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Trader Q&A: Faisal

Posted by BluFX

 

Trader Q&As (1)

In the latest edition of our Trader Q&A series, we spoke to one of our top traders, Faisal, to get some insight into their trading strategy and experience of trading with BluFX.


Want to join talented traders like Faisal and try BluFX for yourself? Here's 5 Reasons to Join BluFX...

Read 5 Reasons to Join BluFX ⟶


BluFX Trader Q&A: Faisal

Could you tell us how you began trading?

I stumbled on forex by chance when I was searching for opportunities online right after my graduation from university. I downloaded the MT4 terminal and just started with a demo - I really did not know what I was doing!
 

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

At the beginning, I really did not know what I was getting myself into, so I was just playing with the demo and making some profits without seeking the knowledge first. So I decided to deposit money into my brokerage account to trade live and I really paid the price for not learning how to trade first. In fact, I lost everything in the brokerage account within weeks. It was then that I decided to seek knowledge about the market and learn how to trade the proper way and am still learning. 
 
 

Is trading your full-time job, or do you make money another way too? 

Trading is not my full-time job even though am actively trading and am hoping one day I will be trading full time and focusing on teaching and mentoring other traders.

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

The best way to learn when you're starting is to find a mentor who is actively trading. With the help of your mentor, your learning curve becomes very short and you get to grasp the basics and the important things to know before trading and avoiding the mistakes that some of us made when we were starting.

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

A good trading plan starts with your overall goal of trading and how to manage your risk. Your plan of entry and exit should be clearly defined, and you should determine whether the trade is within your risk tolerance level.

Read BluFX trading parameters explained>>

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

Risk Management: managing your risk will determine how well and how far you will go with your trading. Be a risk manager first and your trades will take care of themselves. You manage your downside well and you will have huge upside potential in the long run. 
 

Psychology: trading is more of a psychological activity. Analysing and predicting the most likely path of a particular asset is a no-brainer, but staying with the probable path when you are in the trade is the most difficult thing to do. When you are able to master and handle the psychology that comes with the trade, that is when you start experiencing your AHA moment. 

Patience: This is the key to harvesting maximum profits out of your trades. Traders should develop the habit of patience so that their trades can work out. As the saying goes, the market is the place where money moves from the impatient traders to traders who are very patient. The market can reward you handsomely when you develop this habit.

Should I leverage my own money or use BluFX? Read the blog here>>

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

They don’t manage risk well because they want to hit a jackpot, and so they get their psychology off track. Instead of analyzing the price action in front of them, they start reacting to it and because of their impatience they start getting in and out of trades too quickly.
 

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?

The BluFX opportunity was too good to be true when I first came across it - or so I thought. The reason I took the step was the fact that my trading account was very small so if I can pay a subscription to leverage on a much bigger account size, why not? And if it turns out not to be true, I just lost my subscription and will treat it as a loss in my small trading account. But actually it turns out BluFX is not too good to be true!
 

What’s been your biggest lesson so far being a BluFX trader?

I've become more of patience trader and I've learned how to manage risk better. Because with BluFX you don’t have the luxury of getting into so many trades at the same time, so you have to be patient and wait for the set-ups that provide a higher probability of success with minimum risk or with a higher risk to reward ratio. 
 
Read: 3 Steps for Good Mental Health While Trading ⟶

Tags: Trader Q&As

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