The 5%ers Trader Interview with Spencer- Importance of Discipline

In a recent interview, Spencer shared his remarkable journey to becoming a trader.

Home » The 5%ers Trader Interview with Spencer- Importance of Discipline

In a recent interview, Spencer, a trader of The 5%ers, shared his remarkable journey from being an electrical engineer to a successful forex trader. With over 20 years of experience in information technology and a Master of Business Administration (MBA) under his belt, Spencer found his true passion in trading.

Spencer’s transition from the corporate world to the financial markets was fueled by his love for gaming, which he believes has provided valuable skills applicable to forex trading. He emphasized that gaming experience can be a significant asset when tackling the complexities of the forex markets.

The 5%ers Interview Spencer

The 5%ers Trader Interview with Spencer

Having traded stocks and options for many years before delving into forex, Spencer has developed a meticulous trading plan. He prioritizes leaving his emotions at the door and primarily focuses on trading during the London and New York sessions. He aims to execute up to 10-15 trades per day, all while adhering to realistic risk limits and his chosen trading strategy. Spencer aims to conclude his trading activities by noon each day, a disciplined approach he diligently follows.

One of Spencer’s key principles for success is thorough back-testing of any new strategy before implementing it in live trading. This commitment to preparation ensures a higher probability of consistency and success in the highly volatile forex market.

Perhaps one of the most challenging aspects of Spencer’s trading journey has been mastering his mindset. He openly admitted to struggling with revenge trading, but he overcame this obstacle by practicing discipline and distancing himself from the charts when necessary. Spencer acknowledged that no trader has control over the markets, no matter how skilled they may be, and this realization has helped him maintain a healthy perspective.

Spencer’s frugal nature has played an important role in his trading approach. He meticulously manages risk, keeping it as low as 0.05% to 1% of his trading capital. Want to read more about his journey? Read the BLOG.

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