This is a Chat With Traders first…
I’ve actually run out of fingers and toes to count the number of emails I’ve received in the past month or so, requesting an interview with a Forex trader.
Initially, I was avoiding this area because my knowledge on Forex is pretty much non-existent. To be honest, it’s just something I’ve never traded.
But when I was introduced to this weeks guest, I knew he would be a great fit to fill the demand of having a Forex trader on the show.
Joel Kruger has been involved with foreign exchange since the very beginning of his career in investment banking as a currency strategist. This was after he came to the realization that he wasn’t cut out for law school.
But now days Joel is in the trenches as a self funded Forex trader, who has pushed on through many failures and created a tremendous lifestyle for himself, and his family.
Also it’s worth mentioning. Even if you’re not a Forex trader, Joel has a bunch of really good psychology tips that he shares throughout this interview.
And a special thanks to the guys who submitted questions over Twitter before this interview, Joel does a great job of answering these. So hit the play button, and start listening…
To read the transcription of this interview, click here.
“Intuitively traders are fearful in a winning position, and hopeful in a losing position.”
“If you’re afraid to fail then you’re not going to succeed. It’s a part of the process.”
Lessons learnt in this interview:
- Joel discusses his experience of leaving a job in investment banking to becoming a self funded, full-time trader.
- Why you need a healthy blend of passion and commitment to make it as a trader, but more importantly accepting that it takes time. People seem to forget that given the instant gratification part of this business.
- Joel explains the dynamics and forces that separate Forex markets from other instruments.
- The reason why Joel believes leverage is the number one problem for traders new to Forex, and some pointers on how you can avoid overexposure.
- An overview of how Joel uses a mix of technical and fundamental analysis for trade ideas. And how he manages trades around market impacting news events.
- Forex is where fortunes are made, but in most cases lost. Joel gives us his take on whether or not Forex is best left to the pros.
- Reflecting on his journey Joel gives us a handful of bite-size psychology tips, and great advice on how to be more selective with your trades.
- Why you must embrace trading failures and the struggle before you will ever succeed. In your early years, it is not about hitting it out of the park – scale up in due time.
- And much, much more…
Links and resources mentioned:
- To learn more about Joel, head on over to his site and checkout the blog, jkonfx.com.
- You can also catch him on Twitter, @JoelKruger.
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