111 – Trading Forex Poles with Scott Barkley
11 Apr, 2016 / By: Brandon Clay
Scott Barkley on running restaurants, trading forex as a second career, and learning to trade poles.
Scott Barkley is president and co-founder of ProAct Traders, a professional forex trading mentorship and home of the 1-year Fast Tracker program. He’s been trading full-time for 14 years. He lives in the Austin, Texas area with his wife and he sometimes babysits his daughter’s golden retriever. He is also my personal trading coach.
Best Trading Advice
- Forex trading explained simply
- Why learning how the big boys trade is important
- The Pole Trade
- Trade management
From the Trader’s Story
“Virtually all traders misunderstand the amount of time it takes to learn to trade.”
“My opinion is anybody with average intelligence can be a trader if they’ll learn to have discipline, wait for their trade to come to you, and also have the ability to find the structure in the market and find the wide open spaces the big boys are looking to move.”
“You either win some or you learn some.”
“Rules are the key in trading.”
“You need to learn the why of the market, not the how of the market.”
“Learn also how not to pull the trigger.”
Resources Mentioned by Trader
Favorite Trading Book
The Disciplined Trader: Developing Winning Attitudes by Mark Douglas
Trading Rules that Work: The 28 Lessons Every Trader Must Master by Jason Alan Jankovsky
Many of you guys have heard about ‘my trading coach’ for a while. Now you have a name to match with this mystery coach: Scott Barkley. Every time I chat with Scott I get another tidbit I can apply to my trading. In the past couple months, my personal trading has been less-than-stellar and it’s been awesome to be able to reach out to Scott to find out what I should do differently. He’s always been very helpful.
If you’re looking for a takeaway today, I really liked this one. It was related to scaling your forex trading. When you’re starting off trading, Scott likes pointing students to demo trading first to get the basics down and understand the platform. Then move to trading micro-lots. Because there’s no real risk trading on a demo. So when you trade micros, every time you lose on a micro lot, you lose $0.10 per pip. For a 30-pip loss, that’s $3.00. Not fun, but a lot better than losing 30 pips on a standard lot which is $300. So if you’re out there trying to learn forex trading with minis or standard lots, you might want to take a page from Scott’s playbook and trade micros. That’s one piece of advice that has saved me hundreds, possibly thousands of dollars as I’m learning to trade the ProAct way. Thanks so much for your time, Scott.
BTW – If you missed that 10 forex lessons link at the end, I set up a quick redirect to make it easy for you guys to go there. It will take you straight to the 10 free forex lessons to get started trading forex with my personal trading mentor.
I have to mention that I am an affiliate with ProAct and would receive a commission if any of you guys join ProAct. But it’s a great program if you want to have a professional forex mentor who has personally trained hedge fund managers.
Thanks again for joining us on the podcast today. As for any updates on my trading, I actually reverted to only trading poles on a single currency in the past week. It was a good week – my best trading week in a while. I took 4 trades, all winners last week. I’m getting more disciplined – we’ll see if things continue. That’s the hope and that’s the plan.
Later this week, I have an announcement to make. Look for that on Thursday or Friday. Until next time, all the best!
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