Trade of the Week Hall of Famer, Matthew Peterson!

May was the month Forex Ninja introduced the Trade of the Week Contest. Ever since then, loads of you have been participating by submitting entries or voting for them. Yes, there are currently 12 Trade of the Week Hall of Famers (as of 2011-08-08T11:58:05-05:00)!

At first, I wasn’t sure which Hall of Famer would be picked for an interview. I ran out of ideas, so I figured I‘d go out and look at the stars for inspiration. Yes, I spent a whole day mulling this over. I know it’s silly, but hey, that’s how much effort I put into this! There I was, lying on the ground, making my grass angel (no snow, you see), when I realized something. The answer was right in front of me.  Literally. Believe it or not, the stars above spelled it out for me, letter by letter. It was fate. They spelled letter M, A, double T, P, I, P and S (that wouldn’t take a rocket scientist to figure out, would it?).

Matthew Peterson is mattspips. His setup won the hearts of all you voters out there for the week of July 11 to 15. His EUR/USD long trade setup got 44.44% of the total votes!

It’s one thing for us to feature the trade; it’s another to feature the mind behind the trade. Let’s find out a little bit more about Matt!

When did you start trading forex?

I started practice trading forex about 10 months ago. I’ve really been learning a lot in the past few months though.

Who/What got you started?

I first heard about the forex market in a macroeconomics class I took about a year ago. I started to read up on it on my own, found a few great websites (including BabyPips.com ) and ever since, I’ve been hooked! The liquidity and the amount of money that can be made really caught my attention.

Do you have a favorite pair to trade? If so, which is it and why?

My favorite pair is the EUR/USD. It’s been a difficult beast to tame, but I like it because of how much it moves every session, and the fact that it’s the most widely traded pair makes it the lowest spread.

What made you decide to join the Trade of the Week contest?

I saw a good setup on EUR/USD so I wanted to share it. It didn’t end up working out; there were some fundamentals coming out that week that made the pair go in the opposite direction of my trade idea – hard to see it coming!

What is your advice to the newbies out there who would want or who are interested in joining the Trade of the Week Contest?

Really think about what you are submitting, chances are people will be making trades with it too, so take care to give solid reasoning behind the trade idea. Also don’t forget about any fundamental releases that may come out that week and be aware how that might affect the price.

What’s your favorite brand of chocolates?

Favorite brand?  Who makes crunch bars, Nestle? I would have to go with them, cookies and cream crunch bars are the best! They used to make a white chocolate crunch bar, that was cats ass, but they don’t make it anymore.

What life lesson has forex trading taught you?

Be patient, and sometimes, your ‘brilliant ideas’ don’t always work out, and you sometimes have to go with the flow. I’ve also been more careful in making financial decisions, too. I haven’t been buying things I don’t need as much since trading.

When would you say was the first time in your life that you realized you were truly happy?

That’s a difficult question. I’ve never really been grumpy. Well, unless it’s early in the morning and I wake up to a loss of pips overnight. Bu t truly happy, I would have to say that I’m always truly happy. If I weren’t happy doing what I was doing or where I was at, I would change things until I was. I don’t want to get too philosophical, but it’s all just a state of mind.

Have you joined other types of contests in the past? How about trading-related contests?

I haven’t yet.  I probably will once I trade full time and get out of my current job, but until then, I’m just trading for myself.

Which FX-Men would you say you have similarities with (trading-wise, that is)?

I would have to be most like Big Pippin, because I always draw chart patterns, too, and I’m always aware of them and what may form. He also uses Fib levels, and stochastic and looks for divergences like I do.

Thanks, mattspips, for spending some time with us and letting us get to know you better! I urge the rest of you to submit your entries for Trade of the Week Hall of Famer! Who knows, you could be our next winner?! The whole BabyPips.com community, if not the whole forex world, shall know of you, utter your name and put you on a pedestal as if you were Steve Jobs to the ultimate Apple fanboy.

I gotta run. The mention of Nestle crunch bars is making me crave some chocolate! They are yum!

Toodles!

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