3 Forum Celebrities and Their Views on Full-Time Trading

[B]PipNRoll[/B]

1. Tell us little bit about yourself. Where are you from? What do you do full-time? What are your hobbies?

I was born and raised in a tropical island called Philippines. My family and I came to the US year 2000. My family from my mother side have already been living in the US since the 1970’s so basically I was the late comer to migrate.

Coming from a big family is really interesting. I have learned so much from them especially from the elders. Life survival and their struggles while growing up and how they find ways to make it through. That is why I guess, I am really interested in helping other people who are in the same situation in real life, at least by giving my 2 cents, because I have seen so many of those and I have experienced some of it myself.

People are struggling financially everywhere I look, no matter how old they are or if they are single or married…that is probably why I am very passionate to learn about personal finances, how money works, investments and such because no one can teach me except myself. It is very unfortunate but I know there is always a way, it is not always easy, as long as you find the solutions and focus on it.

I love to read books. Though, you won’t see any novels on my Kindle. My books are all about personal growth, personal finances, investments, trading stuff, etc. There is one that I like that I keep and I am sure some ladies have them but I won’t tell you what it is. I will give you a hint: It’s a “self-improvement”.

The last time I’ve read a novel was back in year 2000 because those are the only ones available for me to read and what my cousins were reading at that time. Since English is my second language, even though I already know a little bit of how to speak English when I came in US, I’m learning more how to speak and read better in English by reading those soo boring novels.

Hobbies: Travel (does it count?), Dancing: I used to do HipHop but I think I am getting old for that so I am switching to Ballroom Dances, Latin Dances (salsa, meringue, samba, etc.). I used to play the guitar back home but I totally forgot everything; …oh and Karaoke? Love music so much. I have so many in my wish list that I want to do like improving my cooking, baking, etc. I just don’t have the time specially the demand of my work and other responsibilities plus trading.

2. When/why did you start trading forex? What resources did you use to learn how to trade (websites, books, apps, mentors, etc.)?

The world of finance always fascinates me. My first exposure in the market is “Stock Options.” I’ve read about it and searched it in websites. I don’t really quite get how it works but I remember 4 years ago, I bought an Apple stock options in Demo (I couldn’t recall if it is a put or call) and I made about $1500 in just 2 days… I lost interest in it then I stopped because I didn’t really know what I was doing…then I took a break and focused more on my regular job.

I’ve read about Forex in some website and thought why not try it. So I bought some books on how to trade Forex and did some search again on websites. My broker actually referred me to Babypips.com so this is where I found your fabulous website. Right away I start the BP School.

Lurking in forums and see what other people are doing. …Then found some Youtube videos and watched those. So basically everything is self-taught… no mentors and no paid for courses and or classes in forex trading but I attended some conferences/seminars in other investments and personal growth/finances. Granted I am only been active trading for less than 2 years (will be 2 years this coming October) so I have a long ways to go and I would love to attend those seminars/conferences when I see it fit and probably help me to learn new things… but for now I will focus on what I have.

3. What do your friends and family think about you trading currencies?

My family is very supportive. They know that this is what I like to do. They sometimes ask me how I am doing and that sparks some interest sometimes. However, they (my cousins especially) are all also successful in their own careers and some are doing really well with their business/entrepreneurship so their focus is not to learn it but focus more on how they can grow in their fields which is fine with me, so I will be the only one trader in the family. I like being the ONLY one lol. I am sure they want to see me succeed with this too and they know when I decide and do something, I can do it and do it well. I guess my family trusts me.

4. Describe your trading methods and how they differ from when you first started trading.

When I started trading, I didn’t have any method at all…I was all over the place to the point where I pulled all the indicators (well maybe 3) on my colorful red/pink chart.

I didn’t even know where to start to draw my S/R level so it was all over the place too. I think that made me more confused and I didn’t have a better understanding where this price was going and what drove it.

Now, I can say that my methods are Technical and Fundamental analysis. I keep my trading method as simple as possible. My main technical tools are Support and Resistance, Stochastic, Pinbar, Fib sometimes. I also look for chart patterns too from time to time. I disregard a lot of the things that I’ve learned and watched (from technical stand point) because I feel like I don’t need it.

One of our members here in BP taught me how to do fundamental analysis and explained to me that fundamental is what drives the market price and where to look for this information in which everything you can find by just Google search.

He was generous enough to show me “how to” apply it so I owe that to him. Though, there are so many readings to do in fundamental like upcoming events, rates/policy changes, etc. but I don’t mind. I like it. I can now see that I have more edge to become profitable then when I first started where I only focus on my “cute little chart” as he puts it. So I am improving quite a bit even though I know I have a lot more to learn.

Psychology in trading is also as important as technical and fundamental. No matter how good your set-up is, no matter if you spot a good entry or exit. If your state of mind is cloudy, confused, or lack of confidence, you will experience difficulties applying it.

One of the reasons why some folks are afraid of taking that trade even if it is already in front of them or even exit out on a winning trade or cut the losing trade short. You will feel fear, greed, pressure, and sometimes disappointment in any given moment while you are in a trade. So it is important to check your psychological level at all times.

5. Do you trade full time? If you do, what made you decide to focus all your efforts to trading? If you don’t, what do you think is necessary to reach that full-time status?

I worked full-time so I am only trading part-time for now. To reach a full-time status, I think of course I have to have a large amount of capital and that I am consistently profitable. I would need at least $50,000 every month to live (well hello Shopping, SPA, Travel?!?!) lol I am kidding!.I don’t need that much.I like what I do in my regular job and the company that I’ve worked for 12 years.

Love the people I work with… love the company and no matter how I try to leave the company (because I just feel like it) they always find ways to keep me. They just couldn’t live without me I guess lol. Though, I am actually looking to be a full-time trader 5 years down the road then I can have more free time and travel more to see my family from other states in the US and other countries and maybe do some teaching… we’ll see. I haven’t made my “blue print” or plan for the next 5 years yet. Hmm maybe I should do it soon.

6. Describe your current daily or weekly trading routine. What do you do before, during, and after a trade?

I like doing my analysis technical/fundamental during the weekend. So I know what would I expect for that week (upcoming news events, policy changes, key speech/statements, etc.) then I will look at my chart where the previous high/low and key Support and Resistance level on my monthly, weekly, daily, and 4h chart for my research/studies.

I am an intraday trader so I like to trade during New York Session and sometimes Asian Session to monitor the Aussie and Kiwi. I wake up early and I start early at work.

I am very fortunate that my work has flexible hours and I sometimes can work from home too. I am thankful that smartphones (my lovely pink cover iPhone) have an app for my MT4 so I can monitor it via phone and place my trade there.

Heck, I even take it with me while on my work meetings (shhh don’t tell my boss lol). I like multitasking. I guess it’s a new way/generation now how to trade…love it! I only place about 1 or 2 trades at the most on a day and it depends on how attractive that trade is but sometimes there are days I don’t trade and once I am done, I am done for that day… I am focusing more on winning trades. I am selective when it comes to what trades I should take and no matter how big or small of pip it is as long as it is a winning, I’m fine. I can hold on to a large winning pip/trade sometimes. but I like to build it slowly and steady so I won’t feel pressure.

7. What are some of your most unforgettable trades and trading moments?

I have so many… I have written a lot on my trading journal since I started (I can probably write a book with it if you asked me). I like to write in detail before but it will take up a lot of space about 1 or 2 pages long so I decided to just keep it “short and sweet “. I already shared some of it on a thread here in BP forum and here is one of them.

It was the EU summit event back in October 2011. I went long on EUR/USD since the deal was passed during the London Session. The price rallied up overnight during the Asian session to more than 150 plus pips and the uptrend continued on to New York Session…to keep it short, I made about 145 pips for that day.

What struck me was not the 145 pips that I got but the after event of what I did. After that successful trade, for the past few days/weeks/months… I over traded; over leveraged; and had over confidence to the point where I blew up my live trading account. Anything OVER you can think of, I did it.

I stopped trading for about 6 months. I kept my head up high and focused more on how I can do a little better. I read and re read so many books and watched other You Tube videos. I hardly post in BP forum…just lurking from time to time. Then, I slowly turned things around.

8. Name three traders who have inspired you to continue trading currencies. Why are they helpful?

a.) As other members here mention, I also like Ms. Kathy Lien. I have read her books and received her article/newsletter via email. I like her approach in terms of trading and she does use fundamental analysis. I just don’t know how she does it… I admire her intelligence and her outlook into Forex trading…

ohh not being biased here but I will do it anyway… because she is a woman lol. So who else will I look up too? Oprah? Well I do but you asked for traders and Ms. O is not a trader. it’s too bad…

b.) I will give credit when I feel like it deserves to be given credit. I am all about learning and I always respect those who are willing to share their strategies/ideas, as long as it is valid, especially something that I am interested in.

Mr. ILovePizzaMore is the only person in BP who actually taught me how to trade using fundamental analysis and who had shown me how it can be done (though, some of us know that he has been a member in BP long enough ).

Currently, he has an active thread in BP forum so check it out. I am glad that he showed everyone that there is ANOTHER way of trading not just using Technical tools. So I will credit my constant improvement and the speed of my learning curve to him.

c.) I will actually have a third person to give credit to but how it turned out makes me feel disappointed. I don’t think he deserves it now. Though, I did learn all of those technical tools in BP website, books and other YouTube videos.

9. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?

In order to be successful in any business that you choose, you have to “Live and Breathe” it. By that I mean, you study and do extensive research. Show dedication and passion. Don’t lose your focus to win on a trade. Accept losses as part of the trading game.

Everywhere you go, you should always have trading in mind, planning your strategy - not to the point where you are addicted to trading but enough to think about how you can always improve. I don’t count how many hours I spend staring/looking at charts. The amount of hours doesn’t matter to me but how I spend (productively) those valuable hours during the day. Trading as a whole is not easy… Nothing is easy and I don’t want it to be that easy because I cannot enjoy the fruition of all my hard work.

I have tried to do other businesses but they don’t really fit what I am envisioning myself to be doing in the future. Being a successful trader is what I think will define who I am in the business.These is a good enough motivation for me.

10. Do you have any advice for trading newbies out there?

I am sure a lot of traders already given valuable advice to a newbie but what I think is the most important is to “Know yourself well and Know your system well.”

Know yourself well – Often times, newbies dive into thinking how much money they can make in trading right away (fast) and focus only on that but they forget to know who they really are. What type of trader they are, their risk tolerance, and if their trading strategy fits his/her trading style and personality.

I think they need to focus on themselves. This will also help avoid getting scammed and being lied to. It will help him/her to decide what strategies they will choose because they know who they are and what they are capable of doing.

Know your system well – No matter what strategy you use, either technical and or fundamental analysis, focus on those things and test them yourself. If you see something that clicks, focus on improving on that before diving into another system.

Keep it simple. The more tools and information you use, the more you will get confused. You can add more later but not until you master what you already have. The Market is already complicated and complex as it is…don’t make it more complicated…that is how I look at it.

3 Likes

[B]Mr. Gone[/B]

1. Tell us little bit about yourself. Where are you from? What do you do full-time? What are your hobbies?

To start with, I am from Santa Cruz, Bolivia. My hobbies, well, kinda tricky on that one, I don’t watch TV and I read a lot. I also do some videos to load it up to YouTube. Also I play Airsoft (a sport very similar to Paintball for those who don’t know). Also I am a professional singer with no place to act but still looking for. The point is, if I am frustrated with one activity, I have more where I can still rely on as a form of relax. And finally I have a day job, I am an Electric Engineer and I work at the Electric Company.

2. When/why did you start trading forex? What resources did you use to learn how to trade (websites, books, apps, mentors, etc.)?

I started back in 2009. I cannot remember exactly what I was buying but some guy posted “Make money with currencies,” I bought the course and the rest is history. Lost 500 USD in a few weeks. Inside the course later on I’ve discovered a PDF version of Babypips, I’ve read it and started to do thing a little more properly.

3. What do your friends and family think about you trading currencies?

In consensus they all think it is a stupid thing, “You are going to lose all, only the people who own the info…” bla bla bla and some say “It cannot be that hard, it is just buy and wait…” Most of time I prefer to say “let’s change the topic”. Oh my favorite when people say “why don’t you get a real job?” I just wanna scream sometimes.

4. Describe your trading methods and how they differ from when you first started trading.

Well, how it differs from the beginning? Quite simple, today I risk no more than 1%, today I have more capital invested, today I am subscribed to an STP broker but they could not be honest about it, today I just made more effort taking fewer losses personally.

My method it is quite simple, when I am starting to think like an economist is when I must get out and take a vacation cuz I don’t believe in all that economic theory. I search the same data as most people do but I try to outsmart them, I put in the place of people looking at the same data as I do, the moment I start thinking “GDP is up so price will be up”, that is when the stars start falling out. Basically you might see data but I seek for imperfections and beg the herd is not taking notice of it yet.

5. Do you trade full time? If you do, what made you decide to focus all your efforts to trading? If you don’t, what do you think is necessary to reach that full-time status?

I am more a swing trader but I can spend weeks diggin in before a new trade idea comes out, for me the analysis is part of trading, not just the act of right click and buy.

What is necessary for it is more capital and more endurance, which at the moment I don’t have much of both.

6. Describe your current daily or weekly trading routine. What do you do before, during, and after a trade?

Besides my work, I have no routine, I work under the premise that someone is watching and I try to remain unpredictable, it is a premise but it can or cannot be true. I am not paranoid nor a conspiracy believer but still, being unpredictable seems to work.

7. What are some of your most unforgettable trades and trading moments?

Right the weeks when Thatcher died and North Korea tested nukes, the best trade so far. Also another good trade I had was when Lagarde said “UK economy will collapse”, and I went long on GBP, my second best trade so far.

8. Name three traders (he/she doesn’t have to be famous) who have inspired you to continue trading currencies. Why are they helpful?

Anton Kreil is the only one I can remember. Quite easy, he is the only one I kind of heard who does not look like a Trading Industry Salesman.

9. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?

Oh, that one, yeah, uuuuuhhhh, what motivates me is just the fact that there is a very and reduced chance to have success, if so I can say to everyone “In your Face”. So I call it the IYF motto.

10. Do you have any advice for trading newbies out there?

Don’t believe in anything that trading industry tells you to do, forget all economic theories it is all crap, forget what you have learned in school (except basic math), forget what mama told you, failing is the only way to prosper, forget about your winning rate if you have more than 40% (when 20% is hard), if you have that rating big, in that case you are doing something wrong.

1 Like

Medisoft

1. Tell us little bit about yourself. Where are you from? What do you do full-time? What are your hobbies?

I’m from Mexico City. I do not trade full time, because I have a day job. I love astronomy, like aquarium fish, love programming (I’m a web site programmer). I also love technology and robotics and finances. Because of that one of my hobbies is to make automated systems to analyze or trade the markets.

2. When/why did you start trading forex? What resources did you use to learn how to trade (websites, books, apps, mentors, etc.)?

I started about 2 years ago, because I already knew about stock markets and found that it is easier to make use of technical analysis on Forex.

What resources? MMh, I used lots of them! I started with books from “for dummies” series (candlestick for dummies, market timing for dummies, forex trading for dummies and others), some websites like Stockcharts, Candlesticker, and of course BabyPips forum and school.

I forgot to tell I also read the “Trade what you see” book for harmonic patterns, the Wikipedia for statistics and Fibonacci.

I don’t ask for mentors. From the beginning I thought that any person that is willing to teach to trade profitable is a scam or is very expensive. I simply cannot realize that a person could be teaching a very profitable way of trading for low money. Is like making public his edge and I don’t think that is possible.

I think that one can share part of their technique and let the remaining part to be discovered or developed by the trader, but not the full technique.

3. What do your friends and family think about you trading currencies?

My friends don’t understand very well. They think that it is too risky, but my family is OK with it. Only problem I have with my family was when I was trading on smaller time frames because that made me stay in front my computer until very late in the night. I don’t recommend anyone to trade that way!

4. Describe your trading methods and how they differ from when you first started trading.

Well, I think they were MACD, Stochastics, RSI and other oscillators crosses. Some candlestick analysis.

Today, I found that the oscillators are not very good for trading! They always give lagged signals, one cannot trust on them. Also, I started trading in lower time frames looking for smaller profits (in pips) risking too much, using full hedge all the time! Hhahahah, I remember that first “grid trading zero loss EA” I used in the beginning! That EA depleted two accounts!

Now I use price action with trend lines and support / resistance levels. No indicators, no helpers, no EAs, and only daily and weekly time frame. Someone calls this “naked charts”. I found it easier, more profitable and with very low stress!

5. Do you trade full time? If you do, what made you decide to focus all your efforts to trading? If you don’t, what do you think is necessary to reach that full-time status?

No, I trade half time, only 2 hours a day after market close (NY).

If for full-time you understand to live from forex, one need to be consistent and get about 3 times your monthly requirements for at least 6 months and have a bank account with other 6 months of money, enough to live without profits for that 6 months.

If for full time you understand to work 8 hours or more daily on trading, I think one needs to be analyzing market, designing new strategies and reviewing previous trades.

I personally think that the full time trader is a combination of previous two points, but also think that one can be full time trader doing trading only a couple hours daily.

6. What are some of your most unforgettable trades and trading moments?

Well, I start my trading at about 16:00 CST, that is about the time when my broker closes the daily candles.

Before trading I go out for dinner, and for a coffee (I like espresso, double sized one, Mexican beans from Chiapas, Colombian or from Cuba). While I’m drinking my coffee I open in one screen my MT4, and in other screen the Baby Pips forum where I post my daily analysis / log.

I then start then looking at charts.

I already marked all the support and resistance levels, and also draw trend lines and channels and Fibonacci retracements (in that order), so I don’t make too much changes to my charts at this point.

The only day that is different is Friday. Because the market is closed, I give me a break and sometimes make my analysis on Saturday.

7. What are some of your most unforgettable trades and trading moments?

My “AHA!” moment. When I started trading 3 ducks system I got that feeling, that I can see behind the charts! That was an inspiring moment!

Other very memorable event was when I started making my daily log. It is very useful! I had read that the good traders usually make that log, but I never understood that before.

8. Name three traders (he/she doesn’t have to be famous) who have inspired you to continue trading currencies. Why are they helpful?

Mmh, that is a difficult question. I think one is TMoneyBags that teaches harmonic trading, other is Captain Currency from 3 ducks system and third is a friend of mine called Juan C, that trades intraday price action.

TMoneyBags helped me to understand better how the market moves, how to use Fibonacci and other tools and I started looking bigger time frames when I started harmonic trading.

Captain Currency definitely is who gave me the inspiration of trading bigger time frames, and I started being profitable after reading all the thread and his e-book.

Juan helped me to understand better price action and convinced me to give it a try.

I should mention also Cyco, that showed me that trading 28+ pairs on daily view is definitely a way to hedge your losers. Of course MasterGunner99 helped me in the view of letting your winners run and cut your losers fast. I know they are 5 people, but I learnt a piece of information from every one.

9. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?

The stats. I know that after a bad moment it is a good one that can erase all the losses.

I also want to be like the MIB. To be above the system. Sometimes I think there is a conspiracy of governments to make the middle class poorer everyday, and I want to avoid that trading, “surfing” the “waves” they create when the move. That is also one of the things that make me like the Bitcoin.

10. Do you have any advice for trading newbies out there?

Yes! Do not trade “miracle” systems! Do not trust on EAs provided by anyone! Just use common sense! If someone offers “never lose again” EA for only 200 bucks, it is a big red light! Why in the world one is going to give a money making machine for 200 bucks? Maybe for 200,000,000, but not for 200!

Also, look for higher time frames! You can practice on any time frame, just to know how the market moves at any time in the day, but when you are going to go live, please, use 4h or above TF.

Be patient! After all, forex trading is a way to get money. Is like a job. If you make poorly thought actions in a job, you are going to be fired. The same in FX. Just do some impatience trades and your account is going to suffer!

Higher time frames allow you to make a good analysis, look many more pairs (not only majors with dollar, but all the majors crosses and maybe some minors or exotics), be more “in the zone” and make better decisions. Also allows you to leave your trades a couple days without looking at them (like happened to me last week when my kid was in hospital) without a problem.

Ah! I think I have another advice! Use stops… but not too tight! Use BIG stops, with RIGHT money management. With the desire of not lose to much, sometimes we use small stops. That will end you with more losers.

1 Like

This month we’re celebrating Independence Day by talking about the ultimate freedom for traders - full-time trading!

We handpicked three of your favorite forum members, Medisoft, Mr. Gone, and PipNRoll to share their opinion on what it takes to become successful full-time traders.

They also shared priceless gems like their trading routine and forex newbie advices, so make sure you read through all the interviews!

These forum ninjas are no strangers to helping other traders, so don’t be shy and give them shoutouts, too!

1 Like

This thread is very empowering. Now I feel so much better and inspired in learning more about forex trading. I know someday, I’ll earn more from it too and eventually become a full-time forex trader.

:slight_smile: Everyone can make their own stories of successes and failures. The question you should ask yourself is how bad you want it?

Good-luck!

I agree with you too… We do have our own life stories either sad or happy moments. however, we must have not said our stories to any other people easily.


thanks,
Steven…

I agree…If you want to conquer the Forex Market, it takes dedication, study and technique development trial and error. Most of all confidence. The “I can do this” attitude. My first trade I lost. I recently took profit on 12 trades right in a row in a tight range. One of my best trades took 241 pips of profit.

It depends if you want or trying to write a book about your successes and how you overcome failures but yes, it is up to you…

I also believe in confidence about yourself that you can do it. Confidence can be build in time base on what we have experiences loses/winnings. Once we have more winnings than losing to the point were losing doesn’t bother you that much because you know you will get it back and then some… That’s confidence…

That is a great hit. However, don’t let it get into your head to much. Enjoy it a couple of days and then forget about it, seek for a new trade, period. Always question yourself and always make each trade an unique experience. One piece of advice I can give you is to change the definition of trade for you. How? Well very easy, look at the next list:

  1. loss
  2. loss
  3. loss
  4. win
  5. loss
  6. win
  7. win
    etc

How many trades? How many operation? For me there are three trades there and the first trade has four operations. Can you follow it? Operetions 1 to 4 are part of the sme trade forme, 1 to 3 are the attempts to get the trade.

Why? QUite simple, you must accept loses as part of bussines but cannot be negative about it and you cannot take winners individually, so that way you’ll get use to chase the winners and not just each trade individually. One mus be counterintuitive here to make money, simple mindtricks, underestimated but quite powerful.

Regards.

All the famous celebrities are trading for part time and they like the forex trading business. I am a full time trader and few years down the lane i would like to achieve the total financial freedom.

I am glad to hear that you are trading full time. One of my goals too down the road. Currently, I like what I do on my fulltime job but there is nothing wrong to switch career later on. It is also true that most are looking to achieve the financial freedom however profit from Forex is not the only way to achieved that. By reducing debt or do not have any sorts of debt such as mortgage, car loan, credit card, student loans, personal loans, etc, is consider a financially free as well… Imagine that you do not have any payments in the world, all your money that are earn from regular jobs or profits from trading are yours to keep.

[B]…“Money that you’ve earn is your tool to build wealth” [/B]

Great interview, PipNRoll! You are absolutely right about this… And it is true in other aspects of our lives, of course… Like going up to someone that you like and striking a conversation (and accepting that they may not want to, without feeling like you want to bury yourself and disappear from the world); like getting up on stage to play in front of an audience (and accepting that you may get a few notes wrong, without for that reason wanting to dive off stage and run away in tears)…

Thats right! Confidence is everything!

Though Confidence and Arrogance are 2 different things…hope more on the first than the last…

Arrogance is definitely unattractive…

Confidence, on the other hand, is very sexy…

Great post, PipNRoll, you continue to bless us with your insight… Thank you x I am taking notes!

Great reviews, I always admire what you did… Now I am learning so much to do a good trade

Very good read, enjoyed it and picked up some nice advice for myself :slight_smile: