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Trading Nut | Trader Interviews - Forex, Futures, Stocks (Robots & More)
259: 21 Year Old Hedge Fund Founder Reveals Why “Trading’s Easy Now” w/ Umar Punjabi
Jan 3, 2024
Umar Punjabi, a 21 year old hedge fund founder, shares his journey from trading stocks to forex, the importance of back testing and mindset in trading, the profitability of focusing on trading gold, and his trading strategy and approach.
52:36
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Quick takeaways
- Have an income source apart from trading to alleviate pressure and provide security in case of losses.
- Thoroughly backtest your strategies on 100-200 trades to gain confidence and improve trading performance.
Deep dives
Importance of Having an Income Source Apart from Trading
One key recommendation is to have an income source apart from trading. This is important because relying solely on trading for income can create significant pressure. If you have another income source, you can trade without the added pressure of needing to make money. Building this income source gives you the mental space to focus on trading and experiment with different strategies. It also provides security in case of trading losses. Establishing this income source should be a priority for aspiring traders.
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