1. Tell us little bit about yourself. Where are you from? What are your hobbies?
I am from the U.S. and my hobbies mainly revolve around physical activity… My house is at the base of a small mountain covered with trails that I will run and hike multiple times a weeks. Swimming and cycling also are part of my weekly routine. Being somewhat of a nerd with an engineering background I will occasionally feel the urge to take on some sort of project similar to what you would see on myth busters… My last one ended with a fiery explosion (containable with a small fire extinguisher) in my garage as I was experimenting with sugar fueled rocket engines.
2.When/why did you start trading forex? What resources did you use to learn how to trade (websites, books, apps, mentors, etc.)?
Started trading forex years ago… Main reasons were to find a challenge, gain financial independence from my career, and succeed at something that has such a large failure rate. My learning resources for trading were/are free online material. You can find everything you need to be a successful trader online for FREE. I firmly believe paying for courses and learning material is a waste. “how to trade forex” was type into google, and from there I jumped from site to site to site to site… Filtering through garbage and retaining the useful information is a skill that is developed through this process and will be honed for the rest of your trading career.
3. What do your friends and family think about you trading currencies?
I have a circle of friends who are traders themselves… and then I have a circle of friends whom are not traders. The ones that are not traders know that I “trade foreign currencies” but they do not really know what that entails… I usually give vague descriptions when asked about it and change the topic to something else. Nothing is more of a buzz kill then someone trying to explain what forex trading is at a party lol…
4. What were your first strategies in forex trading? How are they different from your strategies today?
My first strategies when I began trading were rigid mechanical systems relying on indicators and or certain price action patterns… after a year and a half of chasing after these types of systems with no success I began searching for what CAUSES the market to move… Gradually leading me to fundamental analysis. Today I am a purely discretionary trader basing 70% of my trades solely off of market fundamentals.
5. Describe your current daily or weekly trading routine. What do you do before you trade?
My daily routine is to read through various news feeds that I have, to sift through central bank statements and reports, read investment bank forecasts and reports, skim over the economic calendar for the day and week, and then do a brief scan of the charts.
6. What are some of your most unforgettable trades and trading moments?
The only unforgettable moment in my trading has to be the first trade I ever made with live money… The adrenaline rush and pounding heart as you click the trade execution button for the first time and sit there watching the trade for 15 minutes before closing it with a few bucks profit will never be forgotten.
7. Did you ever have trouble using common chart indicators? Which do you think were easiest to use and which ones did you need help with?
I never had a problem with indicators… Investopedia.com explains just about every chart indicator there is, good resource. I never use indicators any more, the only one that I found any value in when I was using indicators was the 100 and 200 period simple moving average.
8.What do you think is the biggest mistake that newbies out there are currently making?
The biggest mistake is to rush into trading with a live account and then over leveraging a small account. Over leveraging is the single biggest reason for blown accounts in my opinion.
9. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?
I have a collection of pictures of a specific sports car I plan on buying in the future… That usually does the trick. When I am mentally in a slump I usually close the computer and go outside and do something active. A healthy body is a healthy mind.
10. Do you have any advice for trading newbies out there?
My advice would be to think long term… If you are not willing to put in a good solid 2 years into this without any meaningful profits, then this business is not for you. You have to be an independent learner to have a shot at this as self-learning is the name of the game.