In the second part of “A Trader’s Journey”, Darren, James, and Walter touch on the common problems with investor clients, how and why forex funds have a nasty reputation in the industry, and the major mistake that even pro traders hobble into.

James also shares some insider info about the private fund world and how he managed to get six successful traders in one room.

You’ll hear an interesting story about the trading priest, a fire that almost burned down a private zoo and the problems that come with owning your dream car (a Ferrari).

Download (Duration: 24:10 /27.6 MB)

In this episode:

01:06 – pulling the rag out

02:57 – what is driving you?

04:07 – self-sufficient

05:33 – why you should not buy a Ferrari

06:42 – buy and hold investment

08:10 – be a cautious buyer

11:48 – help and expertise

12:12 -beating the pavement

14:58 – little nest egg

16:49 – making the final decision

19:14 – a full-time job

22:00 – high turnover rate

Tweetables:

Decide what you want out of trading. [Click To Tweet].

You can be self-sufficient and a self-made individual. [Click To Tweet].

Put money away for the future and grow your fund. [Click To Tweet].

Download The Full Episode 58 Transcript Here

Darren: …The important thing is to actually be able to decide what you want out of trading and make the right decision then try to achieve that…  

Announcer: Two Traders, Darren and Walter, pull back the curtain on profitable trading systems, consistent money management, and profitable psychological triggers. Welcome to the Two Traders Podcast.

Walter: Welcome back and if you haven’t listened to Part One of the interview with James, I would definitely do that. In this part, this is Part Two, you are going to hear about the Priest who trade for james’s fund, the problem with all clients when you are trading someone else’s money. A funny story about a Ferrari, the wildfire that almost burned down the private zoo and how forex funds got a bad name and why this is.

Then, finally you will get the answer to the question what is the big trap that most successful forex traders fall into? All these and more in Part Two.

…Exactly, you bring up a really good point here.  Like, one of the things that people point to when they are trading and their trading is going well is “All I have to do is manage some money, I will get my hands on some investors, and then that is really going to take off from me.”

One of the forgotten things here is that those investors, if you are risking too much — which obviously means you are going to eventually hit some drawdowns, some unlucky patch along the way — they are more likely to pull out. If you are risking too much, they are the ones that are going to pull the rag out from underneath you and you have got to remember that.