In this episode of Truth About FX, Walter gets asked about the “best start-up hack”. But the question is, does this really exist? According to him, the best hack is for you to set your goals. You will also learn some of the baby steps that will help you to slowly ease into finding your own trading strategy.

There is also this simple yet very helpful tool that you should never overlook that can help you identify your risk find out your win rate.

Download (Duration: 12:56 / 29.6 MB)

In This Episode:

00:57 – break that wall02:13 – keep hammering03:34 – do two things04:19 – see your goal05:31 – one thing at a time07:08 – best student09:32 – quickly ramps up11:13 – doubled returns

Tweetables:It’s different for everyone

@TruthAboutForex http://fxtr.co/aj" rel="noopener noreferrer">[Click To Tweet].Compare it against you  [Click To Tweet].What Should You Trade?;[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, “I keep spending money on my education. So when am I going to start making money?”

Walter: I understand this. I get it. This is a concern that people have. Feeling like, thinking that, “Okay, it’s going to start working now” and it certainly depends on, everyone is kind of in a different stage in a different process. Some people pick up trading straight away within six months. Other people like me, take 4 in a third year’s to break through that wall.

It just depends but the big thing here when you’re feeling helpless, like it’s not going to get better, the big story here is, you don’t want to really compare yourself to other people. This is like a psychological hack. People often think, “Oh, I’m never going to run as fast as you’ve seen Bolt.” “I’m never going to be as good looking as that model” or whatever.

What you really need to do is, you need to compare it against you. You set out your goals based on you. If you’re a person who doesn’t have a valid trading system that you believed in and you get to the point where you’ve backtested enough and you have enough data for example on Forex Tester that you do believe in it, you’ve made a step. You’ve made a step towards your goal.

So, if you’ll just break it down into a little baby steps for example with this trader, I will say to her, “Look, number one is, do you have your strategy? If not, you need to work on it. Figure out what you believe about the markets and build it.”

Now, you have strategy. Next step: What your data say about your strategy? Like can you bond it through Forex Tester? Can you take 300 trades? Can you find out what it looks like? How many currency pairs can you run it through? Can you get 50 trades per currency pair on 20 currency pairs? That’s great. That’s a thousand trades.

Now, what does it say? What do these data tell you?