Traders and psychology with Waidi Abdoul

Waidi Abdoul is a 24 years old forex trader. Born April 10th—from Benin` in Africa. I’ve been working as a corporate dealer at ora bank. I have no background in data analysis, but a degree from—University ISM Adonaï, and I am a self-taught trader.

What really got me into forex, though, is the internship I did at The treasury department of Ecobank. Throughout my career, I’ve noticed that I’ve always wanted financial freedom. Then, I started showing interest in trading. Moving forward, I hope to expand my experience and get the right skill to enable me to achieve that which I seek.

You seem to have an interesting story there, but I wouldn’t continue until this question is asked. How long have you been trading? How did you learn forex and come to know it?

I’ve been trading forex since October 2019. That’s roughly 3 years. In addition, I learnt to trade through books and losses. Albeit, a friend introduced me to it.

Brilliant. My previous discussion, I remember asking this particular question. What keeps you sane? Cos’ I won’t lie trading can stress you out and some even get depressed. So how do you overcome this?

Simple! Plan your trade and trade your plan.

To be fair—it’s not that simple. Psychology is one of the most important if not the most important part of trading. So, that’s why I’m laying emphasis on it. What are your trading rituals and how has it helped your trading?

[Waidi laughs] I incorporate the phrase “plan your trade, trade your plan” in all aspects of my life. Honestly, that’s all I do.

Waidi Abdoul’s Trading Career

Woah. All-right I believe you. Waidi what would say is your “win-rate” and what really drives results in your trading?

Well, for now, it’s 50% and I just stick to consistency. Basically repeating all I do. I try not to change to avoid confusion or drastic drawdowns. 

That’s so cool. What was your salary in your last job before forex? Was leaving it for forex worth it and why?

Well, I didn’t leave my last job and I would rather not disclose my salary.

That’s fair enough. When you’re not trading, what are you doing?

When I’m not trading, I’m just sleeping, eating, and working out. 

Your life seems really simple. Tell me about a time you disagreed with a decision. A time you didn’t follow your trading plan.

Long story short. I suffered a terrible loss. It was crazy.

Straight to the point. I like that—What are your biggest strengths in forex and What’s one thing you think you are very good at in forex?

I love drawing trend-lines and I am very good at doing that.

Hmm. Trend-lines. If you say so. What are your forex weaknesses? How do you plan on going about them? Have you succeeded in doing that?

Being emotional, When emotions kick in it gets the better part of me. But then I remember my plan and that solves it.

Do you trade for any proprietary firm? If yes, which one and how is it going?

Yes, I do. Recently started with Audacity and it’s been great so far.

Audacity. Heard of them—That’s in UK. Do you have a special way you trade? If yes, why do you prefer this technique?

I basically make use of just trendlines. Trend-line trading is simple and that’s why I chose that technique. To me, simplicity is key.

Woah! not bluffing, but—this is my first time hearing about trend line trading. I guess I already have an assignment. This may sound “cliché” but why forex? What is your major reason for choosing forex? 

Well, forex gives me room to work on other things. I think another word for forex should be “freedom” I have a job and if I can earn from two places, why not?

Yeah. It gives you room to focus on trading. Tell me how you think other people would describe you. What do you want to be remembered for in the industry?

As an old man in young man’s head.

That’s like an Old soul. I’m curious. Who/what inspired you to start trading? If you have a mentor, what’s their name and what about that individual inspired you?

Sounds weird, but, a friend inspired me to start trading and I inspired myself. I kind of have a knack for it.

Abdoul speaks trading psychology.

Not weird at all. It’s all about the art. We all talk about trading psychology, what can you say about that Waidi Abdoul?

Don’t want to say much but—I’ll leave this here. The number one enemy of a trader is: himself.

A Mark’s quote, lovely. I know this particular question may sound weird. The reason asked is because: as humans we have the whole “act now, think later” thingy going on even when it’s not the right thing to do. So, do you have a trading “guilty pleasure”? If “yes” what is it and how do you handle it when it happens?

That would definitely be closing my positions too early. I have tried handling it by following and trusting my trading plan.

Hmm. Fear of losing the money already made. 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?

I am a simple man so for me, it’s to get or have a 20 million dollar account. Travel the world and teach my strategy to people who are willing to learn.

Indeed, you are. What are the three traits you have that keep you successful? And what three traits do you hope to have in trading that would make you a consistent trader?

I currently have these traits; I’m not a sore loser, I am persistent and a go-getter. Currently, I am working on becoming more disciplined and have a better emotional understanding.

I’m actually enjoying your view on trading. Do you keep a journal? If yes, what does it consist of?

No, I don’t keep a journal. It’s all in my head.

That’s a first. Finally, What would you consider to be your biggest forex achievement? Waidi Tell me about a forex accomplishment you are most proud of.

I caught 500 pips in a week. At that time it was a great accomplishment for me.

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