Interviews With Traders
How Tenzin Broke Out of His Trading Cycle of Doom
January 13, 2022 | 4:36 pm | Interviews With Traders
January 13, 2022 | 4:36 pm
Interviews With Traders
We spoke with Tenzin 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.
I am from India, an engineering graduate with a very colorful grade 8.86 DGPA. Astonishingly it was useless. It was Durga Puja vacation 2018, Got a call from London persuading me to make a deposit and earn every day (later I came to realize It was a scam forex broker). Sounds really amazing, I started doing the research about forex trading and got convinced that I can make a good living out of it if I do it right. But it took no time to make me realize that It is not that easy. But I didn’t quit, this industry is having a lesson at every stage and I am still learning.
- How long have you been trading?
It’s been approx 4years now. I am a swing trader.
- Briefly describe your Trading Plan and how it contributes to your success.
I use 3-time frames. 1h, 4h, and Daily,
Rule 1:- I look for trend confirmation on daily and 4h, there I decide whether I will buy or sell.
Rule 2:- then I move to 1hr time frame which is the entry time frame, here I look for price breaking(in the direction of 4h and daily) the support/resistance and retesting it ( I call it value zone)
Rule 3: I look for reversal candle patterns in the value zone, like engulfing or closing above or below the high or low of the previous candle, Sometimes Pin bar.
Rule 4: setup stop loss at (wider of ) 1.5ATR or below/above 2 pips the recent low or recent high in h1 time frame. risk to reward will be 3.
Rule 5: calculate proper position size according to risk Via Babypips position size calculator.
Rule 6: managing the open position, I trail the stops every time when the price form higher low or lower high just 2 pips beyond it.
Rule 7: maximum exposure, 3positions (normal risk), unless one of the positions is risk-free, I don’t open a new position.
I hope this helps you, whoever is reading
- Share with us a challenge you faced in your trading career and how you overcame it?
Time:- it was really hard to make myself convinced that it takes time. I found myself overtrading, force trading, trying to catch every move, Using multiple strategies. changing the strategy again and again when it hits a losing streak (cycle of doom). The biggest challenge I faced was to sticking with the strategy long enough to decide its edge.
I decided not to rush, I decided to find an alternate income source. since then it was less challenging for me to stick with the strategy.
- How did you adjust risk management to your trading personality?
In my personal account, I risk 1%age max per position, and on 5%ers I risk 0.5%age per position till now, and I am planning to lower my risk to 0.25%age in my next level.
and my maximum exposure is 3 positions with the above-mentioned risk.
- Describe a key moment in your trading career.
When I decided to find some other income source to support my financial needs. But fortunately today I am a full-time trader.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
Approx 2.5 years. trading on a real account ( with very less risk but not too low, enough to shake my emotion ) has really accelerated my performance.
- What is your mental/psychological strength, and how did you develop it?
There is no replacement for an experience, and it takes time to build up the experience,
I believe my mental/psychological strength is Never quitting, I have had lots of bad experiences but I found worse the experience greater the learning opportunity.
- What was your strategy to successfully passing The5%ers’ First Level?
I used the same strategy as mentioned above.
- How is trading for the5ers different from trading by yourself?
it’s easier to control the emotion.
- What would you recommend to someone who is just starting with us?
Think in a broad perspective, it is a long term game, Dont rush, 5%ers provide enough time to complete the target, even if you don’t complete they will give you the extension (provided you are profitable ), Make sure you divide the allowable loss according to your losing streak and decide the risk per position. lastly ” winning is inside your mind Not inside the computer Screen ” ( forgot the author name)
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
Babypips.com, No-nonsense forex, forex factory
If you want to receive an invitation to our live webinars, trading ideas, trading strategy, and high-quality forex articles, sign up for our Newsletter.
Subscribe to our youtube channel.
Click here to check how to get qualified.
Click here to check our funding programs