AN INTERVIEW WITH A DOGGED MARKET SPECULATOR
There are winning
traders who trade simply from the comfort of their home and make money in their
living room. I’ve conducted many interviews with lesser-known successful
traders in the past. The short piece featured here is another interview with a
humble trader. He lives in West Africa . His
name is Segun Oguns. He talks about his life, trading strategy and other
aspects of Forex trading. I hope you would have something to gain from this
interview. Here we go:
Azeez: Please tell us about yourself.
Segun O: I’m a retired civil servant, formerly working for the
federal government at the ministry of finance. I was at a senior level then.
Unfortunately, I didn’t consider Forex trading seriously until I was retired.
It was after my retirement that I arranged for Forex training, after which I
practiced rigorously on demos. Then I went live.
Azeez: What was your experience after you went live?
Segun O: I went live after a few years of successful trading on
demos, but I was surprised to see that I was having losses on the live account.
At first, I thought that my broker was doing something against me, but I was
wrong. It just happened that my trading system was out of sync with the
markets. That’s all. I realized that I was too emotional with my live account.
I’d to curb the excessive emotions and apply risk management that helped me
control my drawdown. In the end, I broke even and eventually went ahead. The
secret is to know when to stay in the markets and when to get out. You ought to
know when your system is out of sync with the markets. When the going gets
tough, drawdowns must be minimized. I made mistakes and learned from them. When
I was facing this challenge, I didn’t allow myself to be discouraged by
anybody.
Azeez: What kind of trader are you? What strategy do you use?
Segun O: I’m a swing trader, though I don’t open new orders on
Mondays as the markets tend to be difficult to predict during these days.
Tuesdays tend to be more predictable. I use the SMA and the RSI to determine
the overall market direction. I follow the trend - it’s as simple as that. I
buy a strong market and sell a weak market. I use better RRR (risk-to-reward
ratio); a minimum of 1:2, and I close my trades as soon as my exit criteria are
met. I trade any pair or cross that doesn’t have too much spread on it. Crosses
like GBPCAD or GBPNZD are “crazy.” One must have a contingency plan if one is
trading them.
Azeez: What are your exit criteria?
Segun O: I exit when my take profit levels are hit or when the
overall running profits reach my minimum target. I rarely hold a trade more
than 4 days. I exit whenever I get a signal that’s contrary to my current
position. I honor my stops as well.
Azeez: Do you use fundamental analysis or technical analysis?
Segun O: A combination of these 2 distinct methods of analysis may
be good, but I follow only what I see on the chart. I hardly follow other types
of analyses, especially fundamentals. I simply follow my rules and trade only
what I see. Discipline is important. When trading, it’s imperative that you use
reliable power supply and Internet connection.
Azeez: What about your position sizing?
Segun O: I use 0.01 for each $1000, therefore making it 0.1 for
$10000. My stop loss is -100 pips and take profit is usually +200 or +300 pips.
Azeez: How many signals do you take?
Segun O: I trade as many signals as possible. You don’t know which
trades would be winners and which trades would be losers. I’ve become adept at
handling losses and profits. It’s the unpredictable markets that bring the gains
needed by traders. Uncertainties have
become my ally. Sometimes, it may be those exotic crosses that’ll give you
the profits you want. When I trade I check what’s happening on another
timeframes too.
Azeez: Would you want your children to become traders like you?
Segun O: I can’t force my children to become Forex traders. They
have to choose what they want to do for a living themselves. Nonetheless, my
last born, who would soon graduate from a university, would be encouraged to
take up this wonderful profession. I only want him to finish his undergraduate
studies before I broach this subject.
Azeez: Than you very much Sir, for granting this interview.
Forex Signals Strategist, Funds
Manager &Coach
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