I met Haji Warithu through a Forex trading course that we both went through and until this interview, I had only contacted him via email. We have kept in touch here and there over the years and in a pretty short amount of time, he has managed to become a professional independent Forex Trader.
Before becoming a pro trader, Haji worked on an LNG (liquified natural gas) ship and was out to sea for months at a time. Like many independent traders, he wanted to spend more time with has family and have more control of his life.
Haji lives in Brunei, so I had to be up a little early in the morning to get this interview, but it was totally worth it. Haji will be coming out with a book on how to become a successful Forex Trader, so keep an eye out for that. I will review it here as soon as it becomes available.
This is my first podcast and I already have a few more pro traders lined up, so stay tuned for the next episodes! I did this interview on Skype and the connection wasn't the best, so there are pauses at times, but it is a great look at what it takes to trade for a living.
Let me know what you think. If you know of a professional independent trader that you would like to see interviewed, please let me know in the comments below.
In This Episode:
- The mentor that Haji attributes most of his success to.
- How he much money he believes you need to get started in Forex.
- What to look for when choosing an Islamic broker.
- The routine that he goes through to start his trading day.
- What Haji does while he is waiting for his trades to setup that prevents him from taking bad trades.
- His experience with teaching students and why he doesn't do it anymore.
- We talk a little about his upcoming book and how he manages to find time to write it.
Click Play To Listen To The Interview
Resources Mentioned:
- Haji backtests with Forex Tester
- Rob Booker
- Sam Seiden
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Hi austin.
Thanks for the question and thank you hugh for taking this opportunity. At first I would pick the same but what neglects the quality of that supply was that if you notice the supply above it has a wick longer in one of its candle, telling us that If it was true that a quality supply is at that level, that price should have not move further above it if it was in an equilibrium state. The rally base drop or the drop base drop concept should not be taken seriously as it does not reflect to pick quality levels.
It does not matter. What matter is the odd enhancer additionally you should look for is the dollar index as a correlation of the opposite level. If you look back at the same date and time of the EUro supply met with the dollar index demand, this increases your odds of that level.
Why the 1 hour chart, because at that time the opportunity that gives me more profit margin and a best setup is at that time frame. I would normally op for a 5 or 15 min chart for day trade. To me 10 pip is enough for my daily average earning to trade for a living. So that 1 hour chart did give me a better bonus for the week, it does not always occur but if it does, I will take it.
Thanks Haji!
Haji,
I can see what you mean after looking at the chart.
It would have been a little difficult for me to pick out that area, but I can see how leaning on the other odds enhancer helped with that area.
Thanks for taking the time to answer my question,
Austin
Haji Warithu,
I listened to your interview at Hugh’s Trading Heroes blog.
Also, I was reading though your blog and I really related to your “Stop focusing on the fruits, and look at the roots instead.”
I have been studying trading for a couple years and had some failed attempts. But now I’m taking a more disciplined approach and paying much more attention to emotions and how they influence my trading.
I have spent the last 2 months solely focused on Sam Seiden’s trading style, reading and watching videos. I’m currently creating a plan using his “Odds Enhancers” and making everything as rule-based as possible. I have been working on writing a plan before starting to trade again.
I was encouraged to hear in your interview that Sam Seiden’s supply and demand framework helped give you an edge more than other things you have studied.
I have a question about one of your postings. You said in the interview you trade 5 min or 15 min bars for your short term trading. In one of your posts showed an hourly supply level. But I’m curious how you picked that supply level? Knowing what I know about Seiden’s approach, I would have picked that Rally base Drop above that level.
On this chart (from your blog):
http://warithu.files.wordpress.com/2011/06/eurusd-trade1-close.gif
After looking though your blog, I’m really glad you found success after struggling (It’s encouraging for me).
Thank you,
Austin