August’s Trader of the Month is Naeem Vance. Congratulations, Naeem! The coaches chose Naeem because in the six months since starting his Mentorship Programme, he has tripled his trading account! We asked him how he did it.
Naeem is a self-employed company director originally from Essex, now living with his wife and two children in West Yorkshire. He has always been in the printing business. He was an employee for 6-7 years before deciding to start his own company in 2001.
How do you find the time to trade when you’re running a company, Naeem?
I used to be very hands on, but over the years I’ve got much better at delegating. I now employ 10 people and, although I’m often at my desk, I do get plenty of free time, which is perfect for trading.
Is it difficult to juggle family time with trading?
I would have found it hard when my children were young but they are 18 and 12 now so they’re more independent. The flip side to this is… as they get older they only get more expensive. What do you think motivates my trading?!
How did you first get into trading?
I first tried trading a few years ago when I got a random email from a company promising great profits if I invested money. Unfortunately, I got into it but ended up losing a lot of money through being naive. I was opening and closing trades without knowing what I was doing… just gambling really. I stayed curious though, keeping my eye on what the markets were doing and looking into trading education companies. Eventually my research brought up Trading College.
What was your first experience of Trading College like?
I took things slowly. First, I listened to some free webinars that Lee was giving. I had a good feeling that he really knew what he was talking about and I liked the fact that I could get a good feel for Trading College before committing to anything. I was cautious because I’d had my fingers burnt previously. The Pro-Trading System really intrigued me so I eventually bit the bullet and signed up to do the PTS course in London where I met Federico, who also greatly impressed me. I became a member and got to know everyone—the staff and students, and felt really happy with the whole Trading College community. I found strategies that worked for me and began to see real results.
When did you start your Mentorship?
I signed up for a 6-month Mentorship in February 2017 and haven’t looked back since; I responded very well to the coaching from both Lee and Fed. I ended up tripling my trading account within those 6 months!
What’s the secret of your success?
I learnt how to lose! Anyone can make profits, and it feels great, but if you don’t learn how to cut your losses, you will lose everything you make. Before, I would always chase losing trades and madly open new positions to try and recover my money, and end up blowing my account. Now I am extremely disciplined and I get out of losing trades without losing more than necessary. I manage my losing trades really well. People would make more profit if they learned to do this. But it’s not easy because it hurts your ego! You have to be prepared to go on a massive learning curve if you want the rewards. To sum up I’d say the secret to my success is simply that I learned to get the balance between my winning and losing trades correct, so that I maximised my profits. It doesn’t matter how much you win if you then go and lose it all. You have to get the balance right.
Are you going to continue your relationship with Trading College?
Definitely! My Mentorship has officially finished, but I’ll stay a member. I love getting tips in the live trading room, and bouncing ideas off other students in the chat rooms. Trading could easily be a very lonely activity; the chat rooms and events offer members the opportunity to meet all sorts of people from different walks of life.
And what are your long-term trading goals?
I would love to trade full time. My business is getting to the point where it can probably take care of itself. At the moment I am day trading. I get up very early and trade from 6am – 9am every day. Going forward I would love to do more swing trading. I actually get a lot out of trading. For me it’s not just about the money (which is great), it’s also the satisfaction of doing well because I’ve learnt a new discipline.