Sign up to save your podcasts
Or
Share EP144: The Key To Trading Success
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
EP144: The Key To Trading Success
In this episode of Truth About FX, Walter tackles one of the biggest trading barriers: financial disadvantage. Should finding good trading resources be expensive? According to Walter, it shouldn’t be… Actually, the best trading education is available for FREE. He also talks about some useful tips that will help you set your risk per trade and build your confidence based on your habits.
Download (Duration: 05:10 / 5.9 MB)
In This Episode:
00:45 – financial disadvantage
01:57 – totally off
03:15 – finger-pointing
04:21 – free stuff
Tweetables:
You are the key [Click To Tweet].
The information is out there [Click To Tweet].
Take what you can [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. Somebody wrote in and asked: They’re having trouble finding a comprehensive educational package that will allow them to gain all the knowledge and necessary to trade successfully. But, what’s holding them back is that their financial situation hasn’t allow them to purchase anything, I guess is what they’re trying to say. What would you say about that?
Walter: They’re saying that still the currently financial disadvantage which is the only obstacle on my way. The real key here… And I know that this is going to sound like all zen-like and everything but it’s not the system, it’s not the information. It’s you.
Every trader who’s done this for a long time comes to the realization sooner or later — and it’s usually later — which is I am the key to the system. It’s you. You, the trader, that’s critical here. It has nothing to do with the system.
If you feel like you need to buy that $15,000 moving average crossover system, don’t. That’s not important. What’s important is you can go online and find plenty of… Well, heck! My book is available online for free.
You can get all my videos on eBay. It doesn’t matter. It’s out there. The information is out there. All you really have to do is find something that you’ll go, “Yes! That makes sense to me.”
That’s the key part. When you first read about or hear about or learn about a system, if you first think, “No, about that.” If it just doesn’t seem right, if it feels like it’s the wrong thing, then maybe you shouldn’t.
It could be that your intuition is just totally off and that’s the case when we first start trading. But, more likely, I think you should just gravitate towards something that makes sense to you.
It might be like trailing exit and taking really big profits now and again is what makes sense to you. Okay, fine. Or, it might be that having a win rate over 60% and having 1.5 reward to risk ratio strategy or something like that, whatever.
The important thing here is you focus on what makes sense to you and then from there, get good at it by practicing it and that’s free. You download a demo account and you can scroll back on MetaTrader and hit the F12 key and record your trades.
View all episodes
By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter tackles one of the biggest trading barriers: financial disadvantage. Should finding good trading resources be expensive? According to Walter, it shouldn’t be… Actually, the best trading education is available for FREE. He also talks about some useful tips that will help you set your risk per trade and build your confidence based on your habits.
Download (Duration: 05:10 / 5.9 MB)
In This Episode:
00:45 – financial disadvantage
01:57 – totally off
03:15 – finger-pointing
04:21 – free stuff
Tweetables:
You are the key [Click To Tweet].
The information is out there [Click To Tweet].
Take what you can [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. Somebody wrote in and asked: They’re having trouble finding a comprehensive educational package that will allow them to gain all the knowledge and necessary to trade successfully. But, what’s holding them back is that their financial situation hasn’t allow them to purchase anything, I guess is what they’re trying to say. What would you say about that?
Walter: They’re saying that still the currently financial disadvantage which is the only obstacle on my way. The real key here… And I know that this is going to sound like all zen-like and everything but it’s not the system, it’s not the information. It’s you.
Every trader who’s done this for a long time comes to the realization sooner or later — and it’s usually later — which is I am the key to the system. It’s you. You, the trader, that’s critical here. It has nothing to do with the system.
If you feel like you need to buy that $15,000 moving average crossover system, don’t. That’s not important. What’s important is you can go online and find plenty of… Well, heck! My book is available online for free.
You can get all my videos on eBay. It doesn’t matter. It’s out there. The information is out there. All you really have to do is find something that you’ll go, “Yes! That makes sense to me.”
That’s the key part. When you first read about or hear about or learn about a system, if you first think, “No, about that.” If it just doesn’t seem right, if it feels like it’s the wrong thing, then maybe you shouldn’t.
It could be that your intuition is just totally off and that’s the case when we first start trading. But, more likely, I think you should just gravitate towards something that makes sense to you.
It might be like trailing exit and taking really big profits now and again is what makes sense to you. Okay, fine. Or, it might be that having a win rate over 60% and having 1.5 reward to risk ratio strategy or something like that, whatever.
The important thing here is you focus on what makes sense to you and then from there, get good at it by practicing it and that’s free. You download a demo account and you can scroll back on MetaTrader and hit the F12 key and record your trades.