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1st Place Live Trading
June 09 Challenge
Transcript Of Interview
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Name: Fitzroy Daley
Position: 1st Place
Age: 33
Percentage gained: 2773.26%
Country: Jamaica
Occupation: Forex Trader
ADRIAN: Hi and welcome to everyone who’s listening in to this interview. I’m here
today with Fitzroy Daley who’s come out tops in the June demo section of the
challenge. Hi Fitzroy.
FITZROY: Hi, how’re you doing?
ADRIAN: Fine thanks and you? Fitzroy I just mentioned, you know you’ve come out
tops yet again. In the April challenge you came out first, congrats. You’ve used the
same system as you have for April?
FITZROY: That is what I did. I did. I did not know I could do that, so it was
probably around the second week in April that I contacted you guys and I think you’re
the one who told me I could and so I just seized the opportunity again.
ADRIAN: Yeah.
FITZROY: So it’s the exact same system.
ADRIAN: And a good thing you did.
FITZROY: Oh I am glad I did.
ADRIAN: Now, we’ve spoken to you a little bit before, obviously with the interview
we did with you in April and just out of curiosity, anything major happened in your
life since then?
FITZROY: Nothing much, just the regular run of the mill, you know. I guess no news
is good news so everything is basically the same.
ADRIAN: Okay, great.
FITZROY: Well except for the fact that I’m, you know, I’ve grown a little older.
ADRIAN: Okay.
FITZROY: Well only a few months older but apart from that, nothing significant.
ADRIAN: Me too. (laughter)
FITZROY: (laughter)
ADRIAN: So what we’ll do Fitzroy is let’s get straight into your system. You know,
I’ll ask you a couple of questions about that then if you don’t mind. One thing that
does stand out for me about your system is that you generally don’t use stops. Can
you explain this a little bit?
FITZROY: That is true, but that is true for many persons as well, because with most
educational packages that you’d go through whether you check on the website,
wherever, they always emphasize the use of stops and for the most part, in the very
early, when I started trading I used stops (inaudible) still having the experience that I
had back then, where you would have a stop and the market seems to be able to sense
where the stop is, it goes to that position, takes your stop out, closes your position and
then it begins to move in your direction.
ADRIAN: Yes.
FITZROY: It sometimes seems as though the market was out to get me and I don’t
know if maybe you’ve had that same experience.
ADRIAN: I understand.
FITZROY: So then what I started doing, I said to myself you know what ‘there must
be a way to work around the stop and at the same time, preserve the account’. So I
used equity management, so to speak, to protect the account just like a stop would.
Now in the demo section which I won consecutively now…
ADRIAN: Yes.
FITZROY: You’d realize that a lot of trades have been entered, once you go through
the account, a lot of trades have been entered without a stop.
ADRIAN: Yes.
FITZROY: Let’s say position sizes or lot sizes are very big in relation to the account
balance.
ADRIAN: Yes.
FITZROY: And that is not being conservative at all. Now as it relates to a live
account which I do trade, I am really more conservative trading a live account
because I do not use stops.
ADRIAN: Yes.
FITZROY: So what I do now, I trade only .01%
ADRIAN: Alright, can you repeat that Fitzroy.
FITZROY: The lot size.
ADRIAN: Yes.
FITZROY: The lot size in my live account, my lot sizes are like .01% of the principle
amount.
ADRIAN: Alright and this obviously is a lot different to the demo trading.
FITZROY: Well basically it is the same but as I said it is just more conservative.
ADRIAN: More conservative, yes.
FITZROY: Right. Because the thing is you do not use stops so sometimes the market
can move against you and bear in mind again that my positions, my trades only enter
based on specific criteria.
ADRIAN: Yes.
FITZROY: Only when the criteria is met that a trade is entered.
ADRIAN: 100%
FITZROY: Only the market can still move against you right?
ADRIAN: Yes.
FITZROY: Right, so you need to protect them…some persons stop, afraid to use
stops but for me, I find that equity management and using a particular lot size in
relation to the principle amount or to the balance on the account works a whole lot
better for me.
ADRIAN: Right. Now would you be inclined to use this system, not withstanding
that you might have a different outlook on your stops if you were trading live? I
mean, do you use this when you’re trading live?
FITZROY: Yeah, definitely, I use it while trading my live account. This is the only
strategy I am using but as I’ve said, it’s vitally important that I use equity
management to protect the account. You understand, to…
ADRIAN: Yes.
FITZROY: Minimize my losses.
ADRIAN: Yes. Now, do you think you could make any changes to your system as far
as the demo trading section is concerned? Is there any improvements you feel you
could make to it?
FITZROY: Yeah, I do believe so. There is always room for improvement, once you
traded the system and I believe many persons have, they must admit there questions
that would arise, and for me there are still questions and still some rough points to get
over…
ADRIAN: Yes.
FITZROY: One of the major challenges I’ve been having is many times when you
enter a position and you will see from the reports that the position holds negative
figures, so I’m trying my best now to find a way to correct that. Once we enter a
position, once I enter a position, make sure that this position is entered at the optimum
time. So I’m still in the process of finding a way to work that out so it can be fine
tuned. So once a position is entered the gains can begin to be realized.
ADRIAN: Excellent. How did you develop your system? Was it through trial and
error? Or otherwise?
FITZROY: Well I’d say it’s a combination of several factors. Yes, trial and error was
the paramount aspect of it.
ADRIAN: Yes.
FITZROY: It played a big deal in it. Trial and error because there are many times I
would sit for hours and hours and days and weeks at the system just trying to get an
understanding of how the system works.
ADRIAN: Yes. How long did it take you?
FITZROY: Well let’s say it took me a process of 4 years, because it is still something
I’m working on. It’s still something I’m trying to improve. So it is not final yet, but
it’s workable.
ADRIAN: So, we’ll look out for the next challenge to see if it’s been developed at all
(laughter)
FITZROY: (laughter) I don’t have the time to enter the next challenge, I’m not so
sure just yet.
ADRIAN: Okay. Now, your system makes use of a custom indicator. The MT4 stop
level reverse. Do you think…
FITZROY: Right.
ADRIAN: That you will look towards more automation of your system in the future?
FITZROY: In fact I’m actually looking towards doing that because you will know as
well as I do as well as so many of the traders would say that this is a very tedious,
boring, irksome type of job.
ADRIAN: Yes.
FITZROY: You sit here hours without anything sometimes, trying to look for the
right, the optimum trade. I’m thinking to myself it would be a whole lot easier if the
system were automated…less labor intensive.
ADRIAN: Yes.
FITZROY: So then the system automatically does itself.
ADRIAN: Alright.
FITZROY: Definitely, I’m looking towards going there.
ADRIAN: Okay and just other general questions here, now what, you know, what’s
the biggest amount you’ve ever won on a trade? Do you recall?
FITZROY: Can I remember, I don’t think I can but I do believe it would around
when I started trading, you know with the whole excitement, no equity management
principles in place, no clear objective…(inaudible)… the big lot size, and then
probably got probably 50-60 pips, so in relation to the principle it would have been a
high percentage but (inaudible) the same way you would not use the principle,
implementing any principles, you basically lost it as well.
ADRIAN: Sure.
FITZROY: It was short lived. I don’t remember exactly what it was but it was in
those early stages.
ADRIAN: And, you know, what is the time period you generally trade? Do you trade
early in the mornings, late in the afternoons, at the opening of particular markets,
what is your pattern of trading?
FITZROY: Interesting question because what I find I’m doing using a system, once
the system gives a setup, once all the criteria’s are met, you enter a trade irrespective
to what session it falls within.
ADRIAN: Yes.
FITZROY: What I find however though is that I may anticipate that in probably the
London European session and the US session that maybe my limits may be met.
ADRIAN: Alright.
FITZROY: (inaudible) particular time frame, but it is not…I don’t particularly say
I’m trading a particular session, as I said, once the setup is there I enter the trade and
in the European and the US session the trade might be realized or the gains might be
realized at that much quicker time.
ADRIAN: I see, great. And do you have a preference for a broker?
FITZROY: I’ve tried several brokers, tried several brokers, I don’t know if it’s okay
for me to call names here, can I?
ADRIAN: If you’ve got anyone you want to talk about in particular, no problem.
FITZROY: (laughter) Okay, I like Interbank. Interbank FX, this is an ad for them
(inaudible) They’re pretty good brokers in terms of customer service, in terms of the
service they, whatever they provide.
ADRIAN: Yes.
FITZROY: I’ve found them to be A1, you know and they’re always there, someone
you can always talk to, anything that you need clarified, anything that you need
cleared…(inaudible)
ADRIAN: Okay.
FITZROY: This month to be exact, there is some new stipulations coming from the
US side of it and so on and they were able, they have been able to work around it so
hey, we’re not affected at all. Probably you can check out that some more on their
side.
ADRIAN: Great, and just another question here, any particular pair that you prefer
trading?
FITZROY: I’m finding I’ve gravitated a lot towards the Euro/Yen. It’s a very fast
moving pair…
ADRIAN: The Euro/Yen
FITZROY: Very volatile I’ve found…the Euro/Yen, though I trade several other
pairs. Any pair that I can find to trade I will trade, but for the most part it’s the
Euro/Yen and that setup’s always there. The Pound/Australian, the Pound/US that I
speak of, the Australian/US, the Canadian/US, the New Zealand/US sometimes I will
trade that and a few times I will touch the Euro…no the US/Yen. Once there is a setup
on any particular pair, based on how the system works because it’s very mechanical
(inaudible) point out the criteria’s and try and find the criteria’s, once they’re found
on any particular pair, I will just trade it.
ADRIAN: Okay, Hi Fitzroy, sorry the sound seems to be getting a little bit worse, so
I’m going to end it off here.
FITZROY: Okay.
ADRIAN: Thanks. Thanks Fitzroy, for sharing these insights with us and we wish
you all the best in your trading future.
FITZROY: Thank you so much and it was a pleasure.
ADRIAN: Bye.
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