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