In a recent The 5%ers trader interview, Tharindu Tharuka, a dedicated full-time trader from Sri Lanka, shared his journey to becoming one of The 5%ers’ $60,000 High-stakes funded traders. Tharindu’s trading career has been marked by dedication, discipline, and a strong focus on risk management.
Tharindu’s trading background is impressive; having started his trading journey at the age of 21, he is now 26 years old and a professional trader. Before diving into full-time trading, he was a school math teacher. His story is a testament to the transformation one can achieve with the right mindset and approach to trading.
The 5%ers Trader Tharindu Interview
Tharindu places a significant emphasis on risk management. He diligently adheres to risk management rules to protect his funded capital. This includes setting stop-loss orders to limit potential losses.
He employs limit orders to enter at desired price levels within these zones, and he places stop-loss orders just beyond the opposite side of the supply or demand zone. Rather than setting a profit target, Tharindu prefers to trail his stop-loss orders as the market moves in the direction of his trade. This strategy allows him to capture more significant gains when the market cooperates.
Tharindu acknowledges that his first two years of trading were challenging, marked by common pitfalls such as overtrading, overrisking, and neglecting journaling. To overcome these bad trading habits, he offers valuable tips: Develop a comprehensive trading plan that includes goals, risk tolerance, entry and exit criteria, and position sizing rules. Sticking to the plan is crucial for maintaining discipline. Limit the capital risked on each trade to a reasonable percentage of the total trading capital (typically 0.25%-0.5%).
This practice safeguards the trading account from substantial losses. When facing overtrading tendencies, consider reducing position size. Smaller positions naturally limit the impact of each trade on the account balance. Set specific trading hours and adhere to them. Avoid trading during periods of low market liquidity or when emotions may influence trading decisions.
Tharindu emphasizes the importance of meditation to gain self-awareness and identify and address biases that can negatively impact trading decisions, such as overconfidence or fear. Tharindu’s next mission is to achieve a 10% profit increase to scale his High-stakes trading account to $70,000, a testament to his dedication and consistent performance.
About the Firm
The 5%ers provides its clients with unique career enhancers, including a hyper-growth plan to boost capital levels and earn high profits. They also encourage their traders to reach financial freedom, no matter their background or where they come from. You are allowed to make high profits by managing account sizes of up to $4,000,000