How did you get into trading?
I migrated to Australia in 2006 from Vietnam. Soon I found a job working as a structural engineer for a local engineering consulting firm.
I worked hard, as I was the sole breadwinner of the family (I have a wife and 2 young kids). Due to my busy schedule, I did not have enough time for them. I thought to myself – there must be a better way to live my life.
I started attending seminars on everything from multi-level-marketing, property investment to share and derivative trading. Consequently, I found that trading was probably the best way for me to live the life I want to have.
I read books about trading, watched You Tube videos on trading and followed financial and business news.
With a small trading bank, I decided to trade contract-for-difference (CFD), as it offered high leverage. I was not aware that CFD was also a high risk product. That’s how I commenced by trading career.
What do you trade, for example, shares, indexes or currencies, and why?
I used to trade index CFDs, largely because it offered high leverage and free commission. As I worked during the day, I often traded European Indices such as the FTSE and DAX. Sometimes I traded the DOW.
Recently, I started Option trading after attending the Trading Mastery Program by Traders Circle. I like Option trading because this product offers both flexibility and leverage. There are many strategies in trading options, which I could use to make money in any market conditions.
I also have a share portfolio for my long term investment.
Do you think the everyday person on the street has a chance? Can they become successful traders?
In my opinion, everyone could potentially become a successful trader. Nevertheless, it is always easier said than done. There are many factors that influence a trader’s success. For me, adequate education and proper trading mindset are the most important factors among all.
How have you been able to learn and educate yourself about the markets?
As mentioned previously, I highly value education.
In the past, I engaged in a sufficient amount of self-learning through reading books, online webinars, You Tube videos etc. I wanted to attend a good trading course but I could not find a training program that suited me.
I had heard about Traders Circle in the past, but I was sceptical about all trading education providers at the time, since I had heard more about failures than successes. In addition, the cost of a training program was normally high, which held me back from participating.
In early 2015, I received a phone call from TradersCircle about the Trading Mastery Program. After doing my due diligence, I decided to invest in the course – thanks to a flexible payment plan offered by TradersCircle.
I learned a lot about options and the basic options trading strategies in a time span of two weekends in Melbourne. I also attended Traders Circle’s webinars to strengthen my trading knowledge and maintain my learning momentum.
Consequently, I went on to complete the Fast-track Program in November 2015. I really like the recorded videos by Tim Michaelides because I can watch them on my smart phone anywhere I go.
I listen to the audios while driving to work, during a workout at the gym and before bed. It is so convenient to learn.
Additionally, I also read finance and business news regularly to understand the markets and market fundamentals.
What were some of the mistakes you made when you started out?
I made many mistakes when I first traded the stock market. Some of those mistakes include staying in a trade for too long hoping the market would turn, not following risk management rules leading to larger losses, letting my emotions influence my trading decisions a bit too much, amongst other slip-ups.
What are some of your golden rules?
I learned Carlo’s trading rules and option trading strategies in the Trading Mastery Program and the Fast Track Program. It is crucial to follow those trading rules, however, my golden rules are – 1) only enter a trade when there is a strong conviction, and 2) strictly follow money management rules.
What’s the number one thing traders can do to improve their performance?
In my opinion, the number one thing to improve trader’s performance is following the money management rules no matter what. You could have more winning trades than losing ones, but you would not make money if your losses were significantly larger than your wins.
The other factors that could help improve a trader’s performance include good tools and an efficient support team. Being a member of TradersCircle gives me access to great tools and training resources.
I also have great support from the experienced team of advisers at TradersCircle who I can approach for trading ideas and advice. The trade recommendations by Carlo and the Potential Trades Videos by Tim are very helpful in identifying the trades that suit me.
Finally, what is core to a trader’s success?
Trading skills and trading psychology. Don’t let emotion influence trading decisions. Have a sound trading plan that suits your style and strictly follow that plan.