Daniel Vargas comes from Spain, and he started his trading journey 9 years ago when he was exploring his curiosity about trading and the freedom to work from anywhere without a strict routine. Daniel began trading with The Trading pit and has successfully passed 4 levels with one live account managing €100,000.
In this exclusive interview, Daniel talks about his strategies, how The Trading Pit helped him through the process and how he reached €6,318.50 in profits.
Please read his exclusive interview with us!
1. Tell us a little bit about you and how long you have been trading.
I am 30 years old and from Spain. Initially, I was born in South America. Whenever I read something, I am very sceptical about it, which is the most valuable mindset I have learned throughout my years of struggling as a trader. I play video games in my free time, usually strategic ones such as Warhammer and Civilization series. I also like spending time with friends and family, and I am a dog lover.
I have been trading full-time for 9 years now. My trading journey has been a struggle, as I needed to implement risk management into my trading strategy effectively. However, recently I realised that paying more attention to managing my risk has helped me become more profitable as a trader. I learnt this after joining The Trading Pit, as they differentiate themselves from the competition by offering challenges requiring tremendous focus on risk management.
2. What inspires you to pursue trading?
What drives me to continue as a trader is the flexibility of working in any environment I choose. The freedom to work anywhere, anytime, without a strict routine. I enjoy the flexibility as I spend my time in front of the screens. I also love how the markets allow me to learn something new daily, inspiring me to trade consistently daily. Trading is always exciting for me!
3. Do you have a trading strategy in place and follow it strictly? Then, briefly describe your Trading Strategy.
I have a strategy, and it’s pretty simple: I trade only in the US session, execute every single trade that my system indicates and increase the lot size when the capital grows and decrease it when the money falls.
4. What was your strategy to successfully pass The Trading Pit Challenge?
I applied risk management on an intraday/scalp strategy in indices with a risk: reward ratio of 2:1, using a calculative approach for the analysis but discretional execution.
5. Why would you choose The Trading Pit and not another prop firm?
The Trading Pit offers good metrics to follow your progress, has excellent support and doesn’t have too many requisites. It is incredible because the chances of success are more significant than other prop firm companies.
The Trading Pit is the only prop trading firm that gives you an actual live account to trade in once you’ve passed a challenge. Its flexibility and consistent support with the traders are crucial to achieving a better experience for traders trying to earn substantial capital. They’re also very quick at processing the withdrawals, something that’s a great indicator of honesty and transparency.
6. What would you like to say to other traders attempting The Trading Pit challenge?
If you have a real profitable trading system, then The Trading Pit is the right company to attempt a challenge. They will be happy to welcome good traders because they want the same thing you do, to succeed in trading the financial markets.
7. Describe your best trade.
I recently made a thriving trade in DOW JONES with a risk: reward ratio of 1:10. I am very proud of this trade because I followed the proper risk management process.
8. Describe your risk management strategy.
I set a 5% daily loss limit and no limits for daily profitability. In that way, I create asymmetric ratios; while every trade has a 2:1 risk: reward ratio, my daily performance is limited to the downside.
9. What would you recommend to someone just starting with The Trading Pit?
Always do your best and ask the Trading Pit for help whenever you need it. They offer unprecedented support with significant career steps to help you grow and become a successful trader.
10. Share online resources that were/are significant in your trading development.
I recommend a few books, such as “Black Swan”, “Antifragile”, by Nassim Nicholas Taleb and “Fooled by Technical Analysis” by Michael Harris.
11. What made you trust The Trading Pit for your trading career?
Their global presence, transparency, resources, and the tools they offer made them a wise choice.
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