When it comes to Forex scalping there are few traders with a track record as impressive as Gary Fitchardt. The 25+ year market veteran specializes in profiting off of small price changes and making a fast profit off reselling. In fact, he once made over $1 million in a single day of trading while managing client funds for a large investment firm.
Fichardt has an extensive background in investments and trading styles, from Fibonacci to candlesticks. As MTI’s Director of Trading, he has taught thousands of students in live trading sessions. He also helped develop various automated systems including Target Trading Max, RightTrader Max and Divergence Trading.
Fichardt perfected his own “Hybrid” method of trading – deploying an automated strategy that uses technical analysis to identify market direction. In the weekly Hybrid Trading Room, he shows traders how multiple strategies can be used together or separately depending on different market conditions.
We asked Fichardt to discuss his biggest trade wins ever.
What’s the largest trade you’ve ever made?
Fichardt: I made $1.3 million in one day doing price action scalping. I was scalping some movement in the Asian session and the market was dead quiet. It forced me to carry the position over into the London trading session.
So I held on to the position overnight. I actually fell asleep because I was exhausted from a long day of trading. I woke up to an alert on my phone. The market just blew out of the range and we made $1.3 million in a very short period of time.
How did you celebrate such a big trade?
Fichardt: When you hit a number like that my celebration was to take two weeks off from trading. Keep in mind that I managed money for clients, so this was not my own personal trade. I was trading client’s money, so I made a big portion of their profits.
Can you talk about your own biggest trade?
Fichardt: I’ve had a whole bunch of personal trade wins but nothing as extravagant as $1.3 million. Most of my big trades were based on scalping. That’s where the big money is even though swing trading can also be profitable.
If you really get good at scalping, then it can be extremely profitable. I made a 63% profit in one week while trading a reasonably-sized portfolio, which is really tough to do. I’m talking about trading several different currency pairs at the same time. I believe at the time that I was trading about five pairs. I also made a 150% profit in one month of trading.
I’ve had a lot of these types of wins, so it’s very difficult to itemize each of them. I had many big months during my career but there hasn’t been one huge home run from a single trade.
Did you reward yourself with anything special?
Fichardt: I trade for a living so the money that I earn doesn’t go to buying expensive toys and things like that. But I will say this — I managed to pay off some cars, houses, boats and motorcycles during my most successful trading period, which was between 2008 and 2012. So trading has definitely helped me become more financially stable.