Blake Morrow (otherwise known as @PipCzar on Twitter) started out as a stock broker in 1995, but this only lasted for a short period of time, before becoming a trader…
A wealthy friend put up $50,000 in starting capital, which Blake lost about $30,000 of it within the first six months. Though, before wiping out, Blake was able to turn that remaining $20,000 into roughly $1.5M in the next few years that followed.
He’s since been involved in various trading and technology firms, but today, Blake is the Chief Currency Strategist for WizeTrade, co-founder of Forex Analytix, and an independent forex trader.
Over the course of this episode you’ll hear about Blake’s story in greater detail, how he navigates forex markets—using charts and technical analysis as well as economic drivers, some tips for beginning traders using leverage, and plenty more.
Lessons learned in this interview:
- Blake discusses his first few years in trading; working as a stock broker, going to Block Trading, getting funded by a wealthy friend, living on ramen noodles etc.
- How Blake’s trading buddy helped him to become more disciplined, in a Drill Sergeant type of way—and how he rebounded from a severe equity drawdown.
- Blake explains how he reads charts and uses confluence of technical analysis (in particular, Fibonacci levels) for identifying prime FX trading opportunities.
- The added value of understanding economic drivers, and why opening and closing prices of daily candles still have value in FX markets which trade around the clock.
- How to think about leverage, the first thing you should ask before getting in a trade, considerations for account minimums, and tells of a reputable FX broker.
“What is my risk? That’s question number one—most people have it backwards.”
Links and resources mentioned:
- The Disciplined Trader, by Mark Douglas – Mark was a premier trading psychologist who authored one of the first books Blake read about trading.
- ForexFactory.com – This is one of the websites Blake mentioned as a great resource for FX traders, especially the calendar—as well as ForexLive.com.
- ForexAnalytix.com – Blake is the co-founder of Forex Analytix (along with Nicola Duke and others), which is a complete FX market analysis platform.
- @PipCzar – Follow Blake on Twitter and tweet him about this episode!
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