We spoke to one of our top traders, Titus, to get some insight into their trading strategy and experience of trading with BluFX.
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BluFX Trader Q&A: Titus
Is BluFX your main source of income or do you have a job like most people?
I work 9-5 and trade. I work in a bank in Kenya, East Africa.
Did you think the BluFX opportunity was too good to be true? And if so, what made you take that next step?
Yes I did. I said to myself, how could someone just absorb the losses people make? But I believed it when I received my share of the profits. I took the next step because of the need to achieve financial freedom and get peace of mind.
What package did you subscribe to and why?
The Lite package. I wanted to improve my patience, greed management (to prevent over-leveraging) and the discipline to stick to a trading plan, so small is better and discipline comes naturally.
How did you trade before BluFX?
I used my own funds and blew my accounts because of greed - this was a result of over-trading made possible by over-leveraging. Forced low leverage is the ultimate discipline master!
How do you trade now?
I am solely trading with BluFX.
What’s been your biggest lesson so far being a BluFX trader?
Here are four lessons I’ve learned:
- Get your fundamentals and risk management right before you even open your charting software. Read the news around the world. Find out what's happening around the major economies and never enter a trade without reading extensively. This will help you feel the market sentiment and choose correct pairs to trade. Make use of the economic calendars and COT Reports. The Commodity Futures Trading Commission (Commission or CFTC) publishes the Commitments of Traders (COT) reports to help the public understand market dynamics. Specifically, the COT reports provide a breakdown of each Tuesday’s open interest for futures and options on futures markets.
- Patience is key. Wait for your trade set up to align with the market in the time frame you are trading. If it bypasses you when you're not looking, leave it. Another one will come. Trading opportunities are like trains, there is always one coming. Also don't go shifting time frames too much - you can check one higher time frame or one lower. But if you are trading 15 min and you keep checking 1hr then 4hr then 1D then 1W, then 1 min, you will get confused. Enter one or two trades a day after proper market research. Place reasonable stops. Use a reasonable risk to reward ratio. I personally use 1:1.5 or 2:3.
- Keep journals so that if you make a mistake you are able to replay the whole trade. This helps if you don't enter too many trades - because if you do you will have too much data to revisit if you keep placing and closing trades.
- Placing a trade is a trading decision. Also not placing a trade is a much better trading decision. So once you have placed one trade, then not placing additional trades is a better trading decision. Keep your greed in check and focus your energy in the management of the trade you have opened unless you are adding to your position if another trading opportunity presents itself and it aligns with your trading plan. Keep your risk management close at all times.
How do you keep focused?
I check the chart of the pair I have chosen then start looking for something very specific to my trading plan, waiting till it appears. If I spot what I’m looking for, I place a trade. I also read extensively every time before opening the charting software (MT4s etc). This ensures I at least try to be in the picture on the market sentiment which helps me choose the correct pair to trade.
What do you look for before entering the market?
If it is a 15 min chart, I look for an impulsive move, but I let it run till it starts ranging and makes a pullback. I don't jump in or chase the first impulsive move. Then I let the pullback wear out - ie wait until it fails to make any further higher highs or lower lows. If a small range forms after the pullback wears out, I enter in the direction of the trend just before the pullback. If it is a 1hr chart, then my small range will appear in the form of a small bodied spinning top. So in the 1 hr chart, I will be looking for this specific spinning top and it must appear in the correct place otherwise I don't think much of it.
Have you ever hit your drawdown limit?
I almost hit it. I stopped trading for two weeks. Then when I came back, I did better risk management and bounced back - and I hit my profit target in five days.
What’s your main goal while trading with BluFX?
To pay off my debts, achieve financial freedom and peace of mind - not necessarily become super rich. Just comfort and peace of mind, the result of which is happiness.
How has trading impacted you as an individual? Has it changed you in any way?
It has given me hope that I can have a source of income if I get laid off from work.
What advice do you have for other people thinking about joining BluFX?
My advice is it is the surest way to make money trading with a good amount of capital - but don't expect to get rich quick because even if you’re given a 1 million dollar account and you don't practise proper risk management and patience, you will blow it up (and you will start hating everyone and everything in your path). You may be very experienced but you can still make losses - it’s normal. The difference is how much of a loss do you take? How much can you hold a positively performing trade without taking the already-made profits? How long do you hold onto a losing trade hoping it will turn around? Good risk management is the ultimate difference between a profitable trader and a non-profitable one in the long run.
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