2: 8 Years of Losing, Failing, and Switching Systems – the Recipe of a True Trader w/ Navin Prithyani

Navin Prithyani started trading back when he was just in high school. His father was the one who convinced and pushed him to pursue trading. However, he was intrigued by the idea of working remotely than the markets.

Navin’s journey into trading (like most of us) was a rough one. He had to attend class during the day and study trading at night. He had many years of losing, failing, and switching systems in search of the perfect strategy.

After being mentored by an underground professional trader, he finally found success.

Navin has since founded Urban Forex and teaches new traders how to trade using the logic the market is built on.

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Podcast Interview

Take a listen to the full 54 minute interview:

Interview Links

navin@urbanforex.com
urbanforex.com

Recommended Books

Trading in the Zone by Mark Douglas
Trade Mindfully by Gary Dayton

Broker and Platform

Interactive Brokers

Key Lessons

• [08:46] You can’t be very rigid in the market because the market is ever changing.
• [12:19] You’ve got a lot of knowledge behind you, but it’s not structured. It’s not layed-out properly. You don’t understand how the market works and why it works.
• [15:49] It took me a long time to just practice and study what I should not be doing at what time. And that’s the turning point for me after several years.
• [16:37] Every one of them that taught me, who’s not well-known, have the same concept in the back of their head. It’s like, the average person doesn’t really want to learn, but if you really see who really wants to learn, they’re happy to teach.
• [16:53] Anyone with a little bit of knowledge, they’re extremely happy to teach only to those who really are desperately willing to learn.
• [19:02] Finding real traders is actually a rare thing.
• [20:20] Certain market conditions tell you certain key pieces of information.
• [25:07] A hundred pips means nothing in the industry, it just attracts retail traders.
• [32:19] Even if the markets jumped up to $20,000, I’m a trader, I don’t care if price is at $20,000 or $50,000 or $900,000. I’m in and out throughout the day, I don’t really care where the price is. I just need liquidity and I need stability.
• [34:09] Trading is not a sport that you’re born with, you have to build it, right?
• [34:37] If you do a trade, are you saying once this trade loses or wins, okay good next trade? Or do you have the time to stop and be like what was good about this trade?
• [35:38] In trading, there is no such thing as at a certain level you get paid something. It’s either you got paid or you don’t.
• [36:18] We need to focus on understanding how the market works properly and why supply and demand is activating at certain areas.
• [36:55] At any one given point, someone is buying someone is selling, so how do you get a 95%-5% difference if at any single time there’s a buyer and a seller? It doesn’t make any sense! It’s because in certain conditions majority of the people turn one sided.
• [37:29] Once you understand that concept then any strategy that you like is going to work and knowing when not to touch that strategy is the key.
• [39:23] Know when to buy before a buy is to establish, know when to sell before a sell is to establish.
• [39:49] Don’t just try trades, learn from them. If you made a mistake, good. That’s money well spent, learn from it, don’t let it go and make the same mistake again.
• [40:01] This is something that’s missing a lot with retail traders. They’re spending so much money on their own trades along with their education but they’re not learning from their trades.
• [41:45] If you’re trading just for the sake of trading because you’re trying to just find the answer? It’s not good enough.
• [41:58] I’m trading to make money so I’m not looking to lose money.
• [42:13] It’s not about making money at all, it’s all about what should I do to not lose money. If you control that, you’ll make money automatically.
• [46:37] Open up your excel file, start jotting down what you do on a day to day basis. Do it consistently and find out your stats on that. You need to know what you’re good at and what you’re not good at and learn to repeat that.
• [46:51] If you’ve proved to yourself you’re good at certain thing, then start scaling.
• [48:53] The internet has a lot of information out there, learn to take in the information but judge it at your own merit.

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Navin’s Trading

• He does a mixture of Swing trading and Day trading
• He’s trading down to the 3-minute charts when he’s day trading
• On swing trading he looks from an hour up to the daily charts
• He has a maximum of 2 trades at a time
• When he loses 2 trades or 20% in a day, he stops trading
• His trades only last from 5 minutes to an hour
• He doesn’t avoid the news when he’s trading
• On swing trading, he has a 50% winning rate and on day trading he has 75% winning rate
• He has 1.5R to 2R on average
• He does his rituals in the morning – stretching, working out, and speak to himself in the mirror
• He trades during the London and New York sessions
• He’s not trading Cryptocurrencies
• He’s a 99% technical trader
• He uses naked charts and some moving averages to help him with visual references

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Navin’s Strategy of the Week

• He looks for higher lows when he sees that the market is going sideways, he refers this as the build-up process.
• He waits until the sell orders are gone and is looking to place his buy order.
• If he’s not entered the trade during the first stage, his secondary chance would be the pullback.
• He then looks to sell when it’s not too obvious.

Click here to see Navin’s strategy