AN AUDIENCE WITH A PROFESSIONAL
This article features an interview with someone who breathes FOREX. He has chosen Forex as a way of life; his niche. His name is Olanrewaju Lamidi. He’s a Forex trader, researcher and systems developer. He’s tested a myriad of trading strategies and concepts for years. He’s seen the good, the bad and the ugly in trading. He’s dealt with all kinds of trading professionals. Based on his years of experience, an encounter with him would make you all the more determined to be the best trader you can. You’ll always have something to gain from him. I met him earlier this week and was able to ask him some questions.
Azeez: Could you please introduce yourself?
Olanrewaju: There’s nothing extraordinary about me. I’m just like anybody else – only that I make a living trading Forex. I’m also married with a kid.
Azeez: What made you develop interest in trading?
Olanrewaju: The possibility of making money, even in the comfort of your bedroom. Whether you buy or sell you can make money. It’s very hard for me to think of any job that’s better than trading, provided you can find a strategy that works for you. I heard about Forex and quickly got my feet wet. There’s no-one who hears about trading and its potential and won’t be interested. I like a kind of business that makes me think a lot and do thorough analyses. I practiced and practiced and practiced. I read a lot of books and experimented with many trading ideas. There’s no end to what you can learn in trading.
Azeez: Out of many types of financial markets available, why did you single out Forex?
Olanrewaju: The forex market being the biggest and the fastest-growing market in the world is highly liquid and dynamic. It tends to trend more than other types of markets. There are always trading opportunities.
Azeez: Didn’t you have any bad experience on your journey to success on the markets?
Olanrewaju: I believed I could double my accounts within a very short period of time. There are baits for traders out there. You name them: over-leveraging, higher lots, etc, with the hope of getting rich quickly. If you do this, you’ll lose yourself. I was doing that in the past, but I learnt bitter lessons.
Azeez: Do you have very good or memorable days in trading?
Olanrewaju: When the markets are moving very well in my favor and I’m making good profits, I always feel on top of the world. There are times out there when your strategy would work well for you.
Azeez: You’re a highly skilled and experienced trading systems developer – both manual and automated. Which one is better, based on your experience?
Olanrewaju: No question about it. Manual trading is the best. With a manual trading system, you analyze the markets yourself and make your own trading decisions. But when using a robot, you mayn’t know why the robot places trades. 99% of trading robots manufacturers won’t give you a manual to explain why their robots are placing trades, which means you’re trading blindly. I’m not saying that robots can’t make you money, but contrary to what marketers are saying, most robots don’t survive long on the markets. A robot that’s working well today may crash and burn tomorrow. This is because the markets change and/or because of brokers’ manipulation. For example, there’s a pretty popular EA that made lots of money for its buyers before it stopped surviving the markets. This was because so many people were making money with the robot that those brokers started to manipulate their servers against the EA, especially by increasing their spreads and other kinds of fraudulent programming. We placed that robot on two different platforms belonging to two different popular MT4 brokers; with the same settings. But we were amazed that each copy of the robot was going on different directions on each platform. The robot would buy on this platform, but its other copy would sell on another platform; in spite of the same settings and pair. That’s broker’s manipulation.
Azeez: What are your favorite pairs and how long would you like to hold onto open positions?
Olanrewaju: I can hold onto a position for as long as one week. I’m a swing trader, and my favorite instruments are EURJPY, NZDJPY, EURAUD and EURNZD.
Azeez: How do you personally analyze the markets for trading decisions? What’s your favorite timeframe?
Olanrewaju: I analyse the markets on 4-hour charts and daily charts. Like I said earlier, I’m a swing trader. I simply buy low and sell high. I try to identify best possible turning points for the markets.
Azeez: Why is it so difficult to make consistent profits on the markets?
Olanrewaju: It’s because the markets are unpredictable, and so are all aspects of life. Once you accept this fact, you’ll stop looking for the Holy Grail.
Azeez: Then how could consistency be achieved?
Olanrewaju: By staying true to your rules and having trust in your trading system, plus money management. What you need to achieve consistency are simple but not easy to follow.
Azeez: Do you think women could also be good at trading?
Olanrewaju: Absolutely yes, even a woman may even perform better than a man for they have certain qualities that may be utilized for their benefits while trading. My wife has been so supportive, and I’d be glad if she makes up her mind to start trading. The markets aren’t gender specific. Anyone is welcome in trading – even kids can trade successfully.
Azeez: How much profit in percentage can you realistically expect on monthly basis and yearly basis?
Olanrewaju: My monthly target is around 5% – 10% ROI and my yearly target is around 50%.
Azeez: Is trading your only profession?
Olanrewaju: No, I’m also an accountant.
Azeez: For someone trying to go into trading on a full-time basis, how much do you think is the minimum amount sensible to start trading with?
Olanrewaju: It depends. It absolutely depends. It has to do with how much you need as income on yearly basis, providing that you earn enough money to support yourself and your family. To me, a minimum of $25,000 is recommended.
Azeez: As far as trading is concerned, what are your plans for the future?
Olanrewaju: I’m more determined to place better trades and make better profits. I aspire to be one of the best traders in the world.
Azeez: Which one is more preferrable, managing your own money or managing others’ money?
Olanrewaju: Managing your own money is more preferable, but you could ride other people’s horses if you really know what you’re doing.
Azeez: Mr. Olanrewaju, thank you so much for this encouraging interview!
NB: Mr. Olanrewaju Lamidi may be reached on Yahoo! Messenger. His ID is: fxmoney55
Your questions and opinions are highly welcome.
With best regards,
Forex Signals Strategist, Funds Manager &Coach
NB: There is risk of loss in trading, but it is possible to be a successful trader.
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