Get ready to be inspired by Lazarus Marwisa, a successful forex trader from Zimbabwe! Lazarus is 23 years old, has been trading for five years, and recently passed The Trading Pit's Forex Executive Challenge. Now he is on the €50K account. Lazarus shares his trading plan, experience and invaluable advice for new traders.
1. Tell us a little bit about you.
I'm a 23-year-old college student born and raised and residing in Zimbabwe.
2. How long have you been trading?
I have been actively trading forex for five years, since 2018, and it feels like an exciting and fulfilling journey that I'm proud to be a part of.
3. What inspires you to pursue trading?
Making a living from my PC or mobile remotely, without being bound to a traditional job or boss, inspired me to pursue trading and find my path to financial independence.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your Trading Plan
Yes, I have a trading plan in place, and although I'm still working on it helped me pass the evaluation process. Here's how it works: when starting with a new account, I begin by risking a quarter to half a percent of the budget until I reach 2%. From there, I only increase my risk to 1% per trade if I spot a class-A setup while adjusting my risk according to my confidence in the setup's performance. As a rule of thumb, I ensure not to exceed a 1% risk per trade, which has been a key factor in my trading success.
5. What was your strategy to successfully pass The Trading Pit Challenge?
My strategy for successfully passing The Trading Pit Challenge was based on a technique called BTMM or Beat The Market Maker. I focused on identifying a few high-probability trades, taking calculated risks, and letting the odds play out. This approach allowed me to keep my risks low while maximising my chances of success in the long run, and it proved to be a winning formula for passing the evaluation.
6. How would you rate your experience with The Trading Pit?
My experience with The Trading Pit is a 7 out of 10. While their customer service, educational materials, and dashboard are all excellent, there is room for improvement in building an active community or forum where traders can connect and share ideas. Nevertheless, I strongly recommend The Trading Pit to anyone looking for comprehensive and practical support in their trading journey!
7. Why you chose The Trading Pit and not another prop firm?
The Trading Pit stood out to me from other prop firms due to its unique approach to trading as a long-term business. Their drawdown measures and focus on risk management aligned with my trading philosophy, making it a natural choice. Additionally, the opportunity to potentially work with The Trading Pit as a fund manager in the future, subject to reaching Level 10 of their scaling program, was a strong incentive for me.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
If you're attempting The Trading Pit Challenge, I suggest managing your risk effectively. By prioritising risk management, you'll be well on your way to passing the TTP evaluations. There's no need to hurry through the process - you have 90 days to trade the evaluations, so take your time, stay patient, and be persistent. Passing the TTP Challenge is achievable with a well-designed trading plan and a disciplined approach.
9. Describe your best trade.
My best trade was the one that helped me pass Phase 2 of The Trading Pit Challenge. I noticed a favourable opportunity, took a calculated risk, and was taken out. However, instead of succumbing to the temptation to compensate for the loss by increasing my risk, I stuck to my trading plan and re-entered with the same low risk. I did not let emotions take over, and it paid off - the odds were in my favour, and my trade hit the take-profit target. This experience reinforced the importance of disciplined trading and effective risk management, two vital elements contributing to my success as a trader.
10. What is the number one advice you would give to a new trader?
The first piece of advice I would give new traders is to prioritise education. Learning as much as possible about the markets, trading strategies, and risk management is vital before trading with real money. Remember, trading is a marathon, not a sprint – take your time making millions. Instead, focus on developing and sticking to a sound trading plan, always keeping a disciplined approach. By educating yourself and honing your skills, you'll be well-equipped to succeed in the long run.
11. How does your risk management plan look like?
Regarding risk management, I plan to limit my exposure to a quarter to half a percent of the account until it reaches the 2% threshold. Once I get this point, I increase my risk to 1% per trade, but only if I identify a class-A setup. I continually adjust my bet based on my confidence level in the trade setup's performance throughout the trading process. Generally, I never exceed 1% risk per trade, ensuring a disciplined approach to managing risk.
12. What would you recommend to someone just starting with us?
My advice for new traders starting with The Trading Pit is to utilise their educational resources. By accessing the educational material and PDFs provided by The Trading Pit, you'll learn from some of the best traders in the industry, helping you develop your skills and knowledge.
13. Share online resources that were/are significant in your trading development. Names and links are appreciated.
Two online resources have been instrumental in my trading development: BLVCKLISTED FX for BTMM lessons (/blvcklisted_fx) and DesireToTRADE on YouTube for trading psychology tips and interviews with successful traders (/@DesireToTRADE). These resources have provided valuable insights and knowledge that have helped me improve my trading skills and develop a more disciplined approach to risk management.
14. What made you trust The Trading Pit for your trading career?
I trusted The Trading Pit for my trading career because it's a firm run by traders for traders. This means that they understand the unique challenges that traders face and are dedicated to providing the resources and support needed to help traders succeed.
