If there is anyone I know who could teach Forex trading strategies for beginners, it’s my friend Scott Barkley. I’ve known Scott for some time and his success at Forex trading is something I’ve always admired. I was very happy that he accepted my invitation to share his expertise with you in this episode.
If you’re not familiar with Forex trading, here is the summary: It is the act of buying or selling currencies.
In case you didn’t know, different currencies have different values that rise and fall all the time. Those rises and falls are similar to stocks, indicating greater value or lesser value. The banks and central banks, some corporations and institutional investors, as well as individuals like my friend Scott, exchange currencies for a variety of reasons, but in most cases, to make a profit.
The value of the currencies is driven by economic, political, and environmental factors, such as wars, natural disasters, or national elections – and according to my guest today, the “big boys” (bankers) themselves. Listen to this episode to learn how anyone can begin learning how to do Forex trading for themselves.
Video Version of the Podcast
Outline of This Episode
- [1:08] Scott Barkley of Proact Traders – how he got his start in FOREX trading.
- [5:21] Starting a trading club with 14 members, programming charts for their own investors.
- [7:29] Scott’s definition of success: meeting your goals.
- [9:25] The methodology behind Scott’s trading approach came from mentors.
- [13:03] What Scott recommends to someone looking to get into FOREX trading.
- [18:18] Is FOREX for the person who is only looking to make a bit of money on the side?
- [21:36] Three things the market does: trend, ranges, reverses.
- [25:59] How you can get a 10-day demo from Scott’s company.
Resources & People Mentioned
Connect with Scott Barkley
Success is not in how much money you make, success is in meeting your goals
As I began asking Scott about a good approach to learning Forex trading, he emphasized that how a person goes about it will depend entirely on their personal goals. Do they want to be able to stay home with their kids instead of sending them to daycare? Do you want to make an extra $500 per month to supplement their income? Are they setting aside money for a major purchase and want to accelerate the process? Each of those goals might call for a different approach, but Forex trading can be used to attain all of them.
Join me for this conversation with my friend, Scott. He’s the “grandfather” of Forex trading and has a wealth of experience you can learn from.
Making money for the sake of making money is a terrible goal
When Scott was talking about having goals, he said something that really got my attention. “Making money for the sake of making money is a terrible goal.” His point is that you won’t be consistent or be willing to do what it takes to learn everything involved in Forex trading if you don’t have a bigger goal in mind than just making money.
Forex trading is simple, but not easy. It takes time to learn how to do it prudently and patiently. If you’re looking for a Forex trading strategy that even a beginner can apply, you’ll want to hear what Scott says on this episode. His advice is down-to-earth and full of wisdom, designed to save you a ton of risk and loss.
Forex trading strategies for beginners – the beginning mindset
When I asked Scott for his advice to those who are considering Forex trading, he recommended the following:
- Find a place to learn what the market actually does as opposed to what you think it does
- Understand that the market doesn’t operate randomly. It does what it does because someone is manipulating it.
- When you can learn what the bankers are doing, you’ll understand the right way to make trades.
- Develop real goals that are realistic, something you can get to eventually.
- Know that your education won’t be fast.
What does it take to get started in Forex trading
Scott says that any course promising you will be making money in Forex trading within 3 weeks is one you should run away from. It won’t take 3 weeks even though it’s not complicated. That’s because you need to learn from the patterns that have happened in the Forex market historically – and that takes time.
Many different pieces come into play when making a trade. You learn it by going into the charts, looking at the past performance of the market. Good traders put in 3 hours of this kind of analysis for every hour of trading.
Scott’s company – ProactTraders – offers a free trial and a community where anyone can ask questions and get their feet wet. In his mind, it’s the only way to learn. Listen to learn how you can make full use of his generous offer.
Connect With Casey
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