Traders and psychology with Jeffrey Benson

Jeffrey Benson is the CEO of firepips—who has helped thousands on the right track to trading. For Jeffrey, many don’t know this but—he’s from an enormous ménage with him being the last of 10. The two dozen gregarious and social adept trader believes that: there’s not a singular way to success in the forex market and life in general.

So, he doesn’t believe in going to school to be successful. This doesn’t dismiss the fact that—he doesn’t credit knowledge because, he does. 

However, on this episode of traders and psychology, Lazyluchi gets Jeff to talk about his strategy and recommendations, how he became the outstanding trader; we all know him to be and for those that want to be a part of his awesome journey, of course, you can find his links in the “follow the trader” chapter below. 

Introduction

Heh, woah, it’s such an honor. How do I even start? Anyway, first things; first. How long did it take you to go from trading newbie to consistently profitable trader?

Well, [laughs] for me, it’s been quadrennial. But, for consistently profitable, it’s definitely been two years.

Two years! Alright that means I still have some time. Haha—joking. Jeffrey, What’s your mental approach to trading and what special techniques do you use to keep your emotions in check?

Talking about mental approach, I try not to be pressurized—when trading. The technique I use in achieving that is: Journaling. I try as much as possible to journal all my thoughts and plans. Trading the plan has helped and when violated I have my punishments.

Punishments. Tough. I’m actually curious about the punishments but—that’s for another day. So, if you could leave the readers with one piece of advice what would it be and why?

Manage risk! Because, at the end of the day, that’s the most important thing. Two traders can get in the market: one can decide to buy and the other sell, even if both are profitable—the difference is usually the risk. There’s no holy grail as risk management is key.

Smart one. Not many knew that, thanks for that tip. What’s the biggest mistake most retail traders make?

For the biggest mistake, some traders think they can win all trades. [Pauses] which—results in excess leverage and lot sizes. Most don’t know what they’re risking and it’s not because they don’t know how to trade, it’s just that these traders don’t keep track of the risk in terms of percentage. 

Have you ever considered writing. You sir—are a bag of knowledge. Share your favorite quotes of all time—One that resonates with you?

[Smirks] Well, success quotes that keep me going are, “It’s really not about what we give, but how it’s given”. It’s not about how much time is given to the market per se but—what is being done in that period.

I definitely agree with that one. What’s your preferred trading strategy?

My preferred trading strategy is: price action. What I do is, day trading. I take advantage of the main trend on the 4 hour, current on the 1 hour and entries on the 15. This enables me to catch early moves. My target is: 50 pips everyday and plot highs and lows using traditional trend lines. Most important thing is: the confluences. In addition, I have three things I watch out for, which involves money management as well.

Argh! that’s a whole lot to take in. You seem to be pretty disciplined. What’s your daily trading routine?

The life of a trader most times can be so boring. So, I wake up say a prayer, which is very important for me. I sit down and re-evaluate my trades. If it’s Monday, I look at my previous week and Tuesday, I look at the previous days. I try as much as possible to teach others which enhances my learning as well through—YouTube.

Jeffrey Benson On Trade Management

Jeffrey Benson went ahead to let us in on his forex voyage. “I got to know about forex through a family friend”. He speaks about Mr. Kunle who let him in on the forex virtue—by inviting him to a seminar (IML) in which he had to raise $200 for mentorship. Benson couldn’t keep up with the fees of the academy so, he quit and decided to learn this skill online independently. In terms of education, Benson might just be a maverick. Fire pips CEO: also lets us in on his trading plan, favorite pairs, and all his confidentials in this cruise. 

“Seeing people win as much as I’m winning; motivates me. Taking trades and people gaining from—it just makes me want to do more. I love people and I’m inspired by them”.

— Jeffrey Benson.

How do you manage a trade when in it?

Whenever I have running trade, since I’m a day trader, I don’t leave my MT4 closed. I stay by it. All my trades get 20 pips stop-loss and that’s my best. I move this SL—as I get closer to my target to reduce my risk (that’s break-even). That’s like using the market’s money to trade.

Alright then, would you consider these plan flexible. If yes, what is your trading plan? And what is your go-to assess class: what pair(s) would you consider are your favorites) and why do you prefer these pairs? 

My trading plan is super straight forward. I look at my confluences, highs and lows of the week. That is, I need to have three confluences to take a trade. Every Monday, I mark these zones and psychological levels then—I take action. For go-to asset class: it’s GBPUSD. Decided to focus on one thing because—that’s the only way I can strive. 

Same here. I trade just the Nasdaq 100. Anyway, What would say is your “win-rate” and what really drives results in your trading?

Talking about win-rate and according to props firm statistics I’m involved in. It’s betwixt 76-80%.

Hmm. Prop firms. Which one and how is it going?

Yeah, I trade for FTMO, my forex funds and individual funds and it’s been a splendid one.

That great man. Trading can get really challenging along the way—What motivates your trading?

Seeing people win as much as I’m winning motivates me. Taking a trade and people gaining from it just makes me want to do more. I love people and I’m inspired by them. 

Aww, Haha—Social media has allowed us as traders to have a wider footprint outside of the forex industry, what do you think your impact is in the industry?

This is a question I haven’t been asked before. I thought, what I was doing in my bedroom was small till—I started going out. People see how passionate I am and I love seeing people successful from my teachings. Albeit, I don’t want the praises to get to my head, I try to be as transparent as I can be. It’s to inspire, remain humble and keep going. You should let people in on the truth so they don’t get misled.

100% agree. Lots of hope sellers out there. Do you have a special way you trade this particular pair? If yes, can you share a tip for that pair?

No special way just my trading plan. 

The industry is growing rapidly, What’s your take on Neophytes that want to learn forex? Do you prefer they paid for: the knowledge or stick with YouTube videos and free materials.

Depends on the person. You can fast-track things by getting a mentor and also learn from the internet. The internet stuff is free but not tidy. So a mentor helps to do that. If resources aren’t available, then you can consider learning on your own. I highly recommend a mentor though.

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?

Mine is way beyond financial freedom. I want to see people succeed and hope to keep inspiring people. I’ve started this on YouTube already. 

Can I just say how inspired I am about your zeal to help people. What are the three traits you have that keeps you successful? And what three traits do you hope to have in trading that would make you a consistent trader?

For traits: discipline, patience, and routine. I want to keep improving these three traits as well. 

This question is a bit personal. 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?

I’m handling close to a million dollars. For loss—that would $190,000 in 2019; For win: a lot but a certain time, I made $25,000 in 24 hours. 

Whew. You’re one rich fella. Haha—What would you consider to be your biggest forex achievement? Tell me about a forex accomplishment you are most proud of.

It has always been to help a lot of people. I’m very proud of that.

Before you go, fast one: Technical, Fundamental or Sentiments? Why?

Technical! I’m a pure technical trader. Because—history always tends to repeat itself. There are times when fundamental works but technical analysis stands out.

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

Trading psychology is a law in forex trading. Avoid greed and fear. This trading shows a reflection of you, so it affects you if you aren’t psychologically sound. Avoid using money you can’t afford to lose. Your emotions comes to play and that’s the major cause of failure. 

Great one. Finally, How long do you plan on trading forex and Where do you see yourself in five years with forex?

Well, I ain’t going nowhere [laughs]. I plan on staying in the industry for a very long term. That’s why I create videos because I know that the more people I have in this journey the more my term increases. In five years, it’s really all about the motivation.


Follow the trader:

Instagram: https://instagram.com/jeffrey_benson

website: https://www.firepipsfx.com

Youtube: Jeffrey’s channel.

Jeffrey Benson’s Recommendations:

Books: “trading in the zone” by Mark Douglas and “the complete turtle trader” by Michael Covel.

Broker: For flips: Exness, For conservative trading: IC markets.

Prop Firms: FTMO and My forex funds.

Internet resource: baby pips and position size calculator

Platform: Trading view.and Metatrader 4.

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Cheers,

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