@FxScotty is an Entrepreneur, the contributing author for Jindao Tai who Award-Winning Forex Coach & Trainer, International Speaker and Multi-Million Dollar Trader. Starting out his career was as an economic & financial consultant in Australia, one day he decided to change his life and pivoted into multiple entrepreneurship endeavours and eventually into managing a multi-million dollar portfolio.
In addition, he is currently participating in imTrader Trading Contest S9 and has been in our community for more than one year. We are delighted that he participated in this interview and shared his experience with you in the FOLLOWME community.
1. What kind of trader are you?
Answer: I’m a busy trader on the charts scanning the major pairs frequently during the day, and will typically hold a trade for a few hours at maximum.
2. Are you a systematic trader?
Answer: I do approach trading from a systematic sense and will enter all the trades I take, I do have projects going on currently to help put mechanical methods in place although this still requires some more work to have it completely operational.
3. Do you think there is a perfect trading system?
Answer: I’ve tried but failed to find the Holy Grail of systems and can say that they simply don’t exist and that a lot of retail traders waste a lot of time chasing the perfect trading system.
4. When you are executing a trade, is it a process of mechanical or subjectivity?
Answer: Over the years of my trading it has taken on a blend of both mechanical and subjective, this is because markets tend to always be changing and it requires a high degree of flexibility when participating in the Forex markets on a daily basis. It’s easy to get stuck in a trade with a system that has a set of rigid rules and allowing some level of adaptability can lead to holding trades for too long I’ve found or missing out on entering trades.
5. What do you think should be cared about as the transition from demo account to live account?
Answer: Being able to have a system you can explain to a non-trader and they can understand it is a good start, then have at least three months of demo trading before going live which has consistent results showing that your system is profitable. Also, consider backtesting your system using software such as Forex Tester which can efficiently go through years of data to determine the statistics of whether the trading system is in fact profitable.
6. What do you think is the difference between you and the other traders who have tried but failed?
Answer: I honestly think there’s not much difference except the hours put into learning for most beginner traders they simply rush in and lose money quickly then give up. The longer you are in the trading game whilst learning to become better is good with a high amount of respect on risk management, consistency and having a positive mindset.
7. Currently, which category of investment is the most suitable one for you? Is there any category of investment that stumbled you?
Answer: I’m most settled with trading shorter-term and I find holding trades beyond a day to be quite difficult, although I do have longer-term investments I would classify them as a set and forget. Whereas a medium-term trade that requires checking can lead to some frustration for me if it doesn’t move in my favour soon after entering.
8. In the competition, what do you think is the most important one? Method, capital management or trading mindset?
Answer: By far capital management is the most important factor to focus on this ensures that one losing trade doesn’t set you back too much.
9. What kind of ranking do you hope to get in this competition? Do you think you can win the prize?
Answer: It would be fantastic to win although I’m realistic about the situation given some recent trades I’ve taken and finishing in the top 10 would be great.
10. Will you pay attention to other participants? Are there any traders that you are optimistic about?
Answer: I tend to focus on my own trading but do really like following the contest participants, I have noticed that after some significant drawdowns @Popefund has really recovered and is now profitable which was really good to see.
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