Successful Traders
April 29, 2021 | 10:47 am | Successful Traders
April 29, 2021 | 10:47 am
Successful Traders
Interviews With Traders Success Story
You need to focus on the process and taking good setups; the money will be a side effect of that. That’s Muheeb Advice.
Muheeb M, 18 years old, From Canada.
“In the World of Trading, Less is More.”
Muheeb has just successfully passed our Level 1 with a great trading plan.
He is now one of The5ers funded traders and is 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 Muheeb about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
Click herefor more Inspirations lessons and interviews from ourprofessional funded traders.
- How were you introduced to trading?
I was introduced to trading through an MLM like most people are nowadays. I also found out about trading when I started getting into the Crypto market.
- How long did it take for you to become a consistent trader, and in which aspects did you make a change to become consistent?
I became a consistent trader about 2 years into going all-in with Forex. The biggest aspect that helped me become a consistent trader was me being consistent in all other areas of my life(the gym, mindset, nutrition, etc…). The more you are consistent as a person, the more consistent of a trader you will be; the markets directly reflect who you are as a person.
- Do you have a specific trading plan?
Yes, I have a trading plan. My trading plan and strategy are based on a combination of a few things. First of all, my strategy is based on a mixture of patterns, impulse-correction theory, candlestick formations, and structure. Finally, I grade my trades in terms of invalid, valid, or high probability; I try to take more high probability trades than valid trades per month.
- Please describe your trading routine?
On Fridays, I will wait for market close, delete all of my chart work and spend a quick hour skimming through pairs that might look interesting for the week ahead.
On Saturday, I will take all of the pairs that I have selected on Friday and have an in-depth analysis of every pair, which will typically take me about 1h30 to 2h.
On Sunday, I will forecast the setups to get ready for the week ahead.
From Monday to Sunday, I will spend about 20 minutes at morning and night forecasting entries that could potentially shape up. I rinse and repeat this process every week.
- Do you have any risk management techniques? If so, please, elaborate?
In terms of risk management, I keep it very simple, I do not risk more than 1% per trade, and I will only have a maximum of 2% open at the same time, or in other words, I have a max exposure of 2%.
- What was your biggest challenge in trading, and how did you overcome it?
My biggest challenge has definitely been overcoming my lack of self-confidence and my limiting beliefs. I felt like I did not deserve to be successful, and I lacked confidence in myself. I overcame this hurdle by listening to the advice that my mentor would always give me and slowly apply it to myself. I think that it is absolutely crucial to have a mentor that is already in a position that you want to be in later on in the future and that can help you with your problems.
- What was the key moment of your trading career?
A key moment of my trading career is when I decided to go all-in and go on the charts every single day and take things seriously for the first time.
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- What do you think are the most important characteristics for maintaining a stable trading career?
I think that if you want to maintain a stable trading career, you need to first of all work on all other areas of your life and grow as a person. Secondly, you need to eat right and exercise because what is good for the body is also good for the brain; trading is a mental sport, and you always need to be in the best possible condition. Thirdly, you need to focus on the process and taking good setups. The money will be a side effect of that. Finally, having a mentor or a community of like-minded people will help a lot.
- Do you apply any mental/psychological routines while trading? Please elaborate.
Yes, before I take any trade, I go through a checklist of things to make sure that I am not being emotional or acting off of FOMO. Lastly, before taking a trade, I ask myself if I would take this exact trade on a 1 000 000$ account; if the answer is no, I have no business taking the trade.
- What was your strategy to successfully passing The5%ers’ First Level, and what would you recommend to someone who is just starting with us?
Honestly, there were no strategies per day. I just followed the process and traded like I always do. Me passing the first level was just a side effect of that. The biggest tip/piece of advice would be to stop looking for more strategies and indicators to add to your trading. In the world of trading, less is more. Instead of focusing on finding “the perfect indicator or strategy,” find a strategy that works and stick with it for at least a year or two before deciding that it does not work for you. Most people would be consistent if they just chose one thing and stuck with it.
- Please share your recommendations for online resources that were/are significant in your trading development.
I would definitely recommend Babypips.com and Falconfx YouTube channel for online resources.
- Would you like to share anything else with us?
This is just the beginning of my journey, and I have a lot to accomplish. For anyone that is reading this, do not for a single second think that I am the best in the world or have it all figured out. I still have a lot to learn about myself and the markets. Compared to the people that have over 10 years plus of trading experience, I am definitely still a newbie. Always remain humble and teachable and always control your ego within the markets.
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