This article was sent to us by a trader Alex from the United States. He speaks about his experience and development as a trader. You will learn about his views on markets and also a little bit about his strategy and why he has chosen such a system. It is clear that Alex is a well-motivated trader and we wish him just the best.
Trading is an opportunity. Unlike other opportunities, the upside to trading is practically infinite while the downsides are limited. For me, trading gives me a chance to escape the lifestyle that the majority of the world lives in (especially in the United States). While many people believe that trading is gambling your wealth away, trading to me is something that can be technically calculated.
Psychology is an important element in trading. Even if you have a great trading system, if you lack the trading psychology to deal with trading things such as drawdown or being stopped out on a trade, you will not make it far in your trading career. One of the ways I maintain my trading psychology is having my own money management. I only risk a certain percentage per trade, rather than lot size. Because I risk a percentage per trade, I establish a stop loss. Doing so limits my downside since I have already calculated my max loss for that trade. I also have the patience in waiting for my trades to play out.
The trading system that I use is made for trading the Daily timeframe. The reason why I like trading the Daily timeframe is because of the lack of screen time. I do not need to sit in front of my monitor all day long; I can enjoy my own personal life while I trade. Trading the daily timeframe creates flexibility in my own schedule. Unlike other traders, I can still spend quality time with my family and friends while other traders spend 6-8 hours a day staring at a monitor, hoping for a trade that may or may not even come.
My personal advice from my own experience in trading is that money management is very important to anyone’s trading career. Having proper money management is what makes or breaks accounts. Anyone can have a great trading system, proper trading psychology, control of their emotions, but the lack of money management is detrimental. If I risked 100 lots for a trade, I can kiss my account balance goodbye. Even if the trading system is solid, it’s not perfect and can occasionally lose a trade.
Thank you so much for reading this article. I hope your trading journey can turn into a successful career. Thanks to FTMO for giving me this opportunity to changing my life.