Luis M. in California spends his days as an emergency medical technician. So it’s unsurprising that he would be accustomed to making the quick decisions that come with intraday trading. And unsurprising that he would do well.
10 days after starting his Funded Account™, Luis already made $900 in withdrawals on his profits.
But that’s only part of the story. Luis knows that “failures are what help us traders improve.” So we asked him to share his journey and lessons he’s learned along the way.
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TopstepFX: Hi, Luis. Thank you for taking time to speak to me today. You recently became a funded trader. How did you get started with TopstepFX™?
Luis: I first saw you guys when my best friend tagged me in a TopstepFX Instagram advertisement. But I decided to work with TopstepFX because you provide funding to trade along with solid rules that keep traders focused on risk management. That is hands down the key to being a successful trader.
TopstepFX: We agree. How do you approach trading?
Luis: My overall approach to trading is to work towards making consistent profits and keeping my account for the long term.
I usually trade with the trend. I like looking at the 1-hour chart to identify the trend. Then I see consolidation in a currency pair, I switch to the 5-minute to 30-minute charts. I also like looking for quick entries and exits. Typically, I have a mental stop loss, but when I trade anything over 50 mini lots, I put a stop loss at 10-15 pips. I seem to always find the best trades in the New York session.
TopstepFX: Is that working for you?
Luis: Recently, it’s going well because I’m not letting my emotions make the trades for me. Sticking to my trading plan and allowing the pair to do its job will save you capital. Controlling my emotions is actually the number one thing I’ve changed in my trading strategy.
TopstepFX: That’s not always easy to do.
Luis: No, it’s not. But it helps to know that pullbacks are healthy as long as your trading with the trend. When a market is trending up or down it’ll eventually have a small pullback to the moving average and many traders get stopped out in this.
TopstepFX: Any final advice for new traders?
Luis: My best advice to new traders is to not look for buys in a seller’s market and to not look for sells in a buyer’s market. Like they say “the trend is your friend.” Good luck, traders!
But I also believe failures are what help us traders improve. As long as we stay consistent and disciplined in our strategy, we provide ourselves with the opportunity to improve.
Finally, controlling my emotions has always been a challenge for me. I’ve learned if you write your plan down on a piece of paper before entering the trade, it’s easier not to change your plan and not allow your emotions control the trade specially when it’s gone against you.
TopstepFX: Thanks so much, Luis, and good luck to you, too!