Omar began trading stocks several years ago, and then began trading with BluFX. We speak to Omar about his experience trading with us, his advice to new traders, and his journey into the world of forex.
Want to join talented traders like Omar and try BluFX for yourself? Here's how to be profitable on a BluFX account>>
BluFX Trader Q&A: Omar
1. Could you tell us how you began trading?
I started trading stocks several years ago. A year later I realized it was possible to trade currencies and it was a lot cheaper, so I decided to change. Lower costs were the first advantage I noticed, but then realized there are several more. I stayed trading currencies since then.
2. What difficulties did you face at the beginning and how did you overcome them?
I think the most difficult stage was when I got involved in all that technical stuff. It was a never-ending subject, with technical indicators becoming as complex as I was willing to dig into. All of them eventually fail because they are based on past information that may -or may not- apply now, and are not taking into account the most recent economic events and their effects on prices.
3. Is trading your full-time job, or do you make money another way too?
I trade full-time but have other sources of income too.
4. What, in your opinion, is the best way to learn forex if you’re starting from scratch?
I think you need to understand the markets you are trading in order to be able to make profits. So learning currencies fundamentals is the first step for me.
Here's how to find a forex mentor>>
5. In your opinion, what are the essential elements of a good trading plan?
Well, I do not use anything like a written trading plan, with pre-set stops, targets and money management. I keep it simple, I buy when I think there is value, and get out when the rationale behind the trade is accomplished or faltering.
How do you know when to quit your day job to trade full time? We investigate here>>
6. If you could only give traders three pieces of advice, what would they be and why?
1. Learn currencies fundamentals.
2. Learn to trade profitably using always low leverage.
3. If you are under-capitalized, do not trade your own money. Chances are you will lose it all.
7. Why do you think such a large percentage of traders consistently lose money in the markets?
Trading profitably is extremely difficult. Combine that with greed and high leverage and you have a recipe to get broke, sooner or later.
Interested in joining BluFX but got some questions first? Read our blog, 5 BluFX Myths Debunked.
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?
BluFX provides good trading capital choices, instantly and without too many restrictions like other prop-firms, so giving it a try was a no-brainer.
Got more questions about trading with BluFX? Visit our BluFX FAQs page.
9. What’s been your biggest lesson so far being a BluFX trader?
You cannot make money without money. So having access to trading capital is key to being able to make decent profits. And there is no need to use high leverage if you are well-funded. BluFX provides exactly that. Good trading capital, with enforced low leverage. You only need to be a good trader to succeed.