5: The Keys to Trading Success, Regardless of The Path You Take w/ William Bond & Siby Varghese

Siby Varghese started his trading journey when he was 18. Although he had a lot of mentors online, he found about 80% were basically scammers and as a result, he couldn't profit in the Forex markets. He eventually decided to learn to trade on his own and studied until things finally started to click. On contrary to Siby’s experience, his friend and business partner, William Bond took a completely different path. William was never scammed nor misguided and had a very good foundation that allowed him to progress slowly and successfully into trading. His mentor taught him nature law and the psychology behind trading. He was able to learn the importance of Fibonacci without an indicator, instead by pen and paper. These days Siby and William run a fund and Red Star Forex, a broker house based in Bangkok, Thailand. Recommended Books Forex Genetics Decoded by Siby Varghese and William Bond Elliott Wave Mastery by Siby Varghese Interview Links RedStarFX.com SibyVarghese.com Siby Varghese on Facebook Broker and Platform RedStarForex MetaTrader5 Key Lessons [08:31] William: Trading is not just a Science…It’s art combined with Science. [08:50] William: I strongly recommend every person who wants to be a trader must have a mentor. [10:22] William: If you use some traditional business, there is always a new product coming out but when you are an expert in Forex trading you don’t have a competitor, you just need to learn new things to stay in the market [17:20] William: By going through lower time frames, you need to sit on your laptop most of the time. That will really spoil your personal and family life. [20:47] William: To be a successful trader, one should have a good family and social relationship. [26:28] William: We learn any bachelor’s course, it always takes 3 years. In finance trading, one must have to go through the 3-year time frame. It really works! It’s a psychology! [27:39] William: A good personality can lead to a good trader. [29:00] Siby: You should be prepared to hit the stop loss as well as you should be prepared not to stop the trade before taking profit. [34:47] Siby: If you are not emotionally strong then you are going to be leaving these markets very soon. [34;53] Siby: You have to control your emotions and play on a demo account for at least 6 months before turning it into a live account. [37:29] William: To be a successful trader you don’t only need a good strategy, you also need a good broker. No matter how much money you make, at the end of the day, if you don’t get your money back from that broker, you’re not a good trader. [39:40] Siby: You should spend more time watching the market than taking more trades. William’s Trading He’s using Elliot Wave His trades run for 5 to 10 working days His profit target is 50 to 60 pips He moves his stop loss to the entry point He trades the major currency pairs He has a maximum of 2 to 3 trades in a month He trades on the H4 timeframe He has 45% chance to hit his 1st take profit target and 67% of the time he hits his 2nd target He doesn’t trade during Monday's and Tuesday's, he trades during Wednesday's and Thursday's He stays away trading cryptocurrencies since it’s still not regulated William's Live Account Snapshot