Welcome to this installment of the Audacity Capital Trading Success video interview series. Join us as we explore the best trading strategies and listen to real-life experiences from our top traders. Today, we will be sharing insights from our recent interaction with Melodee – a trading coach turned full-time trader – who has agreed to share with us her trading tips for trading success. Be prepared to be inspired to learn how to set and adhere to trading rules.
(Image showing trading numbers on a computer monitor)
Meet Melodee, a trading coach from the US turned professional trader. She got started on her trading journey five years ago using proprietary indicators. To help her get started, she had to hire a company to train her on the ins and outs of trading. The lessons imparted by her tutors enabled her to learn the basics, which then translated into good initial success in her trades.
In her own words, some of the most important lessons learned during this period revolved around the importance of risk management, following her trading rules, and backtesting. But while it may have taken her a while to gain the success she wanted, trading is now her primary source of income.
Regarding backtesting and its benefits, she states:
“Back testing trains you to follow the trading rules, which is something you must do if you’re to succeed as a trader. It also teaches you the concept of mathematical advantage, including how much you should go for, based on your rules.”
She goes on to add:
“It empowers you to control how much you ought to risk with each trade. With time, you also learn what your stop loss should be, including whether your strategy is valid or not.”
For her, backtesting teaches you muscle memory and is like practicing your game moves. She believes that the more times you review your trades and practice your moves, the better you become at making informed trades.
Since becoming a full-time trader, Melodee has developed a routine that sees her trading early in the morning. Her logic for doing so is that this is when the news hits, and she’d rather be done with her trades by the time this is happening. Given that this is her primary source of income, she has chosen to dedicate three hours of trading daily, leaving her with ample time to connect with family and friends.
Her success journey has involved following her personal set of rules regarding how much she can win or lose during any trading session. From experience, it’s important for traders to know what their mathematical advantage is and to know when to walk away when trades aren’t adding up!
Melodee notes:
“I know it’s time to walk away and try again another day when I win three trades or lose two trades in a row because it’s important to have rules.”
When it comes to trading strategy, the trick for her is to keep things simple. This means only trading two currency pairs such as the EUR vs USD and the Pound vs the USD. Doing so simplifies things as it means she doesn’t have to keep track of a hundred charts that can easily prove confusing.
Over the course of her trading journey, Melodee has learned how to adjust her backtesting plans to suit her risk–reward ratio. She attributes her success to being able to refine her strategy, find new indicators, and learn a little bit more about market analysis.
Don’t miss out – click here to watch the entire interview with Melodee!
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