EagleTrader Interview | Understand risk control and strictly implement risk control, and you will eventually fall in love with risk control

Amid the market fluctuations, every trader has his own unique trading path. Some people start with small funds and accumulate experience silently; some rely on skills to make trouble; some people break through themselves step by step, striving to find a balance between risks and opportunities.

Today, EagleTrader interviewed a trader who started to get involved in foreign exchange trading in 2021. Through continuous learning and practice, he finally found his own trading rhythm. So what experience will this trader share with us today?

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Accumulate experience in small fights

Trader Xu Weijun started his forex trading journey in 2021. At first, he mainly used small accounts and tried to “make small fuss”. He admitted: “At that time, I just wanted to make some pocket money, cigarette money and other things through transactions.” Transactions were not his full-time career, but his side job after get off work. This small goal also allowed him to maintain relatively relaxed and stress-free in the early stages of the transaction.

Full-time or part-time?

After a period of trading, he realized that his trading ability was gradually improving and began to think about whether to switch to full-time trading. “Before I meet the Eagle Plan standards, I will choose to do it part-time. After all, if I fail, there will be a gap in my heart, which will affect my daily work.” His words revealed a rational attitude. Obviously, on the road of trading, he did not blindly pursue speed, but maintained a steady pace.

Technology is the main, risk control is the king

In the process of trading decision-making, traders Xu Weijun put technical analysis absolutely dominant, accounting for 90% of the proportion. Experience and intuition account for 8%, while fundamental analysis accounts for 2%. He admitted: “I hardly watch economic news events, but in the future I will pay attention to some time points released by EagleTrader to avoid data risks to avoid violations of the rules.”

He believes that the key to long-term stable profit lies not only in the accuracy of the trading strategy, but also in the execution of risk control. He knew the importance of risk control in trading and emphasized: “Risk control is the foundation of survival. It will only take a small loss to protect the big one when the opportunity comes, but only has enough strength to fight back.”

Deep lessons of risk control

Trades Xu Weijun also had moments of failure on this trading road. In February of this year, he had operated a larger account, 6Entry was $00, but within 10 days, the net value of the account increased to nearly $9,000. However, due to the early appearance of the strategy signal and the rapid growth of net value, he had a deviation in his mentality and made some wrong decisions, which eventually led to a liquidation. “At that time, due to a mistake in judgment, he developed a fluke mentality and took a heavy position against the trend, resulting in losses.”

The liquidation brought profound reflection, which made him pay more attention to the implementation of risk control. The maximum single-day retracement limit set by EagleTrader, which he sees is very effective, can help traders avoid retaliatory trading when losses are too large.

Eliminate luck factors and pursue long-term stability

Luck in trading often makes many people unstable, but Xu Weijun traders have their own unique insights. He believes that “If luck is in the fault tolerance space of the strategy, it is allowed to exist, because sometimes luck is also part of strength.” But once it exceeds the fault tolerance space, he will decisively stop the loss and not be lucky. He admitted: “I have suffered losses because of my lucky mentality, and later I realized that the combination of luck and strategy is the key to stable profits.”

Calmly respond to every challenge

When facing a large loss, he will take timely measures to control risks. “The loss I can accept is 4.3% to 4.5%. Once this critical point is exceeded, I will cut the position without hesitation.” His risk control awareness is very strong, and his past failure experiences have also made him more vigilant. By following EagleTrader’s strict risk control rules, he effectively avoided multiple situations of excessive risks.

When there is a large profit retracement, he will use mobile stop loss to protect part of the profit and reduce possible losses. This will maintain confidence and seize the opportunity to rebound when the market recovers.

Gathering strength from failure

Recalling his past trading experience, Xu Weijun trader said that failure is not the end of the trading road, but a profound learning process. He admitted: “I have exploded several small accounts, and they all turned the position to a certain scale and developed an inflated mentality, and then lost control, resulting in a breach of positions. They made profits first and then lost control, which was a huge psychological blow.” However, these failures did not discourage him, but instead made him more determined to be more confident in risk control.

He stressed: “Risk control allows you to remain calm during the maximum retracement, stabilize your mindset, and reduce unnecessary emotional fluctuations. When an opportunity comes, you have enough strength to fight back and ultimately achieve your profit target.”

Trading mentality and risk control

For the newly joined EagleTrader trader, he has some experience and suggestions: “When you lose money for several consecutive days and hit a new low in the maximum retracement, risk control can help you calm down, adjust your mindset, and avoid emotional operations.” He believes that every decision in tradingAll should be based on reason, not sensibility.

When talking about his gains from taking this exam, he said: “It is definitely risk control. After realizing that risk control and strictly implementing risk control, the net asset value will show an upward trend and will eventually fall in love with risk control.”

Xu Weijun’s trader experience profoundly interprets the importance of risk control in trading. From a small-scale part-time transaction to risk management through risk control, he has been accumulating experience on the road of trading and gradually formed his own stable trading system. And his success also proves that trading is not just a competition of technology, but also a competition of mentality and risk control.

For every new and old trader, being able to adhere to his trading principles in the market fluctuations and reasonably setting risk boundaries may be the most critical step to achieving long-term and stable profits.