Recently, we had the privilege of sitting down with Atef Alyafi, the Founder and Owner of Smart Service for Businessmen, who recently accomplished an impressive feat: passing The Trading Pit's CFDs LITE Challenge. Atef graciously shares his journey and the strategies that helped him achieve this milestone. Let's explore the captivating Q&A session that highlights his trading experience and triumph.
1. Tell us a little bit about you.
I'm Atef Alyafi, the Founder and Owner of Smart Service for Businessmen. With a background in Businessmen's Services, I've been actively involved in daily forex trading for approximately six years.
2. How long have you been trading?
I have been trading for six years.
3. What inspires you to pursue trading?
Several factors inspired me to pursue trading. Firstly, the forex market provides exceptional profit opportunities. Analysing the market, using financial tools, and making successful investment decisions are exciting challenges motivating me. Additionally, trading allows me to engage in continuous learning and personal development. The freedom to determine my trading hours and decisions, the sense of community, and the networking opportunities further fuel my inspiration.
4. Do you have a trading plan in place, and do you follow it strictly? Briefly describe your Trading Plan.
Yes, I do have a trading plan in place. I utilise the principles of SMC (Supply and Demand) and ICT (Inner Circle Trader) in my strategy. I carefully select entry points with tight stop losses and high-profit targets, aiming for a 1:5 risk-reward ratio. This means that my stop loss is relatively small compared to the potential profit, allowing me to maximise gains while minimising losses.
5. What was your strategy to successfully pass The Trading Pit Challenge?
To successfully pass The Trading Pit Challenge, I employed several key strategies. First and foremost, I practised patience and discipline by waiting for high-probability trading setups. This approach helped me avoid impulsive trades and focus on quality setups with favourable risk-reward ratios. Risk management and thorough market analysis were paramount.
I carefully determined position sizes, set appropriate stop-loss levels, and considered technical indicators, fundamental factors, and market sentiment. I also organised my trading hours to align with the most active and liquid periods in the market, allowing me to trade during optimal conditions. Lastly, strict adherence to my stop-loss levels ensured that my losses remained controlled and within my risk tolerance.
6. How would you rate your experience with The Trading Pit?
My experience with The Trading Pit is exceptionally excellent and immensely beneficial. It has been an indescribably enriching journey that has added significant value to my trading endeavours.
7. Why did you choose The Trading Pit and not another prop firm?
I found the challenge exciting and clear when I joined The Trading Pit. The availability of Arabic support, thanks to our friend Youssef, was a huge bonus in helping us understand the rules correctly. Reflecting on the company's rules, I discovered they are based on knowledge, patience, thorough analysis, minimal risks, contentment with daily profits, and an emphasis on profit and loss division.
The Trading Pit provided a wealth of experience and information that I am truly grateful for. Thank you, The Trading Pit, for the understanding and the knowledge I have gained from you.
8. What would you like to say to other traders attempting The Trading Pit Challenge?
To fellow traders attempting The Trading Pit Challenge, I advise you to adhere to your stop-loss levels and avoid reckless gambling. Prioritise careful consideration before entering trades and maintain strict money management. Patience is key, and avoiding getting distracted by every trade is important. Stay focused and committed to your trading plan.
9. Describe your best trade.
My best trade occurred in the EUR/USD pair, the gold market, GBP/USD, USD/JPY, and even the Dow Jones index. These trades exemplified the successful implementation of my trading strategy and resulted in notable profits.
10. What is the number one advice you would give a new trader?
The number one piece of advice I would give to a new trader is prioritising proper risk management and stop-loss orders above all else. Protecting your capital should be your top priority.
11. How does your risk management plan look like?
My risk management plan adheres to a risk-reward ratio of 1:5. This means that for every trade I take, I aim to have a potential profit that is five times greater than my initial risk or stop-loss level. Maintaining this disciplined approach allows me to protect my capital while striving for significant profits. By setting this ratio, I ensure that the potential reward justifies my risk on each trade. This approach helps me maintain a disciplined and consistent risk management strategy, protecting my capital while aiming for significant profits.
12. What would you recommend to someone who is just starting with us?
I highly recommend prioritising risk management and adhering to The Trading Pit's rules. It is crucial to have a clear plan for risk management, determine your risk tolerance, and use stop-loss orders regularly. Understand the trading strategy and tools provided by The Trading Pit, develop a clear trading plan, start with small trades, and utilise demo accounts to practice and improve your skills before transitioning to live trading.
13. Share online resources that were/are significant in your trading development.
I would like to share the ICT Charts website (https://ictcharts.com/) as an online resource that has significantly contributed to my trading development. They offer a range of free and valuable courses covering various topics related to market analysis, risk management, and trading strategies.
14. What made you trust The Trading Pit for your trading career?
The Trading Pit gained my trust due to its reputation, transparent and professional approach, extensive support and resources, success stories and testimonials, and my personal research and due diligence. These factors collectively instilled confidence in The Trading Pit as a reputable platform to support my trading career.
