- Interview With Forex Trading Coach Akil
- A Comprehensive Interview with The Forex Trader from Singapore - THEIA BLOG
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- EP22 // Andrew Mitchem’s Odd Journey to Becoming a Successful Forex Trader
Up and down — but historically, it always goes up. The difference between profit and loss comes down to your understanding of how to trade and your ability to make logical and fast decisions based on constantly changing data. Photo of the Day: Here is hoping.
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Your education shouldn't be tied to your zip code: Andre Agassi. Ten interesting things we read this week. Everything can go virtual but not restaurants and bars: Zorawar Kalra. I am originally from Montreal, Canada, which is where I first got into Forex. I want to be able to take everything that I learned over the years and helped them apply it to their trading.
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- Fler avsnitt av EP22 // Andrew Mitchem’s Odd Journey to Becoming a Successful Forex Trader.
I also run a regular podcast where I interview traders as well as a youtube channel. Both of these are aimed at newer traders to help them gain the skills and confidence they need to become profitable Forex traders. A lot of traders find it difficult to succeed. They are overwhelmed with the amount of information and misinformation out there. I try to cut it down so that they get clear advice on how to move through their journey.
Interview With Forex Trading Coach Akil
There are plenty of paths to take, so I try and share with them what I know. As an online Forex trader, what was your journey like to get to where you are today? I originally started trading back in In , I took a trip to Hong Kong on a student exchange. It opened me up to the idea of traveling which really appealed to me. At that point, I sat down and thought about how I could reach my goal of traveling more. Trading seemed to be the most logical fit since I had a passion for it.
I knew that I needed a plan to improve my skills. So, I signed up for a trader meetup in Montreal. There, I was exposed to a different way of doing things. With a coach to help me, I started to learn how to prepare and organize myself better. The way I thought about trades and my strategy changed. Around the same time, I started a podcast. I reached out to a couple of traders that I knew from online to interview.
What was interesting was by listening to these traders, it actually helped me become a better trader. One of the most obvious mistakes newer traders make is not managing their losses. They let it get out of control and take over their account. My first real change was to cut stupid mistakes.
A Comprehensive Interview with The Forex Trader from Singapore - THEIA BLOG
I started to catalog my trades so that I could review them. Putting them in black and white helps me look at my performance in a new light. Is Forex something everyone can get into or do you need to have a lot of money to start? I have been trading Forex since In these early stages I made my first few thousand percent return with an initial investment of just a few hundred dollars.
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By the latter part of I had managed to turn a profit with FXOpen despite only beginning to trade with them shortly prior to that time. Unfortunately, the entire business model of the retail forex sector was gray and quite unclear to me as a newcomer, and FXOpen was no exception in this respect. Still I managed to establish some valuable contacts during this period in which I was viewed as a potential client. While a totally innovative system of trading in retail forex was undergoing its new phase of development, I began to work with some of the range of relatively large and regulated companies.
I have a lot of memories associated with this period. A real war was unleashed between specially designed anti-manipulative algorithms on one hand, and chief dealers putting a spoke in the wheel, on the other hand. In the end, the algorithms used to win rather quickly. Under these circumstances the broker usually forced the trader to stop trading and withdraw the profits.
It became clear to me that the so-called notable forex regulators served as a mere front for what was becoming clear to me as the business model of a shadow banking system in which non-regulated companies were as good as the regulated ones. As a result, having tried my hand in various organizations within this sector, I gave up trading for quite a while.
I took up publishing my own market research in forums instead.
EP22 // Andrew Mitchem’s Odd Journey to Becoming a Successful Forex Trader
It was valuable experience but somewhat disappointing. It was not entirely my fault. My broker was also to blame for some technical problems, which were solved successfully a few months later. As for me, I also made some progress — I worked out an algorithm for an Expert Adviser. Loopholes and bugs were detected and fixed by their support department. I would have never made such achievements without the help of the technical support team, to which I extend my thanks. Spotting market inefficiencies and trading on them. Statistics, confidence intervals and many other factors are of great importance here.
That is why the number of trades per day may exceed , while the number of trading orders can be well over , Here we are not talking about high-frequency trading. However such trading specifics entail certain restrictions imposed by the MT4 platform. Personally, I take the advantage of placing orders in Level II thus being able to affect the price directly.
That is the reason why I prefer Limit Orders in my trading. In this case I can act as a kind of institutional market maker, offering better prices compared to those set by banks. I just react rapidly and grab ECN liquidity, directly bypassing sluggish intermediaries such as trading platforms. It gives me a chance to take the best possible orders form the STP without negative slippage.
At the same time it provides an opportunity to compensate for a substantial part of commission through the frequent positive slippage. In this process, everything is tuned to maximize fill rate and minimize trading costs. So, I tend to use not only the standard bid history when searching for market inefficiencies, but the ask history too. Fortunately, this functionality is provided by the broker in their MT4 trading platform. Almost every algo trader arrives at the point of creating personal research and trading infrastructure, which includes collection and storage of market data, back testing, visualization and logging of numerous trading parameters and so on.
You are actually reinventing the wheel and developing a tool that could be universal for all algo traders and their trading styles.
If you have the infrastructure, you can dedicate most of the time to different research and analysis. Everyone has his own methods and tools of how and where to dig and delve and where not to.