To receive new articles instantly Subscribe to updates.
Interview with Professional Forex Trader
Written by: PaxForex analytics dept - Wednesday, 02 May 2018 0 comments
There are many stories about how hard forex trading is, especially if you want to become a Professional Forex Trader. The stories are not meant to discourage new traders, but should be viewed as a lesson of what forex trading is all about. It is not something you can approach half-hearted, but requires full dedication as any other top profession does. While it is important to understand the challenges, it is also important to know that those who accept the uphill battle, will come out on top of the mountain. Today we have an interview with the Professional Forex Trader Jim K.
Redactor: Thank you for taking time out of your busy schedule to answer our quick-fire round of six questions in order to help new traders reach the next level. What is your opening statement for our traders?
Jim K: You are welcome, I think it is important that those who are serious about trading understand that while it is tough, it is possible to master FX. Don’t let others tell you that you will fail.
Redactor: How long have you been trading forex?
Jim K: I started roughly 14 years ago, part-time on the side. I was in the same boat as just about every new trader. I had a full-time job and traded in the evening when I came home. Basically I traded when the pros took their break and when they returned and moved price action, they took my lunch money. I became a professional trader about 2 years ago.
Redactor: So it took you about 12 years of learning ‘the trade’, can you give our traders a quick overview of what you did over that period?
Jim K: It took me 12 years to turn fully professional. I spend the first 4 years learning the basics and creating my own trading strategy. I blew through my first 7 trading accounts, but I only used small deposits. I figured I give myself 10 attempts and if I don’t learn by then then I am not in the right sector. Once I had a functioning trading strategy, I had to build my trading account. This takes time and is often overlooked by new traders. Over the next 8 years I did not make any withdrawals from my account, but rather small monthly deposits in order to get it to the size I needed it to
Redactor: What do you think is the biggest mistake new traders make?
Jim K: I think there are quite a few, but if I have to pick one then it would have to be their focus on weekly or monthly profits in order to withdraw them. The short-term mindset is definitely an account killer.
Redactor: How did you know that you were ready to quit your job and become a Professional Forex Trader?
Jim K: Three things were important for me: 1. I learned to trust my trading strategy which took almost a decade of live trading. 2. I accumulated enough trading capital in my trading account so if I would make 20% per year, it would cover my annual expenses without decreasing my life style. 3. I had enough cash on the side to survive another 2 years. This was my security blanket.
Redactor: Do you have a book or a movie which you recommend to traders?
Jim K: Movies are nice to watch and I would have to suggest the all-time classic ‘Wall Street’ from 1987. A more recent one would be ‘Margin Call’, which is a good one to watch. I recommend reading Napoleon Hill ‘Think and Grow Rich’, it is not about forex specifically, but a must read if you want to succeed.
Redactor: Thank you again for your time. It is always great to have the insight of a forex trader who succeeded so that new traders can learn.
Jim K: It was my pleasure. I believe if one trader learns a lesson from this it was a great success.
As you can see from our interview with Jim K, a short-term mindset is one of the biggest mistakes of new traders. Jim K spent over 12 years to get himself ready to become a Professional Forex Trader. So don’t obsess with how much money you will earn per week, but have the long-term goal in mind. Those who will approach it the right way, will benefit from forex trading for a lifetime. Are you ready to get your forex journey started?