1.Tell us something about yourself. Where are you from? What are your hobbies?
I am 33 years old, I live in South-East England. I don’t really have any hobbies but in my spare time I like reading books, watching films and of course trading Forex.
2. How long have you been trading and how did you get into forex trading?
I have been trading for six months now but have been demoing and looking at forex for about two years. I first got into it by coming across an FXCM webpage, so I tried the demo. I didn’t really have any idea what to do, so I looked at the daily low and high and bought when prices were low. I made £180 after one day’s trading so that gave me encouragement into looking into this trading business in a bit more depth.
3. What’s your most memorable trading experience?
Considering I haven’t been trading for very long I don’t have many memorable experiences so far but I must say when i sold-short the EUR/USD with a lot of leverage during the non-farm payrolls (a very risky trade) and gained 55 pips in five minutes that was a very pleasing trade considering in my day job it would have taken me a week to earn what I just did in five minutes of trading it felt great.
4. What were your first strategies in forex trading? How are they different from your strategies today?
Like I mentioned earlier my first strategy was to look at the daily low and high and then buy low and sell high, that has changed into what you may call Guerilla trading which is very fast trades in and out of the market, I trade on a 1min chart using a couple of indicators.
Very quick trades leave you with a lot less exposure to the market, I probably make more trades a day than a lot of people, in six months of trading I have made over two thousand trades. The drawback of my style is I need to be right quite often which fortunately for me I am.
5. What were your biggest trading challenges and how did you deal with them?
Well it’s something quite prominent in all our minds right now and that is the black swan event on Thursday 15th Jan, when your broker goes bust you have to play the waiting game.
6. Describe your current daily or weekly trading routine. What do you do before and after you trade?
I like to check a few different websites to gain an understanding of what the central bankers are saying, I check an economic calendar to see what events are happening that day, I then turn on my charts look at the daily and then go onto my mainstay one-minute chart to get ready to pull that trigger.
7. Forex trading is not an easy business. What motivates you to continue trading when in a trading slump?
Past trades that have gone well motivate me, The unlimited potential of the forex market is extremely exciting, there is no better way of making money than when you are being successful with your trades.
8. What’s that one important thing you’ve learned from spending a lot of time on the forums?
To keep an open-mind, I think that is the reason a lot of people fail at currency trading is the fact that some people are just so set in their ways, On the forums you can listen to what other people are saying and maybe try out something new for yourself, you can swap stories about brokers or trades and get a feel for what other like minded people are experiencing.
###9. Do you have any advice for forex traders and investors who are thinking of starting currency trading?
I would say spend a couple of months on a demo account and then go live with a small amount of money so you can feel the difference between the two, then try not to put on too big of a position size in comparison with your balance (even tho it is tempting) and we all go too big for our accounts every now and again im sure.
Don’t marry a trade for too long, don’t overtrade, don’t put on a trade because you are bored, try to keep abreast of all the fundamentals, I think that is something quite hard for retail traders to do, I remember I had a short AUD/USD trade on and then all of a sudden it started to go against me and I didnt know why, later that day I found out it was because Jon Hilsenrath had put out a video about the FED, I had no idea who Jon Hilsenrath was until that day.
10. Non-trading question! What was the biggest non-trading-related risk that you’ve taken in your life?
I am actually not much of a risk-taker or gambler so this is a hard one to answer but I’ll have to say marriage is a risk lol ( my wife is going to hit me now). I’d like to say thanks to all the great staff at babypips and I hope this website has a long and prosperous future!!