Name: Leslie Stayton
Profession: Prof. Forex trader
Location: Dallas, USA
How long have you been trading currencies?
I have been trading currencies 4,5 years now.
What is your trading experience, prior to trading the Forex market?
I've never traded any financial market before, forex was my first trading experience.
Do you trade forex for a living?
Yes, it is my full time job for 2 years.
Do you make money trading currencies?
I'm making money trading currencies for about 2 years, before, i wasn't profitable at all, I blew out two $10,000 accounts!
What's your average return/month for the past 12 month?
Can you describe your workstation setup?
2 19'' flat screen monitors
Hp xw9400 Workstation
Windows XP Home version
What charting service do you use?
I 'am using FXtrek Intellicharts. (Cost $100/Month)
What are your favorite currency pairs to trade?
GBP/USD and EUR/USD
What are your favorite trading sessions?
Euro and NY trading sessions
How many hours/day do you spend currency trading?
Describe your best trade, what currency pair, why you placed it, and how much profit did you make?.
I will never forget, it was during a NFP report, the news came out and the EUR/USD was going down 70 pips in few seconds on my charts, my broker's quotes had some kind of delay and I could enter 25 standard lots 70 pips higher as the actual quote, after few seconds, my broker changed quotes and I was up 70 pips.. Any way, I have closed that trade for a 185 pip profit in 15 min and it made me $46250. I was very happy with that result!
What was your biggest mistake ever?
Blowing out my first 2 accounts..
What's your current account size?
When placing a trade, do you use technical analysis, fundamental analysis, or a combination of both?
I'm using both, fundamentals when I trade news events, chart patterns (technical) when i'm looking for break outs
What timeframe's are you looking at?
1 min, 5 min, 15 min, 60 min and a daily chart. Most of times, I'm trading off the 5 min chart.
What are your money management rules when trading forex? How do you manage risk?
My stop loss is always set to 20 pips for EUR/USD and 30 pips for GBP/USD (included is the spread).
I will never risk more than 1.5% of my total equity on 1 single trade!!
When the trade doesn't' work out within 20 minutes, I will close it.
How long do you tend to hold a trade?
5 to 20 minutes
What lessons have you learned that have helped you find profitable trades, and keep losses relatively small?
Be patient and wait for high probability setups, a proper entry is 85% of a winning trade. NEVER widen your stop loss and don't be too greedy!!
What do you feel as a currency trader that new traders should focus upon?
Learn how to trade (courses, mentor,..), get disciplined and determine what type of trading style fits your personality, that can be scalping, day trading, swing trading or position trading. Learning a few successful patterns that yield profitable results and stick to them. Don't forget to have a good working computer! Personally, I would recommend a desktop PC with 2 flat screens and not a small laptop, I still wonder how people can trade from that..
What indicators have you found most useful such as Slow Stoch, Fibonacci, ADX, RSI, etc.?
I don't use indicators because most of them are lagging behind. I use fundamental analysis and chart patterns (watching for breakouts)
From what you have learned so far about trading the FX market, what changes might you make in the future?
I don't feel the need to change anything since I make good money forex trading.