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In this video, I ask full time Forex trader Karen Foo for her top 3 trading tips!
Karen Foo is a forex trader, Singapore youtuber and motivational speaker. Karen delivers talks that touches the heart of her audience members. In this youtube channel, Karen Foo will share with you forex trading tips, investing tips and motivational videos to help you achieve your personal and financial goals.
She has been ranked #1 in a nationwide Forex trading competition and won several contests in public speaking, competitive swimming and was a scholar during her school years.
Check out the video on Karen’s channel: https://youtu.be/HyqTakn1k4o
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// ABOUT ME
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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Forex Algorithmic Trading Interview, Full-Time Forex Trader (Top 3 Tips) – Karen Foo | Trader Interview.
Initially Addressed: Will 500 dollars suffice to start supply trading? No, except trading. There are a couple of “no fee” brokers like Robinhood, but also there the spreads/slippage would certainly be too expensive to make trading sensible. With $500, round-trip fees for a trade on Ameritrade would certainly be virtually 3% of your capital.
When you stay clear of the usual risks in algo trading, it is time to develop methods in a managed, repeatable process. I call my process a Method Factory, where trading suggestions been available in as resources, “devices” turn suggestions into fully examined methods, and also what leaves the manufacturing facility is either a tradable approach or a discarded scrap approach. The steps I make use of to develop a strategy are offered listed below.
The process starts with goals and also objectives. Like driving a cars and truck to a location, you need to understand where you intend to wind up prior to you begin.
Determine the marketplace you intend to trade, as well as additionally the annual return and also drawdown you prefer. You can have a lot more goals than that, to make sure that is actually the bare minimum. Having strong goals and also objectives will help you understand when you need to be satisfied with the trading algo you developed, and also will help you stay clear of many of the risks defined previously.
Next, you need a concept to construct a strategy with. This does not suggest you need to develop a whole economic theory for your approach, but it additionally indicates that arbitrarily creating suggestions (such as: buy if the close of 53 bars back is greater than the close of 22 bars ago) probably will not work.
The most effective suggestions have an explanation behind them. As an example, “cost going up has a tendency to maintain going up” may be an excellent idea to code and also turn into a strategy. The nice thing is suggestions are all over, and also you can merely modify the suggestions you find, customizing them to fit your needs. Last note: constantly be on the lookout for trading suggestions. You will need to check a lot of them to find a good one.
The next step is to historically check your approach. I typically run this as two different steps. Initially, I run a tiny range test over a couple of years of information, to see if my approach has any type of advantage. Most methods fail this step, so it saves me the moment and also stress of a complete range test. I additionally modify the approach now, if I need to. I can do this without anxiety of overfitting or curvefitting the approach to the historical information, because I am just making use of a couple of years of information.
When I have an effective first test, I after that do a more thorough test. I make use of a process called walkforward screening, which transcends to a conventional optimized backtest. You could additionally do out of sample screening now. The key is not to check way too much during this step. The more screening you do, the more likely your version is going to be contour or overfitted.
After I have an effective walkforward test, I run some random Monte Carlo simulations with my version, to develop its go back to drawdown attributes. You intend to have a trading system that supplies an appropriate go back to drawdown proportion or else why trade it? The other side, however, is that if the return/drawdown is too good, it typically indicates a trading approach that has been overfit (talked about previously as a “too good to be real” trading system).
With historical backtesting completed, I now watch the trading approach live. Does it fall apart in real time? Numerous improperly constructed methods do. It is important that you validate that the trading system still does well in the live market. That makes this step very crucial, even though it is extremely hard to do. Besides, who intends to spend months watching a trading system they simply developed, rather than in fact trading it? However perseverance is key, and also believe me when I say doing this step will save you cash in the long run.
The last difficulty prior to transforming the approach on is to examine and also contrast it to your existing profile. At this point, you intend to make certain that your methods have low connection with each other. Excel or various other information analysis software application is excellent for this job. Trading 5 bitcoin methods concurrently is meaningless if they are very associated. The idea behind trading numerous methods is to minimize risk via diversification, not to focus or multiply it.
Naturally, at the end of advancement, if the approach has passed all the tests, it is time to turn it on and also trade with actual cash. Usually, this can be automated on your computer system or online personal web server, which releases you approximately develop the next approach. At the same time, however, you need to put checks in area to check the online methods. This is essential, but fortunately it is not a cumbersome job.
Understanding when to switch off a misbehaving algo approach is an integral part of online trading.
Read Users Stories About Forex Algorithmic Trading Interview and Financial market information, analysis, trading signals and also Foreign exchange financial expert evaluations.
Please note that trading in leveraged items might include a considerable level of risk and also is not suitable for all financiers. You need to not take the chance of more than you are prepared to lose. Prior to determining to trade, please guarantee you comprehend the threats entailed and also take into consideration your level of experience. Look for independent suggestions if required.
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