

Welcome to episode 11 of The Trading Lifestyle Podcast.  In this episode, I'm happy to present an interview that I did with 50 Pips.  No, he is not a rapper, but he does trade for a living and he mentors traders from time-to-time.
He is also an excellent Forex trading resource to follow on Twitter.  That is how I originally found out about him. He tweets trading tips and levels that he is watching on a daily basis.
This interview was unique because 50 requested that I don't ask the interview questions that I would normally ask.  This is because he was interviewed back in 2010 and many of the basic questions about him were answered in that interview.
So if you want get more on his background, check out the Resources Mentioned section below for the link to that interview on his blog.  That interview is almost an hour long and is also packed with tons of great information about 50 and how he got to where he is.
But since a lot of these question were already answered, this did give me the opportunity to dig deeper into what makes him tick, how he trades and what his experience in mentoring students has taught him.  I think you will find some of his answers surprising.  We both support Kiva, so be sure to check out his Kiva page in the Resources section below also.
In This Episode

* Why he uses an alias online
* His opinion on black box trading robots
* Why he thinks Fibonacci Retracements work for him
* The most common mistakes he sees his students making
* What golf has to do with anything
* And more!

Click Play To Listen To The Interview
Resources Mentioned

* 50's previous interview 
* 50 supports Kiva
* Follow @50pips on Twitter

Other Ways To Get The Trading Lifestyle Podcast

* Click here to subscribe via iTunes (if you like it, a five-star review on iTunes is greatly appreciated!)
* Click here to subscribe via RSS (non-iTunes feed)
* Click here to hear the other episodes
* Right-click here and “Save As” to download the MP3

 

EP11 // Why (and how) 50 Pips Trades Forex For A Living

Hugh Kimura from the Trading Heroes Blog interviews professional independent traders and industry experts to help you learn how to trade and live better. Becoming an independent Trader is not easy, but if this is what you aspire to, subscribe to this podcast to get tips, ideas and inspiration to help you reach your trading goals. You don't have to trade alone!

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Investing

Careers

Management & Marketing

Business News

Shopping

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In This Episode:

* Why this trader created his own backtesting software
* Where he learned to trade and the timeframes he trades on
* The website where he shares some of his trading strategies and track record
* How to create drag-n-drop entries and exits WITHOUT coding
* Manual backtesting demo and how his software speeds up the process
* Demonstration of creating and testing automated strategies
* Free historical data from multiple brokers
* How this software could easily replace your trading journal
* And more!

There's a big difference between software that's created by someone who trades and someone who doesn't. This is one example.
I met Denis at The Truth About FX conference in 2017. At the time, he was trading full-time and providing trading signals.
I talked to him a bit on the train ride back from central London.
In talking to him, I found out that he is Beta Trader. It's always cool to meet people behind trading sites. I didn't keep in touch with him after that.
Then a few months ago, I got a message from him via Walter's forum, asking me if I wanted to test his new software called NakedMarkets.
I'm always open to testing software from people I know, so I volunteered to be a tester. We are both students of Walter.
As soon as I read through the documentation, I knew that he had something special.
There are features that I haven't seen in backtesting software under $500, and some features that I haven't seen anywhere.
What I like most about his software is that it is very modular.
So you can create small components, like entry and exit rules. Then you can simply drag and drop those rules on your chart to speed up manual backtesting.
Or you can use those components to build fully automated or semi-automated trading strategies.
One thing that I've been looking for is an easy way to automatically download trades from Oanda and analyze the performance of the account. I thought that a trading journal was the solution.
But I asked Denis if it was possible to do it in NakedMarkets and he implemented it in just a few days.
Amazing!
So NakedMarkets can also be used to analyze live trading performance.
Anyway, there's nothing like seeing the software in action. So watch the video find out more about Denis and how the software works.
You can get a special Trading Heroes discount on NakedMarkets on this page.
Click Play to Watch the Episode
Resources Mentioned

* NakedMarkets backtesting software
* Walter Peters
* NakedMarkets Forum
* The Truth About FX Conference

Other Ways To Get The Trading Lifestyle Podcast...

Taking Backtesting Software to the Next Level: NakedMarkets // EP30


Running a Forex brokerage is a really tough business.
Oh the stories I've heard….
So why would anyone want to start one?
In this episode, I sat down with Arif Ahmad, co-founder of Scandinavian Capital Markets (SCM), a ECN broker in Stockholm Sweden. As it turns out, Arif had good reasons to get into the brokerage business.
As money managers, they were tired of getting pushed around by shady FX brokers. They figured that they only way to get good service was to provide it themselves.
That is how SCM was born. 
They are based in Stockholm, Sweden and as it turns out, there are several advantages to having a brokerage there. With many countries reducing Forex trading leverage to 30:1 or lower, it is becoming harder to find brokers that will support more highly leveraged trading.
Obviously, leverage is a double-edged sword and not for the beginner. But I personally believe that traders should still have the option to be able to access higher leverage.
Having a broker in Sweden gives traders the advantage of still being able to access 100:1 leverage, in a country with a stable banking environment and a reasonable amount of regulation.
The alternative is usually to go to places that are havens for dodgy offshore brokers like Cyprus or Malta, which are like the Wild West, when it comes to regulation.
As I've mentioned before, the best broker for you will depend on where you live, how you trade and what you value in a broker. So always do your own due diligence when choosing a broker.
Even if you aren't looking for a new broker, this interview is an inspiring look at the entrepreneurial journey of two guys who saw an opportunity to create a better product and are working hard to make that happen.
I hope you enjoy listening to this interview as much as I enjoyed doing it.
Note: Since they are based outside of the US, they cannot accept US clients…per US laws.
In This Episode

* How Arif got screwed over by Forex brokers as a money manager
* Why Sweden is a great place to have a Forex brokerage
* What led to the formation of Scandinavian Capital Markets (SCM)
* The cultural changes that SCM wants to create in the Forex world
* And more!

Click Play to Listen to the Interview

Resources Mentioned

* Scandinavian Capital Markets
* Valhalla
* Book a meeting with Arif or someone on the SCM team

Other Ways To Get The Trading Lifestyle Podcast

* Click here to subscribe via iTunes (if you like it, a five-star review is greatly appreciated)
* Click here to subscribe via RSS (non-iTunes feed)
* Right-click here and “Save As” to download the MP3
* Click here to hear all of the other podcast episodes

Thanks for Listening!
I really appreciate you joining me for this episode of the podcast.

Behind the Scenes Look at Starting an ECN Forex Broker in Sweden with Arif Alexander Ahmad // EP29


Update: My personal experience with this program and my full NeuroTrader review is provided at the end of this post. 
High Frequency Trading (HFT) isn’t the only technology that has changed the world of trading. Wearable devices that collect biodata have become smaller and more powerful, which has created some exciting opportunities for independent traders.
The first benefit is the ability to monitor your biodata in real-time, to see if you are in the right state of mind to trade. Successful traders are acutely aware of their trading psychology. But even the best traders can occasionally ignore how they are feeling and continue trading in a sub-optimal mental state.
With quantitative biodata however, traders can measure how they are feeling in real-time. Based on this information, they can either choose not to trade, or they can get themselves into the right state of mind before placing trades.
Secondly, the combination of biodata and Artificial Intelligence (AI) now makes it easier for this hedge fund to hire independent traders from anywhere in the world. This was very difficult in the past because of the extremely high degree of trust that a fund had to have in remote traders.
But this AI can monitor the biodata of remote traders and decide if a trade should be executed, based on a few simple biological indicators. You can think of it as a virtual Risk Manager that can manage risk before trades are even placed.
To learn more about how this works, listen in as I talk to Ken and Chris and find out how they developed this idea, the technology behind their fund, the requirements for getting hired as a remote trader, and much more.
In this Episode with Chris Capre and Ken Medanic

* Why you need to be a consistently losing trader before you can become a consistently winning trader
* How to apply for their hedge fund
* What traders have to wear to monitor their biodata
* How it’s possible for their hedge fund to hire traders who are breakeven or trading a demo account
* Learn more about Chris and Ken and their success in trading
* Why biodata tracking works
* And more!

Click Play to Listen to the Interview
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Resources

* NeuroTrader Website
* Listen to my first interview with Chris Capre

Other Ways To Get The Trading Lifestyle Podcast

* Click here to subscribe via iTunes (if you like it, a five-star review is greatly appreciated)
* Click here to subscribe on YouTube
* Click here to subscribe on Google Play Music
* Click here to subscribe via RSS (non-iTunes feed)
* Right-click here and “Save As” to download the MP3
* Click here to hear all of the other podcast episodes

Thanks for Listening!
Thank you for joining us for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

EP29 // NeuroTrader: Using Biodata and AI to Boost Trader Performance with Chris Capre and Ken Medanic


In this episode of the Trading Lifestyle Podcast, I had the pleasure of sitting down with Joan Sotkin, a prosperity and mindset mentor.
As you get deeper into trading and get past making all of the beginner mistakes, you start to learn that trading is much more about your mindset than your trading system.
That's how you can usually tell a new trader from an experienced trader.
But tuning up your mindset is not an easy task.
Believe me, I know first hand.
So the more people you can get to help you with your wealth psychology, reconciling your childhood hangups and releasing negative emotions, the higher your probability of succeeding in trading.
Joan is one of those people who can help you do these things. In fact, she shares a couple of exercises in this interview that you can do right now to help you understand some of your core beliefs related to money.
Remember, the person who helps you with these things does not have to be a trader.
The principles of a wealthy mindset and releasing negative emotions are universal to success in any business.
I hope you enjoy listening to this interview and learn as much as I did.
In This Episode with Joan Sotkin

* Why Joan went bankrupt making $50,000 per month.
* What she realized about her relationship to money that helped her get on the right path.
* Why she gave away all her possessions and traveled the world (and why you don't have to).
* How to figure out your money habits and change them.
* Turn your current negative emotions into an audible sound and replace it with a positive emotion.
* Your perception of life is only one side of the story.

Click Play to Listen to the Interview

Resources Mentioned

* Prosperity Place
* Get a free call with Joan here
* The Search for Connection: A Spiritual Journey to Physical, Emotional, and Financial Health

Other Ways To Get The Trading Lifestyle Podcast

* Click here to subscribe via iTunes (if you like it, a five-star review is greatly appreciated)
* Click here to subscribe via RSS (non-iTunes feed)
* Right-click here and “Save As” to download the MP3
* Click here to hear all of the other podcast episodes

Thanks for Listening!
I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.
If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post.
Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!
 

Joan Sotkin: How to Change Your Wealth Mindset and Align Yourself With Money // EP28


Managing money is one way to become a professional trader. But the process can be confusing and sometimes a little scary.
After all, you don't want to do anything wrong.
Of course, this podcast is for education purposes only and is not legal or trading advice.
However Justin Hertzberg works with quite a few CTAs (Commodity Trading Advisors) and was generous enough to share his experience with them, so you understand how the general process works and where to get started.
He is the president and CEO of Forest Park FX, a CFTC registered/NFA member introducing brokerage firm. After working for several Forex and equities brokerage firms as both trader and in-house counsel, he launched Forex Park FX in early 2013.
In 2008, He left the traditional practice of law to pursue a career in trading. Forest Park FX works with forex traders and money managers to create customized brokerage and trading solutions to suit their individual needs and concerns.
The company's offerings include cash back rebates for retail clients, algorithm development, and brokerage support for money managers and CTAs, among others. He began his career as a commercial and securities litigator for a large law firm after obtaining his juris doctorate and finance MBA from the University of Miami.
Obviously, money manager requirements will vary by country and Justin is talking about US traders in this interview. But regardless of where you live, this interview can at least point you in the right direction and help you ask the right questions.
We also chat about what Forex Park does for their clients and how broker rebates work. Since they are an Introducing Broker and not a primary broker, they have a lot more flexibility.
They can also be more forthcoming about what is really good for clients, since they have a variety of brokers and services to choose from. On the other hand, brokers like FXCM only have one product (basically), so that is what they will try to sell you.
Forest Park does their best to find out what the trader needs and steers them to the right broker.
If you have ever wondered about rebates, Justin and I get into that too. Learn how they handle rebates and their stance on what clients should get.
This is a very informative interview, so I hope you get as much out of it as I did!
In This Episode

* When you should become a CTA
* When you might not want to become a CTA
* CTA requirements
* How to choose a broker
* Educational backgrounds of money managers they work with
* And more!

Click Play to Listen to the Interview

Resources Mentioned

* Forest Park FX (US traders)
* Forest Park FX (Non-US traders)
* NFA
* CFTC
* Becoming a CTA
* Call Justin at: +1 (561) 922-7616
* For questions: support@forestparkfx.com

Other Ways To Get The Trading Lifestyle Podcast

* Click here to subscribe via iTunes (if you like it, a five-star review is greatly appreciated)
* Click here to subscribe via RSS (non-iTunes feed)
* Right-click here and “Save As” to download the MP3...

EP11 // Why (and how) 50 Pips Trades Forex For A Living

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