Wow! What an interview. Fresh off 2nd place at the Forex Trading World Cup, I get a chance to interview former guest, Scott Welsh, on his journey from 2017 to 2021… and everything in between.
A former student of my Robot Builders Club, Scott used his automated strategies to take his competition account to over 78% return during the year long competition.
With soo many gems in this interview, it’s a “must listen”. His holistic approach to the competition was where I found the most insight, and I’m sure you will too.
Remember to check out Scott’s video after the interview, as well. He share’s with us a “no brainer” way to get in at the start of a trend.
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Scott’s Trading Strategy Explained
[19:09] In this particular trading contest, people are going for big targets.
[20:11] If you can find a broker with no spikes and a strategy that will work and get you good execution … obviously money can be made.
[20:25] If you just go for big profit targets, nothing’s guaranteed but, the chances are so high that you’re going to end up ahead of where you started.
[26:15] Trend following works really, really well.
[27:12] The best way to trade a breakout is have the robot do it.
[28:12] It’s easier to be a trend follower if the software takes it for you.
[30:26] Trend following has months and months and months of nothing happening.
[33:33] December is normally, historically, great for Forex trending.
[41:00] When an indicator gets to an extreme reading, that might be a trend.
[41:27] Using indicators is okay.