Keeping it Simple: How Ter Berrick Trades GBP/USD and Gold

Ter Berrick, despite holding degrees in International Relations, Diplomacy & Military Studies, never stepped foot in a traditional workplace. His passion? Trading. This week’s “Interviews with E8 Traders” features Ter’s unique journey from academic writer to successful scalper, proving that sometimes, the path less traveled leads to extraordinary destinations. And you can hear more from Ter himself in his testimonial video on our Instagram!

Trading’s Unexpected Call and the Barnes & Noble Education

Ter’s trading journey began unexpectedly while stuck in a traffic jam. A radio advertisement promoting Forex trading sparked his curiosity, leading him to attend a one-day seminar and fund his first trading account with $100. This initial experience, though unsuccessful, ignited a passion that would shape his future. “I was immediately hooked” Ter recalls. “The idea of financial freedom and being in control of my own destiny was incredibly appealing.”

His pursuit of trading knowledge took an unconventional turn during his Master’s program in Hawaii. He and a friend, equally fascinated by the world of trading, spent countless hours in Barnes & Noble bookstores, immersing themselves in every Forex trading book they could find. “We must have read over a hundred books between us, It was like a self-taught masterclass in trading“. This self-directed learning, combined with real-world experience, formed the foundation of his trading expertise.

Discipline and Simplicity: The Cornerstones of Success

Ter’s biggest obstacle? “Discipline” he admits. Despite possessing the knowledge and skills to succeed, mastering discipline, patience, and humility proved to be a long and challenging process. “It was a constant battle against my own impulses. But I knew that if I wanted to achieve consistent profitability, I had to develop the discipline to stick to my plan and manage my emotions effectively“. His journey underscores a crucial lesson for all traders: success requires not just technical prowess, but also the mental fortitude to navigate the psychological challenges of the market.

This straightforward approach is mirrored in his trading style. He favors a clean chart setup, relying primarily on Japanese candlesticks and the Parabolic SAR indicator. “I believe in keeping things simple, too many indicators create noise and can distract from the underlying price action” This minimalist approach helps him focus on the essential elements of the market and avoid unnecessary complexities.

Stop-Loss Orders and a Scalper’s Mindset

For a significant portion of his trading journey, Ter traded without stop-loss orders. “I was overconfident in my ability to predict the market, But I learned the hard way that even the best-laid plans can go wrong“. He eventually realized the importance of this crucial risk management tool. “Stop-loss orders are like insurance for your trading account, they limit your potential losses and protect your capital from devastating setbacks.“

Ter’s trading plan centers around scalping – capturing small, frequent profits throughout the day. “I enjoy the fast-paced nature of scalping. It’s like a game of quick thinking and precise execution“. He focuses on identifying key support and resistance levels, using candlestick patterns to confirm potential entry points, and employing the Parabolic SAR to pinpoint optimal exit points. “Each trade is like a small victory, and these small victories add up to a larger daily objective“.

GBP/USD, Gold, and Risk Management

For years, Ter exclusively traded GBP/USD, appreciating its straightforward pip value calculations. “I like to keep things simple, and calculating profits and losses in GBP/USD is very straightforward“. Later, he added Gold (XAU/USD) to his watchlist, drawn to its volatility and ease of calculation. “Gold offers exciting opportunities for scalpers, Its price movements can be swift and substantial, allowing me to reach my profit targets quickly” His market selection reflects his preference for simplicity, efficiency, and markets that align with his scalping strategy.

As a full-time trader, Ter enjoys the flexibility of monitoring the markets closely. “I’m constantly observing price action, looking for potential setups” he shares. His risk management strategy involves carefully assessing the potential reward of each trade and adjusting his risk accordingly. “I never risk more than I’m willing to lose, and I always aim for a reward-to-risk ratio that justifies the potential risk.” He typically risks up to 2% of his capital on each trade, with a target reward-to-risk ratio between 1:2 and 1:10.

Emotional Control

Ter acknowledges that managing emotions in trading is an ongoing process. “Trading can be an emotional rollercoaster, it’s crucial to develop strategies for staying calm and focused, especially during losing streaks.” He employs a combination of conviction, stop-loss orders, and strategic distractions to navigate the psychological challenges of the market. “When a trade is going against me, I try to stay rational and trust my analysis, If the market hits my stop-loss, I accept the loss and move on. Dwelling on past trades can be damaging to my mindset.“

To maintain emotional balance, Ter engages in activities that take his mind off trading. “I find that taking breaks and doing things I enjoy helps me clear my head and come back to the charts with a fresh perspective, sometimes I’ll play video games, listen to music, or go for a walk. It’s important to have outlets that allow me to de-stress and recharge.“

The Pursuit of Freedom and the Power of “PHD”

Ter’s primary motivation for trading is the financial independence and freedom it offers. “I’ve always valued autonomy. Trading allows me to be my own boss, set my own hours, and work from wherever I want.” He enjoys the flexibility and self-reliance that trading provides, enabling him to pursue his personal interests and passions outside of the market.

He believes the key to long-term trading success lies in “PHD” – Patience, Humility, and Discipline. “These three qualities are essential for navigating the ups and downs of the market, patience allows me to wait for the right opportunities, humility helps me learn from my mistakes, and discipline keeps me focused on my goals.” This personal motto encapsulates his approach to trading and has guided him through the challenges and triumphs of his journey.

Advice for Beginners and the Danger of Greed

Ter encourages aspiring traders to ensure trading aligns with their passions. “Trading requires dedication and perseverance, If you’re not genuinely passionate about it, it will be difficult to sustain the effort required to succeed.” He also recommends viewing losses as “tuition fees” – valuable lessons that contribute to long-term growth. “Every loss is an opportunity to learn and improve, embrace those lessons and use them to refine your strategies.“

He cautions new traders against the pitfalls of greed and impatience. “Greed can cloud your judgment and lead to impulsive decisions” Ter warns. “It’s important to approach trading with a long-term perspective and realistic expectations.” He emphasizes the importance of patience, discipline, and a focus on consistent growth rather than quick riches.

Inspiration and E8 Markets: A Trusted Partner

Ter’s favorite quote comes from Samuel Beckett: “Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.” This quote embodies his resilient spirit and belief in continuous improvement. “It’s a reminder that setbacks are inevitable, but it’s how we respond to those setbacks that determine our ultimate success.” He also recommends the book “How to Stop Worrying and Start Living” by Dale Carnegie for managing anxiety and the movie “Rogue Trader” for a cautionary tale about the dangers of unchecked risk.

Ter’s journey with E8 Markets began through a LinkedIn connection. “I was initially skeptical about prop firms, but after researching E8 Markets, I was impressed by their reputation and trader-centric approach.” He chose E8 for its reliability, trustworthiness, and longevity. “I wanted a partner I could rely on. E8 Markets provides a supportive environment, competitive trading conditions, and a clear path to scaling my trading career.“

Evaluation Insights and Life After the E8 Challenge

Ter’s biggest challenge during the E8 evaluation process was adjusting his mindset to the restricted drawdown. “It was a mental shift. I had to learn to trade within the parameters of the evaluation while still aiming for consistent profitability.” He advises aspiring E8 traders to focus on the “tradable” portion of the evaluation account and set realistic targets based on that amount. “Don’t get discouraged by the overall account size, focus on the capital you’re allowed to risk and develop a strategy that aligns with those constraints.“

Passing the E8 Challenge and receiving his first payout was a significant milestone for Ter. “It was a validation of my hard work and dedication, It proved to me that I could achieve consistent profitability and manage risk effectively.” The experience boosted his confidence and solidified his belief in his trading abilities. He now views E8 as a platform for achieving his long-term financial goals, fueled by his proven ability and the firm’s unwavering support.

Inspired by Ter’s Story? Discover More Trader Journeys!

Ter’s journey is just one of many inspiring stories within the E8 Markets community. If you’re eager to learn more about how other traders have achieved success with E8, be sure to check out our E8 Traders category. You’ll find a collection of interviews with talented individuals who have conquered the E8 Markets evaluation and are thriving as professional traders. Get inspired, gain valuable insights, and discover the diverse paths to trading success!