What's my experience?
I trade the Foreign Exchange Market (Forex/FX) and have been doing so since Mid Summer 2016. Over the last year of 2017 I've really come into my own and am able to utilise trading and use it as a means to accelerate a Savings Account through compounding.
The reality of trading is that it's hard, fucking hard! It takes time, dedication and a steep learning curve.
I hope to speed up your learning curve through providing some helpful resources I've personally use to excel in my progression
Introduction to Trading:
I want to start this section off with a bit of a reality check and to ensure your expectations are well managed...
- Trading is NOT a Get Rich Quick Scheme
- Trading is much more of a Mental Challenge than Technical Skill
- Trading WILL take longer to master than you think
- Trading is full of scams, don't believe the 'clout' or those pushing a lifestyle agenda
- Trading is a LOT of work
- You will NEED to backtest your strategy
- You will NEED a written Trading Plan
- You will take losses, accept that
- Trading NEEDS to be treated as a business
- Your lifestyle WILL have to change to fit around trading
- Trading will consume your life!
- Compounding an account will be greatly more rewarding than taking large position sizes for one time gains
- A single trade will not make you rich!
- A single trade could blow up your account
- You HAVE to understand Risk Management
- You NEED to record every trade you take and learn from them!
- Your actions MUST match your ambitions
- Trading will help you grow as a person and understand some traits you never knew existed
- Trading can be VERY rewarding
- You NEED to invest in a Trading Education
- You WILL have monthly expenses (Education Subscription, Trading Platforms) it's a cost of business.
The first step in your trading career MUST be investing in yourself and selecting the right Trading Education. You could go at it alone, but this was one of the biggest mistakes I made thinking I could do it myself. Learn from those who have been in your shoes and can accelerate your own learning. My only regret is not taking on an education provider far sooner than I did.
Founded by Lewis Mocker and Amy Sangster, Infinite Prosperity provides a 'from the ground up' approach to learning to trade.
With some pretty comprehensive written lessons, the very basics of trading are laid out - from Support and Resistance, Psychology and Risk Management. All the tools to become a Professional Trader.
IP doesn't stop at Trading, they provide some great lessons in Passive Investments and developing a Diversified Portfolio and a completely unique way to look at money and spending.
There is two additional paid for subscriptions; Active Trader and Live Trader. I personally only subscribed to the Active Trader video series, which provided some great clarity and 'gotcha' moments in my Trading understanding.
I would recommend anyone who is completely fresh to trading to start with Infinite Prosperity to get the foundations before moving on!
Also you will receive an incredible education on investing for the future.
They provide 2 FREE Lessons, to give a taster for the style - go check them out.
Falcon Trading Guidance
Falcon Trading is run by Mark Hutchinson, an incredibly humble and successful character.
Falcon teaches a unique perspective to the markets, based on Structure and Behaviour across Multiple Timeframes.
The package is incredible and includes a weekly webinar on a Sunday which outlines the weeks opportunities and Top 6 currency pairs for the week. A Mid Week Market Review and Breakdown video, Educational Content Backlog, Trading Plan Templates and a Bi-Weekly Video on the Trades taken for the 2 week period.
For the monthly subscription, the amount of value provided is incredible - to get your feet wet, Falcon provides an initial FREE Introductory Webinar recording, which is well worth the watch regardless!
Up until recently (May 2018), if you were a beginner or new to trading completely you would have found Falcon a little overwhelming as it assumes trading experience and knowledge. Therefore, I would have suggested to begin with IP. However, Falcon has launched an incredible starter course to compliment the already amazing education. Even if you have absolutely no knowledge of trading, you can start with Falcon from the ground up!
I love Falcon and it's got an incredible community, so if there's anything you don't understand you can always chat with fellow traders in the Slack group!
IU is based around the Stock Market, from NASDAQ to Penny Stocks and is mainly centered around trading the 1 Minute Timeframe.
The community has some pretty heavy hitters within the Chatroom (such as Modern Rock and AT09 from Twitter).
If you want to go down the route of Stock Trading instead of Forex, I would recommend IU.
I started out with Investors Underground, but personally found the style didn't suit me and I preferred trading Forex as a result. However, for an education provider for Stock Trading they are great and definitely legit unlike some other Stock Trading providers out there...not naming anyone but you'll likely know the travellers!
Tools & Resources
I've outlined below a list of resources and tools I personally use for and are required for Trading.
Blown Up Accounts - Podcast
A Podcast developed by one of the Falcon Community Members, featuring some of the traders within the community also Mark Hutchinson of Falcon himself.
If you're new trading and getting started with Forex, it's good to hear some of the stories of actual UK based traders.
Chat with Traders
One of the largest Podcasts based around Trading, boasting some incredible guests from all corners of the Trading Industry, from Hedge Funds to Scalpers.
It's a great podcast to get inspiration and learn the stories of how some of the most successful traders got where they are.
A valuable resource, dig in!
The first thing you're going to learn in Trading is Price Action and Price Action is viewed on the charts. To enter a trade, you're going to be following the movement of the market on your chosen Asset Class and one of the best and most utilised charting software in the industry is Trading View.
Checkout my Introduction to Trading View to understand some of the features!
Evernote is an online note publishing software, but it's remarkably great at grouping notes.
Why is this useful? For you're weekly ASR and Trade Journalling, you can manage all your notes in one place.
Once you try it, you will prefer it over anything like Word or Google Drive.
It'a also amazing for creating portfolio of trades you can reference and also develop your Trading Plan within it!
Google Drive (Sheets)
When BackTesting and Journalling your trades, you are going to need to track the data.
I'd personally recommend using Google Drive Sheets as you're spreadsheet software.
Because it's free and cloud based. If you're using Microsoft Excel, you run the risk of losing your data if your Hard Drive is corrupted. You can also access your Sheets anywhere, anytime. If you're on your mobile and need to just scan through data on the go, just log into your Gmail.