Pelican’s Mentor — David Booth
Every month, Pelican will be conducting an interview with one of the top traders on the Pelican platform. This is to give a deeper and more insightful analysis into the character of the best traders within the Pelican community.
My Name is David Booth and I am a technical Analyst, Chartist and Active Trader, I have traded Equities, Commodities, Indices and forex, I am an active day trader and my preference is towards short term day trades although I do sometimes get involved in slightly longer swing trades.
When and how did you learn to trade successfully?
Initially I learned like most inspiring traders through books, training courses, education and an inspiring mentor I took a diploma qualification in Technical Analysis a few years ago and I have been trading actively for over 12 years.
In brief, what is your trading strategy?
It is a gap trading strategy based on the previous trading day’s official close and the 08:00 UK Time open, that meet a certain criterion and set of rules. This is in association with and was originally developed by well known professional trader John Piper.
Do you require potential students to have a level of trading expertise already or can you educate those new to trading?
Not Really it can be used as a trade copy process if required, although for those who wish to learn more of an in-depth knowledge about the strategy there is a separate KG Strategy Course available at an additional cost which covers all aspects of the strategy including some additional advance techniques designed to educate individuals to back-test and implement the system to suit their own individual trading styles.
With regard to risk management what account size do you recommend, as a minimum, for those students following you via your Pelican group?
Risk management is always a main concern and something that I take very seriously in my own trading and it depends on individual risk tolerances, I for example I work with between 2–4% per trade idea, the initial stop on the KG trade idea would be around 52 points.
Do you specialise in specific markets?
For this strategy I concentrate on the German Dax index.
Do you use Stops and Limits?
Yes, always use a stops and limits on this strategy.
Do you trade directly or use orders?
That depends on market activity around the open, sometimes it is necessary to enter at market however most of the time I use market orders.
How many trades do you average a week/month?
I asses the market for certain conditions every trading day, if the conditions are met then I trade if not I don’t trade so up to 5 times a week.
What time commitment do you recommend to benefit from your service on Pelican?
Five to ten minutes a day around the open and then a few minutes around mid-morning to adjust stops when or where required and again a couple of minutes late afternoon to manually close the open trade if it hasn’t completed its thing.
What are the subscription costs associated with your Pelican group?
£57 per month recurring.
What excites you about the future of your Pelican group?
The prospect of Seeing and being a part of others learning to be consistent and succeed.
Join Dave’s KG group on Pelican
