Are you under capitalized or time-poor, but want to succeed in trading?

In this episode of Truth About FX, Walter reveals tricks for traders who don’t have much risk capital or have a hard time juggling work and trading. Perhaps you are a student but want to get into trading.

According to Walter, there’s a way. You will also learn how leaving everything behind can offer a valuable perspective.

Download (Duration: 06:16 / 7.17 MB)

In This Episode:

00:32 – a college student

01:39 – total disaster

02:29 – eat potatoes

04:07 – fancy

05:06 – good spot

Tweetables:

Try changing up your exit [Click To Tweet].

Invest whatever you save  [Click To Tweet].

Re-assess where you’re at [Click To Tweet].

Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.

Hugh: Hi, Walter. A trader wrote in and this person says, “I’m under capitalized. I have no strategy and I’m on my last years as a college student.” Meaning, I guess he’ll have to get a job and he won’t have time to necessarily learn trading. So, what should they do?

Walter: This person is on a great — and I mean brilliant — spot right now because imagine… I actually did this and I think I’ve mentioned it. I actually took a year’s “sabbatical” where I left everything, sold everything. Left my girlfriend, left my business, sold everything and I moved to Australia.

I just basically learned trading for a year. I’ve got all these books and all these sort of stuff. I’ve got these books from the interLibrary loan in Australia. They all knew me at the library.

They knew me quite well because I would come in there and order these books from the other side of Australia because they have all these weird trading books that no one wanted and a lot of libraries didn’t keep them but I was able to get all these books.

The library was so small, it was like an out house. If you’ll walk into this library, you’d laugh thinking it was like a toilet but it was a real library, just didn’t have so many books. I would go in there and get these stocks of like 13, 14 books a hit and just pour over them.

My friend actually got me a job trading someone else’s money which was a total disaster but I’m glad I’ve got the experience because I’d learned that trading someone else’s money is a totally different thing than trading your own money.

Also, the guy was a little bit of a scammer. He wants us to turn the accounts. He said, “Look, it doesn’t matter if you guys don’t make money in the accounts. Just keep them about and break even and take a lot of trades.”

He was really upset that I didn’t trade because that was right about that time they started figuring out that I could make it work on the higher time frames. He would get really upset at me because we’ve got paid on the number of trades we took.

We’ve got a very small percentage on the profits we made. Both of their money was made on the number of trad...