After how much time did you become a consistent trader? What aspects changed that helped you to become consistent? After 4 years of trading, I started to obtain better results. The most important changes to be consistent were to adjust the risk-reward ratio and always respect the money management rules. Accept that it is not possible to win every day.
Do you have a specific trading plan? I analyze support and resistance areas and wait for the price to come to those areas. Then I wait for breakouts and retests or rejections to enter the market.
Please describe your trading routine? 1. Check the daily news in the forex factory.
2. Check the charts for the different pairs.
3. Draw Support and Resistance areas.
4. Select the pairs close to those areas.
5. Check the momentum of the pair.
6. Check for the possible stop loss size and compare it with the possible take profit.
7. Wait for the correct entry.
Do you have any risk management techniques? If so, please, elaborate? I never risk more than 1% of my account and try to place trades with a risk-reward ratio above one.
What was your biggest challenge in trading, and how did you overcome it? To control my own mind and emotions. When the market is moving in your way all the plans are easy to follow. The problem is when the price is moving against you in all the pairs. The frustration makes you break the rules and complicate everything even more.
What was the key moment of your trading career? The moment when I start believing and respecting the complete trading process. Following the rules no matter what and knowing that if everything goes wrong, I will live for another day to recover my losses.
In your opinion, what are the most important characteristics for maintaining a steady trading career? 1. Avoid involving emotionally with the trades
2. Write down your own rules
3. Being disciplined with those rules
Do you apply any mental/psychological routines while trading? Please elaborate. Do not interfere with your trades. Once your trades are running, stop staring the charts and do something else: read a book.
What was your strategy for successfully passing The 5%ers’ Evaluation Program? Adjust the lot size, the stop loss, and the take profit accordingly.
Please share your recommendations for online resources that were/are significant in your trading development. Name and links are appreciated. Forex Factory. Baby pips. Trading.com
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