The first Pole to become a trader at The Trading Pit

He passed a two-stage verification and showed that he can speculate on Forex market, generating profits while maintaining small capital drawdowns. Michał Sielskiprofessionally a journalist, privately a person constantly setting new challenges for himself (parachute jumper, karateka, former football player) - he is the first Pole who passed the selection in a proptrading company from Liechtenstein, The Trading Pit, and will rotate its means. Who is a trader who says about himself that he constantly makes mistakes, cannot keep his nerves in check and still has a lot to learn? How does he assess the course of evaluation and what is its professional goal? We invite you to an interview that will be very informative for all who think that Forex is gambling and you have to be lucky to earn it.

Michał Sielski – The first Pole became a trader in The Trading Pit [Interview]

Forex Club: For years you have been our editor who writes about trading, leads Cryptocurrency based retirement portfolio, and regularly reviews books on investing. However, not every journalist or even a trainer is also a good trader. How does it look for you?

Michael Sielski: I think I have read every trading book ever published in Polish, some of them twice. A few more important also in English. Some are great, others I literally got a sentence out of, but this knowledge is often invaluable. I am also interested in the psychology of trading, macroeconomics, etc. In my opinion, it is impossible to trade only on the basis of technical analysis, or only fundamentally. You have to combine it, and then there is the most important and for most of them the most difficult enemy to defeat: own psyche.

Is it an innate gambling instinct?

It can be like that. But a common mistake is to be too careful. It is impossible to be too careful and earn a lot and quickly. However, it is also impossible to be a daring trader and earn anything in the long run. I have been on the forex market for several years and I can say that it was only in 2022 that I started earning regularly. Sure, there have been and still are slip-ups, but you also have to be aware of the fact that slips of capital will happen. And trust your own system, your strategy - if, of course, it brings profits.

Do you remember your best and worst plays?

I try to analyze the worst first. It makes me aware of my own weaknesses. I know that I often open a position too quickly, I don't wait for the right moment, and after all, every currency pair "breathes" before it takes a direction. I also sometimes enter with too large a volume, I forget about dividing it into smaller ones, in order to, for example, close half of the position. I keep making these mistakes, I'm a poor trader. And it's not false modesty, I really see a lot of my imperfections. I know I can be much better when I can handle them.

Weak trader? Let me remind you that you were the first Pole to pass a two-stage challenge in The Trading Pit. What is your trading style?

Consequence. Before each week I have 2-4 instruments for which I expect the right direction. E.g. Ujek [USD/JPY currency pair – note red.] is in a downward trend. I won't go long there even if I expect a rebound. I will only play short. Even if it hits hard, as it did recently during the night session. When I saw in the morning that the rate had increased by as much as +2,16%, I immediately knew that I would earn on short. And I earned.

EUR / USD – I am only interested in long positions this week. When I have doubts, I don't play at all, or I open small positions, especially around more important resistances and supports. As a rule, I assume that they will not be broken if there are no macroeconomic arguments for it. So when the price of a given pair or, for example, a commodity approaches such a valuation, and the momentum slows down, I enter.

CHECK: Proptrading companies - List of the best offers

Do you spend a lot of time trading?

It takes a lot of time to scalp. And I know these levels before, just a glance at the candles, comparison of 5-minute, 30-minute, 4-hour and daily and I know if it's worth it. One sec. Speculation is not the art of making deals. It is a synthesis of all the information that affects the valuation. With more and more overtaking.

Okay, let's move on to your new success. Where did the idea to establish cooperation with a proptrading company come from? Wouldn't it be better to trade on your own?

The company gives access to virtually unlimited capital in a short time. It's all up to me. Theoretically, after a week, I can trade a million euros. To achieve such capital on your own account, you need to spend years or be born in the right family. It's a shortcut for those who think they have the skills but don't (yet) have their capital or don't want to risk it. I see a great opportunity in this cooperation.

What was The Trading Pit Challenge itself like?

It's "just" trading on MT5 platformwhich takes place on the demo. And it's understandable, because I wouldn't give real money to a stranger either.

In my case, the starting deposit started at 5 euros, and the whole challenge consisted of two phases. In the first phase, the goal was to earn 000 euros. But there are more conditions - there are also upper limits for daily earnings, i.e. no more than half of the target, as well as a maximum daily drawdown, which can be 300 euros. There is also a maximum general drawdown that cannot be exceeded. The first phase ends when we meet the target within 100 trading days. We are out when we cross the lower threshold. Then there is a second round with a smaller margin of error but the same starting capital.

Result from Michał Sielski's account after completing the second phase of The Trading Pit Challenge.

How would you rate the difficulty of the challenge in The Trading Pit? What was the hardest part about passing the challenge? Have you had any significant failures?

I've had slip-ups when leaving positions open overnight. Then sometimes miracles can happen. And in the morning everything is back to normal. Well, I went back twice when I was practically at the finish line. 16 euros were missing from the target, but I wanted to finish with a spectacular trade ... And in a moment I had to make up for 100 euros. It was completely pointless. The "God Syndrome", even after a series of successful trades, must be turned off as soon as possible. In my case, I consider the second phase to be much more difficult from a psychological point of view, because after passing the first phase I had information from the company that I had a chance to be the first Pole to do it. This shouldn't affect a pro's trade, but I had it in the back of my mind and feel like I made more mistakes. How many times the course "licked" my SL and went in the direction I assumed, I can't even count ...

But finally it worked! And what now?

Now trading with the company's money and splitting any profits 60% for me, 40% for them (now The Trading Pit has updated the terms of cooperation and it is possible to receive up to 80% of profits - editor's note). Again, there will be specific goals and guidelines, which makes me happy, because it systematizes trade and keeps the risk in check. I am a task worker and how can I earn e.g. 1 thousand it will be paradoxically easier for me. When I see a goal, it's easier for me to identify intermediate steps. There will be nothing left but to implement them :-).

Equity curve from Michał Sielski's account during the evaluation process at The Trading Pit.

What amount will you receive at your disposal?

Initially, it will be 150. Euro The Trading Pit with leverage. The amount will double with the next goal. As long as possible...

What is your ultimate goal?

I don't think that way. Like I said, I'm a tasker. The next task is to go to the next level. That's all I focus on, I don't buy islands in my dreams anymore, because it's an easy way to lose everything.

Thanks for the interview and good luck on the market!

Who is Michał Sielski?

He has been present on the financial market for 18 years. He started like everyone else - from the Warsaw Stock Exchange - then it was time for the Forex and cryptocurrency markets. Privately, a lover of the Tatra Mountains, Polish record holder in parachute jumping, karateka and... chicken breeder.