In a recent interview with The 5%ers, we had the pleasure of delving into the inspiring journey of Tharindu Tharuka, a dedicated full-time trader hailing from Sri Lanka. Tharindu’s path to becoming one of The 5%ers’ $60,000 High-stakes funded traders is a testament to dedication, discipline, and a steadfast commitment to risk management.
Tharindu’s trading odyssey is nothing short of impressive. Embarking on his trading journey at the age of 21, he has now matured into a 26-year-old professional trader. Before immersing himself fully in the world of trading, he was a math teacher at a local school. His story is a powerful reminder of the transformation one can achieve with the right mindset and approach to trading.
One of the standout aspects of Tharindu’s trading philosophy is his unwavering focus on risk management. He meticulously adheres to risk management rules as a protective shield for his funded capital. This includes the strategic use of stop-loss orders to curtail potential losses.
When it comes to entering the market, he employs limit orders to secure positions at his desired price levels within specific zones. To manage risk effectively, he strategically places stop-loss orders just beyond the opposite side of the supply or demand zone. Instead of setting fixed profit targets, Tharindu prefers to trail his stop-loss orders as the market moves in the direction of his trade. This dynamic strategy enables him to capture more substantial gains when the market aligns with his expectations.
However, Tharindu is quick to acknowledge that his first two years in the trading arena were far from smooth sailing. Like many traders, he grappled with common pitfalls, including overtrading, excessive risk-taking, and neglecting the importance of journaling his trades. To overcome these hurdles, he offers some valuable advice:
Develop a Comprehensive Trading Plan: Tharindu underscores the significance of crafting a thorough trading plan that encompasses goals, risk tolerance, entry and exit criteria, and position sizing rules. More importantly, sticking to this plan is the key to maintaining discipline.
Limit Risk: He suggests capping the capital risked on each trade at a reasonable percentage of the total trading capital, typically ranging from 0.25% to 0.5%. This prudent practice acts as a safeguard against substantial losses.
Combat Overtrading: In the face of overtrading tendencies, consider reducing your position size. Smaller positions inherently limit the impact of each trade on your account balance.
Set Trading Hours: Establish specific trading hours and, most importantly, adhere to them. Avoid trading during periods of low market liquidity or when emotions might unduly influence your trading decisions.
In addition to these practical trading tips, Tharindu places a special emphasis on meditation as a tool for self-awareness. This practice enables traders to identify and address biases that can negatively impact their decisions, such as overconfidence or fear.
Tharindu’s next mission is to achieve a 10% profit increase, with the goal of scaling his High-stakes trading account to an impressive $70,000. This journey stands as a testament to his unwavering dedication and consistent performance.
The 5%ers, with their unique career-enhancing programs and hyper-growth plans, are helping traders like Tharindu reach new heights in their trading endeavors. Their commitment to fostering financial freedom, regardless of one’s background, is a beacon of opportunity for all. With the potential to manage account sizes of up to $4,000,000, The 5%ers are paving the way for traders to achieve substantial profits and secure their financial futures.