Get Latest Videos Relevant to Forex Event Driven Trading Knowledge, “The Reality of Full-Time Trading” – Rolf Schlotmann | Trader Interview.
In this trader interview, Etienne sits down with full-time trader Rolf Schlotmann (from @Tradeciety) to discuss what it’s really like to build a full-time trading career. You’ll learn from his experience on how to become a consistently profitable Forex trader.
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Where to find Rolf:
Trading journal: https://d2t.link/edgewonk
0:00 “The Reality of Full-Time Trading”
0:57 Who is Rolf Schlotmann?
2:01 Story Time – How trading started out
2:55 How Rolf decided to go full time trading
5:05 Why his early 20s was the best time to take risks
7:12 What is Rolf’s trading style
8:06 How to overcome FOMO in the markets
9:23 Pivot Points: Rolf’s favorite indicator
10:30 How to use Pivot Points
11:32 Why objectivity and structure is vital in trading
12:30 How to make Price Action trading more objective
14:04 What more is there to price action trading
16:42 How to filter market conditions
18:09 The importance of accepting losses
19:55 Why the obvious things are harder to trade
21:56 How should you develop YOUR OWN trading style
24:13 Why it’s so hard to focus on 1 thing for 3-6 months
26:28 Why Rolf prefers to live in Asia over Europe
27:45 Should you move to Asia or somewhere else to trade?
28:52 How to deal with “the loneliness of trading”
31:37 How Rolf went from working 16hs/day to 2 hours/day
32:00 How to stay on top of trading full-time
33:48 How to review your trading performance and statistics
35:22 How to correct mistakes and negative behaviors in trading
36:34 Rolf’s top advice for struggling traders
38:43 Why a winning trade is not always a good trade
39:49 How to transition from easy markets to tough markets
41:29 How to use FAILURE to improve as a trader
42:37 Why you should always keep a trading journal
43:09 Where to find Rolf Schlotmann & Tradeciety
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Forex Event Driven Trading Knowledge, “The Reality of Full-Time Trading” – Rolf Schlotmann | Trader Interview.
Ignorance is Not Happiness
The reason I’m investing any time clarifying what I did above was simply to ideally open your eyes regarding simply exactly how complicated determining whether a spike will continue, can be. It is not for the newbie, yet most novices drool over the potential quick cash that can be made trading these points. And also most obtain eliminated at the same time, due to the fact that they’re essentially turning up at the O.K. Corral with a BB gun. They have few, if any kind of stats, with which to work, or optimized approach, etc. In addition to latency in execution issues, and so on.
As rare as spikes can be, absolute conviction in terms of their continuation is much more rare. As an instance, for myself, with whatever I know now, it could occur 2 5 times per month depending upon the context, as well as 5 is pushing it. I’m just human. Any other human with a normal capability to learn is possibly mosting likely to fall in comparable territory.
I’m speaking about seeing an initial very first response to the data or occasion, and also within seconds of absorbing the headings saying to myself “yes, so long as absolutely nothing else conflicts, this is mosting likely to continue, no question regarding it.” Yet after the spike happens, what then? What various other methods of analysis do we have?
What is a base and also quote currency?
A base money is the very first currency listed in a forex set, while the 2nd currency is called the quote currency. Forex trading always includes offering one money in order to get another, which is why it is priced quote in pairs the price of a foreign exchange pair is how much one device of the base currency is worth in the quote money.
Each currency in both is provided as a three-letter code, which tends to be developed of two letters that stand for the region, as well as one representing the currency itself. As an example, GBP/USD is a money set that entails getting the Terrific British pound and marketing the United States dollar.
So in the instance below, GBP is the base currency and also USD is the quote currency. If GBP/USD is trading at 1.35361, after that one extra pound deserves 1.35361 bucks.
If the pound rises against the buck, then a single extra pound will be worth much more dollars as well as the pair’s rate will increase. If it drops, both’s rate will certainly lower. So if you believe that the base currency in a set is likely to reinforce against the quote currency, you can get both (going long). If you assume it will certainly damage, you can market the pair (going short).
To keep things bought, a lot of suppliers split sets right into the following classifications:
7 money that comprise 80% of international forex trading. Consists Of EUR/USD, USD/JPY, GBP/USD, USD/CHF, USD/CAD and also AUD/USD
Much less often traded, these commonly feature significant money against each other instead of the US dollar. Consists of: EUR/GBP, EUR/CHF, GBP/JPY
A major money against one from a small or emerging economy. Includes: USD/PLN (United States buck vs Polish zloty), GBP/MXN (Sterling vs Mexican peso), EUR/CZK
Pairs classified by area such as Scandinavia or Australasia. Includes: EUR/NOK (Euro vs Norwegian krona), AUD/NZD (Australian buck vs New Zealand dollar), AUD/SGD
Noted extreme care around that first pullback point. Chasing the motion without any form of confirmation in regards to continuation is mosting likely to be your awesome. Quick quit losses in fast markets.
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