Traders and psychology with Ivan Chen

Ivan Chen has been in the trading industry for 6years and all he wants to do is provide for his family. When asked what he wants to be remembered for in the industry—Ivan responded with a laughing emoji saying, “Just another human being as long as I can provide for my family, that is all.”

Ivan’s elementary lifestyle is one to absorb, He’s by far one of the most positive traders I’ve ever come across. I asked him, “What are your trading aspirations? I know many trade for “financial freedom” but what happens when that’s achieved? What do you plan on doing with trading?”, You won’t believe his response. “I will trade wherever there’s WIFI and enjoy the world. Life is short”, Chen mutters. That alone really revealed the kind of trader Chen is. A remarkable one!

In addition, he believes in simplicity. Ivan has chosen to be anonymous as he tells Lazyluchi: “I’m not comfortable sharing my pictures.” Every trader out there can definitely learn something from Ivan. As he has a completely different view of the markets. Let’s meet this prodigious character, shall we?

Ivan Talks Trading And Management

Hey man, pleased to meet you. First I just want to say, “you have a very remarkable mindset for  trader—However, I’d like to know: what is your go-to asset class (what pair(s) would you consider are your favorites) and why do you prefer these pairs? 

Thank you Luchi. I trade the EUR/USD because it doesn’t have much volatility and it’s predictable.

Do you have a special way you trade EU? If yes, can you share a tip for EU?

Look for quarter theory. 

Hmm. Quarter theory. What’s that?

The quarter theory is an old theory about the stock market that states that in the long run, stock prices actually go down. There is a notion that price movement in financial markets is random and chaotic. Quarter theory suggests a clear pattern in price movement, challenging the notion that price movement is random. It organizes the daily fluctuations of currency exchange in a systematic orderly manner. The Quarters Theory proposes that every significant price move in currency exchange rates takes place from one Large Quarter Point to another, in gradual increments of 250 PIPs, the range between two Large Quarter Points.

Whew, that’s a handful. Learnt something today. Anyway, Fast one, Technical, Fundamental or Sentiments? Why?

Fundamental always. We should trade along with the central banks, not against it.

Nice. You’re actually the first trader saying this. Do you have a telegram or WhatsApp group where you share your trades and ideas. If yes, can you share the link?

Discord. https://discord.gg/dmMMaTQ It’s called M.R.M (maximum return traders).

Chen On Trading Strengths And Psychology

We all talk about trading psychology, what can you say about that?

Always trade with the money you can lose. If you know that the money in your trading account is gone, you shouldn’t worry about it. And always trade 1:1 or 1:2 to start. If you are not patient enough, then probably trading is not for you

Well said. What keeps you sane? Because I won’t lie trading can stress you out and some even get depressed. So how do you overcome this? 

Hmm let me see. I trade with a small leverage, a currency will not default and go the next day. You can lose all your money the next day in equity.

What would say is your “win-rate” and what really drives results in your trading?

Definitely, 80-90%. I do price analysis on EU and it has a 90% chance of 3-5 pips movement wicks on most 15 minutes charts for the past 15 years. Why bother with looking 100 pips?

Didn’t know that. What was your salary in your last job before forex? Was leaving it for forex worth it and why? 

I’m still employed. I make a gross income of more than $100k. Forex is just one of my multiple streams of income.

Ivan Speaks On His Trading Inspirations

Yes sir! Tell me how you think other people would describe you. What do you want to be remembered for in the industry?

Just another human being  as long as I can provide for my family, that is all.

Won’t lie didn’t expect that answer, Loved it. Chen, how do you handle pressure, impatience, fear, doubt, and greed in forex?

Listen, know your edge and keep doing it.

Straight to the point. Let’s visualize now. So what would you want your forex dream to be like (in details)?

I’ll say, trade only 15 minutes per day to pay my monthly bills.

Who is one person/academy/strategy you think Neophyte or everyone should follow and why?

Maybe quarter theory, because price drives everything.

Now I’m interested in Quarter theory. What would you consider to be your biggest forex achievement? Tell me about a forex accomplishment you are most proud of.

Weirdly, Traded for 6 years and counting.

I mean, that’s an accomplishment. Most quit! What are your forex weaknesses and strenghts? How do you plan on going about them? Have you succeeded in doing that?

For strengths it’s EU; Weakness, GBP—Never trade them!

Okay sir. Wonder why, Do you trade for any proprietary firm? If yes, which one and how is it going?

Yes I do, Audacity capital.

The Business Of Trading

This is the business of trading section. So, where do you see yourself in five years with forex?

Managing my own million dollar account.

That’s great. What motivates you?

My kids.

Aww. Drop a forex secret you feel should be shared and no one talks about. 

The importance of price will eventually go back to moving average.

For real. Something new. Ivan, What is your go-to strategy? I would also love it that you explain why that is your go-to. Do you have a major reason why you chose that strategy and how it has helped shape your trading?

Quarter theory. Because it is how humans think about price, not Fibonacci price.

Who/what inspired you to start trading? If you have a mentor, what’s their name and what about that individual inspired you?

I am a programmer, I always think that if one can create a rule, then it can always be programmed.

Oh, nice. You keep blowing my mind with your answers though. What are trait(s) you have that keeps you successful and a consistent trader?

Trade with low leverage 1:1 or 1:5.

When you’re not trading, what are you doing? 

Enjoy the kids. They’re growing too fast. Life is short enjoy every moment.

I agree. Tell me about a time you disagreed with a decision. A time you didn’t follow your trading plan. What did you do?

I Slept on it, reduced the trade size, and got gains from other pairs to cover losses.

Final Words From Ivan Chen

Tell me about the toughest decision you had to make in the last six months. Was it a trading decision? If yes, tell me how you handled the situation.

It wasn’t a forex decision. I had to put down my dog

Sorry or your loss man. We have the Neophytes now in the industry. In fact more Neophytes are trooping in. What’s your advice to them and what would you recommend they start with?

That’s fine. For the beginners, Just trade-in demos and pay the tuition fee. You could also blow up real accounts.

Have you ever tried quitting? If yes, what did you do about it?

Yes, I paid for education.

Finally, How much money do you handle now? What was your greatest loss, how much was it and what was your greatest win, how much was it?

My account at the moment is only $33k. I started with $5k. I don’t recall the greatest win, the greatest win is having my account still exist after 6 years. The gain will be bigger when the account grows bigger.


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Check out previous chats: JohannaWaidi, JeffreyEnoch Baz,Veetaedo, Joe Trader..

Cheers,



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