Meet Jan Alter, a successful Forex trader from Poland who has recently passed The Trading Pit Forex Executive Challenge. His passion for trading started as a desire for freedom and unlimited opportunities, which he pursued relentlessly. Join us as we dive into Jan’s success story and learn from his experiences.
1. Tell us a little bit about you.
I am Jan Alter, a Forex trader from Poland. I am 33 years old. My journey towards becoming a Forex trader has not been an easy one. I have faced many challenges and setbacks along the way, which taught me valuable lessons and shaped my approach to trading, helping me gain a deep understanding of the market.
2. How long have you been trading?
I have been trading for a decade. Throughout my journey, I have gained extensive experience in the field and developed a deep understanding of trading strategies, risks, and opportunities.
3. What inspires you to pursue trading?
I pursued trading for the freedom and unlimited earning potential it offers. I was attracted to the potential of making money without the traditional constraints of a 9 to 5 job. It requires discipline, patience, and a long-term approach, but the rewards can be significant.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your Trading Plan
My trading plan involves checking the economic calendar, Intermarket analysis, sentiment analysis, technical analysis, and risk management. All these tools help me to make informed trading decisions and manage risk effectively.
5. What was your strategy to successfully pass The Trading Pit Challenge?
I used a flexible approach depending on the available time, focusing on either Swing Trading or Day Trading to successfully pass The Trading Pit Challenge. Swing and day trading are two strategies that have been effective for my overall success in the Forex Market.
6. How would you rate your experience with The Trading Pit?
Overall, a great experience. The Trading Pit has given me valuable resources with access to expert guidance from other professional traders, which has helped me improve and continue to grow.
7. Why did you choose The Trading Pit and not another prop firm?
The Trading Pit’s simple rules and good scaling plan made it an easy choice over other prop trading firms.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
You can’t go wrong with attempting The Trading Pit Challenge. It allows you to test your skills and gain exposure to different market conditions without risking your capital. However, it’s essential to treat the challenge as a real trading environment and practice effective risk management strategies to avoid potential losses.
9. Describe your best trade.
A specific instance doesn't define my best trade but rather the overall outcome. The significance of a trade is highly dependent on the size of the investment, so it's not about a single successful trade but the culmination of well-executed trades that contribute to overall profitability. In other words, the best trade fits within a broader, successful trading strategy.
10. What is the number one advice you would give to a new trader?
Learn from experienced traders. They have already gone through the ups and downs of the market and have gained valuable insights and knowledge that can help new traders avoid costly mistakes and make better trading decisions.
11. How does your risk management plan look like?
For swing trading, I limit my risk to 1% per trade. This approach allows me to reduce losses if the trade doesn’t go as expected. I set my profit targets of 1.5% to 5%, allowing me to capture potential gains while providing a clear exit strategy to lock in profits. I maintain a similar risk management approach in day trading by keeping my risk under or equal to 1% per trade with a profit target of 1% or more.
12. What would you recommend to someone just starting with us?
I recommend adhering to a trading plan and risk management, which are essential for increasing your chances of passing The Trading Pit challenge and achieving your trading goals.
13. Share online resources that were/are significant in your trading development. Names and links are appreciated.
I have been following Jay Medrow Forex Trading, which provided valuable insights and perspectives that helped me improve my trading skills and strategies. Following his guidance, I gained a deeper understanding of the Forex market and developed a more disciplined and systematic approach to trading.
14. What made you trust The Trading Pit for your trading career?
The Trading Pit's clear and straightforward rules provided a solid framework for my trading career. These rules helped me understand the firm's expectations, requirements, and limitations, allowing me to align my trading strategies and decisions accordingly.
