$13,431.34 Payout: Florian's CFDs VIP Journey
Straight from Switzerland, Florian Prenkaj's trading achievements are making waves in the community. Having secured two substantial payouts at The Trading Pit from the CFDs VIP scaling plan, he's cumulatively earned an impressive $13,431.34. Recently, Christoph Radecker, Founder of The Trading Pit, had the opportunity to sit down with Florian, and he graciously shared his insights and strategic approach to trading. Dive in as we uncover the journey behind Florian's remarkable success.
1. Tell us a little bit about you.
I am Florian Prenkaj, living in Switzerland and working in internal sales and foreign trade. Besides my professional career, I am a trader and mainly trade Gold due to its volatility, which aligns with my trading style, and I've focused on it ever since
2. How long have you been trading?
I've been in the trading industry for five years and have been successfully trading for the last two years. During this time, I've gained valuable experience and developed a deep understanding of the dynamics of the markets. My commitment to trading and continuous learning have enabled me to develop and implement successful trading strategies. I am proud to continue building my skills and expertise in this field and strive for outstanding results.
3. What inspires you to pursue trading?
I wanted to leave the 9 to 5 job behind, aiming for independence and the freedom to live and work on my own terms. When I discovered trading, it inspired me due to the captivating fusion of economics, financial markets, and human behaviour. The opportunity to achieve financial goals and celebrate personal success, coupled with the self-responsibility and independence it demands, is deeply motivating.
There's a misconception that trading can offer quick shortcuts. It demands consistent effort, dedication, and a commitment to learning. Success in trading doesn't happen overnight. It's a result of persistence, understanding the nuances, and adapting to market changes.
Moreover, Beyond the financial aspects, trading connects me to a global community. It gives me a chance to understand different worldviews, cultural insights, and global trends. This broader perspective enriches not just my professional decisions but also my personal growth. Overall, I see trading as an inspiring path to pursue both financial and personal aspirations.
4. Could you share a specific success or milestone you achieved with The Trading Pit?
Certainly, at The Trading Pit, a clearly defined goal is provided, and I believe this is deliberately done to promote a strategic approach. This methodology allows traders to accumulate valuable experience and maintain focus on each step in a structured manner. By setting a clear goal and emphasising incremental growth, risks are minimised, and the chances for long-term success are maximised. The Trading Pit goes beyond just trading; it's about gaining a comprehensive understanding of the markets and adopting a sustainable approach.
5. How would you describe your trading plan, especially regarding risk management?
It's vital to have quantifiable and realistic goals. Documenting every trade from the start, including losses, is crucial as these are a natural part of the trading journey. I've remained consistent in my trading setup, carefully refining it rather than making frequent changes.
6. What was your strategy to successfully pass The Trading Pit Challenge?
To successfully pass the Trading Pit Challenge, I have developed a strategy using Stochastic RSI, Bollinger Bands, SMA and EMA. These tools help me to analyse and forecast the market. I have continuously refined my strategy and realised how important it is to follow a proven strategy and continuously improve it.
Delving deeper, my approach involves a multi-timeframe analysis. I start with broader frames like the 4-hour and weekly charts to gain a general understanding of the market's trend and central direction. This helps set the stage for where I might consider acting. Next, I delve into the 4-hour chart for more detailed research on potential trade or order placements. For the final touches, I zoom into the shorter time frames, ranging from 15 minutes to an hour.
It's within these shorter time frames that the Stochastic RSI becomes especially crucial. When it aligns correctly with a quote and its value sits within a particular range – notably the 80 to 85% mark – it often signals an optimal trading condition. Moreover, any divergence noticed here, combined with the guidelines set by the Bollinger Bands, aids in making more informed trading decisions. Every step of this process is crucial, ensuring that I make the most informed decisions in the dynamic world of trading.
7. On a scale of 1 to 10, where 1 is very dissatisfied, and 10 is extremely satisfied, how would you rate your experience with The Trading Pit and why?
I'd rate The Trading Pit (TTP) a solid 10 out of 10. My experience has been exceedingly positive, and I am extremely satisfied. I have already shared this feedback publicly.
8. Why did you choose The Trading Pit over other prop firms?
I discovered The Trading Pit (TTP) when it was the buzz everywhere. Upon further research, I realised TTP presented a unique offering not found elsewhere. I was particularly impressed by the fact that I was able to make profits and receive a quick payout after successfully completing the challenge. I find the levels that can be achieved motivating and unique. This has significantly influenced my decision to join TTP.
9. What advice would you give to other traders attempting The Trading Pit Challenge?
The Trading Pit Challenge is a great opportunity to test and improve your skills as a trader. My tip would be well-prepared and create a clear trading plan. Discipline and patience are crucial, and it is important to control your emotions. Track your progress carefully and be ready to learn from experience.
The Trading Pit offers top-notch support and educational resources; take full advantage of them. Finally, remember that success in trading takes time - stay focused and persistent, and you will achieve your goals.
10. Describe your best trade.
Roughly a year ago, I achieved one of my best trades. With the profits I made, I was able to not only invest wisely, but also finally treat myself to the car I had long dreamed of. This trade was a milestone for me and gave me the opportunity to reward my hard work and determination.
11. How many trades do you make in a day?
Each day, I stick to a maximum of 10 trades. While I primarily focus on day trading, I've also experimented with swing trading, which I find to be an interesting approach, especially for those with full-time jobs. I believe the right psychology plays a vital role in trading success. To help with the mental challenges of trading, I've adopted meditation, allowing trades to run their course. Nonetheless, there's always the lingering uncertainty: Will the trade go my way or not? Over time, I've taught myself trading techniques. Intraday or day trading has been particularly successful for me. It's effective if you're dedicated and regularly monitor your trades. For instance, you can set up a trade, watch it for an hour, and if it's profitable, close it. I'm also considering a strategy where I open a trade on Monday and close it by the week's end, though I'm still evaluating its potential.
12. What is the number one advice you would give to a new trader?
The most important advice I would give a new trader is to Learn continuously and practice patience. Trading is a complex discipline that takes time and commitment to master. Invest in your education, understand the markets, and develop a clear trading strategy. Stay patient, even when there are setbacks, and don't let emotions get the best of you. Learning risk management and limiting losses is critical, as is sticking to your trading plan. Finally, be realistic in your expectations and strive for long-term success rather than looking for quick profit.
Building on that, you should always keep a cool head. Emotions should not be involved in trading. But this is easier said than done. After all, we are all humans, not machines. Emotions can, and often do, get the best of us, especially when impulsive decisions come into play. Sometimes, the urge to chase after a trade can overshadow rational decision-making. When you find yourself stuck in this cycle, engaging in self-reflection is essential. Step back instead of hastily closing one trade after another, leading to potential losses. Pause, momentarily take yourself out of the equation, and note your mistakes. Reflect: How did you reach this point? Where did the error lie? Be brutally honest with yourself. Was impulsive actions the driving factor? Would the outcome have been different had you closed a particular position earlier? Continuously trading out of fear of missing out can lead to regrettable decisions. Remember, reflection and self-awareness are your best allies in this journey.
13. What is the next significant goal or milestone you're aiming for in your trading journey?
My next significant goal in my trading career is to focus on advancement and achieve new milestones. I'm consistently on the lookout for new opportunities, striving for continuous improvement to meet my long-term objectives.
14. What would you recommend to someone just starting with us?
For newcomers, thorough reading and comprehensive information gathering are important. Trading is a complex world, and it pays to understand the subtleties and nuances. Avoid making hasty decisions and take the time to research and prepare well. Continually educate yourself to deepen your trading knowledge and take the liberty to ask questions and seek support when you are unsure. Patience, thorough research, and continuous education are cornerstones for a successful start in the world of trading.
15. Share online resources significant to your trading evolution.
Absolutely, Udemy.com is an excellent resource that I can recommend. There, you will find many interesting instructors and courses that can help you in your trading career. I have been in contact with several instructors and even had face-to-face conversations via Zoom. This allowed me to discuss trading strategies, share ideas and get valuable feedback. Expanding your trading knowledge and developing yourself further is an important step.
16. Are there online communities or forums where you're active that you find valuable?
Currently, I'm not particularly active in specific online communities. I exercise caution with online communities, wary of misinformation that might influence my trading decisions. Authenticity and verification of information are crucial to me.
17. What specific feature of our trading challenge do you find most beneficial?
I personally value the clearly defined steps in this challenge as they effectively guide the path to success.