Desire To Trade Podcast | Interviews with Highly Successful Traders

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!

A Truck Driver Who Blew Up 9 Accounts To Become A Profitable Trader w/ Ryan Herron Episode 37 of the Desire To Trade Podcast features Ryan Herron, a binary option and Forex trader. HIs story of how he became a profitable trader is very interesting due to the fact that he blew up 9 accounts but kept going. He could see a progression in his results, which made him think that by staying in trading, he would eventually make it. And he did! During this interview, Ryan and I discussed the fact that, while most traders are looking to get rich overnight, the right amount of action over a longer period of time is required. An aspiring lawyer or doctor must go through a long education process and spend a lot of money. Why would aspiring Forex traders avoid that? Ryan mentioned the importance of focusing on ONE THING (one strategy or way of doing things). Then traders must not forget what comes after: being comfortable trading that one strategy. That strategy can be created or learned from someone else. Through backtesting, we, as traders, ensure that we know exactly what to do upon trading for real. What’s covered in the podcast? The difference between Forex and binary options How Ryan kept going after blowing up 9 accounts The steps Ryan took to learn and progress as a new trader What Ryan sees as the biggest mistake traders make (hint: adding to a losing trade) Examples of focusing on one thing to succeed And so much more... Resources Mentioned Forex Tester 2 (affiliate link) Forex Trading Strategy for Trending Markets (article I mentioned at the end of the episode) Get the FREE Complete Price Action Strategy Checklist: http://www.desiretotrade.com/checklist/

The Development Of An Automated Trading System w/ Shaun Overton Watch the video interview! Episode 36 of the Desire To Trade Podcast features Shaun Overton, the automated trading system developer also founder of One Step Removed. Shaun started in the forex industry in 2005 working as a broker at FXCM. He led the sales effort for an automated trading fund, which led to his interest into automated trading. He then went on to create his own systems that now allow him to live off them. At the opposite of what I believed, Shaun says developing an automated trading system isn't so complicated. One must learn how to program first. Then, there's a clear process, described during the interview, anyone can follow. Shaun spends his days researching. This is a passion for him, but his goal is to create more systems that produce positive results. He shared about the exact things he's looking at and the sort of system he has developed. Although this podcast episode appears fairly technical, there's something that can be learned by any trader. Both automated system traders and manual traders must backtest their trading plan. One of the common problem consists of backtesting only for a restricted period of time and optimizing the system for that period. The world of automated can be highly fascinating for traders with an interest for statistics and programming. For more on that topic, I recommend listening to DTTP 011: The Fascinating World of Automated Trading and checking what Shaun is doing at One Step Removed. What’s covered in the podcast? What it's like to be an automated system trader Examples of factors predicting the movement of a currency pair The steps to develop an automated trading system The biggest mistakes made when developing an automated trading system What type of broker works best for automated system traders Best resources to learn to program And so much more...

Lessons From A Successful Forex Day Trader w/ Casey Stubbs Episode 35 of the Desire To Trade Podcast features Casey Stubbs, a Forex day trader and the man behind Winner's Edge Trading. Casey usually starts his day around 6:30 am EST and is done with trading by noon. He specializes on trading the EUR/USD pair and uses only simple trading strategies. Upon finishing his trading day, Casey has the rest of the day for his other occupations: spending time with his family and running his website. Over the course of this podcast episode, Casey Stubbs mentioned the fact that traders must have their own trading strategies. Copying other traders' systems isn't a way to become consistently profitable. Aspiring Forex traders must firstly learn as much as possible. Then, they personalize their trading strategies. That helps a lot to stick to one strategy. As his last piece of advice, Casey mentioned the idea of trading small position sizes in order until becoming consistently profitable. Only then can Forex traders start to increase their position size. What’s covered in the podcast? The difference between simple and complicated trading strategies How Forex traders can easily get support Casey's biggest mistakes as a Forex trader The main objective for a trader (it's not making money!) What happens just before you finally stick to ONE trading strategy What keeps Casey motivated each day And so much more...

Trade With Edge w/ Mike Bellafiore Episode 34 of the Desire To Trade Podcast features Mike Bellafiore, the co-founder of SMB Capital, a well-known proprietary trading firm based in New York, USA. Mike is also the author of One Good Trade: Inside the Highly Competitive World of Proprietary Trading and The PlayBook: An Inside Look at How to Think Like a Professional Trader. SMB Capital’s trader-training program was highlighted in the TV documentary Wall Street Warriors. His firm has appeared regularly on CNBC’s Fast Money, CNNMoney, Bloomberg, and Fox Business. I first heard of Mike Bellafiore and SMB Capital through Mike's first book called One Good Trade. It describes how things are done in a proprietary trading firm and provides real stories of traders who had or hadn't what it took to thrive in this world of trading. I highly recommend the book! Mike has a lot of experience working with traders and came to understand what made them successful. He also knows what the learning process looks like for a trader. During this interview, we discussed the traits traders must develop in order to succeed. At one point, I asked Mike what advice he had for struggling traders. He pointed out something very insightful. In his opinion, traders can't start and be successful right away. Struggling is simply part of the progress. There is a process traders must follow if they want to see results. It takes time but Mike Bellafiore, without any doubts, know what it's like. What’s covered in the podcast? How Mike Bellafiore started to trade How the learning phase is broken down A great piece of advice for struggling traders The culture at SMB Capital Andrew's #1 lesson for any trader What keeps Mike motivated each day And so much more...