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

Ellaine Escueta: Tripling Your Trading Account While You Forgot About It In episode 47 of the Desire To Trade Podcast, I interview Ellaine Escueta, a Forex trader with a passion for trading. She is the women behind Trading Elevated. Ellaine had no interest for trading at first, but picked up a book about the subject in school. As time went on, she started to get more and more involved and interested in the idea of making a living off Forex trading. However, things didn't work out as planned and Ellaine got discouraged. She stopped trading for a while. Eventually, she went back to check her account. She realized it had doubled due to a trade that was left open. If only she could do the same thing, she would be able to make money. That piqued her curiosity. She started to get back in trading, took a course, and was eventually able to make a consistent income from Forex trading. [bctt tweet="Never let anyone define what you can and can't do! - @ellaineescueta" username="desiretotrade"] Question & Cheat Sheet - Ellaine Escueta How Ellaine got introduced to Forex trading The power of price action and understanding price behaviors The important is to focus on behaviors you understand and make sure that they fit your criteria. What a day looks like for Ellaine She wakes up at 3:30am and things go from there! The 3 keys to trading success (according to Ellaine) How Ellaine reduces uncertainties in her trading How to control your emotional state The #1 advice Ellaine has to offer aspiring traders And much more! What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com. Get the FREE Complete Price Action Strategy Checklist!

Kim Krompass: Day Trading For A Living With Price Action In episode 46 of the Desire To Trade Podcast, I interview Kim Krompass, a Forex price action day trader and the woman behind the Price Action Traders Institute. She is the very first woman to be featured on the podcast. During this interview, Kim shared a lot about her view on day trading vs. longer term trading. She also mentioned several times the importance of keeping things simple, a concept I totally agree with. [bctt tweet="Perfectionism is the enemy of profit. - @priceactionkim" username="DesireToTrade"] Question & Cheat Sheet - Kim Krompass How Chris got introduced to Forex trading How Kim turned her trading around and started seeing results The important is to focus on behaviors you understand and make sure that they fit your criteria. Why she prefers day trading The goal is not to copy other people. That won't make you successful. How much time Kim spends trading The importance of a planning process Kim plans her trade every morning starting at 6:00am PDT. The benefits of day trading and the challenges to overcome What simplicity means for Kim in trading The lifestyle Kim gets out of day trading The #1 mistake Kim's students make It's about unnecessarily making things complicated. The learning curve of a day trader And much more! What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.

The Power Of A One-Page Trading Plan I resisted the idea of creating a trading plan for so long... but the moment I finally came up with my first trading plan, I felt much better. First, I no longer had to keep everything in my head as I used to do. Second, I had clear guidelines concerning what I was supposed to do. The problem: that trading plan took 30 days to write and was huge. It was very hard for me to go back in that plan to check something. A couple months ago, I came up with the idea of simplifying my plan on a single sheet of paper. The truth is, I've always been a fan of tracking checklists for their simplicity, but I wanted to bring the concept further. As soon as I completed my One-Page Trading Plan, I posted it on my trading desk. I has made a huge difference. Instead of having a set of entry rules, I have everything I need to see on that plan. In episode 45 of the Desire To Trade Podcast, I share about my experience with trading plans and tell you precisely how to create a powerful one-page trading plan. [bctt tweet="Big trading plans bring confusion. Great traders have everything on one single page." username="DesireToTrade"] What is discussed in this podcast episode? I used to hate the idea of having a trading plan. Most people you see online recommend a trading plan that looks like a business plan...it never worked entirely for me when it comes to executing. How to create your one-page trading plan: There are a few parts: Vision (where you want to go with trading) Context (time frames, trading times, instruments) Trading strategy (signal, entry, exit) Support (money management, implementation plan) Examples (at the back of it) Making a plan isn't enough, you must make it visible! What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.

The Great Advice From Market Wizards w/ Jack Schwager If I were to ask successful traders the ONE book that influenced them and guided them through becoming traders, Market Wizards would definitely come up. The book contains interviews with traders who are living off trading from around the world. It turns out to be packed with great lessons and highly inspirational. In episode 43 of the Desire To Trade Podcast, I interview the legendary Jack Schwager, the author of Market Wizards and a number of different trading-related books that made a great impact in the world of trading. The book Market Wizards has been recommended numerous times on the podcast. I myself read it several times. Question & Cheat Sheet - Jack Schwager The new project Jack is currently woking on (more information) How Jack got involved into trading and the results of it Full list in Top 5 News Releases You Should Care About As A Forex Trader How Market Wizards was written Putting in the work every day from morning to night! The biggest lesson anyone can take from Market Wizards The #1 advice Jack has to offer aspiring traders And much more! What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com. Read the show notes Get the 5 Crucial Insights About Trading Psychology That Will Make You A Better Trader for free!

Trade Like A Casino w/ Richard Weissman "Trade like a casino" sounds like an awesome idea, right? After all, what do casinos do? They have a system/strategy to ensure that they are going to have an edge over the long-run. Does that mean the casino is going to win every poker game? Not at all, but over time, it is almost guaranteed to make money. In episode 42 of the Desire To Trade Podcast, I interview Richard Weissman, the author of Trade Like A Casino and a number of different trading-related books that showcase a very insightful and researched methodology to trading. The interesting thing about Richard is that he focuses a lot on research and backtesting. That allows him to develop mechanical trading systems that he is then able to use with a positive expectancy. During this episode, Richard and I discuss what it means to "trade like casino" and how traders can apply this principle in their trading. It's not only about the trading strategy, but also in regards to emotions and psychology. These days, Richard focuses on his role as the CEO of CNV Capital Management, focusing on trading and system development. Question & Cheat Sheet - Richard Weissman What it means to "trade like a casino" & why it's crucial How to reach the level of trading like a casino Doing research Having a mechanical trading system Building confidence The types of strategies used by great traders How to backtest properly Discretionary trading like a casino And much more! What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com. Visit the show notes! To know more about what I've been working on: http://www.desiretotrade.com/new

All You Need To Know About Forex News Trading w/ Yohay Elam If you have been trading Forex for a while, you probably noticed the, sometimes, big spikes in the price of certain currency pairs. As a matter of fact, news reports are released almost every single day and the market tend to react strongly to them. A quick advice: if you aren't aware of this, you NEED to listen to this podcast episode! In episode 41 of the Desire To Trade Podcast, I interview Yohay Elam, the founder of Forex Crunch and host of Market Movers. Yohay is very knowledgeable when it comes to fundamental analysis and what affects the currency market. He shared in great details what Forex traders can expect from news releases and what they have to look for. Yohay studied computer science, but learned about the Forex market mostly by himself through books and other self-education resources. He then started exchanging his ideas and view of the market with other people, an activity that proved itself to be very useful. Today, Yohay publishes his analyses on his website and hosts a podcast where he shares what took place in the financial market. [bctt tweet="Do not risk more than 2% of your trading account! from @forexcrunch" username="DesireToTrade"] Question & Cheat Sheet - Yohay Elam The news impacting the Forex market Full list in Top 5 News Releases You Should Care About As A Forex Trader What pairs are best to trade news in different countries The more volatile pairs have a bigger and faster reaction to news The USD/CAD tend to have a slightly delayed reaction to a news event. News are often leaked and the reaction may occur prior to the official release on the GBP/USD. How day traders and swing traders can use news releases The single most important advice you need if you trade news releases What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com. See the show notes: http://www.desiretotrade.com/yohay-elam/ Get free resources to help you become a better Forex trader: http://www.desiretotrade.com/free

BONUS: Q&A With Dr. Andrew Menaker (Trading Psychology) Some background on Dr. Andrew Menaker? Dr. Andrew Menaker is a licensed clinical psychologist with a PhD in psychology. He is, in my opinion, the leading authority when it comes to trading psychology and has been recognized worldwide for his work in the fields of emotion management and emotion development. He has coached some of the world's top traders since 1995. Following his interview on the Desire To Trade Podcast in episode 34, Andrew accepted to be part of a live Q&A session, which turned out to be highly actionable and instructive for all levels of trading experience. Watch the video! Get the highlights (important points)! Get the 5 Crucial About Trading Psychology That Will Make You A Better Trader for FREE!

In episode 40 of the Desire To Trade Podcast, I interview Michael Toma, a futures trader who is also the author of The Risk of Trading: Mastering the Most Important Element in Financial Speculation. Michael has a very interesting perspective on risk management and he shares several highly actionable tips you can apply to your trading to make risk management part of your business. That will be very useful if you are looking to succeed in the long-run and live off trading. Cheat Sheet - Michael Toma Three steps to risk management: Identify - Assess - Control. The logic behind a stop loss The definition of risk management: that was a natural transition for Dave. How and why to start small: this is the key if you want to succeed. The quest to make money is very dangerous. Results will guide your actions as a trader: you must see results before increasing your risk. Dealing with compliance: track your compliance ratio. Overcoming boredom trades: Identify - Assess - Control -> Make a plan. Reviewing your risks will help you a lot. You need to make risk management part of your trading business. What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.

Finding Your Own Way To Trade w/ Dave Floyd In episode 39 of the Desire To Trade Podcast, I interview a stock & Forex trader I really admire named Dave Floyd, the founder and head of trading at Aspen. Dave started trading in college while he was in Boston. He first read Market Wizards, a book showcasing stories of various successful traders (which I highly recommend!). The interviewed covered several topics, but one of them highly resonated with me. It is the idea of finding your own way as a trader. Once you get through the initial phase of trading, you begin to understand that copying others isn't what will help you succeed. Everybody's different and two traders almost cannot trade the exact same way. You must then find your own way as a trader. Cheat Sheet - Dave Floyd Balancing overtrading vs. not trading enough How to go through the hard learning curve of a trader: it is not about learning strategies from others. The transition between day trading and swing trading: that was a natural transition for Dave. Strategy differences between day trading and swing trading: find someone or a group that can help you in hard times and good times. The biggest mistakes for Dave as a trader: hint: the opposite of overtrading... Following your gut instinct is important but it's not necessarily for beginners. The commonalities between traders: many traders have creative endeavours according to Dave. Approaching stock vs. Forex trading: Dave uses fairly similar approaches. Why you MUST develop your own approach What is one thing you are going to implement after listening to this podcast? Leave a comment below, or join me in the Facebook group! The music at the end of the podcast has been produced by Daniel Hoshor. If you want custom & tailor-made music for your business, make sure to check him out at www.thedannyboiexperience.com.

5 Elements To Go From Start To Profitable Forex Trading In episode 38 of the Desire To Trade Podcast, I share the 5 elements I have applied in my trading journey so far to go from scratch to profitable Forex trading. Read the whole article as I share the 5 elements with more details. I see that a lot of aspiring Forex traders spend a lot of time looking at trading as being just entering and exiting trades. However, I know that profitable Forex trading requires more than that. Not anyone can start to trade and make money, but those who apply other elements to trading increase their chances to succeed. Cheat Sheet The 5 Elements Set your requirements: decide on the type of trading you are going to perform based on your preference and available time. Create a money management plan: decide on what is going to be your maximum risk per trade, and maximum drawdown so you never run out of money...EVER! Plan your market analysis: focus on ONE thing to trade. It's totally fine to try things and throw them away if you don't like them, but you must focus at some point. Get the right support: find someone or a group that can help you in hard times and good times. Review: review your trades to find patterns among the good/bad trades and focus more on the good to replicate it. Track everything!