Episode 37 of the Desire To Trade Podcast features Ryan Herron, a binary option and Forex trader.
HIs story of how he became a profitable trader is very interesting due to the fact that he blew up 9 accounts but kept going. He could see a progression in his results, which made him think that by staying in trading, he would eventually make it. And he did!
During this interview, Ryan and I discussed the fact that, while most traders are looking to get rich overnight, the right amount of action over a longer period of time is required. An aspiring lawyer or doctor must go through a long education process and spend a lot of money. Why would aspiring Forex traders avoid that?
Ryan mentioned the importance of focusing on ONE THING (one strategy or way of doing things). Then traders must not forget what comes after: being comfortable trading that one strategy. That strategy can be created or learned from someone else. Through backtesting, we, as traders, ensure that we know exactly what to do upon trading for real.
Forex Tester 2 (affiliate link)
Forex Trading Strategy for Trending Markets (article I mentioned at the end of the episode)
Get the FREE Complete Price Action Strategy Checklist: http://www.desiretotrade.com/checklist/
Watch the video interview!
Episode 36 of the Desire To Trade Podcast features Shaun Overton, the automated trading system developer also founder of One Step Removed.
Shaun started in the forex industry in 2005 working as a broker at FXCM. He led the sales effort for an automated trading fund, which led to his interest into automated trading. He then went on to create his own systems that now allow him to live off them.
At the opposite of what I believed, Shaun says developing an automated trading system isn't so complicated. One must learn how to program first. Then, there's a clear process, described during the interview, anyone can follow.
Shaun spends his days researching. This is a passion for him, but his goal is to create more systems that produce positive results. He shared about the exact things he's looking at and the sort of system he has developed.
Although this podcast episode appears fairly technical, there's something that can be learned by any trader. Both automated system traders and manual traders must backtest their trading plan. One of the common problem consists of backtesting only for a restricted period of time and optimizing the system for that period.
The world of automated can be highly fascinating for traders with an interest for statistics and programming. For more on that topic, I recommend listening to DTTP 011: The Fascinating World of Automated Trading and checking what Shaun is doing at One Step Removed.
Episode 35 of the Desire To Trade Podcast features Casey Stubbs, a Forex day trader and the man behind Winner's Edge Trading.
Casey usually starts his day around 6:30 am EST and is done with trading by noon. He specializes on trading the EUR/USD pair and uses only simple trading strategies.
Upon finishing his trading day, Casey has the rest of the day for his other occupations: spending time with his family and running his website.
Over the course of this podcast episode, Casey Stubbs mentioned the fact that traders must have their own trading strategies. Copying other traders' systems isn't a way to become consistently profitable. Aspiring Forex traders must firstly learn as much as possible. Then, they personalize their trading strategies. That helps a lot to stick to one strategy.
As his last piece of advice, Casey mentioned the idea of trading small position sizes in order until becoming consistently profitable. Only then can Forex traders start to increase their position size.
Episode 34 of the Desire To Trade Podcast features Mike Bellafiore, the co-founder of SMB Capital, a well-known proprietary trading firm based in New York, USA. Mike is also the author of One Good Trade: Inside the Highly Competitive World of Proprietary Trading and The PlayBook: An Inside Look at How to Think Like a Professional Trader.
SMB Capital’s trader-training program was highlighted in the TV documentary Wall Street Warriors. His firm has appeared regularly on CNBC’s Fast Money, CNNMoney, Bloomberg, and Fox Business.
I first heard of Mike Bellafiore and SMB Capital through Mike's first book called One Good Trade. It describes how things are done in a proprietary trading firm and provides real stories of traders who had or hadn't what it took to thrive in this world of trading. I highly recommend the book!
Mike has a lot of experience working with traders and came to understand what made them successful. He also knows what the learning process looks like for a trader. During this interview, we discussed the traits traders must develop in order to succeed.
At one point, I asked Mike what advice he had for struggling traders. He pointed out something very insightful. In his opinion, traders can't start and be successful right away. Struggling is simply part of the progress.
There is a process traders must follow if they want to see results. It takes time but Mike Bellafiore, without any doubts, know what it's like.
What’s covered in the podcast?