In this episode of Truth About FX, Walter spills the beans on the best kept secret — or not really — on where to find the haven of streamline info. He shares a memory when he was writing the book and how this made him realize one big fact about all traders. And did you know that trading is like dating? You will also find out how Walter was able to the find “the one” system for him.
Download (Duration: 03:20 / 4 MB)
In This Episode:
00:40 – streamline infos
01:34 – quick and dirty
02:06 – date a lot before settling on one
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. This question comes from a new forex trader. He asked, “I’m new to forex trading. Just getting started on chart reading but I cannot find any streamline info.” I guess there’s a few different levels of questions there.
Walter: He is looking for streamline infos, is that right?
Walter: Okay. Well, just go to Youtube. He is looking for price action. He wants to trade just sort of naked chart. Just go to Youtube. There’s plenty of traders out there who post videos. The thing about trading is it’s so visual.
I remember when I wrote the book, “Naked Forex”, the publishers said that it needed to be so many pages long and I said I cannot do that. I don’t have that many words in me and they said, “Oh, you’re going to do a lot of images, right?” I said, “Yeah.” And they’d go, “That will be a 250-pages.” “Okay, cool.”
That was kind of they want to get to a 250-pages so that they could sell the book for hundred bucks and they were worried that I wouldn’t be able to get them there. And so, I just naturally knew that the best trading books I had seen had a lot of image, had lot of examples and screenshots.
If you are looking for a real quick and dirty way to learn something, just go to Youtube and it is probably the best place for traders, I think. I mean, there’s so much there. Even more than 3 or 4 years ago, it is exploded.
That’s what I would do if you do not want to sit around and read a book. I guess, reading between the lines, that is what this trader is basically saying.
Hugh: Yeah, exactly.
Walter: Just go to Youtube, that is what I would do.
Hugh: There’s so much stuff in Youtube, though so how would you — I guess — filter out the stuff that works and stuff that doesn’t work?
Walter: I do not know about you but I dated a lot of girls before I got married and so, it is kind of the same thing with trading approach. You might date a lot of different trading systems, a lot of educators or whoever, and then you’re going to settle on one. You’ll go, “Yeah, I really like this one.”
It is kind of the same thing so I would just date a lot and then figure it out. I mean, I don’t really know what to say. Some of them are going to bring you to the wrong way. Some of them are really going to be egotistical. Some of them are going to be selling some stuff.
Like, if you can’t make it work in Forex Tester, you can throw all those away and find someone that you really like. It’s a tough question but it’s like, how do you know if this person is the right person to marry? It’s the same thing.
How do you know? You just have to have a lot experience dating, I guess, then settling on one. That is what I would say.
Hugh: Okay, cool. Thanks for the insight.
Walter: Thank you.