Wirendrenath shares insights into his distinctive trading strategy centered around day trading.
Wirendrenath shares insights into his distinctive trading strategy centered around day trading.
Here are the Highlights of the article “FundedNext Interview with Wirendrenath- $4,231 Profit?”:
Meet Wirendrenath Matabadai, a part-time forex prop trader from Suriname who stands on the brink of transforming his trading journey into a full-time career. In this exclusive interview with FundedNext, Wirendrenath shares insights into his distinctive trading strategy, centered around day trading key indices like NDX100 and US30.
Wirendrenath defies conventional trading wisdom by not relying on typical metrics such as resistance levels or swing highs. Despite this unconventional approach, he has consistently maintained an impressive win rate of 50-51% and an average Risk-Reward Ratio (RRR) of 1:1.6.
Wirendrenath begins his trading journey by examining the daily chart. He looks for patterns and trends that shape his trading bias. For instance, if he observes a series of consecutive bearish candles followed by a doji candle, he leans towards a bearish bias. If this thesis doesn’t materialize as expected, he remains flexible and quickly adapts to the changing market conditions.
Recognizing that strength begets strength, Wirendrenath assesses the overall market strength. When he observes consecutive bearish candles followed by bullish ones, it strengthens his bullish bias. This adaptive approach allows him to pivot swiftly as market conditions evolve.
With his trading bias defined, Wirendrenath moves to lower timeframes, such as the one-hour or 30-minute charts, to execute his trades. He doesn’t waste time once a candle closes; if it aligns with his bias, he enters the trade immediately.
Wirendrenath employs a fixed stop-loss strategy to mitigate risks, typically 50 points for Dow trading. He pairs this with a target profit of 100 points, ensuring a favorable Risk-Reward Ratio (RRR) of 1:1.6. This disciplined approach safeguards his capital while providing ample room for profit.
Wirendrenath’s journey into proprietary trading firms was influenced by its rising popularity on social media platforms. He values the opportunity they offer for traders to focus on refining their skills without worrying about securing large trading capital.
Here is the full interview:
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