@Noswus is an analyst and forex-related Content creator on WIKIFX and FOLLOWME (for the Opinion Leader program). He is also a full-time Forex Trader with over 3 years of experience. His first few years in Forex were full of ups and downs but then, things started clicking and everything started making much sense to him. With the help from many books on Forex psychology and know how to master his mindset, he's finally learning from his own mistakes.
In addition, he is currently participating in the imTrader Trading Contest S9 and is in 185th place in the Random Group of Global Division. We are glad that he participated in this interview and shared his experience with you in FOLLOWME community.
1. Thank you for accepting the interview and sharing your trading ideas. Can you tell us about yourself and your experience in forex trading?
I am an analyst and Forex-related Content creator on WIKIFX and also an Opinion Leader content creator on FOLLOWME. In addition to that, I am a full-time Forex Trader with over 3 years of experience. My journey in Forex started in late 2017, but I got started full time in 2018.
I was introduced to Forex by one of my freelancing students when I was in university, and I took it up from there. It has been an amazing journey up until this time. I started by reading books, then proceeded to Youtube videos before I found some online courses, which I purchased. The courses helped me to understand the market and how to go with trading in general. It hasn’t been a smooth road as trading is 90% psychology (mindset) and 10% technical. In my experience, if you consume too much information, the information will consume you and you will end up losing. I know it sounds counterintuitive, but that is the Forex market for you. It’s not a matter of how much you know, it’s about how much you can apply what you know.
My first few years in Forex were full of ups and downs. I blew up more accounts than I can remember. But a year ago, things started clicking and everything started making much sense to me. I have read many books on Forex psychology and how to master my mindset, but I think I’m finally learning from my own mistakes.
2. How is your trading method formed? Do you explore in practice gradually, summarize by yourself or learn from others?
I went hardcore when I started learning, and this gave me the chance to research and try out many strategies that I learned from the courses I took and what I read. But time after time, I found some working excellently well and others rarely working. You know, the present results do not guarantee future results. But some strategies have a high winning percentage. And as time goes on, I created my strategy by picking one or two pieces from each strategy I have tried out, and I backtested it many times.
As I wrote in one of my OPINION LEADER contents, having your edge in trading will save you a lot of time and stress in the market.
I mostly use the Elliot strategy, in addition to supply and demand. Then there is the range breakout strategy which I also talked about in one of my OPINION LEADER contents. Once I establish the trend, I wait for the pullback to go into a range and patiently for the range to break out to the opposite side of the trend before taking my entry. (I am releasing on my edge here, lol).
The more you practice, the more you become perfect. If you stay long in the market, the market will teach you the best way to take if you know where to look.
3. Which indices will you analyze for the method analysis in forex trading? Currently, which category of investment is the most suitable one for you?
The US dollar index is preferable. It is easy for me to track the fundamentals backing it and how to trade it. I also enjoy trading Gold, so the US dollar index can be used to track it as they correlate negatively.
Currently, I prefer medium to long-term investment. I have been studying how to trade ETFs lately, and I have been finding it interesting. CFD risk is quite high because of leverage, so to protect your investment, the ETF can be a good way to mitigate the risk. Crypto is another aspect but the volatility is too high right now.
4. Did you read some books about investment? Which one affects you the most?
I studied more courses than books, but I also read some books. Trade Mindfully by Gary Dayton was incredible in my journey. I also read Forex Legacy by Vance Williams and Profiting in Forex by Steve Nison and tons of articles.
Out of all these books, Trade Mindfully by Gary Dayton stood out for me. I read it at the right time that I needed to understand the psychology part of trading.
5. Are you a full-time trader? How do you balance your trading and your life?
I trade full-time, but I do take some time off the charts once in a while to focus on other aspects of my life. I am a fitness enthusiast, and I also like playing football. I make time out for these things. Doing these things makes me feel refreshed and stay focused on trading. Trading can be boring sometimes, especially when you're waiting for a setup or a session to finish. So, it is advisable to do some other things that will help you maintain focus.
6. Some people say that the trading system or even huge profits can be copied, what do you think? Do you think if someone copies your trading system directly, will they be able to make stable profits?
Yes, the trading system can be copied, and that is why we have a social platform like FOLLOWME. If you see someone that has a good winning percentage with a low drawdown, I think that is the kind of trader you should try to copy their system. It is not about how much they make, but how much they lose when they lose. The more such people keep the losing trades small, the better in the long term.
I am not a signal provider yet, but once I become one, people can start coping with my trading systems. It’s a win-win situation for us all.
7. You have registered for the imTrader Trading Contest S9, would you please tell us the reason why you decided to join this competition? And what trading strategies do you usually use during competition?
I joined the Trading Contest to share my strategy with others and let other traders see how I trade, but unfortunately, I have not been able to follow through. Hopefully, I can rejoin and continue with the challenge or join the next one. I use the same strategy when I am trading for myself or in any competition. I try to be myself and keep my head down.
8. In the competition, what do you think is the most important one? Method, capital management, or trading mindset?
All are important, but I think a trading mindset and capital management are needed the most. Your trading mindset will keep you on track, and capital management will help you grow your balance.
9. Do you usually visit the community? What data or content will you be interested in?
Yes, I visit the community every day. I watch the posts of some traders and how well they are doing. But I am more interested in the #OPINIONLEADER# content. I hope they bring it back on very soon. Also, I like the biennial report: the data of the orders and how they interpret traders' behavior from the data. The last report was so good that I could pick up some lessons from it.
10. What kind of ranking do you hope to get in this competition? Do you think you can win the prize?
Win the prize? I don’t think so. But I will be ready to compete for the prize in the next competition.
A big THANK YOU to the FOLLOWME community for this wonderful interview. I am glad to be part of this community and I will continue to give my best and post quality content out there. Thank you!
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