Futures Masters – Interviews with Futex Academy’s elite traders
Waqqas Ahmed is Futex Group’s Chief Market Analyst and a Senior Trader. Waqqas has a depth of both knowledge and experience and was thus a great choice for March’s Futures Masters. Futex Academy seized the opportunity to put the following questions to him.
What made you decide to get into trading?
Since I was a child I have had a fascination with systems involving complex interactions. Initially I was interested in those observed in nature but as a result of my University degree I developed a deep interest in the interactions between participants in financial markets. The competitive nature in me constantly wants to find ways of beating other financial market participants by figuring out what is going on faster than anyone else.
What style of trading do you implement these days?
I take longer term views rather than very short-term scalps. I have a wide variety of strategies ranging from taking views on any one particular day to running positions over a number of weeks. I trade most asset classes using both outright positions and also relative value trades. At the end of the day I look for any strategy or opportunity that can make me money!
Have you always traded in this manner?
No. I learnt the painful way that scalping and jobbing on an intra-day basis would not work for me and as a result I was very inconsistent. I found that my strong big picture views hindered such a short-term trading style. More recently I have found a way of exploiting my macro-opinions that suits my personality. It goes without saying that the short-term trading experience I gained has proved invaluable in my current longer-term trading but I am a much more effective trader now. Every trader must be aware of his/her strengths and weaknesses and constantly look to improve every day. One of the great benefits of being at Futex is that the company is very patient with their traders.
What has been your secret to success?
Determination and dedication. The markets simply don’t allow anyone to have an off day so you have to be incredibly focused and you have to love trading. You also have to be completely honest with yourself and review your strengths and weaknesses on an ongoing basis. The ability to take onboard criticism is also very important.
What kind of misconceptions do people have about trading as a career?
That it’s easy! You hear on the news about traders at banks making millions and people then think that all trading is easy. At Futex we are proprietary speculators not market makers for clients. The rewards for this style of trading are unlimited and you also enjoy the freedom to trade how you want. However, without dedication, failure is inevitable.
Have the markets altered since you began trading?
Enormously. Markets are so much more volatile that the potential for reward is great. However, also with volatility comes strong market correlation. A good trader should be able to use these to gain an edge.
What do you think is the key to being a successful trader?
Firstly, you have to have a genuine love for the markets. Secondly, you have to be disciplined. Finally, you have to back your convictions. One of the difficult things to do is to trust yourself; this really is the difference between the guy who consistently makes money trading 2 lots and the one who can push himself to trade 100 lots or more.
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“The Ultimate Futures Trading Education”
Tags: Futures Trader, scalping, Trader, trading education
