Apr 15, 2019
Anyone Can Trade For A Living
In episode 190 of the Desire To Trade Podcast, I sit down in Hong Kong with professional with fund manager Ray Barros in Hong Kong 1 year after our initial interview.
A lawyer by profession and training, Ray gave up his lucrative law practice in the 1980s to focus on his first love – trading. His initial attempts at trading failed miserably and he suffered heavy losses.
But, after making all the mistakes in a trader’s manual and then some, Ray finally hit on a trading approach that gives him the market edge.
This approach has proven effective in both trending and congested markets, allowing him to trade profitably and consistently.
Thereafter, he was highly sought after by major banks to manage their funds.
At the same time, he was also very much sought after as a trainer to train other institutional traders based on the strategies and techniques he developed.
In the early 1990s, he became an outsourced FX Trader and this gave him the flexibility to focus his next great passion – teaching.
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Watch the video interview here!!
Watch the first interview with Ray: From A Lucrative Job To Professional Trader And Fund Manager
Topics Covered In This Episode
- Who is Ray Barros and what he does (00:38)
- Why Ray took a break from trading education (00:58)
- The framework that Ray and his students developed (2:52)
- How Ray uses trading stats with his students (03:46)
- The importance of keeping a trading journal (06:50)
- How does Ray journal look like (09:00)
- How to use your journal to learn and improve (12:15)
- How Ray finds solutions when he makes mistakes (13:16)
- How to find a support group as a trader (14:27)
- An explanation of the 4 phase framework Ray and his students developed (17:00)
- Methods for reducing losses in trading (21:06)
- How this 4 phase framework can be used by different traders (22:48)
- What common mistakes Ray have seen traders do (24:28)
- How to add to your positions (26:07)
- How Ray manages his risk (28:10)
- How does Ray recommend people to start learning and evolving as a trader (29:56)
- Always learn and always improve (32:53)
- How can people find Ray Barros (33:43)
Resources Mentioned
- Trade Journaling: Edgewonk (use code "DTT20" to get a discount)
- Book: The Nature Of Trends (by Ray Barros)
DesireToTRADE Top Resources
- Desire To TRADE Forex Trader Community (free group!)
- Complete Price Action Strategy Checklist (free checklist!)
- One-Page Trading Plan (free template!)
- DesireToTRADE Academy (exclusive training program)
How To Find Ray Barros?
What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!