Adam Jowett

Here we go again!  I’m happy to present this episode of The Trading Lifestyle Podcast and my interview with Pro Aussie Forex Trader Adam Jowett.  Just like with the other interviews, it was both fun and informative.

Adam has an amazing story and I was excited to sit down with him and find out how he got started and what makes his trading tick. He used to be a computer programmer, but enjoys his trading career much more.

At one point in his life, he was diagnosed with cancer and going through that ordeal made him realize that life is too short to be sitting in an office all day.  After he was cured, he was even more determined to become a full-time trader and leave the rat race.

It was great to talk to Adam, he is a down-to-earth and funny guy.  He primarily day trades the AUDUSD out of the garage of his house and readily shares his weekly trading results on his blog.

If you want to really see how a pro day trader trades, check out his weekly wrap-ups.  I think you may find some of his results unexpected.

You can follow Adam on his blog at WhenNotWhere.com, on Twitter (@Akuma99) or on Google+ (+Adam Jowett).

I hope you enjoy it!

In This Episode:

• Find out how what percentage of his account he risks on each trade
• How long it took him to trade for a living
• The most important trait that has made him successful
• Why we both like Rogue Traderette
• Adam’s favorite books
• How much money he started with
• The biggest benefit of trading for a living
• How his blog has helped his trading
• The common trait that he sees in successful traders

Right-click here to download the MP3

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Forex Trader Chris Lori

Today I am happy to have on the podcast, professional trader, Commodity Trading Advisor (CTA), fund manager and Forex mentor Chris Lori.  I have known Chris for awhile now and when I first started to trade, he was instrumental in getting me started on the right foot.  Although I have been in contact with Chris via email over the years, I have never spoken to him in person, so I was excited to finally get to chat.

In addition to his accomplishments in trading, Chris also participated in four Olympic Winter Games as a member of the Canadian Bobsleigh Team.  He has won multiple Crystal Globes and World Cup Medals during his athletic career.

As I have written about before, the very first Forex trading course that I purchased was from an “educator” named Aden Rusfeldt.  It turns out that the course was a total scam and I completely wasted my money.

Chris’ course was the second education package that I picked up and I was a little skeptical at first and understandably so, based on my previous experience.  But as I went through the first few DVDs, I started to realize that what he was teaching was legit because I could see what he was talking about on the live charts and it make me look at the charts in a completely different way.

To this day, I still believe that his educational material on price action is one of the best on the market, especially for beginning Forex traders.  He trades almost solely on price action and his favorite pair is the AUD/JPY.  I just ordered his course on trading the AUD/JPY and I am interested to learn how he trades it during the Asian Session, which is typically a much lower volatility session.

Chris was in Western Australia during this interview, where he spends a lot of time.  That is the beauty of being an independent professional trader, you can pick up and work from anywhere in the world that has an internet connection.

You can check out his free blog at ChrisLori.com or follow him on Twitter.  His educational material is available through his Pro Traders Club website (affiliate link).

I hope you enjoy this episode and if you have any questions for Chris, please leave them below!  Also be sure to check out the other interviews in The Trading Lifestyle podcast series.

In This Episode:

• Find out if he thinks backtesting is worthwhile or not
• How his athletic background made him a better trader
• What Chris’ father did to help him become a currency trader
• The age that he started trading and the exact timeline of his trading progress
• How he built his trading stake
• Advice that he has for traders who want to start managing money
• What really exploded his trading results

Right-click here to download the MP3

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Jessica Peletier, Full-Time Trader

Hello Traders…Today, I’m proud to present the next interview in my series called The Trading Lifestyle Podcast.  My first interview with Pro Trader Haji Warithu went well and I hope you enjoy this interview because it was a lot of fun.

Jessica Peletier is a full-time trader who lives in Western Australia.  I discovered her through Twitter and have followed her Tweets and her blog posts for awhile now.  She always has insightful commentary about what it means to be a full-time trader.

As Jessica readily admits in the interview, she does not depend solely on her trading income to make a living because her husband has a full-time job.  However, her trading income does provide a nice supplement and keeps her from having to do some jobs that she has had in the past (and didn’t like).

This allows her to live The Trading Lifestyle and spend a lot of time with her family.  She primarily trades currencies and CFDs.

What I enjoyed the most about speaking with her is her enthusiasm for trading.  Follow her on Twitter or check out her blog at RogueTraderette.com.  If you have any questions for Jessica, feel free to leave a question below.

We discussed some interesting topics in this interview…

In this episode:

• How she got into trading
• What she was doing before trading
• Who Jessica learned to trade from
• How to gently let your spouse/partner get used to the fact that trading involves wins and losses
• What CFDs are and why are they just might be the best thing to trade ever (and why you might not be able to trade them)!
• How Jessica tests her trades
• What she does in her free time to enjoy the Trading Lifestyle

Right-click here to download the MP3

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I met Haji Warithu through a Forex trading course that we both went through and until this interview, I had only contacted him via email.  We have kept in touch here and there over the years and in a pretty short amount of time, he has managed to become a professional independent Forex Trader.

Before becoming a pro trader, Haji worked on an LNG (liquified natural gas) ship and was out to sea for months at a time.  Like many independent traders, he wanted to spend more time with has family and have more control of his life.

Haji lives in Brunei, so I had to be up a little early in the morning to get this interview, but it was totally worth it.  Haji will be coming out with a book on how to become a successful Forex Trader, so keep an eye out for that.  I will review it here as soon as it becomes available.

Many thanks to Haji to taking the time out to speak with me.  If you want to see what he is trading, check out his blog.

This is my first podcast and I already have a few more pro traders lined up, so stay tuned for the next episodes! I did this interview on Skype and the connection wasn’t the best, so there are pauses at times, but it is a great look at what it takes to trade for a living.

Let me know what you think.  If you know of a professional independent trader that you would like to see interviewed, please let me know in the comments below.

In this episode:

• The mentor that Haji attributes most of his success to.
• How he much money he believes you need to get started in Forex.
• What to look for when choosing an Islamic broker.
• The routine that he goes through to start his trading day.
• What Haji does while he is waiting for his trades to setup that prevents him from taking bad trades.
• His experience with teaching students and why he doesn’t do it anymore.
• We talk a little about his upcoming book and how he manages to find time to write it.

Right-click here to download the MP3

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After watching them, I decided to post them here because I felt that they are very educational.  Rudy is right in that we should be learning from successful people in all areas of life.  Just because we want to be successful traders, does not mean that we only have to learn from other traders.

In this PBS video, rapper Jay-Z (Shawn Carter) is interviewed by Charlie Rose and he gives a very candid account of his life and his rise to Rap superstardom.  What I found most interesting was that Jay-Z developed a passion for writing at an early age and he would be thinking about stories constantly.  This practice and repetition is one of the things that ultimately made him successful. Sound familiar?

Anyway, even if you are not into Hop Hop, I think you fill find it interesting.  Check out the 5 part series here:

Part 1

Part 2

Part 3

Part 4

Part 5

What do you think?

However, like I mention in the video, it was a great interview and I learned a lot.  So without further delay here it is…

The Interview

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This was the best picture I could get

HK: So, how long have you been trading for a living?

RL: I have been trading full time for now going on 3 years.

HK: Cool, who helped you out the most while you were learning?

RL: Based on mentors, books, or someone else?

HK: Mostly mentors, but whatever factors you feel helped you the most.

RL: Well initially I had a lot of mentors since I have never traded before. I ended up taking one on one courses with John Persons, Timothy Morge, Steve Nison and many others.

At the end of the day I really believe it’s up to you to help yourself.  Since everyone you speak to has a different philosophy/lens on the market.

HK: I see, so would you say it is best to get a few opinions on how to trade, but in the end it is all about figuring out your own thing?

RL: Yes, exactly.

Trainers, Guru’s, Las Vegas Expo’s, ITC, you only get a taste. There are no trainers out there that allow people to learn the basics and really understand what it takes to be successful/consistent in the Forex world.

BabyPips.com is the closest thing but if you are unable to focus on one mind set,  you can be on that site forever trying to find the correct path.

HK: I agree, it is usually all about this one “secret” that they have (usually an indicator).  Regardless, do you feel that there is a lot of quality Forex trading education out there or are there still a lot of scams?

RL: Hmmmm, this is a good question. I am going to be completely honest and answer this question how I view it, completely black n’ white.

I believe that there are good trainers out there, but based on my experience as the typical person interested in learning how to trade Forex for a living.

I feel that many trainers take advantage of the less experienced. They show you accounts that are $500k+, turning some crazy ROI per day/week like its a breeze.

Plus, they charge way too much money to teach you the basics that they don’t even trade full time. In my honest opinion I believe if they were more honest about what trading Forex consists of and have a full overview of every obstacle, people would be more successful in trading.

HK: Yes, I’ve totally seen that many times.  I guess not just with Forex, but trading in general.  I’m glad to get your opinion on that as a pro trader.  What are your thoughts on EA’s?

RL: Expert Advisors…..or (EA’s) I believe they are great. Can reduce the hours spent in front of a PC/MAC. (MAC’s rock for trading).

HK: Yeah, yeeea…I just bought a Mac and I’ll never go back.

RL: I dislike the way that most people slam misleading emails (SPAM!!!!) that their EA will make you 5% a month.

HK: Haha, yup…pretty much like Viagra emails.

RL: Only $259. Get it now. If someone had an EA that was making 5% why are you selling it for only $259?

“If it seems too good to be true, it probably is.”

At the same time I would not recommend having an EA that automatically places trades for you.

I prefer to place my own trades and have a semi-automatic EA. (i.e. semi-automatic EA will follow steps 1-5 or until the trade is closed) EA’s are very misleading as well.

HK:  Interesting, I have never heard of the EA taking over after you enter.  Cool.

RL: The thing with EA’s is if you can eliminate what you love to do (trading) what are you going to do with all your free time? Go crazy!!!

HK: Hehe, true.

I guess that is a good segue into how you trade.  How many different systems to you use and what is your typical timeframe?

RL: Trading methods that I trade:

Depend on a few things. Typically the size of the account, margin, leverage, hedging, FIFO, and my goals. Once I examine/determine my plan I might choose one or two different trading methods.

I try not to trade every set up on one account because you need to really pay attention on one. I know there are many guys out there might tell you that they trade: Fibonacci retracements, missed daily pivots, support/resistance all at the same time. That typically leads to taking sleeping pills and a really bad case of insomnia.

I prefer the higher time frames to create a mental profile of where the currency pair could move in the next month – three months-future months. Understanding one pair is like getting to know your girl friend. You have one, not a bunch…and it takes time.

Then I like to scale down to smaller time frame. Typically no lower than the 30M.
Reduces micro-management.

HK: Interesting…I’ve gone through the insomnia thing so I know what you mean.  When did you start taking on students?

RL: I started offering training about a year ago.

The way that I value training is completely different than other trainers in the biz.

Like I mentioned I have had tons of training from other trainers in the business. So when creating my training for others I really based my foundation on what other trainers lacked or failed to provide me with.

HK: For example, what are two things that you feel a lot of trainers miss?

RL: Hmmmm, I believe that many trainers feel they have to give their students value to compensate the high prices for their training, but they end up giving the student too many options (i.e. multiple trading method(s), forum, recorded lessons, archived docs, PDF, chat rooms, etc).

When you do that to someone who is trying to learn the rules of one successful trading method why do you need all the extras. They just become clutter.

You will never use them and you know as well as I do. Writing in a blog everyday, testing, organizing your stats, win to loss ratios, excel spreadsheets, and working a full time job, becomes so overwhelming most students will put their trading career on hold.

“Less is More”

HK: That makes sense.

RL: This is how I typically put it to those who do not understand. You can get 20 pieces of Kentucky Fried Chicken for $19.99 is it good for you? probably not. Is it affordable?

Yes.

Or you can get 1 tofu wrap from Whole Foods for $19.99. What is better for you and your body?

HK: That’s a good analogy.

Well, we are running out of time so two final questions…In your experience, what types of people are the most successful?  What do you like to do outside of trading?

RL: I believe that everyone can be successful. It is not limited by types of people, I think many people will use that as an excuse. I always say, if you can think it you can do it.

So my advice to everyone is do not learn to trade Forex, Options, Futures, Stocks for the money or because see someone else making tons of money. Do it for the love of trading, because you like reading news and analyzing charts.

HK: You are the first person I have heard say that.  Awesome.

RL: And the last question…? Outside of trading..like an example?

HK: Hobbies, interests, etc.

RL: Hobbies: Running, Cooking, Reading Plato, Art of War, 4-Hour Work Week, and then again, just spacing out with a glass of wine and friends is always nice.

I spend a lot of time on Forex Tester as well.

HK: Very cool, well thank you again for taking the time out to talk to me.  Sorry it took so long, typing is a pain in the ass.

RL: No worries.

HK: Well, I better let you go…what are the dates for your training again?

RL: My next training starts August 7, 14, 21 (Sundays)

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Takeaways From the Interview

The one thing that really made an impression on me during the interview was when he said:

“So my advice to everyone is do not learn to trade Forex, Options, Futures, Stocks for the money or because see someone else making tons of money. Do it for the love of trading, because you like reading news and analyzing charts.”

This is something that very often overlooked when people get into trading.  They only see the dollar signs, but it is not an easy business, you really have to love the process to become successful.

Another interesting point for me was that he uses an EA (Expert Advisors = automated trading programs) that only manages his trades after he has entered them manually.  All of the other EA’s that I have seen both enter and exit trades.  It goes to show that thinking a little differently can be what you need to be successful.

Rudy Leder Training Review

As he mentioned in the interview, Rudy has a unique approach to teaching people to trade.  However, before I felt comfortable allowing him to talk about his training program, I had to check it out myself.

True to his word, Rudy’s training program only contains the essential elements that he feels will make an aspiring trader successful.  Although I have not had the chance to extensively backtest his method, it looks like something that would work and it definitely can be learned by anyone who is serious about being a successful trader.

Since they are methods that Rudy successfully trades for a living, I have no doubt that one could be successful using what he teaches.

When I saw how much he was charging however, I thought it was a mistake.  I was sure that he was missing a zero at the end.  But no, it really is the price…very affordable, especially since he offers three live training webinars where you can ask as many questions as you want and a member forum.

I would highly recommend taking his course if you are looking to get some Forex trading education.  The next session starts on August 7th (in a few days!) so if you are interested I would head over to his site right away to sign up.  Last we spoke, Rudy mentioned that there were only a few spots left for this session, so don’t delay.  I’m not sure when the next session will be either.

Click here for more information on his training.

Final Thoughts

On a personal note, I found Rudy to be an all-around cool guy with a genuine passion for trading.  He was really easy to work with, especially when we had to do some scheduling changes for the interview.  I also liked the fact that he does a lot of backtesting himself and encourages his students to do the same.  That is unusual in the Forex education world because most educators don’t want you to know how their system really performs.

Anyway, sorry for such a long post, but I hope you found it helpful.  I had a lot of fun bringing it to you!

What did you think?

Hope you are having a great holiday season! I just wanted to send you a quick video to enjoy this holiday with your family and friends.

It is about Frank and Kristen and how Frank became paralyzed on what should have been the happiest day of their lives, their wedding day. Every day after that was spent in misery, with Frank unable to work or do anything for himself, Kristen has had to shoulder the burden, putting a tremendous amount of stress on her and the relationship.

Of all the videos in this series, I think this one was the most rewarding to watch. But don’t take my word for it, check it out:

Note: Click the rectangle icon in the lower right corner to view in full screen.

Note: To watch in full-screen, click the rectangle icon in the lower right corner.