A Chat with a Trader – CommuniTraders Interviews Mathias Terp
This is a new series of articles where we will interview top traders from the CommuniTraders community. The goal is to introduce you to our traders so you can see how they progressed through trading, and maybe gain insight into your own trading. Today we interview Mathias Terp , an economics student from Denmark and only 18 years old. He recently created a trading diary and is currently getting the necessary feedback from other pro traders so that he can make the best use of it. Aside fro trading he likes doing research and reading books about science. One thing I want to point out is that he did not have any prior knowledge of trading , but he used to bet on sports. After doing some research, comparing binary trading with sports betting, he came to the conclusion that binary options trading was a better choice than gambling on sports.
– How did you first get introduced to Binary Options Trading?
I was looking for possible opportunities to make money online. Then, I remember that I saw some YouTube videos about binary options and it caught my attention.
– How did you find your way to ThatSucks.com (former BinaryOptionsThatSuck.com) and CommuniTraders?
What led me to ThatSucks.com (former BinaryOptionsThatSuck.com) was broker research. The broker I was looking for was 24Option. I then found the binary options school, the forum and the Skype group.
– If you studied at our school section, do you think it provided you with a good foundation?
Yes, it definitely helped me! I know because I took the binary options test after going through school for the first time. My results were not good the first time… I did not do well at all. So I went through the school a second time and this time I nailed the test!
– Did you fall for any scams before you found us? If so, which scam was it?
Thankfully, I found you guys right at the start! Guess it was a good choice to do a proper research before getting started. Therefore, even though I came across plenty of scams on YouTube and other sites, I never fell for any of them.
– Except for the scam, you have probably made some other mistakes so far, can you mention one or two of your biggest mistakes?
I definitely made mistakes! The biggest mistake I made was jumping from strategy to strategy hoping that the next one would make miracles. The problem was that I was not confident with reading the charts and should have put more time on studying them instead of searching for new strategies. However, I know that my trading diary will soon change that if I just put more time on it.
– How has your trading diary on CommuniTraders helped you develop so far?
I am still new to keeping my trading diary but thanks to the feedback from others it has been helpful during the short period of time that I have used it. In the future, I will take more advantage of it.
– Are you trading live or on a demo account at the moment and how is it going?
I am currently trading on a demo account and I am profitable there. I am slowly making progress and hope to move on to live trading soon.
– Have you used the CommuniTraders trading platform for practicing or copying trades?
No. I use Ayrex demo because my short term style of trading works well on their platform.
– What else would you like to see, or more of, in the forums and the homepage?
The CommuniTraders championships are fun and motivating! I wish to see more of these in the future.
– Which broker or brokers are you with at the moment and are you happy with them?
I am with 24Option and Ayrex but still demo trading and so far I am happy with them.
– Which charting software are you using for your technical analysis?
MetaTrader 4 is really great. It looked so intricate when I first saw it but after a while I got used to it and now I enjoy using it.
– Which trading strategy or approach are you currently using?
I only focus on price action as in drawing support and resistance lines. When it comes to expiry, it depends on history and my analysis but I never go below 15 minutes. Overall, my focus is technical analysis and to master price action.
– What advice would you like to give to a beginner who is just getting started?
Listen to the experienced traders on CommuniTraders and practice as much as you can. How they interpret the charts and study an asset differs from how a beginner views it. Even though I am still demo trading, I would say that the more time you spend on practicing, the better your results will be.
– If you got to ask yourself a question and answer it, what would it be about?
My question would be: How long would it take for me to become a pro trader? To which I would answer: Based on my experience so far, I believe it differs from person to person and depends on how dedicated you are and how much time you spend on practicing. Another factor is the environment you are with, a good community of traders or just lost among scammers.
– What do you think of the future of binary options?
What I wish for is to see less scammers and that regulation will make it harder for problems such as price manipulation.
Final Words from Mathias Terp
My current goal is to start trading live and to be able to make an extra income with binary options. However, the ultimate dream would be to earn money solely from trading. I am not in a hurry of course, I know that the most important thing is to take my time and let the learning curve take its time too. Even if I wanted to hurry up, the lack of time is an obstacle for me, remember I’m a student at the business college. Instead of rushing into trading, I need to concentrate on my back testing so that I can observe more details and increase the quality of my education.