Interviews With Traders
Daren Reveals the Formula to His Psychological Side of Trading
January 6, 2022 | 4:38 pm | Interviews With Traders
January 6, 2022 | 4:38 pm
Interviews With Traders
We spoke with Daren about his trading plan, insights, and lessons gained while trading in the Forex market and our platform as a funded trader.
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- Tell us a little bit about you.
I am happily married with 3 children, 2 of which have grown up and flown the nest. My career spans 3 decades in the truck repair industry, rising to truck dealership depot manager now semi-retired and have chosen my hobby trading forex as a full-time job so I can work from home and spend more time with my daughter while she still lives at home.
- How long have you been trading?
As a hobby and learning 10 years, started trading in March this year so 9 months, today I am a full-time trader.
- Briefly describe your Trading Plan and how it contributes to your success.
My trading plan has evolved dramatically over the last 9 months and trades solely on the 1-hour chart using supply and demand to determine entry and exit points
- Share with us a challenge you faced in your trading career and how you overcame it?
I suppose the biggest challenge was looking for a pattern in the market and coming to the conclusion that the only pattern was that the market was completely random until I discovered supply and demand and, of course, Wyckoff, it was like a light bulb moment for me.
- How did you adjust risk management to your trading personality?
My risk management is controlled by a combination, stop loss, margin, and win-loss ratio. I am very relaxed and laid back and will increase or decrease my risk dependant on what my target is for that day, week, or month. I have always considered myself to be very flexible, so I like my trading to be the same. I avoid absolutes and any type of routine or habit so I can train myself to be able to trade within comfortable risk at any time and where ever I am.
- Describe a key moment in your trading career.
Definitely discovered Wyckoff’s theory which led me to the 5’s.
- How long it took for you to become a consistent trader, and what aspects did you change that helped you to become consistent?
I don’t consider myself a consistent trader. My win rate is 77 percent half of those will be just over break-even, so always room for improvement. I analyse all my wins and losses and work out how much better it could have been and try to work out how to do things better. I hope that never changes as the challenge is what draws me to FOREX
- What is your mental/psychological strength, and how did you develop it?
The way I did it was actually using a chart, I thought I need a measure of when I should trade and when I should not. So I plotted all the positive and negative events in my life that I could remember and gave each event a score between minus 10 and 10. this then gives me a bandwidth of what levels of mental and psychological emotions that I have experienced. From that, I look at what bandwidth I can trade without emotions affecting my judgment. If I am within that bandwidth I trade if not I don’t. I also have a weekly one which plots each day and how the day has affected me. I consider emotional awareness a key part of my trading.
- What was your strategy to successfully passing The5%ers’ First Level?
Supply and demand of key levels and trends.
- How is trading for the5ers different from trading by yourself?
There is no financial impact would be the main one also you are getting an income without affecting your capital.
- What would you recommend to someone who is just starting with us?
If you are an experienced and successful trader I would say there is no reason why you shouldn’t and given the rewards it’s really a no-brainer. If you were just starting out I would say make sure you have developed a working trade plan before you begin even if it takes years to develop. The 5ers have a fantastic range of free tutorials and a host of experts to guide you. I have to say that it is the best available learning material out there.
- Share online resources that were/are significant in your trading development. Name and links are appreciated.
Babypips School, the basics of trading explained in great detail would recommend for anyone starting out to do this first. Then obviously 5ers tutorials they will bring understanding to a whole new level.
- Would you like to share anything else with us?
There is so much advice out there as to what you should and should not do and it can be so confusing and is defiantly not possible to read or watch it all. If you are starting out in trading the No 1 for me is discipline, are you self-disciplined enough to educate yourself thoroughly and trade every day that is available sticking to the rules no matter what. And No 2 do you enjoy trading for me the weekend actually is an annoyance as gets in the way of my trading. I so look forward to Monday mornings now. If you have these 2 attributes it’s a good start.
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