1. Tell us something about yourself. Where are you from? What are your hobbies?
[I]G'day all. I'm Bob, 4th generation dairyman and I hail from the southwest of Western Australia. I'm 44 years old and foremost a family man. I'm married celebrating 18 years together with my beautiful wife and have two young kids.
I work full time and trade part time. I'm a mad keen golfer and love cricket. Age does catch up but lmao. So I can't quite hit as long as I could once and my fast bowling is more gentle medium these days. Don't mind cooking a feed. My specialty is sheep on a spit. And a bet on the dish-lickers never goes astray.[/I]
2. How long have you been trading and how did you get into forex trading?
I call myself a final (forth) year apprentice. Back in 2011 I was studying part time for a Bachelor of Business. One unit was macro-economics' and that's where I was introduced to the markets. From there a few clicks of the mouse and the rest is history.
3. What's your most memorable trading experience?
[I] Well, I'm still early into my journey. So the most memorable experience wasn't so much a trade as sitting down at the end of last quarter, going through the review process and realizing that "the plan" so many love to refer to was actually working and had produced a positive result.
Not the desired end result and three months doesn't make a lifetime. But it's a big step in my journey, to me it means my trading has gone from gambling to speculating. Recognizing the difference is key. Gambling is just taking a chance where-as in my view speculating is about accepting a predetermined calculated risk.[/I]
4. What were your first strategies in forex trading? How are they different from your strategies today?
[I]My first 2+ years I was all over the place. I focused heavily on technical analysis believing entry and exit points was the key. Of course MA's, Stoch's, MACD and RSI indicators filled up my charts, followed by Fibonacci levels, pivots, S/R and Harmonic patterns. Then I got into building EA's. Always testing always failing. Man I was so far off the mark.
So I was forward-testing another bot back in May/June when the price fell out of the EURUSD. Early on the price decided to bounce around the 1.36 level and that was the end of that bot. Luckily for me I had a eureka moment. What it came down to is that live forward-testing a bot is very very boring.
So to pass the time I was mucking around in a demo account with a PA scalping technique (I don't like calling it scalping but it appears the marketers have redefined it's meaning) and I thought what the hell am I doing. This bot is but an expert ADVISOR. I am the expect TRADER. It's time I start trading. And that's what I did.
Now I focus heavily on the process. After a few years of bot building I had learnt a thing or two. It didn't take long to have a strategic plan in place. Now all I need is the discipline to stick to the plan while looking into ways to refine it. Compounding is my key. A little bit every day. I run a very simple yet very specific strategy. One pair, one trade, each day and every day. Then practice. Practice, practice, practice. [/I]
5. What were your biggest trading challenges and how did you deal with them?
[I]Definitely accepting responsibility for my trading. Years I hid behind these bots blaming them for my losses. Part of my eureka moment was the realization that Bots' on demo accounts just don't cut the mustard. You don't have to take responsibility for your losses.
Believe me, when you trade with real money, the wife makes sure you take responsibility for your losses.[/I]
Describe your current daily or weekly trading routine. What do you do before and after you trade?
[I]The best thing I like about this particular methodology is it doesn't take a lot of side research. Focus in on one pair greatly reduces research time. Sunday I get my economic calendar out, see what's coming up, do the side research and try to "map" out when ideal times to trade. Surprisingly, I enjoy the most success during the Asian session. But that's a double edge sword because it's also when I work.
Then it's keep an eye on the price and wait. Between my desktop, table and phone a chart is always up. The actual act of trading takes very little time. And that's then the second thing I like, it leaves plenty of time to practice. More often than not I have taken my trade in the Asian session that leaves plenty of time to practice my technique. [/I]
7. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?
That's easy, they're called dad's little princess and her champion brother.
8. What’s that one important thing you’ve learned from spending a lot of time on the forums?
[I]Something I learnt this week. Don't get involved. It takes you away from the real task at hand and that's the business of speculating.
Somewhere here there will be a group of traders doing something similar to what you want to do. Introduce yourself, ask questions and take it from there. Leave the rest of the noise out of the equation. If you think you can help another share your experience and leave it at that. If the OP has a question he will ask back.[/I]
9. Do you have any advice for forex traders and investors who are thinking of starting currency trading?
I'll like to pass on something someone-else shared with me but there's so much and I'm not. I'm just going to say go for it. But once you start down that road it becomes a journey into self discovery and you have to accept the lessons you learn about yourself along the way. Most things you learn you won't like.
10. Non-trading question! What's the most beautiful place you've traveled to?
Got to be Tasmania, Australia. The place is amazing. Storm torn coast line. Mountains. Great lakes. Beaches. Rain Forest. Snow. Rivers. Produce. All amazing. One day it will be called home.