Never Take Trading Losses Personally and Don’t Increase Lot Sizes After a Few Losses

For swing trading style, watch the market 4-6 times a day, which is good enough, and follow this routine’s Satya Advice.

Satya. A 44-year-old, United States.

“Never Take Trading Losses Personally”.

Satya has passed our evaluation program with a great trading plan and has become a fForexfunded trader.

He is now one of our funded traders, 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 Satya 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 inspirational lessons and interviews with our professionally funded traders.

• How were you introduced to the Forex market?
  My educational background is in Biology, and I have been doing cancer research for the past 20 years. Until the middle of 2017, other than a little about the stock market, I didn’t know anything about financial markets or finance-related terms. Some time in the middle of 2017, when I was watching the news, one of the guests mentioned the Forex market while talking about the stock market. I was just curious to know what FForexis is. So, I googled it, read a few Forex articles, and learned that trading FForexon with a demo account is possible. For fun, I opened a demo account, and without knowing anything, I randomly placed buys and sells on different pairs, almost always losing my trades. After playing with it like a game for a couple of months, I lost interest and stopped playing it. In 2018, my wife got very busy with her medical residency and worked long hours, including weekends. So, I started getting bored at home, and one day, suddenly, FForexcame to my mind. Then, I started watching Forex-related videos on YouTube and learned more about indicators, technical analysis, strategies/systems, risk management, trading psychology, discipline, patience, etc. I watched hundreds of videos. I was especially fascinated and shocked that over 90% of traders lose money in Forex markets. So, I took it as a challenge and started spending more time analyzing the charts, watching more Forex YouTube videos, and preparing and testing strategies on a minimal live account. This is how I slowly got into FForex; now, it has become an integral part of my life.

• Do you have a specific trading plan?
  I analyze the market at the beginning and end of each session, including Asia, London, and the US. I look for trend-continuation trades or strong reversals. I recognize these patterns by simultaneously analyzing three different higher time-frame charts. I look at price action and use two moving averages to identify these patterns clearly. If any currency pairs fall within my trading setup, I take the trade by risking only 0.1 to 0.3% per trade.

• Tell us about your trading routine.
  I look at the market about 4-6 times a day, covering each session’s beginning and end. If I find new trading opportunities, I place trades. At the same time, I manage existing trades by moving stop losses forward if they make a move in the right direction. Since I am in the US time zone, catching good trades at the beginning of the London session is one of the most challenging things. For this, I set the alarm and get up at 2.30 AM, watch the market for an hour until 3.30 AM, place any good trades if they develop, and then return to bed. I have been doing this for the past couple of years, so it became so routine that I don’t even need an alarm, I automatically get up at 2.30 AM (smile).

• Do you have any risk management techniques? If so, please elaborate.
  Once a trade falls within my trading setup, I place a trade by risking only 0.1 to 0.3% per trade. I remember a trade only if the R: R is at least 1:1.5. Almost all of my trades have an R: R of 1:1.5 to 1:3. I don’t take a trade if the R: R is less than 1:1. I generally target about 80-150 pips per trade depending on the trade setup and currency pair.

• What was your biggest challenge in trading, and how did you overcome it?
  I am generally calm and patient and don’t force things to happen quickly. Perhaps because of this, I learned trading discipline, patience, and psychology relatively quickly. However, I had to overcome one big hurdle to become profitable. After developing a good trading strategy/plan, I became comfortable trading higher time charts as a swing trader. After achieving some success as a swing trader, I thought I would be equally successful if I traded lower time charts with the same strategy. I tried to trade lower time charts a few times, and every time I did, I was beaten up very badly and lost 10-15 trades in a row. Then, I realized that day trading requires different skills, which I don’t have. Day trading is more like “Boxing,” which requires quick thinking and rapid responses, whereas swing trading is more like “Chess,” where we have enough time to think, analyze, and take our next step. So, once I thoroughly convinced myself that I was a chess player, not a boxer (smile), and ultimately killed my temptation to trade lower time charts, I became a much better and consistent swing trader.

• What was the key moment of your trading career?
  As I mentioned above, I initially tried to trade lower and higher time charts. Once I recognized that my trading skills were better suited for higher time charts and that I am a swing trader, I became more consistent and profitable. Recognizing what kind of trader I am is perhaps the key moment of my trading career.

• In your opinion, what are the most important characteristics of maintaining a steady trading career?
  In my very short 2 years of experience, I learned that the Forex market is fierce. Whenever I slightly deviated from my strategy, I was severely punished by the market with many losing trades. So far, I have never encountered anything crueler than the Forex market (smile). It is crucial to adhere to our strategy, trading plan, patience, discipline, and risk management not for days, weeks, months, or even years but for decades to maintain a stable Forex trading career.

• Do you apply any mental/psychological routines while trading? Please elaborate.
  In the past, the more closely I watched the market, the more mistakes I made, like getting into the wrong trades and closing good trades too early. With experience, I learned that I don’t need to watch the market every minute or even every hour. For my swing trading style, if I watch the market 4-6 times a day, that is good enough, and I follow this routine. Another thing is that I never take losses personally, and I don’t revenge trade or increase lot sizes after a few losses. I knew that losses are part and parcel of this business, and we must deal with them correctly.

• What was your strategy for successfully passing The5%ers’ Evaluation Program?
  To pass the 5%ers evaluation, I didn’t make any significant changes to my trading strategy or trading routine, but I had to adjust my risk management. I generally take about 0.5 to 1% risk per trade, but since 5%ers allow only 4% drawdown I reduced my risk from 0.5% to only 0.1 to 0.3% per trade. Except for this, I didn’t make any other changes to my overall trading strategy/plan. Risk management is the most crucial factor that helped me pass the evaluation program. Although I had a few lousy trading days and a series of losses, I know that if I effectively manage risk, I always have a chance to stay in the game, catch good trades, and hit the profit target.

• Please share your recommendations for online resources that were/are significant in your trading development. Names and links are appreciated.
  UKspreadbetting: https://www.youtube.com/user/ukspreadbetting Karen Foo :
  https://www.youtube.com/channel/UCcUOqJd-eRI3iVOBnPFpNdw Etienne Crete: https://www.youtube.com/channel/UCFuAUJU4xDLBbztemX9Qu7A Rayner Teo:
  https://www.youtube.com/user/tradingwithrayner Trader Nick:
  

• How long did it take you to become a consistent trader?
  It was in my third year that I started to see more consistency in my results, and I can say it was essentially changed in behavioral aspects that helped me become a better Trader, such as “disconnecting” somehow from the market.

• Would you like to share anything else with us?
  About a year ago, when I was searching for Forex-related stuff, I unexpectedly stumbled on Gil Ben Hur’s YouTube presentation on the 5%ers funding and growth program. Before that, I didn’t know that such programs existed. After watching his presentation, I was even more determined to become a good trader and get a funded account with tremendous growth potential. I want to thank all the people on the above YouTube channels for providing valuable content on the Forex market. Their advice is priceless, and I learned so many good things from them,m which made me a better trader. I never read any Forex books or never bought any Forex courses, I educated myself watching their videos. A BIG THANK YOU!!
  
  
• After how much time did you become a consistent trader? What aspects changed that helped you to become consistent?
  I became more consistent after about one and a half years of trading. When I just started, I didn’t want to miss any trades (smile). So, I tried to trade different price patterns on lower and higher time charts by implementing various strategies. I was like the “Jack of all trades and master of no, no,” which caused a lot of confusion and more losing trades than winners. With experience, I learned that I should stick to trading just one or two price patterns with a higher probability of winning. So, I started patiently waiting for these price patterns to develop,p and then I entered my trades. This helped me to become more consistent and profitable.
  

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