Pete

Intro

Continuing with the next trader from Snorm’s chat group is Peter. He has been trading over 5 years and can be seen taking trades on DAX most mornings and DOW / NASD in the afternoons.

A bit about yourself

What was your journey that led you into trading?

well i was having a business with employees and this gave a lot of stress so wanted to do something which i can do alone and with possible unlimited rewards.

What trading challenges are you currently facing and how do you have a plan to get through them?

still facing that from time to time i move SL too early. Especially when in DD 2, 3 , 4 or more R but often when i move that SL early (to BE with respect to that current DD) trade runs to 10 , 15 or 20 R when i followed SL rules which would have not only compensated DD but would have given me a good reward for my invested time and especially energy.

What inspires you to trade and what are your specific reasons to pursue trading?

freedom to do this anywhere in the world the drive to overcome my brain programming errors and the unlimited rewards.

How many years have you been trading (hands on, not algo)? *

More than 5 years

In your head

What’s the thing you enjoy most about working as a trader and what was your most painful experience?

well the freedom and contact with mutual souls doing the same. most painfull was losing 60k in one evening after working a year to build up. Trading a system that wasn’t well (martingale) trying to hedge but not working (ping pong PA) then GBP moved 800 points and hit my max risk and closing the trades

What are the key factors that separate successful day traders from those who fail?

successfull trades choose ONE trading strategy/system as simple as possible , test this and 100% follow the rules with proper risks defined say per example max 2 or 3 losing trades day , max 5 losing per week to overcome/survive enduring PA that isn’t suitable for that strategy. Risk exposure is related to the strategy and your personal character. I know guys who trade futures risking 6 or 7 R (losing 6 or 7 times in a row) in one or two hours and then have a 15R runner where there daily Nut (goal) is per example 5R

How do you deal with frustration, self-doubt, and other emotional aspects of trading?

trying to focus on other things. during the years handling of this gets less complicated. less and less setbacks. Setbacks can leat to FOMO trades and action jackson trading behaviour which means; not following your predefined rules.

We all have off days, days we really shouldn’t open the charts, do you have a process or criteria to understand if it’s a day to not trade?

Yeah when personal s*** happens or when the night was too short (bad sleep)

Strategy and trading plan

What does you typical trading session, including pre and post, look like?

start trading around LO and finish after 1 or 2 hours overall since having a lot of other stuff to do. Further during the years i noticed that after 1 or 2 hours my brain energy/focus start to deteriorate so this way its best for me. Further when i per example took 3 trades takes me about 10 minutes per trade to fill in my trading log and analyze improvements.

What market or markets and time-frames do you trade and why?

1Minute timeframe this is best for my situation. Trades several strategies and this fits best.

What are the key indicators or charts you look at first thing in the morning to understand the market trend?

i’m using ewaves from for-exe.

Give 1 or 2 examples of your strategy explaining your reasons for entering the trade, how you managed the trade and your exit?

What platform, indicators and other tools you rely on for analysis, placing and managing a trade?

mt4 indicators for-exe including his ea for placing and managing trades

Do you have contact with other traders? Describe what you gain from this, how often you talk or share information and how did you find out about them?

yes i’m in for-exe trading group and a group who trade futures.

How do you adapt your trading strategies to different market environments?

well its simple when the market environment