He Makes a Living Algo Trading in Forex – Scott Welsh | Trader Interview

Published on September 14, 2022

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In this trader interview, Etienne sits down with Scott Welsh, a full-time algo trader. Scott trades automated trading strategies for a living. You’ll learn his best tips on algo trading and how you can start trading algorithms yourself.

Previous interview with Scott Welsh: https://youtu.be/GhKj9TAtd-s

0:00 Start
0:21 Introduction
0:44 Scott’s trading since the last interview?
2:43 How much work algo trading requires
4:56 Why you should re-optimize your algos
6:26 How to avoid over-optimization
11:20 Trade a few symbols or a lot?
12:10 Scott’s trading review process
14:05 How to find strategies for algo trading
15:25 Why you don’t need to learn to code to be an algo trader
16:52 Why trading ideas don’t matter
18:44 Example of a forex trading strategy
20:40 Why common indicator logic may not matter
21:20 Why a time-based stop loss works?
24:11 The mindset of an Algo trader
27:53 Why you shouldn’t care about your P/L
28:52 Why Scott loves trading contests
31:33 High risk trading with algos
33:16 Where to find Scott Welsh

#algotrading #algorithmictrading #traderinterview

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My name is Etienne Crete (from Montreal, Canada). I’m a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.

I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That’s why you can expect more free content from me than what other people charge for!

If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you’re good at.

// Disclaimer
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.

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He Makes a Living Algo Trading in Forex - Scott Welsh | Trader Interview, Forex Algorithmic Trading Competition

Forex Algorithmic Trading Competition, He Makes a Living Algo Trading in Forex – Scott Welsh | Trader Interview.


Can quants make millions?

In research study, top quants are possibly make close to a million a year, perhaps a little over. However quant pay is a bell curve, and the middle of that contour for effective research study quants puts them in the mid 6 numbers.

Recommended Book for Algorithmic Trading

Algorithmic Trading: Winning Strategies and Their Rationale

Book by Ernest P. Chan

Algorithmic Trading Book - Winning Strategies and Their RationalePraise for Algorithmic TradingAlgorithmic Trading is an insightful book on quantitative trading written by a seasoned practitioner. What sets this book apart from many others in the space is the emphasis on real examples as opposed to just theory. read more…


Originally Published: 2013
Author: Ernest P. Chan

The Ultimate Overview To Successful Artificial Intelligence Trading

Virtually everyone who has actually programmed a computer to do
anything past outputting “Hi Globe” has actually desired for having a computer system formula (algo) working tirelessly to extract cash from the monetary markets, be it in supplies, bitcoin, soybeans or anything else traded on an exchange. “Configuring wizard, market slayer” is a phrase we ‘d all like to be related to. That is what a great Automated investor is.
But how reasonable is creating as well as releasing a digital algo bot, or an army of bots, to make money for you? As well as, presuming it can be done, just how do you in fact tackle doing it? This guide strolls you with the steps to coming to be successful at algo trading. However be advised it is far more involved and also far more difficult than you might assume.

The Fundamentals What Are We Really Speaking about?

Prior to we obtain too far, there is some terminology associated with trading that will assist you understand algo trading. There are 3 primary modes of trading. The first is discretionary trading, where a trader makes buy/sell decisions based upon any kind of number of aspects, several of which can be configured, and also others such as instinct as well as suspicions which can not. Many discretionary investors look at charts or price ladders on a computer system display for hours at once, dealing as they accompany.

The 2nd sort of trading is algo trading. In years past, it was called mechanical, systematic, black box or guideline based trading. Now lots of people describe it as Automated or algo trading, but the concept has not transformed. The core viewpoint is that all the rules for buying and selling (the “trading system” or “trading method”) are 100% defined, as well as purely adhered to. This makes algo trading ideal for a computer to implement, as well as also run automated in real time without human treatment. One massive advantage of this design of trading is the guidelines can be traditionally tested, referred to as a “backtest.” By running a backtest, you can acquire confidence in a trading algo prior to putting cash behind it. If the rules were not profitable in the past, they likely won’t be in the future!

The third sort of trading combines optional and also algo trading. This is known as a crossbreed or gray box approach. For example, maybe the entrances are based on an investor’s instinct, with only the leave rules digital.
For the conversation below, we will certainly focus on the 2nd strategy pure algo trading – 100% electronic rules for purchasing and offering any instrument. We will look to algo trade on an exchange, which is simply a physical or virtual setup where purchasers as well as sellers can carry out trades.

Why Should You Listen To Me?

Now that we have fundamental terms down, you may be wondering why you need to pay attention to me. Initially, I have been algo trading for over 25 years, and also most importantly, not constantly effectively. Throughout the years, I have discovered and also get rid of the risks in trading system design that plague many traders. This took years of hard work as well as tuition (losses) paid to the marketplace. However ultimately, I was able to make a go of algo trading, and also completed in 1st or second area 3 years straight in an around the world, real cash futures trading contest, earning over 100% in each of those years.
I was also able to accomplish the goal that tantalizes a lot of part-time leisure activity traders – making the jump to full time trading, which I still do today. Along the way, I composed 3 best selling algo trading books, and I share my experiences around the globe through workshops, classes and also meetings.

So, together with my early trading failures, I have had verified trading success. That is essential, given that numerous trading educators have actually never ever also traded effectively! The process I lay out later in this article is absolutely from somebody that has “existed, and also done that.”

Read Popular Vids Explaining Forex Algorithmic Trading Competition and Financial market information, analysis, trading signals as well as Forex investor reviews.

Caution about High Risk

Please note that trading in leveraged products might entail a substantial degree of risk as well as is not suitable for all investors. You ought to not take the chance of greater than you are prepared to lose. Prior to determining to trade, please guarantee you comprehend the threats included and also take into account your degree of experience. Seek independent recommendations if required.

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