cTrader Expert: Dennis from PipsMatter
We are pleased to announce our very first guest interview from a cTrader expert. Dennis is the CEO and founder of an awesome trading blog called pipsmatter.com. We caught up with Dennis to learn more about him. In particular, what makes him a cTrader expert and to shoot him a few questions.
The PipsMatter blog offers trade ideas and mentorship for new and experienced traders. Dennis releases opinions, analysis and signals for readers to follow for themselves. We suggest heading over to take a look – once you have finished reading this article of course!
Dennis, please introduce us to PipsMatter and yourself.
I started PipsMatter after working for quite a few years with IB’s and forex trading educators who I realized had no knowledge of the markets. They were providing below average services which were based on fake statistics… Since I have a passion for the markets and helping others I decided to take matters into my own hands. I decided to create a powerful education program which is based on a trading system that has no indicators or external things to buy… All you need to do is invest the time to learn and then start trading. Simple and effective!
As for myself, I’ve been involved with the markets since I was about 17. I worked my way up in the industry and eventually managed sales teams and even managed entire companies. I’ve trained over 2,000 people to work or trade in the markets. The one thing I know is that I will forever work in one way or another in the financial markets and I invest all my free time to becoming a leader in this industry.
When did you first start trading on cTrader and what triggered this?
I started trading with cTrader in 2014. I first came across it out of curiosity from a video I watched on YouTube which is called “cTrader vs the other platform” and from that moment I fell in love with the platform and have used it ever since and fully recommend everyone to use it!
If you had to choose one feature of cTrader as your favourite, what would it be?
I guess this is not a feature, but it does make the platform what it is. What I like the most is the effectiveness of what I get to chart with. It’s simple and quick which allows me to save time.
As a feature, I would choose the TP/SL functionality. It’s much easier than the “other” platform, its time saving and easy to use.
If you got to pick any feature to be added to cTrader what would it be?
The only thing I was after with cTrader is a MAM account, which is currently available. I have nothing else that I would add to this platform because I use no indicators to trade. cTrader has everything I need to successfully chart, execute, manage and exit a trade.
What’s your killer trade idea for this week?
As you can see on the daily chart, NZDUSD has created a head and shoulders pattern (90% done). We have a lot to back up this trade: – Head and Shoulders – Reversal candle – USDX at double top. The only thing we are waiting for is a breakout of the DC/EMA and the top down-trend-line. I am already in the position and I have added a 7.5% risk to it with a massive reward of 42%.
When did you incorporate cryptocurrencies into your weekly trade ideas?
I started looking into cryptos in 2015 but I only started releasing trade ideas to others last year and they have proven to be a very good business and trading decision… I owned a few bitcoins but trading the price is more suitable for me.
What are your top crypto trading safety tips?
It comes down to the same ideas as I have on FX trading, which are:
- Always find your definite exit area before you enter your trade
- Always check both the upside and the downside before you enter a trade (find reasons to buy and find reasons to sell)
- Always have a stop loss – Never move it
- Risk enough for the profit to be worth it
- Don’t over-trade or overexpose yourself
What is the most inspiring success story from your trading seminars?
Well, there are quite a few people out there earning good money because of what I thought them. There is a guy who joined me in 2016, I even have a screenshot of our conversation when we just started talking… He explained to me his story of getting himself into a mountain of losses. I looked for the root cause of these losses, which was over-trading and using a messy chart full of useless indicators. I created a solution for him. He’s been trading very successfully for the last 2 years and is even on track to quit from a job which he hates.
The point here is that we all have weaknesses but when we break them down into puzzles and focus on solving them we start moving towards “success”. We all have weaknesses, but only the successful are willing to admit it and do something about them.