Part of an ongoing trader interview series — the same set of questions put to different traders, covering background, psychology, strategy, and lessons learned. Originally published on Traders Questions.
Pete is a trader from Snorm’s chat group with over 5 years of experience. He actively trades DAX in mornings and DOW/NASD in afternoons.
A bit about yourself
What was your journey that led you into trading?
Pete sought an independent business venture after running a company with employees proved stressful. He wanted work he could manage alone with “possible unlimited rewards.”
What trading challenges are you currently facing and how do you have a plan to get through them?
Pete struggles with moving stop losses too early during drawdowns. He notes that premature SL adjustments cause him to exit trades that would have “run to 10, 15 or 20R” had he followed his rules properly.
What inspires you to trade and what are your specific reasons to pursue trading?
His motivations include “freedom to do this anywhere in the world,” overcoming psychological trading errors, and unlimited earning potential.
How many years have you been trading (hands on, not algo)?
More than 5 years.
In your head
What’s the thing you enjoy most about working as a trader and what was your most painful experience?
Pete values “freedom and contact with mutual souls doing the same.” His most painful experience involved losing 60k in one evening after a year of building capital, using a flawed martingale system when GBP moved 800 points.
What are the key factors that separate successful day traders from those who fail?
Successful traders “choose ONE trading strategy/system as simple as possible, test this and 100% follow the rules with proper risk defined.” He emphasizes defining daily/weekly loss limits and matching risk exposure to personal temperament.
How do you deal with frustration, self-doubt, and other emotional aspects of trading?
Pete focuses on other activities. Over the years, handling emotional challenges has improved, with fewer setbacks and reduced susceptibility to FOMO trading.
Do you have a process to understand if it’s a day to not trade?
Yes — he avoids trading during personal difficulties or after insufficient sleep.
Strategy and trading plan
What does your typical trading session look like?
Pete trades for 1-2 hours starting around London Open, then stops because “brain energy/focus start to deteriorate.” He spends approximately 10 minutes per trade on logging and analysis.
What market or markets and timeframes do you trade and why?
He trades the 1-minute timeframe across several strategies that suit this interval.
What key indicators or charts do you look at first?
Pete uses Elliott Wave analysis from for-exe.com.
What platform and tools do you rely on?
MT4, for-exe indicators, and for-exe’s EA for trade placement and management.
Do you have contact with other traders?
Yes — Pete participates in the for-exe trading group and a futures trading community.
Tags
Technical trader, swing trader, day trader, indices, forex.