We’re starting the month of August with an exciting feature!
Our current featured member has been a long time member of BabyPips. Since 2007, when he became a member, he has been very helpful in his interactions with other members of the community both new and old.
He has certainly gone a long way since he started out and he has continuously been sharing what he knows with others. He developed a system in 2007 that has been used by other members: The MACD Contrarian. A medium term position trading system for the EURUSD. Today, you can find him actively participating in the topic Trading the Trend with Strong Weak Analysis.
Without further ado, this is @tonymand!
1. Tell us a little bit about yourself. Where are you from? What are your hobbies?
I live in Perth, Western Australia. Have always been most interested in sport (watch rather than play). Particularly football, cricket and basketball.
2. How long have you been trading and what got you interested in forex?
Started trading during the bull market in shares in the early 2000s. I am mostly in long term investments now but enjoy the psychological challenge of the fx market.
3. Have you or are you trading other markets? What do you think are the pros and cons of forex as compared to other markets?
Don’t trade anything else these days. Most people should stay away from fx. At least with shares the long term rising nature of the market can cover a lot of errors. Long term in fx is a few days and most people do not have the discipline.
4. Throughout your stay here on BabyPips, what do you like best about the community?
I was fortunate to be mentored by Tess and her crew more than a decade ago. That gives me an affinity with the site. It is interesting to see a never ending stream of hopefuls make all the same mistakes repeatedly but there are some ‘old hands’ around who offer important advice and guidance.
5. Do you have a go-to quote, line, or story that you keep going back to when you’re trying to motivate yourself during difficult trading days? What would you say to other traders who are finding it challenging to get to a certain trading skill level they’re aiming for?
I walk away for awhile. I am lucky as I earn a very good income from my profession so trading has only ever been a hobby for me. Win or lose it is at pocket money level so never very stressful. I see aspiring traders using leverage which will kill them psychologically and financially. You are not going to turn $100 into a fortune. Once you have found a mentor, learnt an approach (not system) then stick with it.
6. You mentioned in 2007 that you developed a system called The MACD Contrarian. We know that a lot might have changed because it has been a long time but are you still using the same system? A lot of members would very much like a system that wouldn’t require them so much time trading, would you still recommend it to others?
No, I now trade longer timeframes. Almost never below the H4. I take note of trend (Dow theory, MA to assist if necessary) then interact at what I define to be key levels on the chart. I get home at about the London open, review the 28 pairs I am interested in and on average place a trade about once a week which often plays out overnight while I sleep. Hence, not much screentime for me.
7. You’ve been very active in the topic Trading The Trend with Strong Weak Analysis, what is it about the topic that has drawn you to it? Would you recommend it to newer traders?
I am still assessing it. There are many ways of looking at relative strength between currencies. They are of course all lagging indicators. I am not yet convinced it has added anything to my trading but there are some interesting characters on the thread and I enjoy the interaction.
8. Have you ever been interested in bitcoin and other cryptocurrencies?
I read about bitcoin in a QANTAS magazine about 10 years ago when it was valued at a few cents. Should have paid it more attention (same with Microsoft, Apple etc!)
9. Aside from forex, what have you been busy with lately?
I have restructured my business interests which has increased my income by 50%. There is more to life than trading so keeping things in perspective is really important.
10. If money weren’t an issue, what would your dream vacation be?
I would travel on Queen Mary 2 for a year. Will be on her for the second time in 2020, an absolute icon of the sea