Honorary Member Q&A: daydreamer65


###1. Tell us little bit about yourself. Where are you from? What are your hobbies?

Okay Ananais finally caught me on a good day so here goes. I am from the UK. My hobbies are mainly sports oriented, Rugby (playing. refereeing & coaching) Football, Kayaking, Surfing, Squash, the list goes on… cooking, holidays abroad.

###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 to learn Forex in 2006. At the time I was clicking PTR mails, surfing traffic exchanges, filling out surveys & HYIP in the evenings while my day job was in Research. One of the forums I was a member of was advertising a way into Forex through Marketiva ($5 free) I didn’t like it, I placed one trade. Then I found Oanda with their free demo account & resources. I was trading a method which I bought for $20 on the internet, mainly trend following.

Then while surfing in 2007, when I was very close to quitting, I found Babypips which for a newbie was the biggest break I had to that point, I went through the school in one week, then picked my way through it again. I started to try the Cowabunga system from the school & the “Holy Grails” thread. It was then I found PA & Tess & the Technical Templates Thread was born, I just followed along soaking up all the knowledge I could get, IB, S/R, Supply & demand, and fibs. I then added a basic knowledge of fundies.

I also started to use MT4 through Northern Finance (now FxPro) I am an inveterate surfer so I have used a plethora of different websites, Stockcharts, Investopedia, Action Forex, to name just a few & other forums, however there is no place like Babypips.

I have read all the usual ebooks, Williams, Wyckoff, Douglas etc.

I have a system that works however I still like to research indicators, Stochs, MACD, RSI, Bollinger bands etc. In fact I have only recently acquired an understanding of Ichimoku. Also last night while surfing I came across Volume analysis and Market Profile the jury is still out.

###3. How do people around you usually react when you say that you’re into currency trading?

Usually they don’t understand so I say similar to Stock Market trading but with currencies, they then usually zone out and change the subject.

###4. What were your first strategies in forex trading? How are they different from your strategies today?

As I stated above it was a trend following system and really I don’t think I understood the basis of a trend. Basically decide on the direction for the day and place a trade win or lose. I lost more than I won. I then tried adding pivot lines and trading off the R1/S1, below PP open, S1 and vice versa. It improved but not greatly.

Now the difference is immense the reason being the knowledge I have gained over time, higher highs, higher lows etc., time of day, fundamentals, candlestick patterns, set-ups, psychology of money management, ability to take a loss, patience et al.

###5. Describe your current daily or weekly trading routine. What do you do before you trade?

Sunday night take a stroll through last week’s trades, then the charts, Forex calendar for the week ahead, decide on some levels, make notes of charts of near term interest.

I don’t place a trade until after US open on Monday if at all; just reacquaint myself with the levels. Tuesday through Thursday up for 7am and London open until 5pm, Friday depends upon how the week has been, NFP, etc. & finished normally by 2pm.

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

I placed a sell order in 2006 on Cable, fell in love with and married it all the way up to $2.0000 when I closed it out for a loss 5 months later. It taught me never to marry a trade.

###7. Can you give 3 trading habits that have helped you the most in your trading career?

Plan your trade and trade your plan.

Money management.

Neutrality when taking a trade, Set it and forget it until the end, win or lose.

###8. If you could thank one person who contributed positively to your trading journey, who would you thank?

Tess. 301 Moved Permanently

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

I realize how lucky I am to be doing something that I really enjoy. Which I can do anywhere there is an internet connection, next to the pool in Tenerife, by the Grand Canal in Venice, on the beach in Woolacombe.

###10. What do you think is the biggest mistake that newbies out there are currently making? Do you have any advice for them?

“Lottery chasing” Risking too much money on each trade.

Learn to trade, find a system, with money management and gradually increase pip value. If you can’t leave the trade and go to sleep you are risking too much money.

###Bonus: Who is your favorite fictional character of all time?

Sherlock Holmes

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Why is thread inaccessible?

It works fine for me

yup, it is working fine now…

Was the link giving out an error? @alphahavoc Good to hear it’s working now!

yup, initially. i wonder if it was my internet connection. it is ok now

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