Wondered what it's really like trading with BluFX? In our latest Q&A we chat to Olawale, who is trading with us full-time. We talk about risk management, patience, and the benefits of putting in the hours to trading. Read our interview here...
BluFX Trader Q&A: Olawale
1. Could you tell us how you began trading?
I began trading right after high school because I had seen an interview of South Africa's youngest millionaire at the time, Sandile Shezi, and wanted to make a living the same way he did to become the youngest millionaire.
2. What difficulties did you face at the beginning and how did you overcome them?
One of the first difficulties I faced was figuring out what to do, I had no mentor at the time so I pretty much winged it. Learned whatever I could online and started to develop a strategy based on the type of trader I had realized I was. The second difficulty I faced was funding, so I worked odd jobs to save enough money to fund my first account. From there everything was history.
3. Is trading your full-time job?
Yes, it's my full-time job.
4. What, in your opinion, is the best way to learn forex if you’re starting from scratch?
The best way in my opinion is to find a mentor or someone that can guide you. Jumping into it alone can cause a lot of mental stress and might lead to you giving up. Whereas if you had a mentor you'd have someone to motivate you and keep you interested whilst teaching you new skills.
5. In your opinion, what are the essential elements of a good trading plan?
Patience, patience, and patience.
6. If you could only give traders three pieces of advice, what would they be and why?
Figure out what type of trader you are and build a strategy on that, you can't be wasting time developing swing strategies if you are more suited to day trading.
Put in the hours. You will not understand how to trade overnight, you need to put in the work and hone your skills.
Practice risk management. Even the best of us can lose an account to poor risk management. Make sure you practice it like you breathe so it becomes second nature to you.
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7. Why do you think such a large percentage of traders consistently lose money in the markets?
They lack patience and try to make a quick buck. Forget about now and think of the future, focus on building the account and where you can take it in a year's time. If you can forget about what you can do now it will help with getting more patient and preventing you from placing risky trades.
Not sure if you’re in the right place emotionally to trade? Here’s our ultimate trading mindset checklist>>
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?
No, I thought it was believable. I currently use other firms as well - but what makes BluFX stand out is the withdrawal schedule and the focus on bettering their services for the traders.