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Author Topic: Treat your trading like a business  (Read 8951 times)

traderkhatz

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Treat your trading like a business
« on: November 21, 2019, 05:00:35 PM »


BBOD is back with another edition of The Trader’s Perspective Interview. Our very own Ashish S. interviewed Mr. Pumps, a experienced trader who is also known as @Edwardpumps. He shares with us his strategies on how one can consistently make money in the markets.

Read full interview here: https://bbod.io/post/treat-your-trading-like-business
Register to the platform here: https://bbod.io/platform/register?code=nnUbjl

Treat your trading like a business – @Edwardpumps

In this edition of The Trader’s Perspective we interviewed Mr. Pumps. He is an experienced trader who first started trading in 1994. He shares with us his strategies on how one can consistently make money in the markets.

Full interview with Mr. Pumps
BBOD: When and how did you start trading? Do you only trade cryptocurrencies?

Mr. Pumps: My first stock was Tabcorp in 1994. I mainly trade bitcoin with margin until altseason kicks in. I traded oil for over 10 years as it is the market maker for all other charts.

BBOD: What was the riskiest trade you ever made? What was the result?

Mr. Pumps: I opened too many positions margin trading oil, I didn’t understand leverage and the result was liquidation. Something we all need at some stage, the earlier the better.

BBOD: What is your main trading strategy and what kind of trading tools do you use to analyze the market? Graphs or reasoned analysis – what is your preference and why?

Mr. Pumps: My trading strategy is based off time catalyst, trend lines, set counts, number sequence, candle weakness, trigger candles, gaps, gap arrays, volume & fibonacci.

BBOD: What qualities do you think make a successful professional trader?

Mr. Pumps: Anyone can acquire the skills if they treat their trading like a business. You must take profit regularly for cashflow. Discipline, planning & taking action on those plans + never viering from the plan.

BBOD: What are the most common mistakes traders make and how to avoid them?

Mr. Pumps: Going too hard too soon (all in on one trade) – split your stack. Not testing strategies before applying them with capital. Buying the news (we usually sell the news & buy the rumour) if trading fundamentals however the chart already shows the fundamentals ahead of the news. A novice should look at buying based charts with increasing volume, this is the safest way to trade.

BBOD: What kind of trade rules or principles would you recommend to our readers to follow?

Mr. Pumps:

Learn from someone you like & trust.
Don’t try to learn everything about trading, find a few simple strategies & apply them.
Never accept more than 1% loss, if you are wrong exit the trade immediately!
Don’t rush, the market pays somebody everyday.
No need for FOMO, their is always another pump.

BBOD: What are the top three items a trading platform should have?

Mr. Pumps: Chart tools, Stop loss (which is kinda new to crypto), volume scanner.

BBOD: What would you like to know before you started trading?

Mr. Pumps: To exit a loser immediately, you cannot get too hurt if you apply this simple tactic.

BBOD: How can a trader prevent his greed from influencing the size of his position?

Mr. Pumps: That’s easy, always use the same amount of capital per trade (eg: If you have $50,000 to trade with, split that into $5000 trades). Regardless if I am trading ETH or BTC I will always use the same capital per trade not giving any single trade priority based of coin type or chart set up.
After I have tracked my average win/loss ratio (if I have won more than 80% of my trades I increment my trading amount up 10% -eg to $5500) If I haven’t performed well I will reduce my trading amount by 10%.

BBOD: BBOD has launched its stable version. Have you had a chance to take a look? Got any feedback?

Mr. Pumps: I have asked a few of my researchers to check it out.

BBOD: Please tell us more about your educational service and how can a novice trader benefit from your educational service?

Mr. Pumps: I train traders my style of trading to find specific chart set-ups and we post these charts that fit my criteria in our Discord & Twitter groups. Traders can select which chart they think is ready to be traded. We mainly trade the alts that are on Bitmex as we can short these.
I also summarise the market sentiment in order to determine if we should be holding USDT, BTC or alts. Like on the first day of Bakkt we were mostly holding USDT right now.
We delve into the technical systems that matter the most as 95% of the free trading material is absolutely useless. I create a trading plan for my students so they have the best chance of success.
Our website should be live soon – www.edwardpumps.com
The traders that can prove they are learning my systems effectively also get to trade with my clients money. I respond to questions through twitter DM’s

BBOD: Thank you very much for participating on this edition of “The Trader’s Perspective”, it was our pleasure to have you here. We hope your insights were very beneficial to our readers as well!

Feel free to share your comments or questions in our Community on Telegram!

BBOD: One World, One Exchange

BBOD is a world-leading transparent-custody, cryptocurrency derivatives trading platform for retail and institutional clients, offering a secure and transparent marketplace to trade Bitcoin and Altcoins futures contracts with a stablecoin collateral. The transparent-custody nature of BBOD means that BBOD does not hold either the clients’ digital assets or their private keys. Instead, a client has their own contract account on the Ethereum blockchain.
« Last Edit: February 19, 2020, 03:05:41 PM by traderkhatz »

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Treat your trading like a business
« on: November 21, 2019, 05:00:35 PM »


CryptoYears

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Re: Treat your trading like a business
« Reply #1 on: December 15, 2019, 05:19:53 PM »
Yes, of course. It’s important for us to treat trading as like any other business. While there is not even necessary to just put all hopes with it. Just check https://bulawayo24.com/index-id-business-sc-local-byo-164513.html, as here we can see how many businesses are out there. But key is determination with any business.

Altcoins Talks - Cryptocurrency Forum

Re: Treat your trading like a business
« Reply #1 on: December 15, 2019, 05:19:53 PM »
:)

lianot

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Re: Treat your trading like a business
« Reply #2 on: October 06, 2020, 09:14:30 AM »
to become a successful trader you need to work with the best instruments

smt_nirwana_01

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Re: Treat your trading like a business
« Reply #3 on: October 27, 2020, 04:16:12 PM »
For a successful trade, we must first develop ourselves and act according to our own abilities.

Evelina

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Re: Treat your trading like a business
« Reply #4 on: July 09, 2021, 07:20:46 PM »
A professional trader can get earn more profits. Unlike other professions forex trading also a good profession. Many people have taken it as their main profession. Therefore traders should maintain Professionalism and choose a reliable broker like FreshForex which provides online Educational courses, free demo access, higher leverages, spreads starting from 0 pips, and the best guidelines.


Ferki

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Re: Treat your trading like a business
« Reply #5 on: July 18, 2021, 10:42:05 AM »
A professional trader can get earn more profits. Unlike other professions forex trading also a good profession. Many people have taken it as their main profession. Therefore traders should maintain Professionalism and choose a reliable broker like FreshForex which provides online Educational courses, free demo access, higher leverages, spreads starting from 0 pips, and the best guidelines.


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