There are a number of reasons I liked the interview you’re about to hear
Where a lot of traders will just explain their strategy and tell you that it works, Austin Semeniuk, gives the underlying reason why his approach is a successful one.
His explanation of the interaction between buyers and sellers is one I haven’t heard before on the show, but it made so much sense to me and personally helped my trading in the weeks that followed.
And it doesn’t end there! The psychological aspects he touches on, around discipline and patience, may help your trading.
Once you’ve finished listening, make sure you jump on the video to see what I consider one of the best supply and demand explainers I’ve had on the show.
Podcast Interview
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Interview Links
Facebook – @MoneyBallAustin
Recommended Books
Trading in the Zone by Mark Douglas
One Good Trade by Mike Bellafiore
The Art of War by Sun Tzu
Broker & Platform
Global Prime
MetaTrader 4
Trading View
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Austin’s Video
Key Lessons
[07:32] Having the ability to work from home, work from anywhere around the world, travel, be your boss, that is what entices me.
[07:41] I’ve never been a materialistic guy having cars or something like that. I prefer valuing life experiences, to travel or anything like that.
[10:12] Anything you need to know about trading (Currency, Stocks, Forex) anything about it, any strategy, it’s on the internet. The question is putting it together and being consistent with it and that’s what people have a hard time doing.
[12:12] Never risk 5%, 10% of your trading capital because all it takes is 5 to 8 losing trades in a row and it’ll be wiped out.
[12:43] Having patience, discipline, and consistency. Those are the three keys.
[13:02] If that one mentor teaches you consistency, patience, and discipline, then you will become a successful trader.
[14:01] There is no preparation for a downtrend.
[14:09] Seeing a strategy that works and you backtested it, that brings confidence into your trading.
[18:11] You have to create every strategy or methodology to your strengths and weaknesses.
[20:49] If you have a lower win rate, you’re going to have a higher risk-to-reward.
[23:53] You need to focus on yourself and yourself only.
[26:02] This is a business. We are competing against the smartest minds in the whole world.
[33:04] There’s a lot more opportunity on the smaller time frames but there’s also more noise.
[40:24] Just because you joined a $1000 or $100 course (so you paid for membership) that doesn’t make you consistent.
[42:41] You need to have concrete rules.
[47:53] Whenever you push that “Buy” button somebody is, technically, selling to you.
[51:46] Trading is a solo game. You have to focus on yourself.
