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Brian,a full-time forex trader, with 11 years of trading experience. Member of the Society of Technical Analysts (STA). Gain is above 1000% in his live account verified by Myfxbook (Time-Weighted Return). His core trading theory was published in Market Technician (Journal of STA), Issue 90, page 36-48.

1. When did you start trading? Did you learn it yourself and taught by someone else?

Brian: In 2006, I was invited to a high-level conference. The host introduced a forex trading strategy in detail, its yearly return was nearly 1000%. The unbelievable return was extremely attractive to me. However, finally I found that the strategy was similar to a big scam. Even the equity curve was 100% the same. An old classmate who lived in UK told me that FX trading was a good job but extremely hard, there were also a lot of scams in the industry. Then I started to learn some basic knowledge and try demo trading.
In 2007, I met a technical analyst who worked in a famous Europe-based charting system company, he taught me a lot of basic skills. In 2009, I met a Spot FX trader in Singapore desk of a large European bank, who taught me many trading strategies and methods. Then I became a full-time trader in 2010.

2. How much was the balance when you started to trade and invest at present? How much was the first profit and the first loss?

Brian: My initial capital was $50K. At that time, I only wanted to gradually improve my trading skills and make sure my funds preserve their values. At present, I invested $750k.
The first profit and loss were not very big, cause I always have strict risk control: trading with 1:1-1:5 capital leverage, no higher than 1:10.
This leverage is different from marginal leverage. For example, 1 Standard Lot is equivalent to a transaction of 100K US Dollars. When we have a $100k balance and trade 1 standard lot, the leverage is 1:1. To trade 2 standard lots, the leverage is 1:2, and so on.

3. Do you prefer technical analysis or fundamental analysis? What trading symbols are you focused on? Can you describe your trading strategy or style in detail?

Brian: My trading logic is a combination of technical and fundamental analysis mainly focused on USD Majors.
When I started to learn currency trading, both my teachers had a very solid technical background, but their styles were different. The analyst paid more attention to long-term trends, and tended to look for "perfect" trading opportunities; while the Spot FX trader paid more attention to actual combat. It took me three years to integrate their theories organically.
Later, I gradually realize that fundamental analysis was equally very important. Prices are determined solely by the interaction of supply and demand. Prices tend to move in trends. Shifts in supply and demand cause reversals in trends.
1) Medium and Long-term trade
Fundamental views need to be verified by technical views, otherwise the fundamental view may be wrong. Technical views need to be supported by fundamental analysis, otherwise it may be a false signal or the trend may not develop very well.
When they have the same direction, we may have a potential high convincing trading opportunity; If not, we may have to be cautious.
My technical analysis is based on Tendency Forex System, created in 2016 with JavaScript in eSignal Charting System. Regarding to fundamental analysis, because of the limited time and energy, I only make some rough judgments to get a basic view. It is important to combine the fundamental analysis reports of some major bank and/or their models. Every trading day, I read and absorb as much as I can. However, I would not directly copy their views. I must think independently to get a basic view, if my views are supported by some major banks, then it may be a highly convincing idea; if not, I'll re-check it and perhaps further observation and consideration are needed.
2) Intraday short-term trade
In my opinion, short-term trade should have the same direction with the major trend. We need to define the price range first, then confirm the entry, stop loss and take profit level. It's hard to find short-term trading opportunities on every trading day, more time is for observation.
3) Strict stop loss
Some traders always want to take profit every day and for intraday short-term trade only. They think the stop loss of long-term trade is too large to be suitable for a small balance. In my 11-years professional trading career, I have never seen any professional trader adopting this method and achieving great success.
Theoretically, the shorter the Timeframe, the more unstable the trend and the higher the probability of false signal.
The stop loss of medium and long- term trade will definitely be greater than that of short-term trade. However, if the major trend is well identified and better entry levels are selected, it is completely possible to control the stop loss within 70-100 pips. Therefore, selecting the correct time frame and good risk control is the top priority of any successful strategy.

4. In the introduction, your gain is beyond 1000% in your real account verified by Myfxbook, what is the core factor for obtaining such good trading performance?

Brian: I think the core factors are good risk control, accurate interpretation of the market and diversification & differentiation of trading symbols.
1) Risk control: Higher gains do not mean higher volume or over-trade. When we have a potential trading opportunity, we may use 1:1 or 1:2 leverage as a tactical position, looking to add or reverse at the next technical level with 1:3 or 1:5 leverage.
2) Accurate market interpretation. My core views are based on a combination of technical analysis and fundamental analysis. This kind of "add-position" is essentially different from "grid & martingale".
3) Diversification of trading symbols. During every trading day, I will observe all the USD Majors, cross rates, stock indices and commodities, so that I would not only identify the potential major trend more clearly, but also find the most tradable symbols. Some retail or part-time traders think it is better to concentrate on and only trade gold or EURUSD.
No matter how good the liquidity is, there will always be a consolidation period to any symbols. It is likely to be counterproductive to force the search for trading opportunities.
4) Differentiation of trading symbols. USD Majors are all denominated in US Dollar, and there is also a strong correlation between some currencies. For example, the Australian Dollar and New Zealand Dollar have the same direction in most cases. If we go short of AUDUSD, we should avoid going short of NZDUSD at the same time.
In the statistics data verified by Myfxbook, we can see that "higher returns" are based on "higher pips", which are the result of using technical analysis to the extremest level.
To trade and create such a higher return account is just from my working perspective. For my working experience in hedge fund, 40-60% annualized return with draw down no higher than 10-15% is a quite good performance in the industry especially for clients with a larger investment. Let’s see the screenshot below, please note that the draw down is calculated by closed loss and floating loss.
However, after I joined a new hedge fund, they have regular off-line clients as well as some online retail investors. The average investment amount from off-line clients is very high, most of them concerned about "trading safety" with moderate return and lower draw down. But for most online retail investors, their average investment may be around $10k, and they always want to go after higher returns and do not worry much about the draw down.
Then we had an idea to create an account with a higher return on a total 30% amount from retail investors. The account verified in Myfxbook is only for display purpose, but the trade is 100% synchronous with my company's account.
Next step, I hope to reach 2000% gain in 12-18 months.

5. Which books helped you the most? Can you recommend some to the readers?

Brian: Knowledge is power, especially in the forex industry. We can't dream of finding a holy grail overnight. To accumulate knowledge day by day is very important.
Market Wizards Interviewers with Top Trade,The New Science of Technical Analysis,New Market Timing Techniques: Innovative, which all are very good books, highly recommended.

6. In your trading career, do you have something unforgettable? Can you share them with the readers?

Brian: The most impressive memory happened on 15 Jan. 2015, the flash crash of EURCHF. In 2011, the Swiss National Bank announced a currency floor at 1.2000 in EURCHF as a way to stop the relentless buying of CHF (selling of EURCHF) triggered by the Eurozone crisis.
There appeared to be a nearly risk-free trade from 2011 to 2015. People simply bought EURCHF every time and it got close to 1.2000 and sold any rally.
On 15 Jan 2015, the SNB unexpectedly pulled the floor and EURCHF collapsed in the biggest one-day move in the history of floating exchange rates.
At that time, I did have a long position of EURCHF with 1:1 leverage stops at 1.1985, but I also went short on AUDCHF and GBPCHF. The stop loss of EURCHF did not be executed, but the loss of EURCHF was equal to AUDCHF, the profit that went short on GBPCHF was net profit.
Through the incident, there are quite a few inspirations for me:
1) Technical views must be combined with fundamental views. At that time, there was no strong technical support in buying EURCHF, most traders (including me) only assumed that a break of the floor was impossible.
2) Trading independently is very important. When I went short on AUDCHF and GBPCHF, almost most major banks still held a highly bullish view on them. However, they already had a strong trend reversal sign on intraday time frame according to my trading system.
3) Nothing is impossible. Before we enter every trade, we should have a basic plan of how to deal with the profit moving or the potential floating loss.
4) Risk control. During the flash crash of EURCHF, a lot of professional traders, hedge fund, brokers and banks were hammered. I only used 1:1 leverage to go long on EURCHF, even if I did not go short on AUDCHF and GBPCHF, my account would not be directly stopped out in a potential 2000-3000 pips' floating loss. If the account blew up, then there must be some issues in risk control.

7. Which one is more important in trading, psychology or technology?

Brian: In the initial stage, when a trader's technical ability is premature, psychology does play a key role. He needs to be self-disciplined, and stick to learning and trading.
When he has a perfect trading system being verified by both backtest and forward test, even if he is a quite impatient person, I believe he will not enter a trade without a clear trading signal.

8. Do you have any difficulties in the novice period and how did you deal with it?

Brian: There were a lot of difficulties indeed during that period. I always wanted to maximize profits, but in many cases, haste makes waste. In addition, the source of income was not well as before. Fortunately, I already had some material accumulation and psychological preparation before I started full-time trading.
However, I was highly convinced I could be successful one day in the future. From a technical perspective, I already had enough trading knowledge, I believed after some time of practice, self-sufficiency would be completely achievable. Moreover, my IQ is 136, I quite believe in my comprehensive ability.

9. What will you do when you have a lost position? Do you have stop loss in your trading? What do you think of stop-loss?

Brian: A lost position is part of trading, I'll accept it quietly.
In my trading system, the stop loss is always beyond the next technical level. When it is touched, it always at least means the short-term trend changes direction. In case the long-term trend has not changed, I may hedge some positions and look to unlock them in coming sessions. There is only a 30-50% chance to make both the hedged position profitable, but in this case, it just like Benjamin Franklin's famous saying: A penny saved is a penny earned.
Trading without a stop loss is extremely risky. Let's take a look at this account.
His key logic was small volume without stop loss. There was no problem or even "perfect" performance in 5 years, but it was finally stopped out when EURAUD surged higher in 2020.
From zero to hero in 5 years.
From hero to zero in one night thereafter.

10. What qualities should a good trader have?

Brian:Self-discipline, always remember his mission and initial purpose;
Modest, he should pay more attention to the advantages of others, pay more attention to his shortcomings;
Keen to learn, accept any new theories and ideas in time, and try to evaluate them;
Reflective, regardless of win or loss, a trader should reflect on the whole situation of the previous trading day;
Stick to his views, for sure enough trading knowledge and ability must be needed before he could stick to his opinion;
Realistic, the market is digital, very objective, falsehood and lies could not cheat the market.

11. What trading strategies or suggestions do you have against the background of the impact of the current COVID-19 outbreak on the global economy?

Brian: The epidemic poses a severe challenge to the global economy. The fundamental analysis of some major banks even came to the opposite conclusion. It is very rare in recent years. At this time, we should pay more attention to the combination of fundamental and technical analysis.Traders are not predictors.
We should interpret the market according to the actual situation and looking for better trading opportunities with enough patience.
All in all, trading is like playing the piano. The mechanics are very simple, anyone can make it pop up a sound, but mastery takes a lifetime.


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