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We spoke with Arshad about his trading plan, insights, and lessons gained while trading in the markets and our platform as a funded trader.
Watch The Interview With Arshad
- Tell us a little bit about you.
I have been learning to trade the markets for the last 15 years, and it is my passion to trade all types of forex, stocks, and other commodities. I always work based on technical analysis Only. I don’t look for any news or other fundamentals.
- How long have you been trading?
I have been a Part-Time Trader for 15 years.
- Briefly describe your Trading Plan and how it contributes to your success.
I spend maximum time reading the charts technically, and I believe that once one can read the signal or pattern, then comes position size or stop loss limit. Occasionally I take heavy positions when a signal or pattern is formed on a support or resistance. The rest of the time, waiting with patience is the best option for me.
- Share with us a challenge you faced in your trading career and how you overcame it.
Trading the forex and Stocks is a challenge every day. To overcome everyday challenges in trading, one must be flexible and remain ready to change one’s mind and trading setup along with the dynamics of the market. That is the only way to be successful.
- How did you adjust risk management to your trading personality?
Frankly speaking, I always look for better signals. For me, managing risk in trading is a secondary issue, and one must focus on the market dynamics and then manage risk accordingly.
- Describe a key moment in your trading career.
In the life of a trader, every moment is a thrill. We are always in a state of learning, and the best learning we get is when we make a LOSS, so for me, Losses are a way to go forward. I think the key moment that is worth mentioning was when I started trading for a prop firm, The 5ers. Since these people give an idea of how to further strengthen one’s skills of managing risk and position size, I can recall this as the best thing.
- How long did it take for you to become a consistent trader, and what aspects did you change for that?
Still, I think I am in the process of learning. Mistakes happen in trading on a daily basis, but instead of getting frustrated, one must focus on learning from those mistakes and try to manage those mistakes in a way so that win trades can overcome the losses made. To make a positive change for consistency, I changed my position sizing a lot.
- What is your mental/psychological strength, and how did you develop it
To bear the pressure and frustration of trading and to trade with courage is my strength, and I developed this through frequent past years losses.
- What was your strategy for successfully passing the evaluation phase?
Pre-open Market preparation is the best thing to start with. One must watch the charts of 8-10 Stocks of one’s choice, make a list of the potential trading stocks for the day, decide the levels to go for Long/Short, and give it a go.
- How is trading for Trade The Pool different from trading by yourself?
This is a fact without exaggeration if someone is seriously interested in building up a trading career. I think the supportive staff at Trade the Pool and the SLL and DLL are definitely a gift for that learner since these checks and balances help to remain disciplined and focused on the profit target. The best part I liked is the penalty imposed of USD 50 if someone makes a loss of DLL.
- What would you recommend to someone who is just starting with us?
One must start slow, avail the 30% of DLL in such a way to make 2 or 3 winning trades, and then that profit helps to further pace up the profit target since the added amount of profit raises the DLL, which helps in taking more risk with confidence.
- Share online resources that were/are significant in your trading development. Names and links are appreciated.
A number of articles on different websites and a number of webinars conducted by different organizations helped me in developing a trader. I still think I am in the process of learning. https://www.learntotradethemarket.com/ I started my learning career from this site, and I am still a Lifetime member of this website and the coursework shared by Mr. Nial Fuller.
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