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

2 Reasons Why Traders Blow Up Their Accounts & The Power Of Consistency Every Friday, I host a live Forex Trading Q&A on Facebook. In this Q&A #5, I discussed reasons why traders blow up their accounts. This topic came up after I had multiple people reaching out to me, as they felt discouraged saying they blew up their trading accounts. In the end, there are only 2 reasons this can happen: You risk too much on any given trade (money management). You have no tested plan. As much as aspiring traders want a quick & easy solution, there's no need to complicate things here. Create a plan, test it, and ensure you have a way to stay in the trading game (hint: not risking too much money on any trade). A good way to put down your trading plan is with my One-Page Trading Plan Template (you can download it for free!). The second topic covered in this Q&A is consistency. Simply put, most struggling traders aren't consistent and focus solely on making money. However, once you become consistent in

Kevin Davey: Building Winning Algorithmic Trading Systems In episode 67 of the Desire To Trade Podcast, I interview Kevin Davey, an algorithmic trading system builder, and trader. He is the author of a very well written book on the topic titled Building Winning Algorithmic Trading Systems. The number of trading systems developed by Kevin is impressive. At the time of recording the interview, he had 95 trading strategies. Over his 25 years of experience, Kevin has been developing, analyzing, testing and creating trading strategies in every futures market from the e-mini S&P to crude oil to corn to cocoa. At the moment, he trades full-time for his own personal account, while helping traders around the world see more results in their trading. Kevin contributed to the excellent trading book The Universal Principles of Successful Trading by Brent Penfold, where he was featured as a “Market Master.” That book was part of my list The Forex Trading Books That Incredibly Improved My Own Trading   In This Episode,

Forex Trading Q&A: You Cannot Predict News in Forex & Improving Your Trading This is a Live Forex Trading Q&A I hosted. We discussed very important topics that you can surely learn about. Join the Facebook group: www.desiretotrade.com/group/  

Georges Papasov: Precise Ways To Improve Your Trading Skills In episode 66 of the Desire To Trade Podcast, I interview Georges Papasov, a trader from Bulgaria  George Papazov started trading in his teenage years, fueled by his father’s inspiration and propelled by the desire to achieve his wildest dreams. As a teenager he designed and implemented a foreign exchange strategy which generated over 50% annualized returns, beating the Barclay’s Currency Trader Index for 5 consecutive years. After finishing his degree in financial planning, George worked as a trader in one of the top six banks in Canada for over 5 years.  He gained invaluable experience and insights into market psychology, trading technology, order flow management and was then hired to train thousands of financial advisers on investment strategies. Then, he started the TRADEPRO Academy, a place where Georges aspires to educate and empower individuals to become successful traders. Share This! "You want to succeed in trading? Stay at it!" - Georges

Trading Strategies For Trending Markets - Part 3 Trading Strategies For Trending Markets In episode 64 of the Desire To Trade Podcast, I decided to discuss a very popular topic: defining a trading strategy. I recorded a 3-part Guide To Forex Trading Strategies so we can set you up with a plan as soon as possible. Part 1 is available here! Part 2 is available here! I've seen a lot of traders trading with absolutely no plan expecting they would succeed, so I want to make sure I address this topic. In fact, you've probably already heard the saying "trading is simple but not easy", right? Well, it is when you have a plan and a strategy to execute on. I agree that executing on that plan will be the hardest part, but we have to cover things step-by-step here. In Part 3 of the Guide To Forex Trading Strategies, I'm explaining how to trade in a trending market. That can be a highly profitable type of trading, especially due to the fact that trends are usually strong in the Forex market.   What's Covered In This Epis

Timothy Sykes: How To Turn $12,000 into $2,000,000 & Perform Like A Trader In episode 65 of the Desire To Trade Podcast, I interview Timothy Sykes, a stocks trader, world traveler and teacher. He has made a massive impact and contribution to the trading education worldwide by having thought over 6,000 students to trade penny stocks. Timothy has been one of the traders I looked up to as I opened my first trading account. His opening quote hit me. According to Timothy, we make things way more complicated than they are and we spend a lot of valuable time caring about unnecessary details. Like me, however, Timothy is of the opinion that there are no get-rich-scheme. He attributes hard work & dedication to his success in penny stocks trading. What is fascinating with Timothy is that he records a video for his students almost daily (even while traveling). Upon recording this interview, Timothy just got back from the Amalfi coast, one of the places he frequently travels to. There's something to be mentioned

The Guide To Forex Trading Strategies - Part 2 Show notes: http://www.desiretotrade.com/guide-to-forex-trading-strategies-part-2/ In episode 64 of the Desire To Trade Podcast, I decided to discuss a very popular topic: defining a trading strategy. I recorded a 3-part Guide To Forex Trading Strategies so we can set you up with a plan as soon as possible. Part 1 is available here! I've seen a lot of traders trading with absolutely no plan expecting they would succeed, so I want to make sure I address this topic. In fact, you've probably already heard the saying "trading is simple but not easy", right? Well, it is when you have a plan and a strategy to execute on. I agree that executing on that plan will be the hardest part, but we have to cover things step-by-step here. In Part 2 of the Guide To Forex Trading Strategies, I'm explaining how to trade in a sideway market. That is where I do most of my trading. I explain how you should go about trading breakouts and reversals and the type of indicators I use to tr

The Guide To Forex Trading Strategies - Part 1 Show notes: http://wp.me/p6qxZI-17Z In episode 64 of the Desire To Trade Podcast, I decided to discuss a very popular topic: defining a trading strategy. I recorded a 3-part Guide To Forex Trading Strategies so we can set you up with a plan as soon as possible. I've seen a lot of traders trading with absolutely no plan expecting they would succeed, so I want to make sure I address this topic. In fact, you've probably already heard the saying "trading is simple but not easy", right? Well, it is when you have a plan and a strategy to execute on. I agree that executing on that plan will be the hardest part, but we have to cover things step-by-step here. In Part 1 of the Guide To Forex Trading Strategies, I'm giving you a quick introduction of what type of strategy you can trade. In the next parts of this series, we'll deal with specific indicators you can use as well as how to read price movements.   What's Covered In This Episode? The concept of market phase The

Raman Gill: The Process & Mistakes Behind A Successful Forex Day Trader In episode 63 of the Desire To Trade Podcast, I interview Raman Gill, a Forex trader, investor, and coach that first got introduced to the currency markets in 2009. She then found her passion and felt in love with trading. Raman founded Trading with Venus in 2014 where she works with those new to trading, helping them make better, more informed, decisions about trades so they can take consistent action to achieve their financial goals. She also works with successful female entrepreneurs, helping them with investing to accelerate their wealth creation and enabling them to achieve financial security and freedom. Raman previously worked at one of the largest financial institution in North America where she held a variety of management roles over the years. Most recently, she was a Portfolio Manager in Mergers & Acquisitions area, where her team was responsible for due diligence on deals ranging from $50MM to multiple billions of

Brian McAboy: Succeed In Your Forex Trading Business In episode 62 of the Desire To Trade Podcast, I interview Brian McAboy, an experienced trader, trading coach, and business consultant with a passion for helping traders understanding the business aspect of trading. I was pleased to go through Brian's book titled "Trading Psychology's Missing Chapter: Enough To Be Dangerous". I couldn't put the book down as I absolutely could relate. Overall, Brian is very knowledgeable when it comes to transform topics seen as complicated & boring by most traders into easy-to-implement tactics.   Topics Covered - Brian McAboy How Brian turned $30,000 to $47,000 and went down to nothing Brian's top difficulty in trading The very first step of trading most traders miss Your multiple roles as a trader & wearing the hats How & why to set your parameters as a trader What 4 tactics you can implement to treat trading as a business The 2 learning curves of a trader (how to trade + how to work for yourself) Why you mus

Carley Garner: All You Need To Know About Commodity Trading Show notes: http://www.desiretotrade.com/carley-garner/ In episode 61 of the Desire To Trade Podcast, I interview Carley Garner, a commodity and option trader. She is the woman behind DeCarley Trading, an award-winning commodity broker. Carley have been in the trading business for over 12 years and started with options from day 1. Carley mentions that option trading is done at a slower pace than other assets such as Forex, stocks, and futures. 90% of options expires worthless. We also discuss option selling, a way to make money on a higher probability with unlimited risk. As an option buyer, the risk is limited but the probability of making a profit is smaller.  Pieces Of Advice "Be fearful when others are greedy and greed when others are fearful." CLICK TO TWEET "There's not a right or wrong way to trade, just the one you're comfortable with." - @CarleyGarner CLICK TO TWEET Topics Covered – Carley Garner How being contrarian can make you a great t

Adam Grimes: Building Your Edge In Any Financial Market Join the Facebook group for more free resources In episode 60 of the Desire To Trade Podcast, I interview Adam Grimes, a stock, futures and currency trader with a formal education as a musician. Adam trades for a living and is also behind his personal blog. He started in Futures trading several years ago and was over-leveraged. Adam reminds us that there are countless ways to make money in the market, but that a trader's method must be defined in advanced. While a lot of traders rely blindly on trading psychology, Adam highlights the fact that having a proven system is essential from the start. During this interview, Adam mentions one thing I have noticed from discussing with struggling traders. Most traders who do not have consistent results haven't even tested their systems but want to believe that their system work. Topics Covered - Adam Grimes Why common trading advice can be wrong The technical analysis concepts that don't have an edge How quantit

Albert Maté: Trusting Your Vision And Taking Action To Create A Winning Trading System Show notes: www.desiretotrade.com/albert-mate/ In episode 59 of the Desire To Trade Podcast, I interview Albert Maté, a good friend of mine in Montreal who, after being involved in the trading world for several years, is working on a very interesting algorithmic winning trading system. Albert started in scalping. He was trying to make less than a few cents by himself in a Montreal firm called Swift Trade. As his learning curve was fairly flat in the beginning, Albert learned things the hard way through the 2000's bubble. He ended up taking a break off trading, which was a very sound decision. According to a statistic mentioned by Albert, 85% of portfolio managers aren't able to beat the S&P500. That is a key figure to keep in mind. Albert's trading system performance is available on his website Albitrading.com. Although I thought this interview would be mostly useful for algorithmic traders, the conversation moved to a

Paul Wallace: Peak Performance And Trading Success Read the show notes: www.desiretotrade.com/paul-wallace/ In episode 58 of the Desire To Trade Podcast, I interview Paul Wallace, a trader with a high emphasis on peak performance located in London, UK. After a career in the Royal Air Force Paul started trading whilst working in the City during the dot-com boom of the late nineties. Paul is a professional financial trader with more than 24 years’ experience working in competitive, results-driven, performance environments. He has experience trading both as an individual and for funds. Paul has always been fascinated by success, achievement and peak performance, whether on the battlefield, sports-field, boardroom or financial markets. He blogs about his own trading at FXTraderPaul.com. He also runs the trader support practice, Tradingbeliefs, helping traders manage and improve their overall performance.   Fear-Based Traders (FBT) vs. Greed Based Traders (FBT) Fear-based traders must have a simple system and know

Van Tharp: Transforming Traders Through Their Beliefs Show notes: www.desiretotrade.com/van-tharp/ In episode 57 of the Desire To Trade Podcast, I interview Dr. Van Tharp, a very well-known leader of the trading industry. From the start, Dr. Van Tharp has, very similar to me, a desire to have an impact. That is something I admire a lot. During the interview, Dr. Van Tharp asked me about my own beliefs and we went through the "belief examiner" process, which has been very interesting for me. This has been a key elements for traders' transformations. Trading mistakes are an important part of this interview. Dr. Tharp says traders should aim for 100 trades with a 95% compliance to their rules.     Topics Covered - Dr. Van Tharp How Van Tharp has transformed traders What is a successful trader How beliefs influence all traders You always trade your beliefs. The market is only a representation that we interpret based on what we think. No belief is 100% useful, they are only useful in a context. Keys to reach a

Rayner Teo: The Steps To Become A Successful Trader Full show notes: www.desiretotrade.com/rayner-teo/ In episode 56 of the Desire To Trade Podcast, I interview Rayner Teo, an independent Forex trader from Singapore and the founder of TradingwithRayner. Rayner started trading at a young age, after he learned there was a trading competition in his university. He soon discovered that becoming a successful trader required a specific strategy. Even after trying several strategies and trading techniques, he couldn’t seem to figure out how to trade successfully. It took him some time, but eventually Rayner had his breakthrough moment. He realized that he had to stick to something (for at least 100 trades) if he wanted to progress. During this interview, we discussed a few technical topics, but also how Rayner Teo makes his trading journal, and very importantly, the process traders have to go through to become successful while cutting down the cost of their education. Rayner has a very strong understanding of techni

Marina Kuperman: Self-Improvement Is A Must For Trading Success Read the show notes In episode 55 of the Desire To Trade Podcast, I interview Marina Kumperman Villatoro, a Futures trader and the woman behind The Trader Chick, a blog and academy through which she wishes to impact women to learn to trade and make it part of their lifestyle.    Question & Cheat Sheet - Marina Kuperman Villatoro How Marina got introduced to Futures trading Mixing trading and self-improvement The commitment you need to make to become a successful trader. How to overcome the 2 main barriers to day trading Lack of focus and lack of time. The importance of clearing your mind before you start to trade - and how to do it! Marina's techniques to analyze the market How to focus while trading Trading habits Marina has to trade successfully Starts by checking the news And much more!   What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group!

Chris Capre: Work Harder On Your Mindset Than You Do On Your Strategy Read the show notes In episode 54 of the Desire To Trade Podcast, I interview Chris Capre, a Buddist, trader (Forex & Futures), and philanthropist. He’s the man behind 2ndSkiesForex. I personally consider Chris as a leader in the trading industry. What’s more, he created a useful framework that any trader can follow to see results in trading. Chris was fortunate to experience great success very early in his trading career, but eventually realized he hadn’t done things intelligently. One day during the London session, he lost $15,000. That was an important changing moment for him. During his interview, Chris and I discussed some of the pillars to successful trading. Overall, your success comes down to how you handle the Technical, Mindset, and Money Management aspects of trading.   Question & Cheat Sheet – Chris Capre Why Chris trades the Asian session & how he does it How he was able to succeed quickly in trading and lost $15,

James Harte: A Forex Swing And Day Trader Shares Pieces Of Wisdom In episode 53 of the Desire To Trade Podcast I interview James Harte, a Forex trader based in England that has a passion for helping others. Through Little Fish FX, he aspires to democratize the foreign exchange market by providing high quality educational materials, pro trader analysis, trading strategies and market-leading tools & indicators to retail traders of all experience. James has a good understanding or both swing and day trading. This is particularly interesting as he says not having a preference between those two styles of trading. Somehow, I feel the same. We've had the chance to discuss several topics in this podcast episode, including James' best and worst trades as well as the mistake he sees traders make. We also touched on his trading methodology. This is an important part of the interview since any trader must have a solid trading plan.     Cheat Sheet / Topics Covered - James Harte How James' dad influenced him to go in

Jason Sen: The Art Of Technical Analysis And Trading Ideas In episode 52 of the Desire To Trade Podcast I interview Jason Sen, a Forex trader and technical analysts with a lot of experience working for institutional clients. Jason is also the man behind Day Trade Ideas. Jason currently lives the good life in Thailand, a well merited location as he started to trade in early in college (1987) when his father introduced him to trading. He quickly got into stocks and was surrounded by charts, which he learned to interpret. What I really like about Jason is his simple approach to technical analysis. He uses it to provide technical reports and trading ideas to his clients without making things too complicated. He is the perfect person to tell you what you should focus on when looking at a Forex currency pair, or any other market. A very important concept discussed in this podcast episode concerns how to deal with a series of losses. Those are inevitable and Jason went through several series of losses. He was then a