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Hey! Thanks, Waqar, for the invite. It was my first podcast in English. I enjoyed it, and I hope with actions like this one we set the trading standard back to being a serious industry! I hope your community enjoys it as well.
Hi David! Great podcast. Thanks for sharing your journey with us. By the way, you didn't clearly answer the question about the bridge between knowledge and profit. What is that bridge?
@@yondamnLearn the basics, establish your well defined strategy (don’t overcomplicate it), backtest it with enough historical data, and just execute. Focus on your results data, (RR ratio, winrate, winning pairs, most profitable sessions, winning duration, setups, risk parameters..) and actively optimise them and make tweaks to increase the performance over time, don’t forget to journal all the process. Knowledge bar is finite, once you learn all the fundamentals jump directly into executing the strategy and focus on the optimisation of your data. Hope it helps!
@@yondamnretweet Truly insightful knowledge David Thank you! How much historical data for backtesting is good? I heard you mention crypto doesn't have more than 10year. range. For forex, do I need more than 10 years? Or a year is fine?
around this time I’m more attentive! Its just inevitable that there's going to be peaks and troughs in the graph of economic growth or prosperity, there's never going to be one underlying cause that connects them all, embrace the opportunity, make interest, cashing up on dips.
Those calling stocks momentum a flunk aren't considering the long run. The companies themselves have not changed, it's the market that changed. Steady as it goes, and it'll regroup in weeks.
If you are not too savvy with the market, it’s the best time! just buy and hold on strong companies or best you seek out areas within sectors that can help you sustain a balance in both growth and value overtime. In certain cases, it's even wiser to speak with a smartvestor to determine options best meant for you, I personally did this, and it works pretty well.
right now I’m being focused on renewable energy, semiconductors, Ai chips which will be hugely integral on every sectors in the coming years. an absolute power move right now.
My favourite lines from the episode, "being broke is hard, being rich is hard; being fat is hard, being fit is hard; being single is hard, being married is hard; being a trader, being a businessman is hard". Choose your hardness wisely.
The secret is trade and trade often, open a paper trading account and just trade you’ll blow up a few accounts along the journey but eventually you’ll have a profitable system.. it’s no different if you want to be a professional athlete, or a Guitar expert etc.. it takes years to achieve professional status
What a great conversation, especially about happiness. As an almost 50 year old woman who has had a very full life journey so far, in my experience what you say is so true. Happiness is fleeting. What we’re looking for (as humans) is joy, and joy comes from inner growth. To look back 30 years and noticed how much one can grow over the years is truly joyful. I wish we had the opportunities back when I was younger that you guys have today. You truly have the world at your fingertips & anything is possible if you’re willing to put in the effort. Great chat guys! A pleasure to listen too 😊
0:00-1:17 Intro 1:17-4:36 David's backstory 4:36-6:04 David's trading company crypto ventures 6:04-10:54 Applying forex knowledge to the crypto markets 10:54-15:16 Managing crypto portfolios 15:16-16:54 The debate around decentralization in crypto 16:54-18:27 Who can really make a difference in the crypto market? 18:27-21:11 David's experience in the crypto space 21:11-23:59 Finding fulfillment in entrepreneurship 23:59-28:55 Finding the balance between happiness and wealth 28:55-33:36 Embracing difficulty and seeking knowledge 33:36-35:43 Bridging the gap between profit and knowledge 35:43-40:46 What is David doing currently? 40:46-45:57 Insights on prop-firms using data 45:57-49:10 The reason why David puts more effort into his prop-firm 49:10-52:26 Different prop-firm having difficulty selling brokerage data
Hey buddy thats the first real comments that i saw on youtube...you are a real trader …its definitely all about your psychology and risk management but I guess it doesn’t sell😅 it’s all about knowing the numbers of your strategy in a long series of trade at least 100 ,be sure to have a positive expectancy ,manage your emotions that’s the hard part because it’s an everyday job..
his input @30:00 where he talks about the need for a simplistic strategy that you could explain to a one year old child is literally the key to trading. if you can’t simply trade, you wont succeed. it has to be the most black and white strategy. “if this happens then I will do this.” thats it….
So true. I trade a naked chart except for my own S&R lines marked out. Today I put a pivot indicator on the chart after listening to a RU-vidr say it was the bomb…omg, I couldn’t see the chart anymore 😅 basic trading works for me. Discipline and patience is the key for my profits.
If that was true... everybody would stop backtesting. When you backtest something new you will discover that it succeeds less than you hoped for. However. There are differences between strategies. If you have the standard 1:2 risk reward as basis, you will see that some strategies can have as low success rate as 20. Others can be as high as 40 or above. So you don't have to rely solely on discretionary trading. Personally I have moved away from the fixed risk reward. Quite seldom, but it happens, I see something that can go very far and I just let it run. The losers I cut very fast. What is for sure though. You can move away from everything that is popular and well known cliches. They don't work.
There is nothing that can beat studying, study and study so that you can be approved... One day your studies will allign with your personal strategy...
Not studing at all will certainly not make you a better trader...impossible to trade without knowing what is going on. De español a español, David. Gracias por la entrevista
This young trader is very wise. Not just for his age but for any age. I am a 48 year old trader who has failed many times before finding success and he speaks a lot of truths.
Splendid review, there are a lot of traders that do not know the market they want to trade -it is not a must to trade the forex market, or to trade only crypto, it depends on what fits your interest -as all of them make use of technical analysis, they just have different rules and approach that you would need to learn -but some traders prefer to trade forex, and to invest in cryptocurrency and so far it has worked for them Investing in yourself is the best thing you can do, and as a part of investing in yourself; you should learn more about money management.
I’ve looked up his prop firm but unfortunately there isn’t an English specific page. Only as a translator page. Does the firm offer services outside of Spain?
The podcast is good but ACG is not because with the KYC method, they unilaterally decide many traders who want to be funded and PO. Many have become victims and they do not approve re-KYC even though my documents are complete and original.
I think there is a fault reverse trading the losers because I'm sure many losers are loosing not because of technicals but more because of psychology on markets.
I find a lot of these young successful guys ( no shade) have just benefited from crypto bull run ? How many would even exist if crypto was not a thing I wonder.
