Blowing Up 9 Accounts To Become A Profitable Trader – Ryan Herron
Episode 37 of the Desire To Trade Podcast features Ryan Herron, a binary option and Forex trader that displays a lot of perseverance.
His story of how he became a profitable trader is very interesting due to the fact that he blew up 9 accounts and kept going in spite of it. He could see a progression in his results. This made him think that by staying in trading, he would eventually make it. And he did!
During this interview, Ryan and I discussed the fact that, while most traders are looking to get rich overnight, the right amount of action over a longer period of time is required. An aspiring lawyer or doctor must go through a long education process and spend a lot of money. Why would aspiring Forex traders avoid that?
Ryan mentioned the importance of focusing on ONE THING (one strategy or way of doing things). Then traders must not forget what comes after: being comfortable trading that one strategy. That strategy can be created or learned from someone else. Through backtesting, we, as traders, ensure that we know exactly what to do upon trading for real.
What’s covered in the podcast?
- The difference between Forex and binary options
- How Ryan kept going after blowing up 9 accounts
- The steps Ryan took to learn and progress as a new trader
- What Ryan sees as the biggest mistake traders make (hint: adding to a losing trade)
- Examples of focusing on one thing to succeed
- And so much more…
Forex Tester 3 (affiliate link)
Forex Trading Strategy for Trending Markets (article I mentioned at the end of the episode)