There’s only one thing more valuable than the wisdom of those wiser.
It’s taking that wisdom and applying it correctly.
That’s exactly what Drew Bishop did after a family member (who worked on the Institutional side of the markets) told him…
“The high risk account flips you’ve seen on Instagram, will likely to end in failure. Most Institutional traders approach the market through proper risk management. So why not do what they do?”
I’m paraphrasing here… but you get the gist.
To hear how it actually played out along with the positive impact it had on Drew’s trading, take a listen to our interview below.
Podcast Interview
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Recommended Book
Trading in the Zone by Mark Douglas
Broker & Platform
Oanda
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Drew’s Forex Trading Strategy
Key Lessons
[08:05] Always have correct expectations about what a return should be, what you should be happy with, and what to shoot for.
[08:55] Understand that 100% return a month is not really sustainable and is not the reality of what success looks like as a trader.
[21:23] There’s nobody that’s going to push you better than yourself.
[21:40] It all depends on how much work you can put in, how disciplined you can be, and then really how bad you want it.
[22:41] You need to start living below your means.
[24:07] Focusing more on swing trading would be something that you can develop consistent stuff and gain some confidence.
[24:28] Trading is the easiest way to make the hardest money.
[24:33] Reading a price chart is really simple.
[24:44] If you can learn how to read price action, learn to read candlesticks, understand market structure, that’s all you need to build a successful trading plan.
[25:17] You’ve got to understand how the market moves.
[26:54] It’s important to realize that a technical system is successful over a series of trades.
[27:58] If you can understand the open, the high, the low, and the close of a candlestick, you can read the story of the market.
