Interview with Derick Lewis Vorster
Could you tell us a little about yourself?
I am a trader who already managed to record more than 14’600 hours work on the Forex market alone, and I managed to develop a modern trading system with trading strategies that were mainly originated from traditional trading systems and a modern cognisant way of thinking. I have three year experience in Fund Account Management and Trading. I have been asked to share some of my knowledge with others and I am doing so still to date.
How did you get started trading?
After working on various projects for respective international groups of companies, I was first introduced into the commercial trading world in 2001, where I gained experience in the realities and effects of global trading on the economy and politics as we would know it today. Studies in investment-science and modern trading strategies completed in the years 2006 to 2008 helped me to become a specialist in the financial industry, where I then found my desired skills and success, and the work I enjoy still to today…trading.
How long have you been trading now?
Five years.
What do you like best about trading?
Trading is very addictive for the technical freak and a good challenge to any person that wish to develop his/her psychological and sociological abilities. Trading confirm all the laws of discipline, life-skills and self confidence. Making money is a bonus.
What markets do you trade?
Forex and CFDs
What style of trading do you use?
I would be classified as an arbitrator and possibly scalping trader by most that observed my work but on my own account, I am a position builder (long term trader). My speciality in trading is distinguished by a combination of technical calculations and fundamental analyses, uniquely developed in the five years that I have worked with major market trading products. To be a competitive trader; I had to succeed in both fundamental and technical analyses. Be as it may I would like to think that I found a greater deal of success from a very conventional and unassuming technological and cognisant approach; which manage to identify trends in multiple time frames. It is a great achievement for a trader to see the heartbeat of the market and feeling its’ rhythm, at the same time. I have a great deal of joy with some of the best target measuring techniques a person could find. My accomplishment in determining price targets is most of the time evident to the pip. This trading strategy is also suited for any professional trading team.
What have been the biggest influences on your development as a trader?
Investment Science, two great mentors and a group forum.
What is the one biggest lesson that you have learnt since starting trading?
Patience and contentment.
How did you get interested in coaching other traders?
It happened one day as a trader that I approached one of the trading software developers, inquiring the possibility of a software upgraded to the trading software that they provided to us as traders, hoping to tweak it a little with a few suggestions that I had. I have being asked to explain what it is that I wish the program to do for me and the person that I mediated with himself was a trading lecturer for a reputable company. After viewing some of my work he requested to buy the information from me which was then implemented in his trading school program. We spend more than three weeks to transfer some of my works to the school program. I realised then that I have much more information and knowledge than most other traders and trading schools available. I was further requested in two occasions to give a three weeks seminar which I did with very good feedback (see testimonies on http:/ www.gdc-net.com/new_page_10.htm on my website) I am still involved in coaching other people… my program for June so far is a one day coaching session with a professional trader on the 12th June 2011 then a seminar with 10 traders from 13th to 17th of June 2011 in Natal South Africa and a private coaching session from 18th July 2011 to 30th of July 2011 with a professional trader in Kimberley South Africa …
Do you focus on coaching of one particular area of trading, e.g. risk management / psychology or finding trades?
I am skilled in all areas of trading, being it fundamental trading analyses, technical time and trend positioning analyses, understanding the sentiment of price positions, long term and short term trading entries, beating the stupidity traps of trading psychology and real/relevant volume and volatility calculations. Risk management is not one of my strong points as I am a big risk taker myself and I would suggest every trader would learn his money management skills from a more conservative professional financial advisor. I believe the trading game is very expensive game and one should only risk what he/she is willing to risk losing.
How do you work together with your clients? E.g. phone / email / screen sharing?
Mostly face to face, but I use Skype and other mediums to mentor groups or individuals.
What sort of results do your clients get after coaching with you?
One of my students, (Ansofie Brits) managed to gain more than 230% in less than three weeks after a three day coaching session with me. She never had any formal training on how to trade before and after some more training sessions with me she today is a successful fulltime trader herself. You could also see testimonies on my website http://www.gdc-net.com/new_page_10.htm
What is the most satisfying part of coaching traders?
Seeing the joy on the faces of my student’s when they find consistent success.
What is the biggest but most easily fixed mistake that you see traders make?
Not knowing what to do when you start your trading day and how to manage a trade doesn’t matter what trade you made.
Do you recommend journals or other record keeping as an important part of trading?
For sure! One should always do more to get to the exclusive point where you understand the market better and to learn from your mistakes. How better to do that than keeping a journal and constantly work on your learning abilities.
What are the most common issues that you see in your clients that prevent them from becoming better traders?
Fear and uncertainty that creates more fear, mainly because most people don’t really know what they are doing and they lack knowledge and discipline not to mention the inherited fear of being wrong, missing out and the fear of losing money. There are simple strategies to overcome all above mentioned inequities.
What advice would you give traders who are just starting out?
Always trade with a demo account until you have a proven three months success record before you put your money where you mouth is. Then trade a mini account with small trades that would not cost you much at first until you are more confident to go big. DO NOT OVER-GEAR!!! You know you don’t want to lose it all in the first few trades. Make sure you get a good mentor and learn… make yourself ready for hard work, but know it is going to be worth every minute. I would rather pay $17 000 for a good one day trading seminar than to lose $ 150 000 in three days because I didn’t know what I did wrong.
What 3 books do you recommend traders read?
Turtle traders from Dennis Pregther… Elliotte wave by frost and Prechter and Richer than Buffet by Jacques Magliolo. There is very little educational material available as most books are mainly proving methods gained by observation and very little to no explanation to the reasoning and understanding why any methods should be applicable. That makes university studies more valuable … I am recommending Investment Science as a very applicable subject to use as a basis to your understanding and development of trading theories.
Any other advice or wisdom from your experience in trading that you could share?
Believe in yourself, be very well disciplined and be prepared to work hard so that you could be ready do do your best when your time comes, as the secret to trading is that it is all about timing.