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A Chat With Traders: Traders And Psychology With EnochEnoch Baz, the 19-year-old, who literally pays his mama’s bills with: forex trading. Baz is a penultimate student of Architecture in Nigeria. He started forex because according to him, “it’s the only way I can work minor and earn major from home”. Enoch is an indices fan as he says, “that’s where the money is for me (lol). Work less, earn more.”—US30 and S&P500 do the trick. Chatting with Baz made me realize his undeviating and unswerving approach to trading these pairs. “I trade against Supply and Demand zones looking to be Liquidated and Mitigated”, he utters. The trader also advances to explain this strategy. To Enoch, It’s more of combining Zone to zone with smart money trading (institutional trading)”. In addition, he got introduced to Forex in October 2018, after he graduated High-school—by his cousin who’s not a trader currently. Albeit, he took it seriously in 2019. Enoch started off making researches and reading multiple PDFs in his genesis. Enoch And His Trade Management Hello Baz, so, how do you manage a trade when in it? Yeah, before I hop into any trade, I have 3 goals: Firstly, I close with big profits, secondly, small profits, and lastly small loss. Either way, I let my trade run. After I’m in—I go ahead with my day. I always have my risk in mind. Once I’m fine with it, It’s a good day then. Love the simplicity I must add. However, social media has allowed us as traders to have a wider footprint outside of the forex industry, what do you think your impact is in the industry? Well, I started my forex-focus-Instagram-account in October 2020, I’ve gotten a lot of messages regarding me leveling up individuals-forex game involuntarily from contents I post. It has been a good impact—helped people over the world know what this grind could bring. Love the term “over the world” What is your trading plan? And what is your go-to asset class (what pair(s) would you consider are your favorites) and why do you prefer these pairs? As for trading plan, It’s definitely the: Zone to zone ( risking just 4% of my account maximum), cos of its simplicity & direct approach to the market. I started trading XAUUSD, but currently, I trade indices like US30 & SPX500. Reason—that’s where the money is for me lol. Work less, earn more. Enoch On Trading Techniques Work less; Earn more. Yeah—the fun of trading the indices. Do you have a special way you trade this particular pair? If yes, can you share a tip for that pair? Trade against Supply and Demand zones looking to be: Liquidated or Mitigated. It’s more of combining Zone to zone and smart money trading (institutional trading). Woah. That’s a lot to take in. However, Fast one Technical, Fundamental or Sentiments? Why? Technical. Although, fundamentals fuels the market, but only runs for a certain period. After that, we are left with the naked chart. So, Technical is king to me. A personal question, How much money do you handle now? Well, I handle two accounts: a $30,000 and a four figure on synthetic indexes. That’s huge and inspiring, What are your forex weaknesses? How do you plan on going about them? Have you succeeded in doing that? Forex weakness? Hmm. I’m thinking about that. I basically just trade my thing and what I have an edge in. Totally threw me of with that one. The confidence. I admire that no doubt. Who is one person/academy you think Neophyte or everyone should follow and why? Definitely—Cue banks. Following him on Instagram would give you valid reason not to quit. Enoch In Trade environment and Work history “Take a cue from cue”—I’ll do anything to interview him. He’s indeed a great trader. How would you describe your ideal work environment? Love trading alone. So just me and my screens with—UK Drills music playing in the back ground. The lone wolf. Tell me about a time you disagreed with a decision. A time you didn’t follow your trading plan. What did you do? Took out my SL, I didn’t want to get stopped out because, it was a fundamental market on BTCUSD, short story, lost over 85% when I got back. Ouch! What was your salary in your last job before forex? Was leaving it for forex worth it and why? I’ve never worked a job. I was barely 16 when I started Forex. Right. Makes sense—What are your trading aspirations? I know many trade for “financial freedom” but what happens when that’s achieved? What do you plan on doing with trading? Plan on putting young boy and girls on this grind. I know what it feels like earning above average. Enoch Talks Trading Psychology Great plan. What keeps you sane? Cos’ I won’t lie trading can stress you out and some even get depressed. So how do you overcome this. You know, I feel people risk money which they basically can afford to lose. Like I say, everyone needs to have a passive source of income to fund their trading accounts. That way, you stress-less after losses because it’s OPM (other people’s money). I leverage on OPM a lot, that way I don’t have to beat myself up after losses. Other people’s cash. Hmm, That requires trust though. However, this may sound “cliché” but why forex? What is your major reason for choosing forex? Personally, I got caught up with the lifestyle, but as a kid, I loved exploring. I had always wanted to test out everything, new gadget and stuffs I see. That way, I knew I could afford this when I make literally free money, that’s why I’m still trading; love giving major portions of my withdrawals. Who doesn’t love a giver? Do you trade for any proprietary firm? If yes, which one and how is it going? No, But FTMO is looking nice haha. What would you consider to be your biggest forex achievement? Tell me about a forex accomplishment you are most proud of. Being able to pay my mom weekly. Paying her more than her salary is a flex for me at 18. I’m also proud of being able to afford my trading gadgets without anyone’s assistance, fully funded by me and the markets. Good flex too. Also surprising my cousins with quite expensive gifts on their birthdays. Aww. That’s really nice. Indeed a big flex for a trader your age. Okay Baz, Let’s visualize now. So what would you want your forex dream to be like (in details). Inner circle for billionaire traders with the dope garages and cribs. That’s enough. Enoch In The Business Of trading Do you keep a journal? If yes, what does it consist of? No journals. Just Notepads with Risk calculations. Oh, okay. When you’re not trading, what are you doing? On YouTube watching pranks and skits. I don’t watch movies longer than 15mins or I’m working on my “Social Media Management” site (SMM). That interesting an weird. What would say is your “win-rate” and what really drives results in your trading? Haven’t really had time to know my win-rate. But 78%- 82% is reasonable, because I rarely over trade. Haha! My Risk management is key, that’s my major sauce in trading. With my style of risk management, 38% win rate is still Profitable. I love hopping on high-rewarding trades. Well, you ain’t lying. Listen, I think psychology is one of the most important if not the most important part of trading. So, that’s why I’m laying emphasis on it. What are your trading rituals and how has it helped your trading? Pray, plan my trades and trade my plan. That way, I worry less because I’ve literally done the easiest things which are the most important things too. Trading inspiration Who or what inspired you to start trading? If you have a mentor, what’s their name and what about that individual inspired you? I got inspired by Inyang Jude “Forex bae”. My cousin showed me his picture back in 2018. He was literally the first trader I saw from Nigeria. I’m grateful for the inspiration! Another mentor I have is MomoForex. His lifestyle is simple and that’s me. Yeah. I actually love Nick Shawn. I believe he was a mentor to Momo—drop a forex secret you feel should be shared and no-one talks about. How much are you risking on this trade? if you can’t answer that before taking the trade, don’t trade. Because I feel most people get surprised by how much they lose on a trade. They lack the background idea of how much they should be risking. Interesting. How long do you plan on trading forex and Where do you see yourself in five years with forex? Till forever. Let’s wait Enoch and trading strengths What are you biggest strengths in forex and What’s one thing you think you are very good at in forex? That will be, determining market directions in the long run. Nice. We have the Neophytes trooping in the industry. What’s your advice to them and what would you recommend they start with? Knowledge first. You’re here for a long run. “Do what is right and cash will flow” You hear that, it’s always the knowledge first. How do you handle pressure, impatience, fear, doubt and greed in forex? I only experience doubt. If you’re doubting a trade, it’s best not to take that trade. And if you’re in a trade already and you doubting, it’s safer to close or move your Stop-loss very tight to curb losses. Tell me about the toughest decision you had to make in the last six months. Was it a trading decision? If yes, tell me how you handled the situation. Leaving a MLM company (best decision). I left this company that offered to help my trading journey. But it was clear BS! Full of fake traders and lifestyle. I was earning 3 figures for two months. My journey skyrocketed after I took the bold step to leave that company and start trading Full-time. Grateful for the growth now. You calling MLM out like that, makes me want to ask further but, I WON’T PRY. Tell me how you think other people would describe you. What do you want to be remembered for in the industry? Don’t really care of how anyone would describe me, Everyone has various opinions. I want to be remembered for the impact. Trading traits Straight-forward. Like that… What are traits do you have that keeps you successful? Fearless. I take calculated risk always I involve myself in profitable relationships. I know this particular question may sound weird. The reason asked is because as humans we have the whole “act now, think later” thingy going on even when it’s not the right thing to do. So, do you have a trading “guilty pleasure”? If “yes” what is it and how do you handle it when it happens? Heh, FOMO “Fear Of Missing Out” from cryptos, If you don’t ignore the internet noise these days, you tend to hop on trends due to the hype and find yourself getting screwed up after. I can hugely relate. We all talk about trading psychology, what can you say about that? Good question Baz. What is your go-to strategy? I would also love that you explain why that is your go-to. Do you have a major reason why you chose that strategy and how it has helped sharpen your trading. Why beat yourself up when you were not comfortable risking such amount of money? That’s the major thing I can say. Always going to be: zone to zone. I spend two minutes analyzing a trade that would be take a regular trader hours. Yeah, it helped me create more time to do other important thongs. Final words from Enoch What’s your take on Neophytes that want to learn forex? Do you prefer they paid for the knowledge or stick with YouTube videos and free materials? This question. First of all, there are two ways to acquire knowledge. By Discovering or Duplicating. These two approaches require different sacrifices. Time or money. When Discovering, You spend time in search of knowledge, absorbing but important & less important stuff. As time goes on when trading, you’ll find out you have a lot of things to unlearn cos they’re literally useless. That way, you spend another precious time trying to focus on the main sauce. For Duplication, you meet a “Guru” Mentor, who’s been in the game for a while, this way you don’t have to pass through the process of sourcing for a scheme. This guru puts you on what’s needed in the market and that way, you’re starting the major aspect of the market with enough time to execute Knowledge gained (while someone discovering is still trying to unlearn some things) either way, experience is important.
OANDA:NAS100USDEducation
by lazyluchi
RidetheMacro| EURUSD Market Commentery 2020.09.23 🎈 Given the absence of important fundamental statistics today, the pressure on the euro was also limited in the first half of the day. After an unsuccessful attempt to break below the monthly lows, the pair returned back to the opening level. 🔑 From a technical point of view, nothing has changed. Bears will continue to focus on breaking through and fixing below the low of 1.1635. If the pair easily reaches the level, it may drop to new support levels of 1.1600-1.1550 and 1.1535. If the price returns to 1.1770, the buyers will become more active. However, if the quote goes above 1.1770, it may jump to 1.1820.⚠ 🌡 Thus economists upwardly revised the situation in the German economy. It is expected that further growth will be no less active than in the summer period. as the GDP drop in the second quarter was less than expected. 📍 However, the worsening epidemiological situation will shape the control measures and social distancing that could be imposed later. Moreover, if the EU and the UK fail to sign an agreement 🔴, a new trade war may break out. 📍 As far as the labor market is concerned, the number of unemployed people in Germany in 2020 is expected to rise to 2.7 million compared to 2.3 million last year. In 2021, the indicator could fall to 2.6 million. 📌 German consumers currently show two directions. There is the direction of a high willingness to spend, while at the same time the willingness to save is still much higher than prior to the crisis. since the end of 2019, the savings ratio of German households has more than doubled, to 20% in the second quarter. according to ECB study, the increase in the savings ratio in the entire eurozone is mainly driven by so-called forced, ie involuntary, savings. While this would imply that there is lots of pent-up demand once the economic situation stabilizes, the fact that wages dropped significantly in the second quarter suggests that the role of precautionary savings could be more important than suggested by the ECB study. In Germany, nominal wages dropped by 4% YoY in the second quarter on the back of short-term work schemes and the lockdown measures. EURUSD Another Ridethemacro
by Ridethemacro
CQQQ - breakout - long with close Stop lossHi Friends , breakout on daily time frame on AMEX:CQQQ . Look at the breakout with the Green candle peeping out of the triangle formation. RSI and ADX both showing strength (DM crossover the DM- but ADX still weak, but looks like gaining strength. Watch out for possible retest of the newly found support line ( earlier resistance line) for a possible throwback down to the trend line and then momentum pulling to upwards if the news flow from the trade talks with China remain positive. If the price renters the triangle then expect the lower support levels of the triangle to be tested fairly soon. Please note, wait for candle formation (for daily timeframe, wait for close levels to confirm breakouts and also retest levels for finalizing any trade One could look at entry at this level and place stop loss at 47.50 levels.
AMEX:CQQQLong
by LoveForCharts
Nothing has changed! All eyes on trade meetings.Let me clear some things up: I am not a day trader. So, my charts are what I see from a swing trading perspective. I look for opportunities that might not play out today, tomorrow, or even next week. Rather, I look for opportunities that I think might play out anywhere from today to a month (or a little more) from now. Not long term, but short to mid-term... I'm a swing trader. Please keep that in mind when you view my charts. As always, I appreciate each and every comment and follower! Good luck to all, and may we ALL profit!! YouTube: Dumb Money Trader www.dumbmoneytrader.com www.twitter.com www.facebook.com
AMEX:SPYLong
by Bankuur
5
Trading the range on SOXLHere's how I'm trading SOXL right now. I buy when it gets below the red channel and sell when it gets above the red channel. A breach of either of the blue trend lines would indicate a breakout from the current trading range. So I'm keeping a stop loss just below the lower blue trend line. Today I exited at 170, and my next buy order is at 152.50. I hope to see that Monday, although with trade talks coming up in mid-October, we could easily see the uptrend continue. In my opinion, semiconductors are overvalued right now. Given the weakness of their earnings, they haven't fallen as far as they should. But if we successfully sign a trade deal, they will explode to new highs regardless of their earnings. So keep an eye out for China news.
AMEX:SOXL
by ChristopherCarrollSmith
3