Interviews With Traders
David Explains Why Trading With The5ers Helped Him Become a Better Trader
November 24, 2022 | 3:10 pm | Interviews With Traders
November 24, 2022 | 3:10 pm
Interviews With Traders
- Tell us a little bit about you.
I’m an ex-software developer who has been trading on and off part-time for about 25 years now. I’ve always struggled with risk management, and hence I’ve never been profitable. I’ve only just very recently just realized that becoming a funded trader was a reality, as I always thought you had to already be a professional trader to get funding. So I decided to give 5ers a go as I like the way they differentiate themselves from the competition by having at least 6 months to pass the level 1 evaluation phase. This is far better and allows you to trade normally and at your own normal pace as opposed to the other firms who force you to reach high-profit targets in 30 days or so. I intend to run up to the max of six 5ers accounts simultaneously, so I always have accounts with good funding levels, even if I occasionally lose an account.
- How long have you been trading?
On and off for 25 years or so. I am a part-time trader.
- Briefly describe your Trading Plan and how it contributes to your success.
Strategy one is to trade in a strong trend on any timeframe and enter trades on any good pullbacks. Strategy two is to trade any breakouts while in a range-bound period.
- Please share with us a challenge you faced in your trading career and how you overcame it.
The only challenges have been keeping to keep the risk on each trade low to protect my personal accounts in the long run. With a funded account, you have no choice but to apply good risk management, so I only trade with funded accounts now.
- Describe a key moment in your trading career.
My Achilles heel was always very poor risk management and also lack of capital which I think is related to only having a small personal account leads to overleveraging and risking too much to try and grow your account. With a largely funded account, you have to obey strict rules and risk parameters, and also the large.
- How long does it take for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
25 years! Discovered funded accounts and started applying proper risk management.
- What is your mental/psychological strength, and how did you develop it?
Becoming more patient and keeping risk low as possible. I’m still developing these strengths, but I’m slowly getting there.
- What was your strategy to successfully pass The5ers’ First Level?
I failed on my 1st attempt at passing the evaluation. However, I started a 2nd instant-funded account. On this 2nd account, I was initially going to take my time with lots of small profits over several months. I had a break-even trade, and then, however, on my 2nd trade, I scaled into a very good move on US500 (S&P 500) index and hit my 7% target to pass level one within a day or so of opening my account. So I was definitely a bit lucky, but I was intent on being a lot more patient with this 2nd account evaluation and applying better risk management and waiting for the right setups, and taking my time.
- How is trading for the5ers different from trading by yourself?
Strong emphasis on good risk management and access to large amounts of capital.
- What would you recommend to someone who is just starting with us?
Learn on a demo account and then a live account with a small amount of funds to get a consistent trade strategy with most of the emphasis on risk management, as this is key and allows you to learn to develop your trading strategy while not losing all your account funds. Then once you can trade consistently, have a look at funded accounts to start making a decent income. Aim to just make 2-3% a month profit or even just break even as that is what is realistic long-term, and that can be a good income with a large funded account. Above all, forget to try to get rich quickly as that is the fastest way to be unsuccessful in trading.
- Share online resources that were/are significant in your trading development.
Forexsignals TV youtube channel is a very good resource.
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