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...
BluFX Trader Q&A: Faisal
Could you tell us how you began trading?
What difficulties did you face at the beginning and how did you overcome them?
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.
If you could only give traders three pieces of advice, what would they be and why?
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.