After taking several forex and trading courses for the last few years, Trond decided to share his experience with like-minded traders out there. Together with Jackie he created Forexandprofits – a community for traders that want to find decent trading setups.
Since you are here, I guess you want to learn more about Trond. That’s why we asked him several questions – and share them with you here below!
How long have you been trading in forex?
– I have been trading and investing for the last 10 years.
You said you have taken many forex courses?
-Yes. I attended on-site courses with life coach mentors like Kevin Green and Robert Kiyosaki, and this led me further to forex. After that I have joined many forex courses, both online and onsite, e.g Darren Winters. It has been inspirational and helped me to find what I wanted to focus at.
Is education the key to success in the forex market?
-Yes, forex education is definitely very important. I have learned how important good education is to be successful in this market. Some of the courses that helped me to master the trading was The Ultimate Traders Package, Forex Mastermind and Power Fibonacci Trading Course by skilled traders as Tian Kriek and Chris Pulver. They helped me to grow as a trader. I have recently studied some strategies by Vladimir Ribakov and Yordan Kuzmanov from Traders Academy Club and Andrew Fam in the Forex Platinum Trading, all been very helpful and motivational.
Did you have only good experiences with their education?
-Yes, with the traders I mentioned here, I can warmly recommend them. But I also noticed there is a huge “marketplace” and some of the “salesmen” are screaming higher than the others, and all their services are not always “legit”. You need to be careful and pick the providers that can give you the most value, find “real” people that will not leave you just after you have purchased their product.
What is your best experience taking forex courses?
I would say meeting experienced traders with consistency that have built up their own full-time business, it’s so motivational. Some of these traders have not only given me the “wow” experiences when it comes to seeing the charts with new eyes, but they have also assisted me as mentors, really care about me and make sure that I adapt their trading techniques into my own trading.
What is your worst experience with forex education providers?
-I joined a trader that promised to teach me how to make 1500-2000 Pips per month, and he even provided me with a “retirement plan” setup for the next 20 years. For the first months, in the beginning he actually provided what he promised, but afterward, there were huge losses every month, and it was definitely not what I had expected or paid for. A huge disappointment, as I spent lots of hours on his program every week. Afterward, I decided to be very skeptical of new programs that promised you a certain number of pips or money, as we all know this is often “too good to be true”.
Have you taken several trading courses simultaneously?
Yes, some of these courses gave me “lifetime” access to their trading rooms, and I wanted to meet up to every class, so I didn’t miss any good trading opportunities… But what I experienced, was that watching several trading webinars daily led to lots of confusion and frustration, to be honest… It’s definitely not good to get too many signals and mix up different ideas from different traders! Stick to one strategy at once, that’s my advice!
What happened to you when you got these mixed signals?
-It stressed me out and I wanted to give up! When one signal provider is showing a bullish idea and the next provider shows a completely bearish setup for the same currency pair, then it’s very difficult to know what is right! I tested out many different strategies and learned by failing several times.
What is the hardest part of being a trader?
-What put me down is always these huge drawdowns. I hate to be in long trades where the currency pairs go in the other direction. It can be so stressful, especially when we begin to reach weekends and we know that the markets will close for several days. You want to get your trades done and not keep them into a long runner.
Is it easy to find good trades?
-I’m very selective when I choose a trade setup. I rather stay out than jump in just because there are few good opportunities right now. Better to wait and see. The market is there tomorrow too. I always want to find good trading opportunities of course, but we can’t do magic!
What are you looking for when you find new trades?
-I look at the direction of the highest probability, and the chance for retracements. Ideally the take profit level should be as high as 2/3 and the stop loss level only 1/3. It’s the key to win more than I lose, and the winning percentage doesn’t need to be that high.
What is your worst trading experience?
-I still remember my early trading before I had any experience… I had no patience to go through all the classes, so I jumped in. I even experienced margin calls in the very beginning of my trading journey – which gave me sleepless nights. Afterward I have heard that more than 70% of traders fail in forex, and most of them lack education, just as in my case at that time.
Which indicators are your favorites?
-I use several indicators that I find helpful, my favorites are the ADX and Bollinger Bands. Both help me to see if I should stay in the trade or get out. I like to draw trend lines to see if the trends are ending… and I look at the Fibonacci to get an idea of what will happen next…
How does your “preferred trade” look like?
-My favorite setup would be to have one quick trade per day, just go for a few pips, and terminate all the weekly trades on late Thursday or early Friday morning every week, no matter if any of them are a bit down… And this way achieve steady profits at the end of the week – consistently. But it’s easier said than done. Unfortunately, many trades need to be monitored for a long time, and you need to accept some drawdown.
Trading can be quite time consuming?
-Yes. Some years ago, I had 3 jobs and worked 12-16 hours per day… It could definitely not be combined with manual trading. That’s why I decided to work with passive income solutions, copy trading platforms as Etoro and Zulutrade, since you can let other traders trade for you on auto pilot. These platforms saved me lots of time. But I realized that there are many traders you simply can’t trust. So even if it sounds easier, you need to analyze well who you want to trust.
Have you been successful with your copy traders?
-Yes. I have some great traders I follow in my portfolio. I decided to quit all my 3 jobs in 2017, since the copy traders I followed already had created a passive income for me. I have never regretted that decision.
How do you keep excited in your forex life?
– I never stop looking for new and exciting investment opportunities. It’s important to keep studying and test out new strategies. I enjoy participating in forex webinars to learn new stuff. I have recently been more active in crypto groups as well. There are many great opportunities in the crypto market now. And I will continue to update my forex education.
Are you never tired of forex?
-To be honest, I have days and weeks where my motivation of trading can be completely gone. I have been through a lot in the forex world. There are scam brokers that you have to stay away from. Trading forex can also be very time consuming. Many courses have not really been helpful. Strategies that don’t work at all. I want to share my experiences so others will not waste their time on crap. That’s why Jackie and I created Forex and Profits.
So you will only share what does not work in forex?
-No, of course not. I want to share all the legit ways to be successful in the forex market. I have found many tools and systems that can make the forex trading way easier. I have discovered passive ways for those investors that don’t have time to trade manually. I have found really great copy trader services. I want to share the most valuable essence of trading and investment opportunities with my readers. I want to show how an average investor can make a decent profit, sharing steady results, contributing with transparent reviews. Forex and Profit should be all about making forex trading simple for traders like you and me.