In the competitive world of trading, you rarely get an opportunity to peek into the mind of a successful trader. Today, we're thrilled to bring you an exclusive interview with David Cooper, an accomplished Australian trader who recently aced the Futures Executive Challenge of The Trading Pit. In this candid conversation, David reveals his trading plan, offers invaluable insights and shares practical tips to help you level up your trading game.
1. Tell us a little bit about you.
I have a background in finance and trading, having worked as a pit trader on the London International Financial Futures Exchange from 1991 to 1996. In 2009, I moved to Queensland, Australia.
2. How long have you been trading?
I have been actively engaged in screen trading for the past 9 years.
3. What inspires you to pursue trading?
What inspires me to pursue trading is the lifestyle it offers, with the ability to work for myself from anywhere in the world.
4. Do you have a trading plan in place and follow it strictly? Briefly describe your Trading Plan
Yes, I have a well-defined trading plan in place, and I follow it strictly. My plan involves taking trades only between 8-11 AM London time, with a risk of 10 to 15 ticks, sometimes more. My goal is to achieve at least a 2:1 reward-to-risk ratio.
5. What was your strategy to successfully pass The Trading Pit Challenge?
To successfully pass The Trading Pit Challenge, I relied on a strategy focused on a daily bias. First, I would look for areas where the market was aggregating; then, by stopping out other trades, I could use the stop-hunt to trade in the opposite direction. Additionally, I only took positions to buy at low prices and sell at a premium.
6. How would you rate your experience with The Trading Pit?
My experience with The Trading Pit is excellent.
7. Why you chose The Trading Pit and not another prop firm?
I chose The Trading Pit over other prop firms for several reasons. Firstly, as I live in Australia, I needed access to an instrument to trade within my time zone. In addition, the Trading Pit offered me access to the European markets, which open at 4 PM Australian time. Secondly, the name The Trading Pit caught my attention, and I was intrigued to learn more about the company. Everything you need to know is displayed on their website; they don't hide information.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
To other traders who are attempting The Trading Pit Challenge, I suggest having a strategy that has an edge.
9. Describe your best trade.
My best trade was when I saw trades trapped in the wrong direction during the London session and traded against them.
10. What is the number one piece of advice you would give a new trader?
My top advice for a new trader would be to persevere and focus on one market thoroughly. Please learn its characteristics and build your knowledge base; this will serve you well in the long run.
11. What does your risk management plan look like?
My risk management plan involves setting a 10-15 pip stop loss and determining the size based on a micro or standard lot.
12. What would you recommend to someone just starting with us?
For someone who is just starting with The Trading Pit, I recommend keeping going even when it gets tricky. Trading can be challenging and demanding, but with persistence and determination, you can succeed.
13. Share online resources that were/are significant in your trading development. Names and links are appreciated.
Some valuable online resources that have significantly impacted my trading growth include Mark Chapman's YouTube channel for Underground Traders Alliance and Michael Huddlestone's channel, ICT - Inner Circle Trader. Both tracks have provided substantial insights and guidance.
14. What made you trust The Trading Pit for your trading career?
I trusted The Trading Pit for my trading career because of the positive reviews and feedback from other traders. The firm's overall reputation significantly influenced my decision to join.
