Desire To Trade Podcast | Forex Trading & Interviews with Highly Successful Traders

Forex Reversal Trader Habits, Mindset & Strategies – Show Notes In episode 117 of the Desire To Trade Podcast, I interview Dale Pinkert, a Forex trader & host/mediator at Forex Analytix Community Experience (F.A.C.E.). He came on the podcast to share his story as a Forex reversal trader. We jump into habits, mindset, and strategies that are essential to succeed in the Forex market. Topics Covered In This Episode The power of "social trading" and how you can use it to trade better 5:45 A powerful way to trade (knowing how to take the losses) 8:10 A piece of advice on not following too many instruments 11:20 How Dale Pinkert started to trade 11:40 How Dale learned trading 13:40 Wisdom on partial profits & stop losses 16:45 How Dale uses the RSI to trade 19:45 How to incorporate multiple time frames into your trading 22:45 How Dale develop his trading strategy (who taught him) 23:50 Some trading strategy ideas 26:00 How Dale plans his trades on the weekend 30:00 Morning routine (including waking up at 3:30am) 31:05 One thing Dale Pinkert still struggles with & how he solves it 32:30 How Dale confirmed his edge in the market (without backtesting) 37:00 Can you trade for a living with $10k? 40:20 What Dale thinks of "educators that don't trade" 41:40 The #1 tactic to remain consistent over a long period of time 45:00 More About Dale Pinkert Dale began his career in operations on the CME floor for Dean Witter when they traded currency futures on chalkboards. He became a licensed Series 3 broker in 1976 and went on to own and operate Pinkert Commodities GIB. He became a Member of the CME (IOM) Division for a stint and his forecasts have been aired on many Financial media including CNBC. Dale has Coached/Mentored retail and prop traders and has gained a solid reputation for his work on the other side of the mic having interviewed over 700 of the best of the best in Trading. DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Dale Pinkert? ForexAnalytix LinkedIn Twitter What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

50 Years Of Experience On What Highly Successful Traders Do – Show Notes In episode 116 of the Desire To Trade Podcast, I interview Barry Burns, a trader, and educator. He came on the podcast to talk about his 50 years of experience on what highly successful traders do. More About Barry Burns Dr. Barry Burns started his study of the markets under the direction of his late father, Patrick F. Burns, who accumulated 70 years of trading experience in his lifetime. Barry is also the author of the book Trend Trading For Dummies published by Wiley. He has been seminar presenter for several exchanges including the CME Group and Eurex, & founded Top Dog Trading, to help students shorten their learning curves in becoming traders. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Listen to more Desire to trade podcasts" - Barry Burns. * Big thank you to Barry for saying this :) What's Covered In This Episode The difference between successful and unsuccessful people 1:30 Barry Burns' trading style with 7 monitors 3:40 How Barry started to trade with his father 50 years ago 5:54 A powerful method to understand what happens in the market 10:15 The lessons Barry learned early on that can be applied today 11:25 The transition to trading with computers 12:40 The process of getting feedback on your trading 16:00 The uncommon things most traders do wrong 19:15 Trade setups & strategies Barry Burns relies on 20:43 How many trades Barry takes in a day by trading 3 hours/day 31:40 How Barry Burns manages life & day trading (time management advice) 38:10 Trading the open vs. trading later during the day 41:44 What highly successful traders are willing to do others don't (POWERFUL ADVICE) 45:20 Resources Mentioned TopDog Trading Youtube channel Barry's 5-Day Video Trading Course [FREE] DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Barry Burns? Top Dog Trading LinkedIn Twitter Facebook Youtube What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

$2,000 Days As A Stocks Day Trader After Getting Fired – Show Notes In episode 115 of the Desire To Trade Podcast, I interview Andrew Aziz, a stocks day trader based in Vancouver, Canada. Andrew is the author of the amazing book How To Day Trade For A Living. This is probably one of my favorite story shared on the podcast so far. After all, Andrew got very serious about day trading after getting fired from his job as a research scientist. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Covered In This Episode... "Every day I wake up at 4:30 a.m. but it doesn't bother me. It's my passion." - Andrew Aziz Andrew Aziz's favorite quote about passion 2:10 The daily routine of a stocks day trader on the West Coast 3:30 How Andrew reacted to receiving an employment termination letter 6:30 The learning process Andrew went through 8:44 The #1 thing Andrew had to learn to succeed in day trading 10:26 The reason why Andrew jumped into day trading 12:25 The step-by-step guide for those wanting to day trade 14:45 Andrew's top trading strategy: he guides us through a recent trade 17:55 How Andrew manages to day trade only 1hr/day 20:35 How traders can use video journals for their trading 22:55 Daily habits most traders tend to overlook 25:00 What Andrew does when he doesn't feel in the right state to trade 28:30 Powerful advice applicable to any trader 29:42 Listener's question: the best timeframe for day trading 30:20 What your job is as a stocks day trader & common mistakes 32:05 Resources Mentioned Andrew Aziz's daily trade review videos Book: How To Day Trade For A Living (recommended!) DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Andrew Aziz? Bear Bull Traders Email What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

5 Big Forex Trading Lessons On Trading Success – Show Notes In episode 114 of the Desire To Trade Podcast, I go solo to share 5 trading lessons I learned while hosting the podcast in the last 2+ years. After all the guests interviewed, I felt it was time to reflect a little and point out thing that you can take action on. Watch the video on Youtube! Summary - 5 Big Forex Trading Lessons On Trading Success #1: Being Clear On Your Goal When I started to trade, I had absolutely no idea of where I was heading. The only thing I cared about what to become profitable. However, what I didn't realized is that I could have speed up the process by defining a goal and identifying the actions needed to reach that goal. Most often, massive success in trading involves other activities such as reaching out to people, testing thing, collecting data, etc. Those can be done early to boost your growth as a trader. #2: Returns (%) Are Irrelevant Judging a trader by its returns is a poor way to go about it. I used to think that my job was to find the "best trading strategy for the best return". However, there are two simple things we can do in trading to increase returns (and or money) we make: Increase your trading capital Increase slightly your risk What truly matters isn't the return percentage per say. It's the consistency with whatever return you are getting. 1% per month can be easily boosted to 2% return per month, and eventually 8% per month. #3: Master-Focus Gets You Results Mastery in any discipline comes through mastering every part. Unfortunately, it's impossible (and counter-productive) to learn about all the parts at once. If you want to see success quicker in trading, you must master one part at a time. That might mean taking a course on what you need to learn most right now and putting all your energy on that. Then once you see results, you move to the next thing you need to master. If you're not sure what to work on today, you can ask yourself: "What is important for me to master now?" or "What do I struggle with the most at the moment?" #4: Awareness Is A MUST Awareness has multiple components in trading Your energy level If you trade on low energy, you make more mistakes. Self-image Whatever you see yourself as will eventually become true. Yourself What are you best at? What do you need to work on the most right now? If you become aware of yourself, you can decide which direction to go and what to focus on. #5: Keep The Routines Going At All Costs Routines in trading are powerful. I discovered (the hard way) however that routines easily fall apart once you start traveling while trading. A change in environment can be tough to remain consistent in your actions. That's why I now do my best to establish new routines - similar to the ones at home - as soon as I get to a new place. I make sure I have a process to get in the right state of mind, note down my trades, and review everything I trade. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Day Trader Success Story, Learning Through Failures & Serious Effort – Show Notes In episode 113 of the Desire To Trade Podcast, I interview Jerremy Newsome, CEO and co-founder of RealLifeTrading. He came on the podcast to share his day trading success story, marked by a few failures but most importantly putting serious efforts. Watch the video interview on Youtube! Jerremy provided several insights when it comes to building the right money beliefs, trading psychology and understanding yourself as a trader. We also introduce a new segment on the podcast called "Share a trade", in which the guest share a recent trade accompanied by their thought process. More About Jerremy Newsome Jerremy Newsome has been professionally trading the stock market since he was 21 years old. Jerremy specializes in candlesticks, gaps, credit spreads, day & swing trading. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Know yourself, know your weaknesses, be ok with it, build a plan and follow it." - Jerremy Newsome (click to tweet) Resources Mentioned The #1 Forex Trading Education Myth: a video I recorded about the need for hard work and efforts in trading success. DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Jerremy Newsome? Real Life Trading Youtube LinkedIn Twitter Facebook What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Get Ready When The Market Moves – Show Notes In episode 112 of the Desire To Trade Podcast, I interview William Fong, a multiple-market trader with an interesting institutional background. Based in Victoria (Australia), William came on the podcast to share the lessons he learned in the past years, including how to get ready when the market moves. Watch the video interview! William places a lot of emphasis on the importance of mastering fundamentals. In his opinion, it's what's provide traders a solid edge. Nevertheless, he acknowledges that traders have different styles and that what's most important is to find something you're good at. More About William Fong William Fong has over 10 years of macroeconomic, Asian/Australian credit experiences. He began at the ground floors of big companies and made his way up through years of experience. Today he shares what it looks like to trade for big institutions and work for them. William has accumulated knowledge on the following products: book runner and structurer on Fixed Income, FX, Interest Rate & Credit Trading. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Don't rely on luck, do your homework, learn the fundamental things; just learn as much as you can, because one day you'll need it" - William Fong DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find William Fong? Website Linkedin What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Making The Million As Prop Firm Trader & Founder – Show Notes In episode 111 of the Desire To Trade Podcast, I interview Samuel Leach, a trader, and investor based in St Albans, United Kingdom. He came on the podcast to talk about making the million as prop firm trader & founder. Watch the video interview! More About Samuel Leach Samuel Leach is a trader, investor, and also partner of multiple businesses. At the age of 25, he made his first million pounds. He did it by building businesses as well as trading. Samuel gained the spotlight when he turned his student loan £2,000 into over £170,000 within a matter of months trading the stock and currency market. He has since grown his trading company to a globally recognized prop trading firm and training house. He owns multiple businesses within different sectors and is always expanding his business reach. He is now sharing with his students exactly how he managed to generate seven figures from his businesses and supporting others on their business journey. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Close the people that are going to try to dishearten you from chasing your dream of being a trader and don't let them bother you" - Samuel Leach Resources Mentioned Samuel And Co Trading Stats DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) Desire To TRADE Academy How To Find Samuel Leach? Samuel And Co Trading Instagram Instagram (personal profile) Facebook Twitter What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

Key Experiences & Breakthroughs As A Forex Trader – Show Notes Episode 110 of the Desire To Trade Podcast is a reversed interview! My show gets taken over by Forex day trader Kevin Hunt, who asks me questions about my key experiences & breakthroughs as a Forex trader. It was definitely nice talking with Kevin and getting to share more of my past experiences on the podcast. If you haven't done so, I recommend you listen to episode 105 in which I interview Kevin. To learn more about me & what I've been up to, head over the About page. You'll learn what I think of trading, why I do it, and more! Do you enjoy the podcast? If you enjoy the podcast, I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast. Reviews are always appreciated! Share This! "Consistent actions lead to consistent trading results. Plan, trade, review, act, but never ever compare yourself to other people." - Etienne Crete My 6 Key Lessons From This Episode A Trading Strategy Is Built By Combining Things From Various Sources/People I believe that there's a common path most Forex traders go through. They start to trade and take pieces from other traders they meet over time. Very rarely you will find a trader who just copied someone else and then became successful. That's why you might need to invest in many courses & coaches before jumping to full-time trading. The key is to keep building things over time. I never regretted investing in myself because I always got a new lesson I hadn't got before. Find/Use Indicators That Make Sense To You Some traders love indicators. Some traders hate them. What I think is essential is to find things that make sense to you. Trading using the Bollinger Bands makes sense to me, but that doesn't mean I'll use them forever. You must be willing to adapt. The thing is, you'll discover pretty quickly whether the tools you use to trade are right for you or not. Adopt A 'Continuous Progress' Mindset For me, it doesn't matter if I fail a little or if I don't perform as I expected it. That's because I come into trading, business & life with a 'continuous progress mindset'. If you screw up today, don't think about how bad it is. Instead, think of how you can make things better. Be action-focused & keep your eyes on where you're heading! Listen: 034: Trade With An Edge & Growth Mindset - Mike Bellafiore Hang Out With Other Traders To Overcome Hard Times Without any doubts, the thing that helped me the most in improving my trading was hanging out with more traders. I started to trade by myself and stayed by myself for roughly the first 2 years. Then, I began going to Meetups & events. I started the podcast. Those were occasions for me to get bits of advice from the people who had achieved what I wanted to achieve. I can't urge you enough to do that. The key when you want to surround yourself with more traders and/or successful people is to add value. Don't try to gain/take from other people. Honestly, provide value and you'll be amazed by what you get out of it! Being Convinced A Trade Is Right = Worst Trading Mistake During the interview, I share an example of one of worst trades (taken on the SPX500). That was in 2013, I believe. At the time, I was completely sold on this trade and found all the reasons why it would work out. I kept adding to the trade, and of course, it didn't work out. Look At Your Results At Intervals Of 10-20 Trades Only A few months ago, I began sharing my trading results on this blog. I think that was a mistake, but let me explain... The results of a month's trading aren't significant if you only took 5-10 trades that month. It doesn't really show whether your stats are accurate because your sample size isn't big enough. I intend to keep sharing my trading results but will do so only at intervals of 20 trades. This will be a better opportunity to go back and re-evaluate whether those 20 trades respect the typical statistics of my trading strategy. You should do the same when looking at your results. Don't look at your stats after every trade! Resources Mentioned The Intelligent Investor by Benjamin Graham: the very first book I read about the markets. Kim Krompass' Interview: mentioned when talking about trade results. Desire To TRADE's daily vlogs: I grouped my travel videos by countries. Perfect to binge watch them :) Desire To TRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Me? I typically list the various places where you can find my guests here. I'd be happy to connect with you on the following social media: Facebook Twitter Youtube What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

How Pro Traders Control Their Emotions & Trade Stocks – Show Notes In episode 109 of the Desire To Trade Podcast, I interview David Moadel, a trader, and investor based in Florida, United States. He came on the podcast to talk about how pro traders control their emotions and trade stocks. More About David Moadel David Moadel is a trader and investor of stocks and options. A former elementary school teacher, David has a master's degree in education and a unique ability to convey knowledge in the area of finance. He has coached many people and likes to combine fundamental and technical analysis to help people find their own trading style. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Wait for a great trade setup and if there's none - do nothing" - David Moad 5 Key Lessons From This Episode The Market Brings Money From The Impatient To The Patient Patient traders are usually those who get most rewarded by the market. I have seen this personally over time. Read: How To Cultivate Patience As A Trader Listening Recommendations From Non-Traders Is Usually A Bad Idea The next time a family member tells you about a "hot stock" to buy, think about it twice. I never got any results in Forex trading by copying people, and that works in all fields. Do Not Follow The Majority In alignment with the previous lesson, following the majority is rarely the way to go in trading & investing. Most people do not know what they are doing and are acting out of emotion. Remember Sam Walton's quote? "If everybody is doing it one way, there's a good chance you can find your niche by going exactly in the opposite direction." - Sam Walton Wait For Your Great Trade Setup While you cannot always wait for the perfect trade setup in the market, the best you can do is usually to wait for a great trade setup. The market does not produce great trade setups at all times. That's why patience is important. I recommend writing down the things that make your setup great. For me, taking trades at key support & resistance levels typically transform an average setup into a great setup. Diversify - Do Not Go All-In On Trade Proper risk management in trading requires that you do not put all your money on one single trade. This is one of the simplest ways to avoid blowing up your trading account. Resources Mentioned The Intelligent Investor by Benjamin Graham: must-read investing book! DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find David Moadel? StockTwits Twitter Youtube What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!

How To Make A Living Trading Multiple Markets – Show Notes In episode 108 of the Desire To Trade Podcast, I interview Steve Patterson, one of the top proprietary traders based in Toronto, Canada. As someone trading the markets for 37 years, he came on the podcast to talk about how to make a living trading multiple markets. More About Steve Patterson Steve Patterson has experience working in the world's largest firms, prop firms, stock broker and floor trader. During his work life, he has seen 3 market crashes and multiple Bull and Bear market cycles. Now he knows everything about how to master the markets and trade profitably through all environments, which makes him a very interesting guest. I'd love if you can take a few seconds to leave a review on iTunes or Stitcher. Let me know honestly what you think of the podcast because the only way I can improve is through your reviews. Share This! "Get the right expectations about what this business is and what is possible from this business" - Steve Patterson 10 Key Takeaways From This Episode 1. Keep Things Simple, But Not Too Simple While some strategies found online seem ultra-simplistic, there will always be an aspect that makes trading not so simple. For instance, a candlestick pattern by itself is not likely to produce a positive return by itself. You must add rules to limit the trading you'll do (i.e. concentrate on the best setups). That's what I believe is meant by keeping thing simple, but not too simple. One thing I'm personally a big fan of is to use the Market Phase to determine whether my trade setup appears in the right context. Read: Successful Price Action Trading In 3 Steps 2. You Take Out Of Trading What You Put Into It As you've probably heard before, Forex trading is a field in which you should spend more time working on becoming better than actually trading. After all, you are competing against the top traders of this world, algorithmic systems, and technology. If that doesn't motivate you to work harder, I don't know what will do it... I have seen how much you get rewarded for the work you put in outside trading hours. Those hours spent backtesting, researching, journaling, etc. eventually pay! 3. Pick The Market In Which You Have An Edge What's interesting about Steve Patterson's style of trading is that he decides in advance what market he is going to trade. By sticking to a market for a certain period, he ensures that he trades where there is sufficient volatility. Although Steve doesn't watch the news, that much, he notices where things are likely to happen through fundamental analysis. 4. Use Fundamental Analysis For Your View Of The Market Steve mentions early in the episode that he is bearish on the S&P500 since the beginning of August 2017 all the way to the date of the recording (August 17th, 2017). That was, in part, due to multiple companies missing earning estimates in the recent earning season. He noticed a theme. He gets to answer: "Is the smart money buying or is the smart money taking profit?" 5. Never Fight An Existing Trend One of Steve's key lesson to his students is to never fight an existing trend. Instead, he mentions the interesting fact that it is easier to go with the trend instead of going against it - even if the trend is about to end. 6. Indicators Alone Aren't Producing Results When trading any market, most new traders rely on indicators. I have personally seen how poorly some indicator-only trading strategies perform over the long-run. You can rarely expect consistency unless you add in many filters to your trades. I have personally seen how poorly some indicator-only trading strategies perform over the long-run. You can rarely expect consistency unless you add in many filters to your trades. As Steve mentions it, most people don't know why certain indicators/patterns/ work well in certain conditions and not in others. That is something you must take into consideration and be able to adapt when you notice a change. 7. Recognize When The Market Is NOT Chaotic Steve and I spend most of our time saying "No" to trade setups because they happen in the wrong environment - a chaotic market. What's more important is being able to detect when a specific setup is likely to work out. What's more important is being able to detect when a specific setup is likely to work out. 8. Develop Patience Patience always pays. After asking Steve about his best advice for traders looking to trade only the Forex market, he replied: "learn to develop patience". He added to that: "learn to identify the best setups." 9. Stay Optimistic Trading is probably the field in which it's the hardest to stay optimistic - speaking from experience here. :) However, all the results I got in trading occurred when I was optimistic. You must find something to get you back on track when things don't go as planned. My personal resource is listening from inspiring traders on the Desire To Trade Podcast. 10. Coaching Will Set You Apart From Other Traders When Steve started to work in institutions, he followed an existing trader for several weeks to learn the details of the job. I have personally seen a lot more success when I made the decision to invest in coaching. Watch: What I Got After Spending $5,500 On Coaching...Worth it? Get Coached By Steve Patterson You can get 20% off certain coaching packages offered by Steve Patterson if you mention the Desire To Trade Podcast. Simply email carolyn@stevepattersontrading.com to get your discount. DesireToTRADE Top Resources DesireToTRADE Forex Trader Community (free group!) Complete Price Action Strategy Checklist (free checklist!) One-Page Trading Plan (free template!) DesireToTRADE Academy How To Find Steve Patterson? Website Facebook Twitter What is one thing you are going to implement after listening to this podcast episode? Leave a comment below, or join me in the Facebook group!