In a remarkable journey of self-discovery, Tan, a former engineer, has transitioned into a full-time trader, gaining recognition in the trading community. The 5%ers in a recent interview shared Tan and his impressive success story, highlighting his journey from engineering to trading, as well as his trading strategies and valuable insights.
Tan’s journey into trading began in 2020, when he decided to take a leap of faith and transition from his engineering career, citing dissatisfaction with his job and a desire for more freedom and a taste for risk. Over the past three years, Tan has honed his trading skills and now trades with The 5%ers.
The 5%ers Trader Tan Interview
He typically starts his day during the Asian trading session, conducting in-depth analyses. As the European session unfolds, he assesses his positions and decides whether to maintain or close them based on his analysis. During the New York session, Tan focuses on closing positions before significant news events or when a profit is evident.
One of the key takeaways from Tan’s trading strategy is his commitment to controlling stop-loss orders and adhering to his trading plan. Tan is meticulous about setting stop-loss levels as soon as he enters a position. This approach, he explains, helps him manage the fear of losses effectively. He employs a Risk Reward ratio of 1:1 and waits for a confirmation of more than 50% probability that the market will move in his favor before adding to or maintaining a position.
Tan also openly acknowledges the mental challenges that come with trading. The fluctuating emotions that traders experience can often mirror the volatility of the market. To address this, Tan emphasizes the importance of taking short breaks away from the trading charts and, at times, turning to music to regain composure. This practice helps him maintain emotional stability and make more rational trading decisions.
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About the Firm
Here are some fascinating facts about the firm:
- Low-entry cost Bootcamp Challenge
- Traders community
- News trading allowed
- Overnight & over the weekend holding allowed
- Algo trading allowed
- Advanced dashboard