Today, we are here with Mr. Paul, who has achieved huge success in the trading industry. In his interview, he mentioned his beneficial strategies, ideas, and secrets, which helped him alot in the trading field. Let us understand Paul’s trading journey and how the Forex Prop Firm played a role.
1. Tell us a little bit about you.
My name is Paul, and I am from the North East United States.
2. How long have you been trading?
I have been into trading for the last 25 years, which is a big reason behind my success in the trading industry. During this time, I have learned and applied numerous trading strategies, which helped me gain success in my work. I started with trading stocks, mainly penny stocks, back in the early 90s.
3. What inspires you to pursue trading?
Trading is a smart way of making money. A 9 to 5 job does not bind you, you can handle unexpected expenses, and you don’t have to worry about your living even if you are getting close to retirement age.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your Trading Plan.
I wake up at 5:00 a.m. and look at the previous night’s trading updates. After studying some indices and currencies, I start trading by 7:30 or 8:00 a.m. I’m done trading by 10:00 to 11:30 a.m., followed by studying statistics and looking at FED speaking for a while.
5. What was your strategy to successfully pass The Forex Prop Firm Challenge?
I’m a big person in price action for the Forex Prop Firm strategy. If the trading market doesn’t start going up a minute or two after I enter, I stop there despite choosing the right point to get in. I always consider the market momentum, and I accept that having some losing days is better than letting the trade run.
6. How is trading for The Forex Prop Firm different from trading by yourself?
The best benefit of trading for The Forex Prop Firm instead of by yourself is that you don’t have to risk your own money. The challenges offered here are easy, great, and very profitable.
7. How would you rate your experience with The Forex Prop Firm?
The Forex Prop sounded the best to me when looking for the right firm. The one-step challenge is my all-time favorite. The knowledge, wide-spread options, and no surprises keep me stuck to the Forex Prop Firm.
8. Why did you choose The Forex Prop Firm and not another one?
I was never fond of two-step challenges as offered by the other firms. You can trade and show that by your results or drawdowns, or you can’t. So, the one-step challenge offered by the Forex Prop Firm is the best. Plus, the Forex Prop Firm gives no time limits, which prevents taking steps under pressure and helps traders concentrate.
9. What would you like to say to other traders attempting The Forex Prop Firm Challenge?
To all the other traders attempting at the Forex Prop Firm, I suggest you don’t chase and avoid suffering from fomos. Give things 15-20 minutes, and you will likely find another signal. Be 100% sure you anticipate any market loss. Just return the next day instead of losing by trading the same day.
10. Describe your best trade.
I started with the penny stocks, which was going well, and then I did great in trading IPO, which went even better.
11. What is the number one advice you would give to a new trader?
My best advice to every new trader out there is to practice. It doesn’t matter if you are new or experienced; practice is necessary. Also, limit your trading time, set a strategic plan, and avoid over-trading. Evaluate your positive and negative points from your trading history, and always use a simulator.
12. What does your risk management plan look like?
My risk management plan says you only sometimes expect the market to meet your expectations. If the market is low someday, stop making repeated investments to meet your daily goal. Do something else and come back the next day. Always concentrate on profitability and do not take trading as a 9 to 5 job; trade less to lose less.
13. What would you recommend to someone just starting with us?
I recommend finding an edge that works best for someone just starting with The Forex Prop Firm. Secondly, get yourself a simulator and practice as much as you can.
14. Share online resources that were/are significant in your trading development. Names and links are appreciated.
Reading books and listening to TED talks are the best for trading development.
15. What made you trust The Forex Prop Firm for your trading career?
The reason why I trust the Forex Prop Firm is that it has no hidden surprises. Everything is crystal clear and easy to understand. Moreover your fame and trust level amongst the traders is highly appreciable. Your experience and knowledge are the other main reasons I trust the Forex Prop Firm for my trading career.