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Trader Q&A: Anon1ForexTrader

Posted by BluFX

 

Trader Q&As (1)

Wondered what it's really like trading with BluFX? In our latest Q&A we chat to anonymous trader Anon1ForexTrader. We talk about beginning trading as a teenager, risk management, and the value of always staying patient. Read our interview with Anon1ForexTrader here...


Read: 5 Tips for Fitting Trading Around Your Day Job ⟶


BluFX Trader Q&A: Anon1ForexTrader

1. Could you tell us how you began trading?

I started trading when I was 19 years old on demo and I became a master after two years. I wanted to find something I'm good at where I could be my own boss and work when I wanted to. 

 

2. What difficulties did you face at the beginning and how did you overcome them?

One of the challenges I had with trading at the beginning was consistency: I was down temporarily then up a big amount a few days later. Then there was learning: I had to learn what PIPS meant - Price Interest Point. I had to learn all the news, bank rates, and country situations when trading each pair I choose to trade. It's more than just looking at graphs!

As of now, trading is my full-time job. However, I do handyman work and get paid on weekends every now and then - I do it to stay active since I'm home most of the time. 
 

4. What, in your opinion, is the best way to learn forex if you’re starting from scratch?

If you're starting from scratch I would first advise you to open a demo account. Go to Baby Pips and take some quiz tests. When you trade hedge put a buy and sell position. Place a trade before the London session and New York session and see the difference in each pair you trade. Trade the pound pairs and euro pairs as these pairs move a lot. Pay attention to the USD dollar index that determines each movement of a pair - if the pair you trade is bullish or bearish.
 
When the USD is green, USD vs other pairs are strong on a red day; if USD is red bearish, the euro pair and GBP pairs will explode and go up. However, keep your profits within a 10 to 20 pip range till you learn the pivot points. Each trend can only go up so much till it changes direction. There will be times when you are down 40 pips or 20 pips and be up a big amount in a few days. So you've got to learn how to deal with drawdown in these situations - which is why I would only use 10 percent as a newbie.
 
Sometimes you may think you know forex well but the news hits and you don't know the direction and seconds later it goes the opposite way, so money management is the key. The pound pairs can move an average of 80 to 150 pips a day. On major news days (like Brexit), sometimes this can be up to 200+ pips. Never rush a trade if you go live. Master trading the London session and wait for the trend to calm down before entering. Let the news settle.
 

Not sure whether to withdraw or grow your account? Here are three reasons to grow your trading account>>

5. In your opinion, what are the essential elements of a good trading plan?

A good trading plan would be to start with a small amount - that way you learn from your mistakes if you mess up. Always use 10 percent when you start - and have good money management. Make small goals then aim for bigger goals one step at a time. Treat your trading career like your job, because in the future you can make a lot of money. Never rush things I learned that the hard way we all learn from our mistakes.
 

6. If you could only give traders three pieces of advice, what would they be and why?

First, never over-leverage your lot size. Do not rush into a trade or put a tight stop loss, and don't get too greedy. Why? I say this because most traders will over-leverage on a big news event, get greedy and make a tight stop loss then lose all their money or half their account. 
 

Not sure if you’re in the right place emotionally to trade? Here’s our ultimate trading mindset checklist>>

7. Why do you think such a large percentage of traders consistently lose money in the markets?

So the reason 90 percent of traders lose money is because they don't know how to be patient and they rush a trade. They are down 10 pips and make a tight stop loss then can't handle the feeling of losing money. Then that is where it becomes gambling - entering at any price without a reason, just to make money. You should always wait for the right time. 
 

8. Did you think the BluFX opportunity was too good to be true when you first came across it - and if so what made you take that next step?

I first joined in 2018 and I didn't think it was too good to be true because it looked legit and I know a lot about prop firms. BluFX was always the best, I knew that for a fact - they are very honest and always pay. What made me take the first step to join is the fact that they had different levels and the $1m level is the long-term goal. Also, the fact that they pay in crypto or bank transfer and every Friday when we make our 5 percent - that is amazing. Also, the fact that we can pay our membership from our profits after we make our 5 percent. I stopped for a while, but came back in November 2021 - I'll continue to use BluFX as it is the best prop firm for forex trading. 
 
 
My biggest lesson being a BluFX trader has been to always have a plan. Never rush the 5 percent - take your time. You will make losses and gains, but stay strong and continue to grow. BluFX is a good way to practice your psychological trading skills while using real money - but not your own if you're not ready for that yet. I will always have BluFX though because security is good: you never know when a forex broker offshore will run off. BluFX is more reliable than most forex brokers and more stable for sure.
 
Read: How I Got Started Trading for a Bank ⟶

Tags: Trader Q&As

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