In this episode of Truth About FX, Walter drops off some useful tips for “rookie” traders on market approach, patterns, and finding the perfect system that speaks of who you are as a trader, your beliefs and lifestyle.

Walter also shares an interesting read that may shock you.

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: 06:49 / 7.81 MB)

In This Episode:

00:47 – cracking the code

02:15 – all or none

03:40 – choppy

05:35 – a lesson

06:18 – rookie traders

Tweetables:

Do more backtesting rather than searching for the right system. [Click To Tweet].

Try and find a system that you are comfortable with.  [Click To Tweet].

There are always weak spots for every system. [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! If you could go back and give yourself one piece of advice when you first started trading, what would that be?

Walter: I would probably say spend more time doing backtesting rather than searching for the right system. Or, I would say do not be so concerned about cracking the code of the market or trying to be right a hundred percent of the time.

So, what I did — when I first started full time in trading — what I did was I just read a bunch of books. I moved to a different country and I just concentrated on the markets. I ordered a bunch of book through all the library known.

I got into all these Gann books and all these different things and I end up settling on in price action. I learned a lot of different really cool approaches to the market. In the beginning, I was selling the Gan and I thought that if I could crack the code, you would know exactly where it’s going to go, this and that.

Later on, I settled on the more universal patterns that you see in different markets like the Bulkowski book, I’ll link those up in the shownotes for this episode. Those Bulkowski books are really cool because they highlight, for me, that there are repeatable patterns in the markets.

That set me off in the price action trading path. I would say the best piece of advice would be instead of trying to find the right system and jumping into the markets, why aren’t you try and find a system that you are com...