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Desire To Trade Podcast | Forex Trading Tips & Interviews with Highly Successful Traders

If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at. I'll help you do that! The Desire To Trade Podcast has for goal to help you develop Forex trading skills for more freedom. I interview successful traders from around the world. My focus is on providing you with lessons from my personal trading experience and my conversations as I trade and travel around the globe.
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Desire To Trade Podcast | Forex Trading Tips & Interviews with Highly Successful Traders
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Now displaying: April, 2016
Apr 25, 2016

A Truck Driver Who Blew Up 9 Accounts To Become A Profitable Trader w/ Ryan Herron

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.

What’s covered in the podcast?

  • The difference between Forex and binary options
  • How Ryan kept going after blowing up 9 accounts
  • The steps Ryan took to learn and progress as a new trader
  • What Ryan sees as the biggest mistake traders make (hint: adding to a losing trade)
  • Examples of focusing on one thing to succeed
  • And so much more...

Resources Mentioned 

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/

 

Apr 18, 2016

The Development Of An Automated Trading System w/ Shaun Overton

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.

What’s covered in the podcast?

  • What it's like to be an automated system trader
  • Examples of factors predicting the movement of a currency pair 
  • The steps to develop an automated trading system
  • The biggest mistakes made when developing an automated trading system
  • What type of broker works best for automated system traders
  • Best resources to learn to program
  • And so much more...
Apr 11, 2016

casey stubbs

Lessons From A Successful Forex Day Trader w/ Casey Stubbs

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.

What’s covered in the podcast?

  • The difference between simple and complicated trading strategies
  • How Forex traders can easily get support
  • Casey's biggest mistakes as a Forex trader
  • The main objective for a trader (it's not making money!)
  • What happens just before you finally stick to ONE trading strategy
  • What keeps Casey motivated each day
  • And so much more...
Apr 4, 2016

Trade With Edge w/ Mike Bellafiore

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?

  • How Mike Bellafiore started to trade
  • How the learning phase is broken down
  • A great piece of advice for struggling traders
  • The culture at SMB Capital
  • Andrew's #1 lesson for any trader
  • What keeps Mike motivated each day
  • And so much more...
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