1. How did you learn how to trade forex?
I like to read, I've read a lot of books about trading, technical trading tactics, technical analysis and even some from authors and important traders that we have here in the community.
2. How long have you been a part-time trader?
[I]I have been a trader since 1998. I started with shares and index but just 4 years ago, I switched to the forex market, a 24-hour open market with the idea of "no commissions".
I’m a part-time trader and proud of it. It doesn’t mean I treat my trading like a hobby but I like to do other things in life. I’m an engineer and I like being a "mobile trader" as my trades aren´t better with my eyes glued to monitors all day.[/I]
3. What can a part-time trader expect when juggling forex trading and work?
The best idea is if I can make more money per day from the forex market than from my job. Trading offers us a tremendous opportunity to learn about ourselves. We discover our fear or inability to initiate and our greed to break the rules of money management.
4. What do you think makes a successful part-time trader?
One concept that I personally find useful is to remember that I’m in the market for the long haul. Instead of profit or loss in a particular trade, my success as a trader should be measured by how well I adhere to my own rules and to my principles of price risk management and my edge.
5. What characteristics do you think should a part-time trader have?
I think discipline matters more than anything else. It´s really important to take your time and not be greedy!!! You must be disciplined enough to consistently execute trades irrespective of personal winning or losing streaks and have the open-mindedness to view things differently from the crowd.
6. What are your personal do's and don'ts as a part-time trader?
[I]• Don’t overtrade.
I focused on two components: the edge and money management. A good general rule of thumb is to limit a position exposure to somewhere between 1-5% of your money under management. Why? Because as a trader, my goal is to ensure that my account will be able to survive long enough to return to profitability after my worst drawdown!! LOL.
• Use risk capital.
Even if a trade doesn’t work out, isn’t it better to take risks and fail than to never to have taken any risks at all? After all, not every trade will be a winner.
• Have the right mental attitude.
A trader with the right mental attitude can achieve the goal.[/I]
7. What was the greatest obstacle that you had during your first few months of trading?
[I]I got a lot of them!!!
Bad planning because I thought every candle was mine to trade (I really had a problem) and overtrading where I risked more capital than I should have. What a terrible time!!!
But it’s quite different now. First I look for patterns in the daily or 4-hour time frames; I look for spikes and after that the consolidation. (Adam&Eve) I also use Wolfe Waves. You know these waves are based on Newtown’s first Law of Physics. For every action there is an opposite reaction. I even use Turtle Soup from time to time.
When I have one of my patterns, my next step is to setup the trade: stop loss, targets, entry point and position size.[/I]
8. If you were asked to give 3 tips to other part-time traders, what would they be?
[I]That’s a very BIG question. For me it’s really important to make your own decisions. You can listen to a lot of people, listen to a number of views but you never have to lose your conviction.
Discipline matters more than anything else. The Siren song of the markets can be alluring but I’ve learned to just walk away or not listen to it at all. I am only passing this way, that’s all.
Don’t be greedy. Don’t let a winner become a loser.
"Take every gain without showing remorse about missed profits because an eel may escape sooner than you think" Jose de La Vega 1688
9. What’s holding you back from trading forex full-time?
Oh, I´m very proud to be a part-time trader. For now my life is nice, I have a great balance and I’m really happy with it.
10. Here’s something non-forex related. What do people like to eat where you’re from? Is that also something you like eating?
[I]I’m from Spain. I live in Madrid and we have a lot of typical food. We have "tapas" just before lunch and we drink it with beer or wine and after the morning of "tapas" your wife can ask you, “Hey were you drinking?” You can just say, “No darling I was just eating.”
We also have Paella, the special rice from Valencia/Alicante, Gazpacho with fresh, ripe tomato flavor. Jamon and the two distinctive types of Spanish ham: Jamón Serrano and Jamón Ibérico. And Fabada which is a rich bean stew, originally from the north of Spain, Asturias.
If I say that Pepe Rodriguez Rey, one of the best chefs in Spain, is a friend of mine, then we could talk a lot about it.
Thank you very much to BabyPips.com for including me in this fantastic website. In my opinion, this is one of the best places to learn how to trade forex. You can find a lot of ideas to trade.
It was a pleasure to be here with you all, thank you very much.[/I]