The life of a pro trader can be a bumpy ride and many traders even find themselves reaching a stage of boredom in their trading journeys – myself included. Before forex, I had never stuck at anything work-related for more than five years.
The life of a pro trader: my story
The first time I felt a pang of boredom with trading was around 2008. It had become nothing more than a job to me: I was good at it but it didn’t feel like a challenge anymore. Fortunately for many traders, hitting this stage can often be when things start to improve: many traders see more results when they are no longer emotionally invested in trades.
Following this, my trading journey got much more interesting when I started working remotely for a hedge fund and with private clients. And then in 2009, the idea of ForexMentorPro was borne. I spent the next few years enjoying remote, affordable mentoring for clients.
This new direction kept me entertained for a while, but hitting my 10 year trading milestone in 2012 had me seriously considering leaving the trading world altogether. I think all traders can agree that the life of a pro trader usually involves a bout of boredom and feeling like you’re at a dead end. Luckily, I persevered. To this day, I can’t express enough how glad I am that I didn’t drop it all.
2014 was my best trading year ever. It included my biggest ever single trade and a much higher average win ratio.
How did I go from these dead ends to my all-time high in pro trading?
The successful life of a pro trader is all about growing and adapting. I gradually began moving across to daily and weekly charts. This had benefits and drawbacks. My screen time was reduced, I made fewer trades, I spent more time planning and I had more pips/profit per trade.
Another important factor in my success was teaming up with Fotis Papatheofanous. When I met Fotis, I quickly became aware that his strategy of approaching the markets was completely different to mine. He focused on the fundamental aspects first and the technical last. I learnt a lot.
I noticed how all financial markets are inter-related and how movements (such as in treasury bonds) can provide good indications for future movements in specific currencies. I learnt why price was moving in a certain direction and why it was likely to keep doing so. I became more able to ignore potential losing trades and stay longer in winners. I was no longer limited to just trading the majors anymore. In 2014, three of my best trades were the Euro/No, Gbp/Cad & Gbp/Nzd – I had never traded these before then.
Fotis and I now run a multi-million dollar futures fund together. Last year we were contracted to trade for a large pension fund using a global macro approach for forex and other indices. We have also created a professional traders academy for those who are serious about trading for a living and are willing to put in the time and effort to achieve their goals.
How can you keep your pro trader journey from hitting a dead end?
Similar to in many other professions, you need to constantly be looking to update your trading skills and evolving if you are to stay on top of your game. If you are not willing to put in the time and effort you will hit a dead end. The question you must ask yourself is: what do you want to achieve and how much are you willing to give to get there?
At FMP we are a team of hard-working, professional traders who have all been through the typical life of a pro trader: highs and lows. With us, you have access to a number of pro traders, as well as support, advice and analysis. But at the end of the day, becoming a successful trader is your responsibility. If you really want to become a successful, pro level trader, it’s in your hands.