How hard is it to transition from stocks to forex trading? Well, our guy's experience might give you an idea!
Although he might be new to forex trading, SufShiken has had his fair share of experience with other financial markets. It’s his background as an ex-banker, businessman, and stock trader, that led him to the path of fx trading.
As a newbie, SufShiken is packed with the passion and eagerness to continuously learn and share his trading journey with the BabyPips community. In fact, right after finishing BabyPips.com’s School of Pipsology, he openly shared his trading progress on the thread he simply called, “SufShiken Trading Progress.” He also caught the attention of a good number of members when he asked, “Have I proved wrong the Rule of 90/90/90 or not?”
Apart from this, he also makes it a point to help other beginners find their trading edge through sharing useful forex tips and tools.
A few of his helpful and informative topics include: “FxTools- Session-wise Currencies rating (Cumulative Change Heatmap)” and “COT Report Graphical Presentation.”
Get ready to know more about his story of hardwork and determination!
1. Tell us something about yourself. Where are you from? What are your hobbies and interests?
I am an ex-Banker. I have worked in Treasury Operations (Equity, Money Market and Forex Sections) as well as Credit / Risk Management Division of one of the largest bank of my country. I live in Karachi, Pakistan.
I like playing Chess and Snooker. I am a Martial Artist as well. I also like to learn new things and am a computer savvy too.
2. How were you introduced to forex trading? What about it got you hooked?
I learned it during my Foreign Exchange Training Course in the Institute of my Bank. Later-on, I enhanced my knowledge while interacting with the Treasury staff when I was posted in the Treasury Division.
3. What are your current learning methods and how much time do you devote to learning/ actively trading?
Actually, I have been trading Stock Market from the year 2005 to 2010. So, I have read a lot of books and materials on Fundamental and Technical Analysis of Stock market. Later-on, I have also updated my knowledge on Forex trading and traded on various Demo accounts too.
I joined Babypips.com on 23rd December, 2017 to recall / revive my past knowledge. So, I devoted most of my time of the day to read 11 courses of School of Pipsology and completed all of them within a short period of times. Then, I started trading on Demo Account from 7th January, 2018 after completion of School of Pipsology. Since then, I’ve been trying to experiment with what I have learned in the School of Pipsology, as well as from other sources till the end of July, 2018.
Previously, I was using EMAs Crossover system (10, 30 and 200 EMAs), along with Stochastic and DMI indicators. But, after reading Pipsology course, I was introduced to Ichimoku Cloud indicator; which really inspired me.
So, I searched the web to gather the information about the said indicator from the relevant sources. Then, I tried to understand the mechanics of the said indicator and first decided to test it on its Default setting. Later-on, I tried to experimenting on it and have changed its default settings. Now I am using Ichimoku Cloud with few modified settings. Although Ichimoku is called a complete trading system on its own, yet I tried to use RSI and ADX with different settings, as a Confluence, with the Ichimoku cloud.
In the beginning, I was actively involved in the forex trading either on my Laptop at Home or at Smartphone in my Office. But these days, I have set various alarms / reminders on my Cell phone to check the market on different times during the day.
So nowadays, I begin my daily analysis before the start of London Session and take notes of my analysis. If I reach to any conclusion then I prefer to place the Limit Order.
Otherwise, I keep checking the market, as per my set reminders, whether any buying / selling opportunity is available (in line with my analysis) during the London and NY Session or not.
My current learning method is that whenever I find an informative post on the web, I save it to the Pocket (An App) and read it later when I have free time or am not involve in trading.
4. What is the trading strategy you’re currently implementing? Is there any particular trading system on the BabyPips forums that you want to try out for yourself?
Basically, I like to Swing trade in Trending Market. However, sometimes, I also avail the opportunity in Counter trending market either as Day trading or on Short term basis.
No I don’t want to try out any particular trading system of Babypips forum. I like to trade with my own trading system to which I could understand and feel comfortable with it.
5. We all know that learning forex isn’t a walk in the park. There are surely dips and challenging times, especially for beginners like you. What keeps you going? What motivates you to continue learning?
Yes, you are absolutely right. Learning and trading forex is really not an easy job for everyone including myself. But my passion keeps me going as well as motivating me. I have set a goal to become a Pro Trader by the end of year 2018 and I am wholeheartedly trying to accomplish my goal. Let’s see when I achieve my target.
6. Could you share with us one of the proudest moments of your trading journey?
I consider the proudest moment of my trading journey was when I decided to start trading Stocks during the year 2005. At that time, I faced so many hurdles before starting to trade stocks; but none of them could stop me from my mission / task.
Actually, there was no Platform / Software available to analyze the technical aspect of the stock market either locally or internationally at that time. So, I worked hard to study and gather the formulas of various indicators from the Web.
Then, I developed an Excel-based System to monitor technical analysis of stock market as per my requirement. I also added various sheets to monitor different stocks in my System too. I had to update my system manually on daily basis. Therefore, I had to collect the daily Closing data from the website of the relevant Stock Market in csv format and to input them into my Excel sheet manually for which I used some Macros in the said system.
But this hectic work helped me a lot in learning and understanding the basis of technical analysis. At that time, the stock market was at its boom. So in the beginning, I booked few losses. However, after few months of practice, I was able to generate profit with my investment because the market was so bullish during that period.
7. How did you discover BabyPips.com? What was your first impression of the site and the community?
I discovered the name of Babypips.com when I visited the GBP/USD forum at Investing.com.
My first impression about the site was good. You have put all the required materials in your School of Pipsology in the relevant order (from basic foundation to intermediary or advanced level).
Most of the Community members are very helpful. But few of the Members are like Troller. They always try to leg pulling or put negative criticism on the posts of others. However, they can be ignored. Everyone welcome the positive criticism but not the negative one.
8. Whose forum posts do you particularly enjoy whenever you read through the forums?
I really enjoy the posts of Dr. Pipslow and PipDiddy Weekly review.
9. What is your message to other beginners who are currently just getting to know more about the forex market?
I am not an expert to give advice to anyone. However, I know that to become a successful person in any field of life, one has to do a lot of Hard-work with Dedication, Devotion, Patience and not the least Never Give-Up approach.
So, in my opinion, we (the beginners) should remember that there is no Shortcut in any field of life. So, we should not search for an easy way of trading. Rather, the beginners should emphasis to learn the basics of forex trading by heart. Because we all know that if the base / foundation of a building are strong, then there are less chances of its collapse.
10. What are your thoughts on cryptocurrencies?
I don’t trade in crypto as it is a Virtual currency. But as the technology is growing very fast, perhaps, crypto currencies might be allowed to trade officially in near future all over the world.
11. Just for fun, here’s a silly, non-forex trading related question. If you were on death row, what would your last meal be?
But mine is not a funny or a silly answer. You may consider it my WISH.
“I would prefer to eat Ajwah Dates and to drink Abe Zam Zam (both belong to Makkah, Saudi Arabia), if I were on death row.”