Forex Blog Articles

My Strategy for Passing 5%ers Evaluation was Wedges and Trendlines

October 29, 2020 | 12:22 pm | Forex Blog Articles
October 29, 2020 | 12:22 pm
Forex Blog Articles

Don’t focus on other people (signal services, bots), instead of learning the market your self, That’s David Advice

David.A, 24 years old, Ireland.

“Start to Believe and Respect the Complete Trading Process”.

David 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 52K forex funded account on our platform.

His next mission is to reach 10% of profit and double his funds to 104K.

We spoke with David 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

My Strategy for Passing 5%ers Evaluation was Wedges and Trendlines

 

My Strategy for Passing 5%ers Evaluation was Wedges and Trendlines

 

You can also watch a video interview with David.A

 

  • After how much time did you become a consistent trader? What aspects changed that helped you to become consistent?
    It took me just over 4 years to finally be a consistent trader. I focused on other people (signal services, bots) instead of learning the market for myself. I changed my psychology before I could see results in the market, I stopped focusing on the money and instead develop and master a strategy and plan that was true to me, understood that the market was a game of probabilities, and developed a deep trust in my trading plan to give me the consistency I needed to be a good trader.

 

  • Do you have a specific trading plan?
    I use price action to read the market and find good trade opportunities, focus more on the higher timeframes cause then I can ignore the noise on the lower timeframes, I only open 2 trades maximum per time to reduce my risk and I always ensure I monitor my trades so I won’t be caught exposed if the market turns against me.

 

  • Please describe your trading routine?
    I always check the markets 1 hour before the market opens on Monday morning and I mark up my charts accordingly to what price action is showing me. I also check the markets every 2 to 3 hours to keep up with price action.

 

  • Do you have any risk management techniques? If so, please, elaborate?
    Yes, I do, I only risk 0.5% per trade, I move my stop loss to breakeven when the markets have moved considerably in my direction and I make sure not to be exposed on more than 2 trades maximum per time.

 

  • What was your biggest challenge in trading, and how did you overcome it?
    My biggest challenge has undoubtedly passing this evaluation challenge. It pushed me to the limits of my ability as a trader at the same time also instilling discipline and commitment. I am glad that I have finally been able to overcome this challenge.

 

  • What was the key moment of your trading career?
    The key moment of my trading career was the moment I finally understood and accepted the markets for what it is. A sequence of probabilities and can only be overcome with a well-planned strategy, a risk management plan, and a strong foundation of discipline, commitment, and patience.

 

 

  • In your opinion, what are the most important characteristics for maintaining a steady trading career?
    The most important characteristics for maintaining a stable trading career are discipline, patience, accepting your strategy and plan for what it is, and practicing an unwavering commitment to stick to it no matter what.

 

  • Do you apply any mental/psychological routines while trading? Please elaborate.
    Yes, as a trader, you don’t really know what trades are going to be winners or losers, so before I place any trade, I make sure that I have mentally accepted that it can be a loss and sometimes deduct that loss from my balance in my head so if it ends up as a loss I am already okay with it.

 

  • What was your strategy for successfully passing The 5%ers’ Evaluation Program?
    To pass the evaluation program, I used my strategy of wedges and trendlines. Wedge breakouts, wedge rejection, double top formations, and trendline continuation strategies.

 

  • Please share your recommendations for online resources that were/are significant in your trading development. Name and links are appreciated.
    I read a few books that were related to trading to help me develop the right psychology. Most of them were recommended books from a trader I respect in the industry. These books can be assessed through this link

 

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