The best way to start trading by Urban Forex
all right good morning good evening good afternoon everybody welcome to another episode of At The Table by Urban Forex. I have here with me on the panel, I have Ian tuning in all the way from Australia Hey everybody okay we have Lucas tuning in from Malaysia hey everyone how's it going? And Armand all the way from Thailand. Hello everyone all right all right welcome welcome welcome so guys we have a topic here today that i've been getting a lot of questions about asking me that what if i am new to trading and on top of that i have a full-time job how do i even get started with trading should i even get involved with trading because from what i hear it's very difficult it takes a long time so can i, is there a way for me to get my feet wet and try it out to see if this is right for me so let's talk about that a little bit you know what are the ups and downs for that sort of a thought process and is it even possible for someone who wants to just come in part time just to try it out to see if this is for them so what do you guys have what do you guys think about this Armand you want to give it a go yeah well i i have that experience myself starting out from having a full-time job first and then trying to trade so i was based in western Europe at that time and i i had a full-time job that took my time basically from seven in the morning until 5 p.m roughly like that 5 p.m i would be home and at that time London is done pretty much New York they are slowly getting ready for lunch so there wasn't a whole lot left on the table to trade sometimes i would get lucky and i would be able to pull a trade in in the evening um but generally the day would be done and i always had a hard time figuring out what i could do now you know years later having experienced the market a lot more i know there are ways around it and there are ways to make it work but at the time i i just couldn't figure it out so when i had a chance to go full time i did even when you know i was far far far from profitable at that time right yeah i definitely know where a lot of people are coming from when they say oh yeah i have a hard time juggling between work and trading okay okay Lucas what's your take on this well personally for me i don't have that kind of um well i have a little bit when i first started i was in i was still in school so for me it was a little bit easier because i can schedule all my classes in the morning and me being being in Asia the London starts in the afternoon so i was able to play around with the time zone a little bit better um that way okay so you didn't have to really experience the option of well i'm busy full time and then how am i gonna do this okay well right now still you know sort of like helping out students um from time to time you know all the time basically so right now we're still trying to figure out you know how to fit in our trading in the right way um still being able to you know service many students that needs our help yeah right now it's a whole different case for you because you've been in the industry long enough to know what what are the right times to trade what are the wrong times to trade and do i have to actually sit in front of my computer all day long like you are you know that a lot better now than when you probably did when you first started right yeah yeah so all right well what about you Ian in you got a family full time everything how was it for you um because you have a different scenario compared to Lucas what about for you yeah i was gonna actually bring up even just despite um having a full-time job that's one thing that can take people's time but also you know whether you're a single parent or you're there's a lot of different student or whatever there's different scenarios that limit your time but um for me it was more along the lines of our most scenario where i did work full-time when i first started and i had kids and family on top of it so um and also at the time i moved to a different time zone now which isn't possible maybe for everybody but at the time yeah i lived in North America so it was like i worked basically all during New York i got home for just Asia and then London was all while i was sleeping so it was tricky it was a tricky scenario with having to layer all those things in but it's possible so it's and it's definitely doable so yeah absolutely it has different effects for different people um and it's a fascinating thing and and i thought it was an interesting topic when these questions started to come in and i figured you know why not we talk about this because it's not just a handful of people thinking like this i think it's a lot of people thinking well yeah i see trading as a lifestyle that i probably want to pursue because it's not the trading itself it's what it can give me right so for some people they say trading can give me more money but when i actually look at the bottom line it's not the money that people are after it's many people that i when i personally talk to them they say if i can just make as much money as i do in my job i'll take trading because all i want is that freedom to do what i want yeah now that's the perception of of how people start in the in the industry now let's fast forward a little bit i'm going to ask all of you guys here Armand when you first started just to match what you were earning before were you able to do it in less amount of time or were you able to say you know what today i'm not gonna trade you know i'm just gonna chill how much time did you actually spend um in front of your desk no it takes a lot of time especially if you don't know when you should be looking at your charts and and then even at some point you you understand okay these are the hours i should be spending at my you know looking at my chart and i know there is actually something to look at but then you you completely overdo it because you think well since i have the time and i'm here anyway i might as well just keep on looking at my charts and then you you can go completely you know overboard with what you're supposed to do and it can actually have a negative effect that you're you're cross-eyed you you're unable to take anything in you're unable to focus anymore and um yeah it just goes downhill from there instead of uphill so interesting okay then let me put it this way okay so Lucas here's a question for you knowing what you know now and if you are restarting from the beginning how would you schedule your life in terms of knowing when you need to trade how you need to trade how much focus they need to put on it how would you do that if you knowing what you know now again and then going back and restarting all over again and i am at what point in my life you're partying you're DJing you got multiple girlfriends you're at that stage where you're just like i just want to go wild knowing what i know now don't even get into trading just stick with that if you can you still need money to you know sustain that kind of lifestyle so knowing what i know now i think the only difference is it difference is um it's gonna be a lot more clearer to me to know where i should keep my focus and attention on yeah so well the short answer to that is if i'm trading on a lower time frame which i am right now then putting my focus on those busy hours as we like to call it so yeah busy hours perhaps three to four hours per session if i'm trading two sessions there's that's gonna be like six hours of trading session whether or not i get out of trading that's something else but um yeah putting my attention and focus during those hours and then for the rest of those free time focusing on pa journaling you know looking back at trace all those kind of stuff and then if i still have time like what you said earlier DJing partying goes i'll be sure to afford this podcast to your girlfriend all right Ian so let's let's switch it up a bit so let's say let's say based on you know same thing what you know now and that you were to go back and stuff if you're only trading one session okay if you're only trading one session would you be able to sustain a lifestyle part-time by trading part-time is it possible would you say is it possible yeah yeah it's definitely possible in fact you can set your charts like you're saying before too long so knowing what i know now it's like it's just important to have that schedule and your trading time based around the most effective or the the best times you know because you want to be there those opening hours those active hours so as long as you can schedule that time to be focused on your trading you can definitely make it work okay cool now i want to touch base on a myth okay let's talk about the myths so is it a specific strategy that you guys trade that if i only knew this strategy back in the day i would be making millions is it a strategy is it like you wake up in the morning you see this on your chart then you do this then you enter that's where you put your stop-loss and that's where you exit is it like a very routine process where when that indicator crosses over this indicator and that ocean crosses over this ocean and that pattern becomes like a cat pattern like is it very systematic like that not really that's why it's it it's about reading the market that's why i think into your schedule you have to incorporate it's not just like coming home from work or whatever and just slapping your bag on the floor and then just like boom entering a trade just like that you have to like you need a little bit of time before to actually read the market it's not just about seeing something on the screen correct you know that crosses this and that so so that's interesting right so so there's two sides to the coin right now that we're talking about so one yes it can be done part time for you to see is this career gonna be right for me but two it's not going to be as easy as oh well what's the strategy i just need to know the strategy where do i enter where do i enter where do i enter unfortunately that's not the answer yeah right there's there's a little bit of evolution that needs to go in you can't just come home and be like you know what i'm ready for surgery today so who's next oh man run it's like you do not want to be treated by that guy so that sounds more like the guy that comes and steals your kidneys yeah and still messes it up so um okay so that's interesting that's interesting Lucas what would you have to say is the key what would you have to if you have to reverse engineer everything and let's say you have a person coming to you and he does not know a from b and b from c of forex where should he begin where should he or she begin and this person is working full-time full-time what would you say would you say i want you to focus on this specifically where would you have that person start well not to sound too biased here but start with Urban Forex all right i will send you the check tomorrow yeah Lucas is not sponsored in this thing by at all that's it's actually a really good and tough question um i usually recommend you know like my close friend who wants to get started i'll tell them to go through youtube and then just look at everything related to forex or trading in in that matter and then just try dipping your toe in into everything you can find basically but it's gonna be a period of exploration i would say yeah absolutely perhaps once that student has you know or one that once that student has known a little bit about you know how to read what what's an uptrend what's a range what's the channel know a little bit about what's an indicator and what certain indicator does and once they have a little knowledge here and there then you know we can put more focus on okay now you know you want to put more attention on how to read the markets like how Urban Forex students do all right i'll make the check bigger like all right Armand what do you have to say about that well you want to add i have to agree with Lucas you have to try all kinds of different things even things that you might not use a whole lot afterwards just so you know what they are how they work and then put your attention to learning how to read the market step by step like a story and if you do that often enough you become experienced enough in reading the market you will actually have that that system where you just show up in front of your charts no it's not a five minute thing but it'll be you know depending on how fast you are 30 minutes or 45 minutes or something but in that systematic approach you will still have something that's like a habit like muscle memory where immediately or within that time span see okay there is something for me in the session and i know what i'm going to do and i can make a plan with this right right absolutely absolutely so those of you guys are tuning in whether you guys are listening to this episode on apple iTunes or Google or Spotify wherever you're tuning in from what i'm going to be doing specifically right after this podcast is i'm going to be taking the this podcast directly into a live webinar so the link will be below the podcast so you can find out how you can watch that webinar recording those of you guys who are here live i see 300 plus of you guys tuning in live um you guys can just stay on on board and we'll go directly into it i'm going to show you guys a few things on what techniques and things that you can actually focus on if you're just getting started so one of the key elements that if i made to to add to this is in the beginning do not commit to anything as as weird as that sounds um do not commit to anything in the beginning in the beginning just be like that guy that says i am ready to fall you go on to youtube you say forex what question mark it's like and then you go in you you look at the first video and you're like okay i understood what i could look at the second video okay i understood what i could alright that sounds like well this guy is showing me how to make money per se doesn't matter don't commit take that knowledge try it take the next piece of knowledge whether it's support and resistance or trend lines or whatever stuff that you might hear around forex try it as you try it the one key thing you need to do is stop hopping and looking for the answer listen to your curiosity of i did this it worked i did it again but this time it didn't work why begin your journey with that why it's that why that's gonna get you further and further and further you have to do this part time but i'm gonna say one thing that it is going to sound bad for those of you guys who are starting off and i don't want you to get disheartened by it it's not gonna happen in the first month or two so if you're trying this journey out you have to realize that it's not gonna happen overnight it's not gonna be even a month it's not gonna be even two months having said that are you still interested are you still looking to get into trading if you have that desire in you that says i know i'm not gonna make it in the beginning but i'm gonna start my journey then you have a glimpse of hope of all right let's see what you got okay because if you want to make more money then engineers doctors pilots and lawyers combined then you gotta put in some level of work right you can't just show up and be like well i tried it it didn't work on to the next thing i'm gonna be a car mechanic now well they don't let me work on the Rolls-Royce so i can't get the big bucks now i want to be a pharmacist well i can't sell weed so now i'm gonna do something else like you can't keep hopping around like that you know so so the whole whole perception is can we specialize can we specialize and that's that's where the money is okay so as a small reminder for everyone who's tuning in or listening in you want to be a pilot you can be a junior pilot you can be a trainee and still earn money you want to be an engineer you can be an intern and still make money when you come into trading there is no intern there is no i'm a bachelor degree graduate so i'm gonna earn something it's either you make money or you actually lose money not i make money or i don't make money no no it's either you make money or you lose money that is a risk perspective that a normal person who's in a job does not is not used to understanding this logic because all of us when we were beginning into a job our whole risk parameter was either i'm going to make money or if i get fired i stop making money there is no downside ever trading opens the downside up for you now you can go negative now you can go negative okay so that door is very unique to many people that they haven't experienced before they're used to if i do something i get paid for it if i do something i get paid for it but i this thing what you're doing now is i do something and they take money from me that's weird i've never seen that before this is something completely different for those who are outside the business side of the world and simply into the working side of the world in the working side of the world you do not experience that you don't experience downside does that make sense would you guys have to would you guys agree with that Lucas in Armand yeah no yeah thanks getting used to yeah yeah so you got to get very curious and then you have to go through this process which may take a few months but again as just as i told you slightly earlier five minutes ago that it's not so easy to start off with but let me ask each of you guys one thing okay ian i'm going to start with you once you get the ball rolling is it satisfying oh well yeah because you're doing something that i don't even know what the percentage is you the top five percent or maybe the world whatever it is that people can't do i mean it's definitely satisfying perfect perfect so there you go Lucas how about that the top five you're in the top five percent is it hard yeah of course it's hard that's why it's only in the top five percent right no but is it hard as in like is it rocket science no it just takes a lot of time practice there we go yeah that's the word i was looking for it takes time all you got to do is show up but it's not rocket science right would you guys say that is it difficult like to that extent where it's like i don't understand anything um i'm having to do algebraic math with calculus and stuff i wouldn't be sitting here if that was the case i mean neither yeah for sure it's a myth that it's that you know if you're in finance or if you're in trading that um you're gonna have to crunch a lot of numbers um okay well Lucas what is the exchange rate of the Indian rupees to the Malaysian ringgit right now do you know that right now i have no idea right right how many of you guys here on this panel have have got a family member or a friend or a relative asking you hey i'm looking to travel oh yeah should i exchange my money now or later what do you think i should do yeah i think it's easier to ask me than just to google it or anything like that no idea just like so as traders there's this misperception that people have of traders of oh you're in forex well you should know all the prices of the world right now live i'm streaming them in my head as we speak but as traders the one one thing you're doing at a fast pace at a very very fast pace is you're learning to look for opportunities executing it and seeing the results and moving on when we come out of a job we don't have that exposure we don't have that exposure okay because what what is a job for us we leave one job we join the next job that is one simple opportunity and then in that job we spend a month two months one year two years ten years and then we realized this is right for me not right for me this is very beneficial not beneficial and then you learn from it right that is one opportunity for that long of a period of time in trading you are doing one opportunity within the next few hours done what did you learn from it move on next opportunity shows up did you make money from that opportunity move on and then you have to learn from these things at a very fast pace at a very fast pace but you can also go at your own pace you don't have to take the next opportunity until you don't sit down and say what did i learn from the first one what did i learn from the second one it's like having unlimited capital and saying now get out there and get into the real estate business what are you going to do buy all the houses you're not going to buy all the house you're going to think about it like where should i buy the house when should i buy the house how big should i buy the house should i buy a one-bedroom house a two-bedroom house should i buy a condo single-family house you think of all these things so just by being in the industry doesn't mean you're gonna make money you must specialize so if the lifestyle you're looking for is freedom and you might say but i'm not asking for a lot i'm not looking for the Rolls-Royce or the private jet i just want to replace my income i'm going to ask all of you guys on the panel if that is the question at at hand can i just learn a little bit and then make that much is that possible no it's it's very very different because um think of trading successfully like a bell curve so in a bell curve the only last five percent makes money but all the rest of it doesn't make money so if you're learning you and your your level is like in the middle here you're still going to lose money but once you're able to make money although you don't really make much but knowing that you're profitable you can add more money and then that's yeah that's where more money comes in a way in a way in in in other words you know when people say i don't really want to make much i just want to make enough but then that actually means if you're able to make enough that means your profit profitable and if you're profitable means you're going to make huge amount of money good good very well said very very well said there is no such thing as a little bit right yeah you want to add to that Lucas yeah yeah so understand that just being able to make money is probably one of the biggest destination you want to get to in trading and i don't think there's anything in between there until you reach that destination so anything before that you're not making money and you're better off you know keep learning and keep trying until you get there yes as as safety measures i would like to also add that if you are at a full-time job and you get some kind of success in trading stick with the job still until you can get that consistency going before you actually throw in the towel and saying all right screw you boss i'm going here full time now you know like be careful like not not so soon be very very careful everyone will have that phase where their their performance is kind of in a range where it's like slightly profitable slightly not profitable and profitable again and once you break through that then then you're profitable and then you can face the next challenge which is getting a bigger account scaling up which it's not like oh i'm profitable and now immediately i'm raking in millions and billions there's a new challenge there and that's you know doing it in a bigger fashion correct it's probably easier than or it is easier than that first journey of becoming profitable all right now then let's talk about the final myth for the sake of being non-popular since we we we love doing that and we we like spitting fire if you want to call it where we speak the truth but it's like they're going to hate us if we just say it outright they're going to hate us i swear they're going to hate us i'm just going to be outright and say it i want to ask all of you guys this one question if you get even a little glimpse of success in trading in your early days is going for a prop firm and getting funded the right direction no not yet that stage yeah what will more capital do if you don't know how to trade you're just gonna what lose more capital bigger loss yeah if it's for free do it if it's for free do it but if you paid for it you got that hat what's that hat you were in school when you get in trouble like d-u-n-c-e or something don't don't be made a fool don't be made a fool of by people just trying to make like 50 bucks or 100 bucks don't do don't do that you guys are smarter than that you guys are better than that it's just a new wave coming in so to answer everything in a nutshell in a summary to bring it back to reality um can trading be done part time to actually know if this is the right path for you what would you all say yes or no yes absolutely absolutely will it be done in a very short span of time no no if anyone promises it will be done in a very short span of time what would you like to say to that he doesn't know how to trade that person himself probably has never traded himself right that's a scam run away scam run away okay is the dream of well i can become a trader it's going to take some time and i'm going to become ultra ultra rich from it is that bad no absolutely not absolutely not if you're a guy that says i want to make so much money that i have Ferraris all in different colors parked in my garage is that bad should you feel guilty no if that's what you want to do that's what you want to do people have different definitions of what they want to do with money it doesn't matter it doesn't matter what you want so whatever you have in your mind whether you want to be um robin hood you know and and take from the rich give to the poor take from the market give to this market like whether whether that's your thing whether you want to be an ocean cleaner to make sure all the plastic is gone whether you're a guy that says you know what i don't care about anything i want 10 helicopters outside of this can be done right and wrong is a perception based on every individual and society society will generally label right and wrong and put pressure on you but if that's what you want to do then do it there's nothing wrong with that there's nothing wrong with that so the only reality that's going to be in your way is it takes a little bit of time but there are some techniques that we can show you on what to look for and where to begin yeah would you guys like to add anything before we switch this over into a webinar no that was really nicely said all right yeah i'm just seeing a comment saying um how long is some time um i guess it's referring to how long a student should expect to make money from the day he begins trading i think this is also one of the questions that most new student coming into markets are thinking yes so yeah what do you what do you guys think about the answer to that i'll give you my personal experience to that it took me over 10 years for me to turn profitable maybe even more um like seven years i've just made losses and then after that was very fluctuating after that there was no consistency just fluctuating i'm still trying to find myself but i'm more controlled and then after that the profitable phase started however i have students who are doing faster their waves are down to like one to two years right where they're stabilizing at in one to two years so it depends on where you begin your journey if you get lucky with the right type of information or not but the whole point is it's not the information that gets you there it's the correct information with a level curiosity side by side yeah if that curiosity is not there of why is this technique so important and then you dig deeper oh yeah the doors will open further and further and further you got to go down that rabbit hole it's like seeking for the answer seeking for the truth and all you're going to get is more education more learning and a better vision what's going to happen all right Ian Armand would you like to add any final touches to those who want to start off should they do it at all is it worth it if it's going to take longer than two three four months is it still worth it yeah of course yeah it's 100 i i left my i mean i'm i'm over 40 years old i mean i worked at a nine-to-five job for i don't even know 15 years or whatever and i changed my whole life through through doing this so i mean it's just about not giving up and just like you say it takes time but it's totally worth it in the end so from my personal experience so you can show up every day then you can do this correct i see some people in the comments saying it's fun and worth it okay yeah that's good that's good that's good all right all right guys so for those of you again those of you guys who are listening to this podcast we are now going to switch this over into a webinar those of you guys who are here live just stay tuned we're just going to switch this over into a live webinar um and we'll take it from there so thank you all of you guys here on the panel Armand, Lucas and Ian i'll take over from here yep all right enjoy everyone
2021-11-05 12:22
