Tim-Oliver Fechner is active under the trader name “hohesT” on our platform. In the current TradersTalk he spoke to us about the qualities that are essential in order to succeed as a trader.
Tell us your name.
Under which username can you be found on wikifolio.com?
What is your profession?
Management expert (International Master in Finance)
How did you discover trading?
Through my studies at EBS Wiesbaden, SSE Stockholm and EADA Barcelona.
How does your typical trading day look like?
This varies a lot. I manage my time carefully so as to do the things that are necessary to increase the value of my wikifolio.
How many wikifolios do you currently manage? Are you already a “Real Money” trader?
Strictly speaking, I manage one wikifolio, i.e. the “Trendfolge Strategie 2014” (engl. “trend following strategy 2014”). I actively manage this one. Apart from that, I have published two mechanical strategies. However, these two wikifolios are only validated twice a year.
What are the reasons for publishing your trading strategy as a wikifolio?
To provide other people the opportunity of obtaining a better product at a fair price than what is offered by banks on the market.
How would you roughly characterize your trading style (on wikifolio.com)?
In my brokerage account “Trendfolge Strategie 2014”, I usually add securities that follow a clear upward trend, but are basically not overheated. In simple terms: Low-priced securities that have significantly risen over the last 12 months, but are nevertheless still inexpensive.
Are you satisfied with the development of your wikifolios?
A current performance of about 60% is two to three times more than what I considered attainable each year on average. Therefore, I would say that the year went well above-average.
What was your trading highlight of the last 360 days?
How do you rate the stock market year 2015?
Actually a rather difficult trading year for trend followers, but thanks to my money management, it nevertheless went very well.
Which markets are currently the most fun / make the most sense?
I currently focus on German and American securities.
Which stocks or securities do you currently favor in the medium term?
The stocks in my wikifolio “Trendfolge Strategie 2014”.
What was the hardest lesson you had to learn on the market?
That one is right in the analysis, but nevertheless earns no money with bad timing.
What advice would you give to a novice trader?
If you want to trade successfully, you need:
If you miss out on one of these 7 characteristics, you will invariably lose money. In this case, you should stay away from trading.
Which book can you recommend to other traders?
This list would be beyond the scope of this interview.