Tess is an old pro when it comes to forex trading game. And by “old,” we don’t mean “checking-into-a-retirement-home” old, we mean she’s been watching market supply & demand levels before she could probably ride a bike. So, check out this long-time forum favorite for a wise word or two on forex trading!
1. What were you doing before trading full time?
Both Jocelyn & I entered the industry upon completing our college education, so we haven’t ever done anything else.
2. Who, or what, got you started on forex trading?
We grew up exposed to all this stuff. Our folks & other family members are career traders/fund managers & senior execs with track records at IB’s & corporate funds in the U.S & Europe. So it wasn’t surprising that those of us kids who were interested would gravitate towards the industry after completing our education.
3. Do you trade from home or with a company (at an office)?
We trade from offices in the UK where we’re currently responsible for the FX portfolio of a large diversified fund run & operated by our parents & their colleagues.
4. How long did you demo trade before going live?
Well like I said, we were immersed in it from the cradle so it’s always been there. We were trading & managing our own sub accounts (set up under an umbrella/proxy type arrangement) right through high school.
Although our family made the experience fun & lively, they were subtle exercises designed to instill discipline, respect for money from an early age & teach us the importance of preparation & organization. Plus of course, we could see our accounts increasing over time which made the purchases via the withdrawals all the more satisfying knowing we’d contributed heavily towards that objective.
It also gave us (& them) an insight into whether that type of endeavor suited our personalities & psychological make-up.
5. Have you ever blown accounts or suffered huge losses?
No we’ve never come anywhere near destroying either our own or client accounts. Of course, like any other market participant we experience our fair share of losing bets, but they are a controlled, carefully managed business expense.
Risk & profit management was one of the most discussed topics whenever the conversation got around to business at gatherings & get-togethers when we were growing up.
It’s absolutely imperative that you put carefully monitored risk circuit-breakers into the mix, especially if you want to generate & receive the right types of personal recommendations from existing clients.
They’re not going to be too impressed if they see wildly fluctuating bottom line numbers or stomach churning rollercoaster profit/loss returns.
6. What do you think about the BabyPips.com School of Pipsology and what is your favorite lesson?
I’ll be honest, I haven’t fully perused all the topics in your instructional section, but I do very much support this type of basic introductory education.
We’re firm believers in establishing good habits that encourage newcomers to put down solid foundations & frameworks. Anything that can empower novices to use their initiative & explore these basic lessons further can only be a good thing.
The first port of call I made was toward the (surprise, surprise) senior year, risk management section to see how it was approached.
Novices especially, need to quickly realize the importance of protecting their capital base from outset. Respect for money is imperative if you want to succeed in this business.
7. What are your top 3 hardest lessons learned through trading?
Always respect your risk & never compromise your defensive circuit-breakers. They’re there for a reason & designed to check you out of your position if changing circumstances invalidate the trade. I’ve been guilty of falling short on that one………….but only once!
Never be afraid to admit you’re wrong. As much as you think you know, the market always knows more.
Don’t get lazy with your research. There’s no room for shortcuts when you’re dealing with money, particularly someone else’s. And always double check your order tickets before confirming the bet.
8. Who is your trading idol and why?
They’re smart operators who practice exactly what they preach & never take anything or anyone for granted.
They’re sticklers for detail. That’s probably the most important lesson we’ve absorbed from their tuition & advice since childhood – if you’re going to do something ensure you do it properly & always, without fail ensure you cover your bases. That way you’re better prepared for when the unexpected comes calling.
9. Do you think there’s a difference between men and women when it comes to trading?
If a person is smart & capable enough to put themselves in a position to get the deal done & demonstrate their ability to achieve & meet agreed business objectives, then they’re good enough, regardless of their gender.
10. What characteristics should a woman, or man, possess to survive the business of trading?
Attitude is important.
It might sound silly, but you’d be surprised how many folks lack a business-like attitude. It probably explains why those who do, generally outperform those who don’t. They care more, primarily because they’re continually seeking to improve.
They’re not afraid to seek help or assistance when required & neither do they tend to possess an ego, which is responsible for more catastrophes in this industry than anything else.
Strong efficient organizational skills, logical thought processing & the ability to remain calm under pressure are other obvious characteristic candidates in my book.
You can also add adaptability to that list.
The market & its participants are constantly evolving. If you can identify, accept & interact successfully with that changing environment (providing of course the model(s) you use to trade with are net positive in the first place) then you stand a good chance of hanging onto your capital longer than your competitors.
11. Who is your favorite FX-Men?
Ummmm, let me see now……errrrrr, I’ll get back to you on that one!!
12. Any final words to all aspiring women forex traders out there?
Try & become conversant & familiar with a style or set up/trigger combination that pushes your buttons. You’ll be more inclined to channel all your focus into something that inspires & motivates you. The danger with most newcomers is spreading themselves too thin. They simply dilute their time & effort.
Know your limitations as well as your strengths within the market environment you’re operating in. I’m not suggesting you need to become an expert in everything, just find your hot-spot & milk it for all it’s worth.
Allow sufficient time to draw sensible conclusions from your research & testing. If it feels right, stick with it until it proves to you & can show clear evidence it’s not working.
Most of all…enjoy it.