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

Chris Claflin: A Futures Trader Who Dropped Out of School In episode 48 of the Desire To Trade Podcast, I interview Chris Claflin, a Futures trader and the host of the new Uncharted Podcast. I strongly recommend you check out his podcast. It has a very impressive & uncommon touch to it! Chris started to trade in College. Learning to trade wasn't an easy task while he was pursuing studies of become a dentist. Soon, however, Chris dropped out of school as he realized he could make more money trading than working in dentistry. These days, Chris is primarily a trend trader. That means he focuses on entering in the direction of strong market trends, hoping that the trend will keep going. Several traders interviewed on the Desire To Trade Podcast adopt this trading style. What distinguishes Chris, however, is that he often looks to catch up trends within a larger trend. His trades are therefore in alignment. Question & Cheat Sheet - Chris Claflin How Chris got introduced to Forex trading The danger of Fore

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 She

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 morn

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 tr

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 b

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, Richar

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

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 wi

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

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 yo

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 backte

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 l

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

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.

The Most Valuable Insights On Trading Psychology - Andrew Menaker Episode 33 of the Desire To Trade Podcast features Dr. Andrew Menaker, a highly knowledgeable and well-known psychologist in the trading world. Since 1995, Andrew has been coaching traders and top fund managers to achieve a better performance.  Being a trader himself, Andrew is frequently asked to speak at conference and is constantly being requested advices across the world.  I, personally, have been blown away by this interview. The depth of the information provided and the great interest I had in the topic made me listen very carefully to every single words spoken by Dr. Andrew Menaker on trading psychology. From the start, Andrew Menaker mentioned "no one can master trading". This is a substantial thing to understand due to the fact that most of our decision-making is made subconsciously. Those looking to become perfect traders do not have a single chance to succeed.  The next very interesting thing to note is that we, as traders, bring ou

The Professional Forex Trader With A True Passion For The Market Episode 32 of the Desire To Trade Podcast features Dimitrios Charalampidis, a professional Forex trader based in Greece, and the man behind Snail Trading. The best thing about Dimotrios has to be his incredible passion for trading. He spends a lot of time looking at the market and testing his way of trading. However, that leads him to great results. He is very knowledgeable regarding trading and the currency market. In this interview, Dimitrios shared his best advice for traders. We discussed the biggest mistakes he sees Forex traders make – including not accepting to make mistakes. Dimitrios thrives to reach a point where money is meaningless and where he will be able to explore his passion for the market at its fullest. He concluded the podcast episode with a powerful statement - "Be strategic. Not only set your goal but define the steps to achieve those goals." What’s covered in the podcast? Why you should focus on the result instead of tryi

A Great Lifestyle And 18,000% Return In The Stock Market with Gil Morales & Chris Kacher Episode 30 of the Desire To Trade Podcast features Gil Morales and Christian Kacher from Virtue Of Selfish Investing. They discuss their philosophies on life and trading following the several books they wrote together. Aspiring traders would envy Gil and Christian' lifestyles of travel and discovery. At the time of our interview, Christian was in Buenos Aires. The book I first noticed, co-authored by Gil and Chris, is called Trade Like an O'Neil Disciple: How We Made 18,000% in the Stock Market. Gil Morales Gil began his investment career in 1991 as a stockbroker in the Beverly Hills branch of Merrill Lynch. In 1994 he joined PaineWebber, Inc. where he quickly achieved Chairman's Club status as a top producer. In 1997, William O'Neil personally recruited Mr. Morales to join William O'Neil + Company, Inc. where he spent the next eight years as a Vice-President, internal Portfolio Manager responsible for managing a port

Choosing Your Forex Trading Broker - Part 2 Episode 29 & 30 of the Desire To Trade Podcast features Justin Hertzberg and Trent Hoerr from Forest Park FX. They share crucial elements to consider when one go about choosing a Forex trading broker. That is the first step for any trader. This interview contains a lot of material and is divided in 2 episodes. While many traders are ready to dive into Forex trading. It is important to take a few seconds and think about which broker would fit best. Various factors will influence the choice of a Forex trader's broker. In fact, this podcast episode contains the 6 things to consider when choosing a broker. About Forest Park FX With an experienced staff of industry professionals, Forest Park FX specializes in creating custom FX brokerage and trading solutions for retail traders, service providers, institutional traders, money managers and hedge funds. Forest Park FX offers a wide variety of value-adding services, including market access through the world's top Forex

Choosing Your Forex Trading Broker - Part 1 Episode 29 of the Desire To Trade Podcast features Justin Hertzberg and Trent Hoerr from Forest Park FX. They share crucial elements to consider when one go about choosing a Forex trading broker. That is the first step for any trader. This interview contains a lot of material and is divided in 2 episodes. Part 2 is available here. While many traders are ready to dive into Forex trading. It is important to take a few seconds and think about which broker would fit best. Various factors will influence the choice of a Forex trader's broker. In fact, this podcast episode contains the 6 things to consider when choosing a broker. About Forest Park FX With an experienced staff of industry professionals, Forest Park FX specializes in creating custom FX brokerage and trading solutions for retail traders, service providers, institutional traders, money managers and hedge funds. Forest Park FX offers a wide variety of value-adding services, including market access through the w