Sign up to save your podcasts
Or
Share EP140: How to Become A Successful Swing Trader
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
EP140: How to Become A Successful Swing Trader
In this episode of Truth About FX, Walter unravels the secret of how to become a profitable swing trader and the advantages of being in a drawdown. He also points out the importance of using trade simulators and some useful books to guide you in becoming a profitable trader and finding your own strategy based on your beliefs.
Also, did you know that being broke can be good for you? You’ll find out why and more on this in this episode…
Download (Duration: 04:18 / 4.94 MB)
In This Episode:
01:00 – completely broke
01:48 – simulation trader
02:28 – top three things
03:29 – the secret
Tweetables:
Envelop yourself in forex tester [Click To Tweet].
You can trade something else [Click To Tweet].
Just watch the charts [Click To Tweet].
Hugh: Hi, Walter. Somebody wrote in and asked: I’m just getting started. I’m working my way through the School of Pipsology — I think that’s the Babypips site.
My goal is to eventually come up with a system that fits me and I also want to learn to accurately track everything in Excel. I’m not sure if I want to be a full time trader as I am completely broke right now but in a few years, it’s possible.
He or she thinks it’s possible and they want to have the time and money to at least be able to supplement their income.
This person wants to become a successful swing trader.
What would you recommend to this person?
Walter: This is a really good situation to be in that you’re completely broke because you can make all of your mistakes without losing any money.
If you go back and read the Market Wizards books that will be linked up in the show notes here, you will notice one overarching thing.
I’ve noticed this about all of these traders, almost to an individual, almost to a man, what you’ll notice is that these traders almost all have gone through terrible drawdowns or where they blew up an account or whatever.
It’s really common and so that kind of like threw them in another direction and they’re like, “That’s never going to happen to me again,” sort of thing where they decided that that’s what they’re going to do, just to work against that.
You probably won’t do that if you don’t have any money to trade. Because you’re completely broke, as you say, then what you can do is completely envelop yourself in Forex Tester. Just become a simulation trader.
You don’t have to trade Forex Tester, you can trade something else. There are other simulators out there. The point is what you want to do — and if you don’t know how you want to trade, like you think, “Okay, swing trader”, that’s one place to start. If you want to do swing trading, what you need to do is take what you’ve learned from the internet, go into the simulator. Just watch the charts.
View all episodes
By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter unravels the secret of how to become a profitable swing trader and the advantages of being in a drawdown. He also points out the importance of using trade simulators and some useful books to guide you in becoming a profitable trader and finding your own strategy based on your beliefs.
Also, did you know that being broke can be good for you? You’ll find out why and more on this in this episode…
Download (Duration: 04:18 / 4.94 MB)
In This Episode:
01:00 – completely broke
01:48 – simulation trader
02:28 – top three things
03:29 – the secret
Tweetables:
Envelop yourself in forex tester [Click To Tweet].
You can trade something else [Click To Tweet].
Just watch the charts [Click To Tweet].
Hugh: Hi, Walter. Somebody wrote in and asked: I’m just getting started. I’m working my way through the School of Pipsology — I think that’s the Babypips site.
My goal is to eventually come up with a system that fits me and I also want to learn to accurately track everything in Excel. I’m not sure if I want to be a full time trader as I am completely broke right now but in a few years, it’s possible.
He or she thinks it’s possible and they want to have the time and money to at least be able to supplement their income.
This person wants to become a successful swing trader.
What would you recommend to this person?
Walter: This is a really good situation to be in that you’re completely broke because you can make all of your mistakes without losing any money.
If you go back and read the Market Wizards books that will be linked up in the show notes here, you will notice one overarching thing.
I’ve noticed this about all of these traders, almost to an individual, almost to a man, what you’ll notice is that these traders almost all have gone through terrible drawdowns or where they blew up an account or whatever.
It’s really common and so that kind of like threw them in another direction and they’re like, “That’s never going to happen to me again,” sort of thing where they decided that that’s what they’re going to do, just to work against that.
You probably won’t do that if you don’t have any money to trade. Because you’re completely broke, as you say, then what you can do is completely envelop yourself in Forex Tester. Just become a simulation trader.
You don’t have to trade Forex Tester, you can trade something else. There are other simulators out there. The point is what you want to do — and if you don’t know how you want to trade, like you think, “Okay, swing trader”, that’s one place to start. If you want to do swing trading, what you need to do is take what you’ve learned from the internet, go into the simulator. Just watch the charts.