In this episode of Truth About FX, Walter bring up the topic about what might become of forex trading in the future in terms of technology, government regulations, and education transparency. He takes a quick backtrack on what forex trading was like back in 2000s when people were selling systems and how brokers made money out of it instead of actually interacting with the markets.

Hugh also shares a memory back when he was in high school and how two different soccer coaches helped him shape his strategy and trading psychology.

In this episode of Truth About FX, Walter talks about what he thinks forex would be like in the near future in terms of technology, government regulations, and trading education. He shares some of the reasons why forex traders would leave US, for example, to trade in Australia or Singapore and how business regulations in a country can affect that decision. Walter also taps on the subject of transparency and the reasons why top traders show — or why some wouldn’t show — their trades to online audience.

Hugh also reminisce his high school soccer coaches and how this story reminded him of an important trading principle.

Download (Duration: 15:00 / 17.1 MB)

In This Episode:

00:42 – future FX

02:07 – selfish point of view

03:02 – out of the box

05:21 – a little dodgy

08:39 – facebook account

11:57 – “so what?”

13:33 – mechanical mind

Tweetables:

People don’t necessarily see the market in the same way. [Click To Tweet].

Just because you are a good trader doesn’t mean you can explain everything.  [Click To Tweet].

Ask yourself: will it fit with my view? [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: What’s up, Walter? How is it going there?

Walter: Pretty good, Hugh. How about you? What is going on in your life?

Hugh: Pretty good! I am doing this from Estonia right now so it is early in the morning but it’s all good.

Walter: Brilliant! Really early?

Hugh: Yeah, really early. So today’s question is what kind of things you would like to see in the future FX be it software, regulations, education? What is on your mind right now?

Walter: That is an interesting question because I think what we’ve noticed, like you’ve been around currency trading for the long time and I spent watching the markets at least in 2000. And so, you probably noticed like a lot of changes in terms of the way that different governments approach regulations and the different governing bodies or semi-regulatory bodies that have taken over currency trading.

In the Wild West days up until 2005, or from 2000-2005, it was like everyone was a broker and it didn’t take much to open up a brokerage and there a lot of dodgy stuff going on — there still is I think.

Then the next phase is the regulators come in and they clean up. At least in the US, they’ve gone a little bit too far,