How were you introduced to trading? By a Pozi scheme that was raging in UAE for 5+ years, I knew their returns were unreal so I wanted to learn to trade for myself. Also, another colleague of mine was trading during our layover so I started asking questions.
After how much time did you become a consistent trader? Only recently I’ve become consistent. I had the year 2019. with 45% of profit and max drawdown of 9%, but the year after that I was not profitable.
Do you have a specific trading plan? I read and analyze news every day. Fundamental and sentiment analysis is very important for me, as well as political and geopolitical events. After that, I apply technical analysis to pinpoint the trades.
Please describe your trading routine? Usually an hour before the London Session I go through the news from the Asian session or any other session that I missed, then I check the current sentiment, equity, commodity, and bond markets. After that, I look at the charts to see what the price action is telling me. Then I check the economic calendar for the important data. I read a few news letters from other analysts. If there are no clear trades in sights I turn the news squawk on and read some book or play Counter-Strike.
Do you have any risk management techniques? If so, please, elaborate? Mental risk management is important for me. As soon as I open the position I consider that trade as a loss immediately, that’s what I have to be prepared for. I imagine my account reduced by the size of that stop loss in USD. If I feel fine with that image in my head, if it’s not stressing me out, that means the position size is right. Realizing that risking 0.5% with 10 pips stop loss and 0.5% on a 40 pips stop loss position are completely different things, yielding completely different emotions.
What was your biggest challenge in trading, and how did you overcome it? Overconfidence and Fear of missing out. I made almost every trading mistake that exists multiple times, after that I became numb, and eventually I stopped making them. Reading the book ” Thinking Fast and Slow” helped me also.
What was the key moment of your trading career? Realizing that anything is possible in terms of the markets( like negative oil prices) and one profitable year doesn’t make you a trader.
What do you think are the most important characteristics for maintaining a stable trading career? Patience. Being able not to trade. Recognizing when the mind and the market are not clear.
Do you apply any mental/psychological routines while trading? Please elaborate. I try to ask myself how do I feel before entering the trade. is it fear of missing out, Am I calm and ready to lose this trade.
What was your strategy for successfully passing The 5%ers’ Evaluation Program? Not going into revenge mode after a losing trade. I used to anchor my mind around the highest account equity level I had, which caused anger whenever I was below that level.
Please share your recommendations for online resources that were/are significant in your trading development. https://financialsource.co/
Would you like to share anything else with us? Good Luck to everyone.
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