TOP TRADERS
FXTM Do you see mobile trading as taking over desktop trading in the near future? How do you personally split your time between desktop and mobile devices?
KF More people will be trading using their mobiles without a doubt. However,
I prefer to analyze the
charts using my desktop computer and then set pre-entry and pre-exit prices before I leave my trading desk. When I need to make an entry when I am out of office, I will use my mobile to make the entry as well as set my target price and stop loss. This habit allows me to only spend about 10 minutes looking at the charts a day. I don’t believe in sitting in front of the trading desk and staring at the charts all day.
FXTM You’ve also won several medals as a swimmer. What did you learn from sport competition which helped you to become a successful trader?
KF It’s hard for a lot of people to believe this but being a swimmer helped me tremendously as a trader especially in the aspect of emotional discipline. I believe that discipline is so important as a trader because our natural human tendencies were built to make us lose in trading. However, that doesn’t mean that
you need to become an athlete to become a
good trader. You can
cultivate that discipline by making it a habit of sticking to your healthy diet or exercising 4 times a week. As a swimmer, I would have to wake up at 5am on some days to go through 2 hours of grueling training at the swimming pool. This daily habit helped me develop the discipline in trading especially when it comes to preventing our natural human tendencies of taking profits early. It also taught me the importance of hard work and sacrifice because swimmers would have to train for many years just to cut down their timing by 0.01 seconds. In addition to that, we have to eat healthily and give up Friday night outings because we have training early morning the next day. Also, whenever I join swim competitions, I do not medal in every single race that I compete in. Those that I did not medal, I would learn to get over it quickly and focus on the next race. I could not afford to let my previous race affect the next race because that will affect my chance to medal. Similarly, whenever I made a losing trade, I would learn from it and just move on to the next trade.
FXTM What is the most important advice you would give to someone who’s entering the world of forex trading?
KF Te most important advice I would FX TRADER MAGAZINE April - June 2017 37
FX
give to beginner traders who want to master the craft quickly without having to go through the process of searching for the holy grail is to find a proven mentor. Also, understand that trading psychology and risk management is more important than having a holy grail system. Most people have the misconception that the trading system is everything, when it is not. It only contributes to about 40% of your success as a trader. I started out my Forex trading journey attending tons of seminars, reading tons of articles online and borrowing books from my university library. Instead of being able to find the right system for me to start trading, I ended up getting more confused and overwhelmed. Many beginners start with researching for information through books and online as well. Although that would help build their trading foundation, it will cause a lot of confusion because that was what happened to me back then. The fastest way to shortcut your journey from point A to point B is to find a legend in your field and learn everything that you can from him or her. Continue reading books even once you have started to trade live but focus on the trading principles, habits and mindsets held by successful traders rather than their systems. In other words, read to strengthen your trading psychology rather find the secret formula.
than to
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