that many beginner traders do.
What really helped me to become a consistent trader was getting a solid trading strategy that is proven to be consistently profitable over time (70-80% win rate), sorting out my risk management and getting rid of indicators from my chart.
Irradiating indicators really enabled me to focus on understanding price action and structure.
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