Podcast - FXjake

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my template for a counter trend trade it sort of points me in the direction of taking a .... towards my trading, had a dedicated table and chair and trading room, ...
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FXjake.com podcast - AN INTERVIEW WITH EMMANUEL

Welcome to the FXJake Podcast.Here you will learn how succesful Forex traders have learned to consistently capture forex profits. WALTER Welcome to the FXJake podcast I'm Walter and I'm glad that you're here. We have an interview for you from the United Kingdom today, we have Emmanuel. Emmanuel is definitely one of the best traders I've come across, I've seen his account statements I can vouch for him, he is an excellent trader and I think more than that Emmanuel is just a great guy and I thank you Emmanuel for taking the time to be here with us. I think that what's going to happen is that not only will Emmanuel shed some light on how he trades, which of course is of interest to a lot of you but, the most important thing to me is that Emmanuel approaches things a little bit differently from many traders. I think there's something to be said about that and some of his success may actually be due to that so I'm interested to getting into that as well. So we may as well get started. How did you get into Forex trading ? EMMANUEL Almost like every other person I was looking for a second income and when I heard about money being made on the stock markets I felt "let me get into this." I traded stocks painfully for about 3 months and discovered that some stocks just didn't move. Out of curiosity I just flipped through some instruments on the brokers platform and I discovered currency pairs were moving despite the time of the day and that was what got me interested in the first instance. WALTER Right so you were interested in the fact that it was a 24-hour market and there is some action happening? EMMANUEL Yes, there was always action and the action was quite pronounced. You could trade a stock and could, maybe, oscillate between 30 PIPS within a day. But for Forex you could literally dive in which was quite useful for me being full time employed, could dive in at 6 pm and still get 3 hours of action. And with PIP movement ranging from between 30 - 40 and (? maybe there's a news [2:16] ?) release, as much as 60 - 70 that was quite exciting for me at that time. WALTER And so just to be clear, you are in England so in the evening for you that would be the beginning of the New York session wouldn't it?

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EMMANUEL The afternoon New York session starts about 2:30 PM and I'm still at work at that time but by 6 PM we have 3 hours to the end of the US session and it's quite an active period as well. WALTER Ok so you're trading in the last bit of the US session and it's very volatile. EMMANUEL It's quite volatile and the start of the European session which is 5 AM to about 7 AM the next day. WALTER So you trade both the end of the New York session and you trade in the morning? EMMANUEL Yes I do that. WALTER All right, excellent! What was the attraction to Forex for you, was it just the fact that it's a 24 hour market, you can work it around your life and there's a lot of volatility or is there something else to it? EMMANUEL Yes those two reasons are quite valued, 24 hour market as well as the volatility and also I was quite excited about the leverage because compared to trading stocks I could just trade a bigger volume of Forex (? peers [3:40] ?), a high amount with little margin. So that got me excited as well given my small starting balance, that was a big attraction at that point, I felt like I could literally double my money. WALTER That's excellent. How would you characterize your specific approach to trading Forex ? EMMANUEL Quite aggressive, I'm an aggressive trader. I trade quite aggressive on short time frames. I look for failiures, once I notice failiures I go either short or long depending on what the trend has been. However on longer time frames I'm a bit more laid back because longer time frames has to do with a bit more analysis and waiting for it to line up perfectly. But for short time frames - in and out of trades as fast as I can really. WALTER I see so you basically have two approaches. For your shorter time frames you're looking for the end of the trend so you're a counter trend trader is that fair to say on the shorter time frame ? Real Trades, Real Trading Advice

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EMMANUEL Yes I am predominantly a counter trend trader but, however, with time sort of mellowed down a bit I look for counter trends and just wait for the counter trend to expire, and if it expires and the first indication I could pick up that "oh the counter trend is expiring and reverting back to the main trend" I open my trade. But however if I notice the main trend is looking overstretched I jump in happily as well and counter trade. WALTER So you'll trade with a trend if you find, maybe, a pull back to get in? EMMANUEL Yes, I will do. Looking at price action I notice maybe a sort of bar that has discouraged all counter trend traders. Maybe I've noticed them getting hurt, maybe a huge spike or so then I'm interested in jumping in to the trend. WALTER Right, interesting! So if I've got this right, you sort of prefer to go counter trend but if you notice a sort of price action that suggests the trend is over, and yet all of these counter trend traders are wrong you'll happily jump on the other side and say "ok I'll keep riding this trend out because the counter trend traders have been blasted here". EMMANUEL Yeah and I'll start licking my chops because I know straight away my entry will move into profit in seconds. WALTER Right, that's so interesting! And how does that differ from your longer term time frame whatever that is ? How does that differ it's just more waiting is that right ? EMMANUEL Yeah more waiting because for my longer time trades I use the horizontal naked trading which I learned on FXjake.com so I have to wait until price plays around those pre-set lines. And once price gets to those levels I'm interested and I wait until price shows me it's hand really, whether it's in form of price action or.. that's when I get interested in the daily. I usually don't jump into dailies just on price action; I need to have some form of structure to hide my stop. WALTER What is it about your personality, I mean, do you think there is something about you and your personality that makes trading easier for you than it might be for some other person, would you say that's true? And if there is something about your personality that perhaps made it a little bit easier for you, what would that be ?

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EMMANUEL I don't think I'm different from any other person, in fact I would like to say I have some personality traits which are not so attractive for trading, which made it harder for me initially and had to work on. I don't think there's anything in my personality other than beating myself up for my mistakes other than blaming the broker or the system. WALTER Right so, I would say, speaking personally that's a great trait for me to have as well. So you're saying basically if you make a trading mistake it really affects you to the point that you're basically determined to wipe it out so you don't do it again is that right ? EMMANUEL Yes and my review trades, especially mistakes, I make sure I look at it rather than just saying "oh I have a positive balance which counteracts the mistake". So I look at the mistake with a view of making sure I actually learn what the mistake was, was it that I opened too early? Was it that the counter trend nature of the short time frames got the better of me on the long time frames? So I analyze it dispassionately and I sort of kick myself emotionally and physically at times and just write it down, paste it on the board, and make sure I don't do it. At times it helps I think, aswell, to get someone who could actually talk to you and correct your mistakes. I told my wife about some of my trading mistakes and she put things a bit more in perspective so I think it's quite good to review your bad trades as well. WALTER You're essentially saying that you self reflect, that you look at your mistakes, which is perfectly reasonable and a great trait to have. And the other thing you're saying which is something that I've always thought, you're allowing yourself to become accountable to someone else and obviously that works for you and I think a lot of traders could learn from that really. Ok so would you say that it's possible for just about anyone to learn how to trade profitably ? EMMANUEL Yes and no. Yes in that it's possible for anyone to do it. And no in that if you're not prepared to master your emotions and improve yourself it's not possible for you to trade. I trained someone, my better half who is my wife, and she is quite a good trader but she never mastered her emotions in closing out small losses you know she likes to get the big losses, small profits, so after a while she just gave up. So yes it's possible for everyone to be able to trade profitably, no - if you don't master your emotions you can never trade profitably. WALTER How many trading strategies do you employ regularly right now?

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EMMANUEL I have three strategies but I only employ one at a time. I could use the other two to review markes but I discovered when I stuck to using one strategy at a time my trades became easier and I made less mistakes and I was overall more profitable. WALTER So how does that work? You've got these three tools and you just decide based on what the market is giving you at the time which is the best one to use? EMMANUEL Yes I have a trend strategy, I have a counter trend strategy and I have the naked trading strategy. What I discovered was that if I take a trade based on maybe support and resistance if I sort of put in my template for a counter trend trade it sort of points me in the direction of taking a counter trend trade. So what I do is once I start trading for the week I look at all the 3 strategies and decide depending on the state of the market that "ok am I going to go with a trend, am I going to use the naked trading setup or am I going to use the trend trade?" And once I decide "this is what I'm using", that's what I'll use all week. WALTER And so you will know essentially at the beginning of the trading week, which tool you're going to use that week. EMMANUEL Exactly, what helps at times is like, at nonfarm payroll, I make sure the week leading to nonfarm payroll after testing it I use only with trend trades the week after I have a look at counter trend strategies and the 3rd week it's my naked trading week because by that time the market would have settled down, all the fluctuation is taken out during the nonfarm payroll, so I'm able to see the support and resistance lines clearly, so I take trades based on that. So that's loosely my structure and I follow it religiously. And since I started following it I discovered I've become overall more profitable and less confused. WALTER That's excellent you essentially have your rules set for you at the beginning of the week, that's great! So looking back was there a particular event or lesson that aided you in getting your trading on the right track or to the next level? In other words, if you were like me when you first started trading you didn't make money and I certainly didn't, and most traders I know didn't either. A few of them did from the get go but most of them either didn't make money or they made money and then they just made one huge mistake. So was there some point, was there some event or lesson that you had to learn in order to get on the right track and if there was can you tell us a little bit about that ?

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EMMANUEL Yes on my one year anniversary of trading I had another account blowout which was the 4th account I was blowing out using another strategy. Because unlike some other traders who lose money consistently, my style has been: start with a small account balance and in almost all cases I've managed to double it, and thereafter I would now have a small loss I would just say "oh it's going to turn around, it's going to turn around." And before I knew it the small loss takes out the entire account. So I did that four times, and on my one year anniversary I was broke, I had no money to trade, I didn't have enough funds to fund my lifestyle. And I just sat down and I calculated my total losses, I keep a log of maybe all the systems I've bought as well as all the amounts I've lost. So I calculated it and I became very sober, as well as opportunity lost because I spent so much time trading I abandoned doing some other things, spending some time with friends - family or learning new skills. So I put a value to all of it and sitting down and looking at those numbers, having no money to trade, was very sobering. And that was when I decided that I would stop being unprofitable, I would look for someone who could actually help me become profitable and made a decision to stop reading free internet articles and look for someone who is successful in trading. Not a guru with six homes and with a slick website and so many stories, but someone I could see is actually accredited by a broker that is quite successful and who is quite willing to help. And that is when I came across FXjake.com and I'll say that sober reflection and seeking help in the right place was the crucial key to my turnaround. WALTER It's interesting also because you come from an accounting background so you say that you actually totalled up where you had been at that stage, you had been through 4 accounts in a year and you totalled up everything and you thought about it and essentially you had come to the decision that one, you were going to seek help and two, you weren't going to let those big losers keep growing and gobbling up your account is that fair to say? EMMANUEL Yes it was fair to say because it was particularly painful because in each of the accounts, I could print out copies of the statements and send to you, I actually doubled my initial stake but poor money management and zero psychology took it back as well as the initial investment. And I tried you know, you talk to yourself "no I wouldn't let this happen the next time." It happened the second time. The third time I think I actually trippled my account and I was like "no, no, I'll close my small losses" and same thing happened as well. Then the fourth time so I knew I needed help. WALTER Thanks for sharing that. So what are some of the concepts or perhaps ideas that you think may help other traders but that are not so obvious. The things that come to mind that are not obvious not talked about a lot but might help a lot of the other traders out there particularly those traders who aren't finding it possible to consistently make profits?

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EMMANUEL Yes I think there's so much publicity about trader psychology, keeping your losses small and having a trading plan. I read those I could actually recite it in about seven different ways. I think some of the things which are not talked about are your trading environment - do you trade with your laptop on your lap while flipping through TV channels ? I discovered that when I adopted a more rigid discipline towards my trading, had a dedicated table and chair and trading room, a small room converted for my trading, I could actually concentrate better. Secondly there should be accountability, if it's a business you need to start keeping track of what you're spending because I think it puts it in more perspective as well as making sure you're ok to trade. Every day isn't christmas and there will be some days you're not feeling motivated. The best advice is don't trade no matter how well the market looks at that time because it's almost like a siren or a mystical monster from under the sea, it knows you're not feeling great, keeps singing and shows you these wonderful charts. Once you listen to its charm you will definitely lose money. Those are part of the things which are not really said, you need to have a proper trading station as well as make sure you're in the right frame of mind to trade and keep a log of your losses preferably pasted right in front of you so that you could have a look at it every time. WALTER Was there a moment when you knew that you were going to make it as a trader and become a successful trader? EMMANUEL Yes I knew it when after the training I went off trading completely for about 3 months to unwind some of my bad habits and to embrace naked trading which sort of gives me the fine stop loss points which I've been missing in my trading, my entries were good but I never knew where to get out. So when I learnt that naked trading attended the Pro Trader Webinar Series I refined my entries, wrote it down, I had them all written down as well as my stop losses and strategy, everything all written down and I applied it consistently. The first month I was able to triple my account, at that point I knew "ok we're getting there." Second month I was able to still end up in black and the third month I was in black so at that stage I knew "yes I'm going to be profitable in this overall." WALTER Excellent. If a large percentage traded exactly like you do, do you thing your trading strategy would still work? Why would you say that or why not ? EMMANUEL Yeah, i would say it will still work because almost exclusively I trade naked trading and those levels are quite obvious to quite a number of traders so if everyone trades the same way it would still work and i dare say it would be more profitable because the trend will be stronger so it would still work because its stomething that worked in the past and it’s something that will continue to work,

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because its basically support and resistance lines and P price zones which will always get respected and I think the reason it works so well is because many people are aware of those levels. WALTER Yeah the market has somewhat a green on those places on the chart.What would you tell a struggling Forex trader if this person came to you and asked for some advice and if you really want to help them out what would you tell them or would you need to know more about their situation before you can give them some advice? EMMANUEL I think its always good to know more about the particular situation.However to anyone that is struggling, there is a clear cut answer which i picked up somewhere that good money management covers a host of sins so even if your system isn't quite great or you're making mistakes once you have good money management in place you'll still be allright so thats the first think I’ll just say: Make sure you have good money management in place then we'll talk about the other issues. WALTER And you have a trading routine ? Whats your trading routine if you have one ? EMMANUEL Yes i do, its also important for traders to have a routine.I trade the last three hours of the US session and the first two hours of the European session.So I wake up at least an hour before then and review the charts and identify what the trends are and look at "ok these are the value points, these are the supporta and resistance, these are the levels I would enter potentially and determine my rules of engagement really. At times I look at the charts and if I notice the volume isn't sufficient, i might not trade, especially europeean open becuase there are lots of fakeouts so usually I have a look at the volume so thats my set of strategy.Wake up an hour early so that I don't feel rushed doing the analysis too quickly.I have a bit of breakfast or lunch and a drink as well and i lock the door of my trading room just to make sure there are no distraction, maybe the wife or the dog or anything and I concentrate on that, open the charts and narrow down, identify the markets I would trade, check what the trend is and look up my rules of engagement and identify points i would get interested in getting a trade.Then for my long term strategy, usually i get after trade in the US close, i usually have a short nap about 3 hours, wake up and look at the charts as well.Usually i'm fresh after 3 hours but when I notice I'm not quite up to it I don't look at the charts if I'm feeling tired, I never take a trade when i'm tired because it always ends up in a losing trade. WALTER Some traders i think get so locked up into their charts they forget to think about how they feel physically and obviously you realised that affects you.

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EMMANUEL I have noticed and it comes from looking at your previous losses, identigying how doing a certain clinical evaluation of what happened, Ok i wasn't feeling fine, I took that trade , I was feeling a bit tired or just set a stop loss at ???.So a sort of critical evaluation of one self helps and when you are not feeling fine, don't trade , its a rule i never break because i lose money and i'm not in the business of giving up money to the broker. WALTER Right, so you said something interesting about the volume.How do you determine the volume if there isn't enough volume, you said you may stay out of the market, how do you do that? EMMANUEL Yes, basically one quick fix is just to look at the size of the candle bars, if they're all like squishy and timey , I don't bother trading in because it could go in either direction or it could just continue dragging but if I look at the candlesticks and its showing quite ??? the volume in terms of the pips per candlestick.For example if I look at the 15 minute bar and it coming in between 5 to 10 pips its quite timey and I look at the surroundig, the preceeding bars as well and if they're timey, I don't waste my time.If be more scientifically, one could use a rangebar and maybe set it at maybe 50 pips, thats what i discovered works for me, for example on friday i set the ???bar at 50 pips and i discover that throughout the day that 50 pips wasn't brokenin either to he upside or to the downside so i didn't fade on friday so those are my rules of engagement in determining whether there's good volume in the market. WALTER So, if you have a losing streak or you have a drowdown, assuming you have those, what would you do to deal with that? EMMANUEL If I have a losing streak, the first thing I do is I make sure my trades are properly managed if i have open trades, make sure the stops are tightened and I could even review my profit objectives, I could bring it a bit lower so that I get out of the trade a bit faster but if I have no trades on I just close my computer and take a day off trading because what that means is I formed an opinion about the market and no longer trading what I see but I'm trading what I think should be so once I formed that opinion, I take a day off and if for example I trade EUR/USD exclusively on the shortterm time frames, when the day after when I resume I don't open the EUR/USD charts, I could open a GBP/JPY or any other thing other than what i was trading before taking the day off and start trading that. WALTER How long have you been trading as you do right now? How long have you been doing this? In other words have your methods evolved over time to come at this stage and how long have you been doing exactly what you're doing right now?

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EMMANUEL Yeah, I would say I've been doing exaclty what I've been doing right now in the last one year, I am a bit shamefaced, I actually had all the systems when I joined FXjake.com but you know there's always a tendency with new traders to want to complicate things a bit, ot put in different fancy indicators that "oh this will help me, this will screen out bad entries, this will do that" so I actually spent more time chasing after those indicators which ended confusing me more and gradually over the last two years up on to last year I now made a decision that these indicators are not actually working, took them all out and I've been trading the same way i have been over the last year consistently. WALTER Do you think it would be possible for you to hold a regular job and trade or would you need to change your trading routine? EMMANUEL I think its difficult holding a regular job and trading. However that being said and that’s based on my personality because: 1. If you can afford to trade larger time frames, if you have the funds to trade preferably daily or weekly time frames and you can afford the stop losses, good, you can do it easily around a day job, but if not, and you're bit greedy like I am, I like to see good returns on my efforts, it would be a bit difficult and because I have to get up early in the morning to trade the European open on the short time frames, get back home, trade the last three hours of the American market so its all quite stressful, its difficult but its not impossible but if you could afford stops on larger time frames it wouldn't be as difficult as trading on a short time frame. WALTER So, esentially the higher the time frame the less screen time you need. But what you're saying is, the smaller the account the more important it is to be drawn to the lower time frames? EMMANUEL Not necessarily, because i had this problem once and I had a chat with you and , for example, if you have a £1000 account and you want to trade a daily time frame, normally the stops are in the range of 150 to 400 pips so that skews your account so you have to use proper position sizing and if you use proper position sizing your reward in absolute terms, I mean for example, if you have a 400 pounds pip gain on a daily time frame but becaus you're using smaller pip size it could come in maybe as 4 pound or 40 pounds, if you're content slowly growing your account you can trade the daily time frame with proper position sizing but if you're a bit greedy like i am and like to see something more tangible in my accounts you need to move to a smaller time frame in order to make sure your position sizing is in line with the level of risk you're taking.

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WALTER So you've talked a little bit about this then when you sort of self reflect and are critical of your past trading , to analyze your past trading to get better but specifically how do you analyse your past trading and what are the lessons you've learned by doing this ? EMMANUEL What i do is, every weekend when the markets have stopped moving, I don't do it late friday night, I do it first thing Saturday, I print out all my trades for the week and scroll back on the platform and look at each trade and it also helps because i take a snapshot of each trade I make. Maybe for example, I'm making a trade today, I'll save it and put the dates and the time so when I'm reviewing, and I have a folder, a trade folder, so on the saturday morning I look at all my trades, review them and wonder "ok, this was a good trade and that was a loss, i'm ok with that, I take that off." Just two columns: “Rules Followed” and “Success of Trade.” So if the trade was successful but i didn't follow my rules, I keep myself up about it and identify why I didn't follow my rules and make sure I don't repeat the same mistake.And doing that has helped me identify for example which currency pairs are better at trading and because some pairs trend better than others I also discovered that I'm not good at trading whenever I'm not totally fine and I also discovered my 50 pips, sort of, volume rules of engagement that whenever the maket doesn't move suffieciently past 50pips its a no trade day for me so looking at my past trades has helped me identify many areas i needed to improve going forward and it makes me stay disciplined and ensures I keep on following my rules. WALTER So you'be set up a system to ensure that if you're doing anything incorrect or against your rules you basically catch it every week and you identify it... EMMANUEL Yes i have a check list and I make sure I keep myself up. It could be as tiny as not going to the movies that weekend but i make sure i keep myself up about it and I make sure I don't make the same mistake twice and if it’s something that I'm repeating I sort of look for what’s causing it. Am I taking more trades than I should be? Or I have become more emotionally attached to winning all the time? Or is it I may suddenly get overconfident? So it keeps me in check. So when I'm getting a bit more overconfident I now take lesser trades and I make sure I have an “A” “B” and “C” classification of trades. “A” being what I call a perfect trade. So once I notice I'm getting a bit too confident I only take up “A” type trades, if it’s not “A” I'm not taking it. WALTER So, you are aware of the fact that when you get very confident it’s easy to make mistakes. So to counter that you have built into your system: "When i'm feeling over confident I only take the A trades".

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EMMANUEL Yes I did and if I maybe look up trade, maybe a “C” trade was forming up so beautifully and I could see "oh, this has a small stop loss and its going to end up in a good profit" - I don't take it. At times physically drag myself out of the room. And i think maybe taking spring shots of trades helps as well because when I'm taking spring shots, part of classification of the trades should be an “A” “B” or “C” so once is a C and I know I'm in an A week it serves as a physical check and at times I struggle especially when I notice this trade that goes on meets my profits objectives I say " oh, I should have." But I discovered that following the rules have made me profitable, so I'm not going to break that discipline for just a single trade. WALTER Over the years how has your training evolved? How has it changed from what what you did in the beginning to what you're doing now? EMMANUEL It has grown simpler. At times trade without anything on the charts, not even a trend line or a support and resistance. It’s gone simpler and I no longer feel so pressure to take as many trades as I do so it’s more "This is a business, the markets are not going away. You can't become a millionaire in just a month of trading." It has become simpler, I take trades because they match on my criteria rather than the market is showing me it’s a good trade. So it became simpler, I deleted all the indicators on my Meta Trader platform just to make sure I don't wander in that direction again. WALTER What are the most common mistakes that you have seen with other traders so if you come into contact with other traders then you've seen their trading or talked about their trading, what are some of the things that you've seen other traders do that you think "if they changed that they'll be more successful?" EMMANUEL Number one is stops. Everyone goes most trades, especially when I was starting and many other traders i've met, everyone opens a trade hoping it will be sucessful and there's no plan B for proper stops if the trade isn't successful, so looking carefully at stops makes for a good risk-reward because at times I want to take a trade but looking at the stop, it changes my mind about it, most traders they are not successful and myself initially it was the issue of the stops. Stops were not properly defined and once you start defining your stops and asking yourself questions like “can I afford this stop?”- It makes sure that you still remain in the game and you take high quality trades. And the second thing is system hopping. I used to have close to about 20 different system templates on my meta trader and I dont't follow the rules of any because I'll click on this system maybe this one - “diversity” or “stealth trader” and its showing me something and I move to another template and its showing me something else, and in the end I don't follow any of the rules of both systems and this leads to a loss so stops not being properly defined or put in at all as well as system hopping affects traders and thats affected me, its affected most of the people I've spoken with, everyone is looking for the Holy Grail, which doesn't exist. Real Trades, Real Trading Advice

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WALTER In life, is there something that you have found that reminds you of your trading so if there is something sort of analogous to trading, what is it and how are the 2 related for you ? EMMANUEL I'd say almost everything in life reminds me of trading.For example especially when i watch reality tv shows, I think thats the best example I can give.Reality TV shows, maybe like X-Factor which is something like a musical competition, contestants in hundreds or thousands all want to win one prize.That always reminds me of trading because there are usually loads of people who come in there without any talent or preparation, some have some talent but no preparation and they end up falling by the wayside. So it always reminds me of trading that there's so many people, hundreds, millions who know trading is quite lucrative but have not put in the preparation, the work, maybe self-discipline, identifying the proper system and in the end they fall by the wayside even though they have such big dreams. Some of them actually cry, when they are asked “what does this mean to you? ", "it means the world to me, means everything to me". But without the preparation, the hunger, the consistency and the drive to continue and improve, they all fall by the wayside so that always helps my trading when i think of it. WALTER It’s a good point, trading is such a competitive thing and there are people out there with millions of dollars in computers and ...it’s a very competitive arena, isn't it? So we're all done, how did you find it, it was good? EMMANUEL Yeah it was good, I enjoyed myself and I'm happy for contributing and hopefully it will help someone shorten their learning curve. WALTER Exactly. That’s exactly the idea. Thanks so much, Emmanuel. Thank you so much for your time.

Thank you for joining the FXjake.com podcast, until next time... Happy trading!

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