There's a big difference between software that's created by someone who trades and someone who doesn't. This is one example.

I met Denis at The Truth About FX conference in 2017. At the time, he was trading full-time and providing trading signals.

I talked to him a bit on the train ride back from central London.

In talking to him, I found out that he is Beta Trader. It's always cool to meet people behind trading sites. I didn't keep in touch with him after that.

Then a few months ago, I got a message from him via Walter's forum, asking me if I wanted to test his new software called NakedMarkets.

I'm always open to testing software from people I know, so I volunteered to be a tester. We are both students of Walter.

As soon as I read through the documentation, I knew that he had something special.

There are features that I haven't seen in backtesting software under $500, and some features that I haven't seen anywhere.

What I like most about his software is that it is very modular.

So you can create small components, like entry and exit rules. Then you can simply drag and drop those rules on your chart to speed up manual backtesting.

Or you can use those components to build fully automated or semi-automated trading strategies.

One thing that I've been looking for is an easy way to automatically download trades from Oanda and analyze the performance of the account. I thought that a trading journal was the solution.

But I asked Denis if it was possible to do it in NakedMarkets and he implemented it in just a few days.

Amazing!

So NakedMarkets can also be used to analyze live trading performance.

Anyway, there's nothing like seeing the software in action. So watch the video find out more about Denis and how the software works.

You can get a special Trading Heroes discount on NakedMarkets on this page.

I really appreciate you joining me for this episode of the podcast!

If you know of a trader who would benefit from any of the information in this post, feel free to share it with them.

Be sure to subscribe to the show on iTunes or YouTube and if you love it, a 5-star review is greatly appreciated!

The post Taking Backtesting Software to the Next Level: NakedMarkets // EP30 appeared first on Trading Heroes.

Running a Forex brokerage is a really tough business.

Oh the stories I've heard….

So why would anyone want to start one?

In this episode, I sat down with Arif Ahmad, co-founder of Scandinavian Capital Markets (SCM), a ECN broker in Stockholm Sweden. As it turns out, Arif had good reasons to get into the brokerage business.

As money managers, they were tired of getting pushed around by shady FX brokers. They figured that they only way to get good service was to provide it themselves.

That is how SCM was born. 

They are based in Stockholm, Sweden and as it turns out, there are several advantages to having a brokerage there. With many countries reducing Forex trading leverage to 30:1 or lower, it is becoming harder to find brokers that will support more highly leveraged trading.

Obviously, leverage is a double-edged sword and not for the beginner. But I personally believe that traders should still have the option to be able to access higher leverage.

Having a broker in Sweden gives traders the advantage of still being able to access 100:1 leverage, in a country with a stable banking environment and a reasonable amount of regulation.

The alternative is usually to go to places that are havens for dodgy offshore brokers like Cyprus or Malta, which are like the Wild West, when it comes to regulation.

As I've mentioned before, the best broker for you will depend on where you live, how you trade and what you value in a broker. So always do your own due diligence when choosing a broker.

Even if you aren't looking for a new broker, this interview is an inspiring look at the entrepreneurial journey of two guys who saw an opportunity to create a better product and are working hard to make that happen.

I hope you enjoy listening to this interview as much as I enjoyed doing it.

Note: Since they are based outside of the US, they cannot accept US clients…per US laws.

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to share it with them. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

I also want to thank Arif and Michael for flying me out to Stockholm, putting me up at a great hotel and showing me the beautiful city of Stockholm. If you have never been to this beautiful city, I would recommend you put it on your Heroic List.

The post Behind the Scenes Look at Starting an ECN Forex Broker in Sweden with Arif Alexander Ahmad // EP29 appeared first on Trading Heroes.

In this episode of the Trading Lifestyle Podcast, I had the pleasure of sitting down with Joan Sotkin, a prosperity and mindset mentor.

As you get deeper into trading and get past making all of the beginner mistakes, you start to learn that trading is much more about your mindset than your trading system.

That's how you can usually tell a new trader from an experienced trader.

But tuning up your mindset is not an easy task.

Believe me, I know first hand.

So the more people you can get to help you with your wealth psychology, reconciling your childhood hangups and releasing negative emotions, the higher your probability of succeeding in trading.

Joan is one of those people who can help you do these things. In fact, she shares a couple of exercises in this interview that you can do right now to help you understand some of your core beliefs related to money.

Remember, the person who helps you with these things does not have to be a trader.

The principles of a wealthy mindset and releasing negative emotions are universal to success in any business.

I hope you enjoy listening to this interview and learn as much as I did.

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post.

Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

The post Joan Sotkin: How to Change Your Wealth Mindset and Align Yourself With Money // EP28 appeared first on Trading Heroes.

Managing money is one way to become a professional trader. But the process can be confusing and sometimes a little scary.

After all, you don't want to do anything wrong.

Of course, this podcast is for education purposes only and is not legal or trading advice.

However Justin Hertzberg works with quite a few CTAs (Commodity Trading Advisors) and was generous enough to share his experience with them, so you understand how the general process works and where to get started.

He is the president and CEO of Forest Park FX, a CFTC registered/NFA member introducing brokerage firm. After working for several Forex and equities brokerage firms as both trader and in-house counsel, he launched Forex Park FX in early 2013.

In 2008, He left the traditional practice of law to pursue a career in trading. Forest Park FX works with forex traders and money managers to create customized brokerage and trading solutions to suit their individual needs and concerns.

The company's offerings include cash back rebates for retail clients, algorithm development, and brokerage support for money managers and CTAs, among others. He began his career as a commercial and securities litigator for a large law firm after obtaining his juris doctorate and finance MBA from the University of Miami.

Obviously, money manager requirements will vary by country and Justin is talking about US traders in this interview. But regardless of where you live, this interview can at least point you in the right direction and help you ask the right questions.

We also chat about what Forex Park does for their clients and how broker rebates work. Since they are an Introducing Broker and not a primary broker, they have a lot more flexibility.

They can also be more forthcoming about what is really good for clients, since they have a variety of brokers and services to choose from. On the other hand, brokers like FXCM only have one product (basically), so that is what they will try to sell you.

Forest Park does their best to find out what the trader needs and steers them to the right broker.

If you have ever wondered about rebates, Justin and I get into that too. Learn how they handle rebates and their stance on what clients should get.

This is a very informative interview, so I hope you get as much out of it as I did!

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

The post Justin Hertzberg: How to Become a CTA, Best Forex Brokers and How Rebates Work // EP27 appeared first on Trading Heroes.

A lot of people will tell you that scalping Forex successfully is simply not possible.

Greg McLeod would beg to differ.

In this episode, I had the pleasure of sitting down with Greg to find out how he scalps successfully, who his biggest mentors were and get into some of the “behind the scenes” stuff that has shaped him into the trader that he is today.

Speaking of mentors, Greg has been taught by some of the best traders and trading coaches…ever.

He grew up in South Central Los Angeles and later also taught public school in the area. If you are not familiar with that part of the United States, it is one of the roughest areas in the country and teaching public school there is no easy task.

…and that is probably a big understatement.

But Greg found ways to get students interested in learning, through trading…which is really cool.

We have a very down-to-earth talk about some of his greatest achievements, what drives him as a trader and some of the most painful moments on his trading journey.

I hope that you enjoy listening to this episode as much as I enjoyed doing it!

[powerpress]

If you want to watch Greg trade live, here are a couple examples. They will give you an idea of how he trades and his results.

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

The post Greg McLeod: Forex Scalping For a Living // EP26 appeared first on Trading Heroes.

Social trading is a bit like communism.

– Juan Colón

I'm really excited to present this episode of the podcast because I believe that this Forex broker has the potential to change how talented independent Forex traders get funded and can go on to trade for a living.

Yes, I said broker. 

Juan Colón is one of the co-founders of Darwinex, a Forex broker, slash investment platform. He is not a trader, but after you are done with this interview, I think you will agree that he and his co-founders are doing a lot for all the independent traders out there.

Traders on the Darwinex platform can setup an account and build a track record and investors can place their money with traders that fit their risk tolerance.

Yes, this sounds a lot like the copy trading sites out there, but it isn't. Trust me, it goes way beyond copy trading…

For one, Darwinex does a lot to protect the trader's intellectual property (his/her trading).

But that's just the start.

I think that they are doing a great job of opening investment funding to independent traders and if you have been wondering how you can get funded, this might be a good alternative for you.

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post.

Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

Also be sure to check out the resources page for tips on the best education, FX trading software and more.

The post EP25 // The Forex Broker That Trades WITH Customers with Juan Colón appeared first on Trading Heroes.

Joel Kruger started his professional career on a path that you might be able to relate to.

He initially went to law school and later became an investment banker.

That may not be a common career path, but many people who get into trading come from some sort of high-level profession. So if this describes you, and you don't want to be in that profession anymore, this interview might give you an alternative.

When Joel saw a trading floor for the first time, he was hooked. His career in trading started as a currency analyst and he was eventually able to make the jump to full-time trading.

But it wasn't easy. He admits that even though he knew how to analyze markets, trading them is a totally different story.

There were several times when he wanted to quit. Find out why he stuck with it, what he has learned, the most important trait that he sees in successful traders and much more.

So if you are an investment banker, it's not too late. If you want an alternative to the crazy hours, Joel's story might be an option that interests you.

Enjoy!

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

Also be sure to check out the resources page for tips on the best education, FX trading software and more.

Disclosure:  Please note that some of the links below are affiliate links, and at no additional cost to you, I will earn a commission if you decide to make a purchase. I have experience with all of these people/products, and I only recommend them because they are helpful and useful, not because of the small commission I make if you decide to buy something.

The post EP24 // Joel Kruger: Investment Banker Turned Pro Forex Trader appeared first on Trading Heroes.

Jarratt Davis started out just like you.

But he went on become the #2 ranked Forex trader in the world…according to Barclays. 

He learned currency trading on his own and he had no previous experience or education. Like my last guest, his previous profession had absolutely nothing to do with trading.

But his journey wasn't always easy…

He actually “quit” trading several times because he could not find anything that worked. His trading went through the classic vicious cycle of:

Sound familiar? 

Finally, a chance meeting with a successful stock trader put him on the right track and he never thought about quitting again. In fact, he has several stories of how he met the right person, at exactly the right time.

So it really does benefit you to just start talking to people you meet in your everyday life, because you never know how it might help your trading career.

One piece of information that I found particularly useful is Jarratt's thought process when he is looking to take a trade. It might be very different from what you do, so I would recommend reviewing what he does before he takes a trade.

I hope you find this episode as educational and enjoyable as I did. After the interview, I got to talking to Jarratt for a bit and he seems like a really down-to-earth and mellow guy.

He has traded from all over the world and I hope you are inspired by his story. 

So if technical analysis seems to be letting you down, you might want to take a closer look at what Jarratt is doing.

Enjoy!

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

Also be sure to check out the resources page for tips on the best education, FX trading software and more.

The post How Jarratt Davis Went From Successful Trader to Business Buyer // Ep. 23 appeared first on Trading Heroes.

You will never guess what Andrew Mitchem was doing before he became a successful Forex trader. I have heard about a lot of unusual pre-trading professions before, but Andrew's is the best, by far. 

One of the biggest things that I hope you have learn from all of these interviews is that you don't need to have any experience in the financial markets to become a professional Forex trader. In Andrew's case, you don't have to read that many trading books either.

Take a guess as to how many trading books he has read. 

Talking to traders is always really interesting. After the formal interview, Andrew and I were chatting for a bit and he told me that he and his family were in San Francisco recently.

OK, pretty cool…SF is one of the best places to be. Of course, I'm a little biased. But a regular vacation isn't enough for the average trader. 

You see, Andrew has a license…to fly a helicopter. He actually has a helicopter at home in New Zealand.

So he rented a helicopter in SF and flew under the Golden Gate Bridge! How awesome is that?!

Most people settle for a picture in front of the bridge. Ha!

I hope that he doesn't mind me sharing that story, but it really goes to show you what is possible when you put in a lot of hard work.

Enjoy!

I really appreciate you joining me for this episode of the podcast. If you have any feedback on this episode, please be sure to leave a comment below.

If you know of a trader who would benefit from any of the information in this post, feel free to use the social media share buttons on this post. Be sure to subscribe to the show on iTunes and if you love it, a 5-star review is greatly appreciated!

A huge thanks to Andrew for taking the time out to speak with me!

Also be sure to check out the resources page for tips on the best education, FX trading software and more.

The post EP22 // Andrew Mitchem’s Odd Journey to Becoming a Successful Forex Trader appeared first on Trading Heroes.