Millionaire Trader Tips And Tricks - Karen Foo | Trader Interview

90 percent of them don't know what they are doing don't know what they are buying into so why did they buy into it because I don't want to miss out on the Move yeah like everybody's getting rich around me like in the news like I'm gonna get in why did you get in what's the market about I don't know why I'll come back on the podcast the channel here on YouTube it's been a while we spoke uh you are one of the I think most Volunteers in Singapore you've been on YouTube everywhere people follow you for sure yeah it's actually 100 people are what's going to Singapore the first comment I got is oh go we can again go to the real Karen again so we had to do it again uh welcome back tell us about what's going on since we last spoke like four years ago so we covered and everything around trading during this covet period like a lot of us we are staying at home so what I did is one very crazy and also weird thing which is you know I used to trade with my laptop it's just my laptop it's me and my laptop okay it sounds very lonely but then like I went to buy like a custom kitchen because custom pieces is meant for gamers right I don't know if you're gay or not but yeah custom PC then it's like it has all this RGB lightings then I went to buy a couple more you know those light strips that you paste onto your table to make it it lighter then I bought a light projector then end up my whole trading room becomes like a disco I showed it to people not a lot of people are interested but at least it makes me happy you know what I'm saying so I did a complete renovation of my fitting room and that's that and haven't seen him for like three years and hasn't changed a bit actually that's good you look younger and then it's like yeah no glasses I think it was the biggest difference yeah okay that's that yeah so yeah let's talk about I want to ask you the first do you feel like coven and the fact of being at home more has affected your performance in trading or at least you're like the way you do things or is it ever been the same for you oh yeah you know like when you are at home all the time and you cannot go out to talk to people sometimes it can feel a little bit isolating so actually it was really hard to be honest it was really hard for me mentally but financially I'm fine but then mentally last year I was like really hard so I actually had to go out and you know I booked a vacation at a hotel in Singapore which is quite weird like you have a vacation in your own country but there's no choice because like the bottles the borders are all closed so I booked two hotels so I live in one hotel in around September that October I also live in another hotel basically just having a vacation in my own country and then it really helped me recharge you know like when you're burned out and all Brenda and all that it's very good too just get away from it all get away from your trading desk for one week two weeks and then you'll feel better after that when you come back like it can you travel a lot right like travel all the time so traveling helps you a lot like if you have the money and time just go and do it yeah yeah for me it's been the same so like you said the drink cover I didn't travel for like at least two years minimum so I do something I do I always goes like different hotels in Bangkok try them all like all at once in different hotels I think it was good to change environment have the same perspective about things and just be able to kind of maybe focus better like when you're at home you have to do things you might even have to cook you have to clean you have to do all your stuff but when you go to know in jail for a few days you can do like just what you want to do focus on that then go back and then yeah do the thing you get so I think it's a good idea yep actually you know what like you mentioned that you go to different hotels because you're so used to traveling right yeah like traveling here and there like I know people call you a traveling Trader or not because I have another friend who's also he brand himself as a traveling Trader and then he also cannot travel so I just go to different hot squats vacation spots in Singapore and then he saw the Hotel Singapore like discovered things that he don't even know exists in Singapore so it's like I guess it's a good thing you know like the pandemic yeah yeah for sure okay we're gonna bring back to training in lifestyle so tell me about a lot of people think like once you have a good strategy in training you can just trade it then make a lot of money with it then like you're good for everyone Professor Forever After what's the kind of background behind the scenes that people don't see in terms of trading and keeping your performance in the top what are some things you got to do to be able to sit top-notch as a trailer a lot of different things a lot of different things that you need to do every single day and the first the main thing is you gotta take care of your mental health because when your mental health is not there like you're angry all the time then you're like sad all the time you're gonna do really stupid things when you trade like Studies have shown that I don't know whether you have seen this experiment or not because they did experiment on a group of sad people and a group of new Pro people they found out that those sad people will tend to make worst financial decisions they're going to pay more for a product that is not worth that much so it's the same thing when you're set you're going to open lot sizes or use lot sizes that are beyond the risk that you're supposed to take so take care of your mental health and the second thing that a lot of people don't see is the hard work that you need to put in so I've invested more than sixty thousand dollars to learn the financial markets of course this includes my finance degree but then aside from that I also I don't have this weird a lot but I still buy trading books every month sometimes just for fun like I haven't bought a book this month so let me just buy a book a trading book so I mean there are a lot of trading books right out there and then you can wait and then check out what other people are thinking and so I made a lot of books every single day sometimes if I'm busy then I'll read like one book then I also invest a lot of money on mentors mentors so I gotta learn from them and then I got back test basically what do you see on video I know the trading Lifestyle the five-star hotel lifestyle traveling and all that for me at least for me it is like only one percent of my life yeah it's like the reward I think you get at the end for doing all the work up front yeah it's a good point so it's like that part of traveling the living hotel or that is only one percent of my life the part where I don't really record is the hard work that I put in every day the staying at home looking myself at home and then like studying markets the hard work is what people don't see so if you are willing to put in the hard work then you have a higher chance of becoming a good Trader I agree I agree there's a big difference what about in terms of finances like once you start to make money you gotta become smarter about money because like you gotta know how to spend it how to save it like what to do with it how do you kind of manage that you have a set kind of framework used to manage your money or how does that all work out so I think you're more talking about this is more on the topic of personal finance yeah personal yeah business personal finance yeah so that's this that's the thing that it's not the amount of money you earn but it's how much you keep yeah so those who won the jackpot 10 million dollars like five million dollars you realize that a lot of them they after a few years they become broke again so it's like it's not the amount of money you earn but the amount of money you keep so every time when I earn a certain trading income I will do all my best to make sure that I spend less than that not more than 70 percent will be safe never spend more than 70 of my trading income to be safe because I need to save and then invest back into the markets so that's one very important thing okay make sure you focus on preserving what you have earned rather than like you know spending on Lamborghini and all that I mean you can you can you can spell Lamborghini after you become rich but then like be careful of attractions in life like the nice things in life the shiny things in life a lot of people pursue that so be careful not to go too crazy on that yes it's what they call a style inflation so whenever you make more money you spend more and more and then it just increases and you start like demand for you make less money then you start not being able to pay for the other months where you spend a lot of money so yeah it's a bad idea at the same time yeah you gotta you gotta be willing to spend on things and you gotta be going to like buy whatever you want to buy at some point yeah you don't run on that too but the computer and other things so that's a good thing but then you multimed you're Capital well also you want to be able to grow your own account like that's something people won't think about they say oh we've had like 15 000 and I traded it might make a good monthly income but then if you're gonna grow your account then you're stuck at the same place forever yep yeah but it's not necessary of course my PC it's way overpriced which is not necessary because like I have I bought Pro screens like two big monitors which is totally extra not necessary so please don't do that at home so I was just crazy last year so just yeah let's let you know that yeah if you feel this way too but sometimes I feel like you need to spend a little bit more like stretch yourself a bit more to go out of your comfort zone to then learn how to make more money like sometimes like you might take like a business class flight then you get used to it then you want to do it more then you find a way to make money to pay for that over time do you feel the same way you feel like you have to spend more to kind of see a different lifestyle then kind of build your way to view and walk to pay that yeah yeah do you find business sometimes not often but let's say now I try to do it more and more my point but I could do it all the time now okay I try to like be flexible with it but I definitely like it better for sure right okay sometimes yeah yeah for sure a good point so tell me people are gonna wonder what does it take to become a good Trader and of course strategies like you've thought about a lot of things in the past and we can't cover this maybe just a little bit but are there things you want to focus on more to become good traders in your opinion thanks for focus on more definitely risk management and trading psychology so hello beginner training only focus on trading strategies and mostly they focus on the wrong metrics which is for example win rate what's the highest win rate strategy I have seen trailers with 95 percent win rate I made this mistake back then in my first year I had a 90 win rate but at the end of the day that one losing trade that did not work out blown off my blow out my entire account if you understand who's this if you know who's this hedge fund manager called Portugal Jones he only has a win rate of 40 to 55 and here's the top billionaire hedge fund Trader in the world and why is his headphone so successful is because he has a good risk to reward ratio that makes him profitable so focus on the right things risk management trading psychology these are the most important you might hear this and then be like yeah Common Sense common sense but then you will learn it the hard way only when you lose or blow your entire account because I've seen a lot of people tell me again yes you talk about risk management training psychology all the time you keep repeating the same thing it's so annoying but then like I realize how important this lesson is only after I blow my account then I realized oh yeah yeah right yeah right you're right you should listen to that sometimes you've got to go through the tough experiences to be able to to learn trading it's just it's just part of the game yeah you might tell someone many many times what they got to do yeah and you do it on YouTube all the time and we do it a lot too and then people are not following you know they're like oh that's what someone else oh just in my own way it's fun no worries and the same time how do you teach a beginner to be able to or to actually be comfortable to lose because that's tough like if you're going to lose half the trades you take that's that's a tough thing for a beginner to understand the way you become so-called comfortable and losing is you need to give it time you need to give it time like I don't know if you watch the stupid shots that I made like big beginner beginner Traders they like like when it goes money they like oh my God this stupid thing doesn't throw the phone through the laptop or that but then like after a few years you realize that you know why it lose money it's like okay it's like a given it's like a part of my life it's part of my routine like as long as I know that my long-term winds are going to cover my short-term losses meaning I look at long term the big picture I know that this field monsters is not going to matter that much so give it time yeah I think you definitely got to practice practice losing practice me okay with it and I guess that's where kind of mindfulness meditation comes into play too are you a big fan of meditation or mindfulness whether it's something you don't really do too much yeah meditation you know I used to be like meditation is such a waste of time like who has time no nobody has got time for that like meditation but then I watched this interview with I think it's Ray Delia or Portugues it's way down here I watched this interview with Ray Daniel and then he was like here's my secret to trading success here's my secret to investing success then waiting for the you know the strategy that's not mentioned then he's like meditation I'm like what your secrets meditation so if the if this billionaire spends time meditating and that is his secret to success so I'm like you know what I gotta follow that you won't sing because like that so I tried out meditating and then I realized that I'm a lot more calm I'm a lot more relaxed and I can look at my negative thoughts from a third person's perspective rather than be like oh my God I'm so sad so depressed you know what I'm saying I can look at it in terms of like okay you are set and depressed right now let's do something to to reduce that kind of feeling so meditating when it helps it helps you in your trading too so try that yeah you might start losing trade but you don't feel the need to jump back into another trade to recover right away yeah do you meditate to him I'll do it like all the time every day but when I have a good routine when I'm like in a place for a while to attend me I did quite quite frequently yeah okay foreign a lot I love you go under cookies or hot tubs or not yeah massage I can do the same thing yeah it makes you more relaxed it's yeah definitely a good thing yeah and then people who are gonna trade for a while they might have a few losses they might not be in a good place now where they can make money they don't see it like happening really well for them how can they flip it around like what's the the trick of what what's doing different things around when you're not possible in trading how do they feel better after losing straight right yeah or in terms of how they can change their performance to be impossible again so when you're in a losing streak it's very important for you to take a break depends on how long you need it can be one day it can be two days it can be one week why it's so important take a break is because it allows you to get away from things and think clearly and also prevent you from taking away one straight so that's very important one thing that works for me is um I I would go to a watch motivational videos motivational videos like you know those videos that's like never give up when it hurts keep going you know that kind of video and watch those and it helps me a lot and of course it doesn't work for everybody but it works for me and then I also go out there and attend trading events which helps me a lot because when you talk all these Bank Traders professional Traders and then they tell you their losses they tell you how they overcome it it inspires you a lot so do that try to go to networking events and talk to people I'm not sure about these motivational videos for I feel like they're good for working out for trading maybe not so much works yeah I've created a whole playlist of videos for Traders and motivations I'll leave that link below uh so I kind of it's like a mix of trading advice and also uh being able to to get myself it's pretty good for that so yeah it's pretty pretty good people love it so far how do you find the events for Traders because people might even like meetup.com there's not events where they have promotion let's just sell a course or something how do you find good events you want to go to and you actually want to attend actually in Singapore there's not a lot of trading conferences I suppose but there are a lot of trading groups which whole meetings like once a month I I never joined any of those maybe I'll join like next year because this this society called like Technical and this is society or something like that maybe I've joined that but then like training events I try to go to Every trading exams because you can learn something from every trading event and explore conference so yeah just join everything yeah it's always a mix of being able to make it worth your time if you go to an event where it's all about Brokers and promotions and stuff it might take me the right people there but if you can find people who are on the same page want to get better if I'm Azure like mentioned that could be a good way to improve normally those events with Brokers they would have like a speaker expert they'll give a seminar so I will go and talk to those vocas which you know they had wolves around I I won't go try to go near that but I'll try to sit in the seminar and then like listen to the speaker and learn from them you had a video recipe on YouTube about how you've been scanned my Brokers before you want to explain how like um that's a really sad thing and also quite disappointing it's it's you know you know that thing where you got cheated by a lover yeah that's the kind of feeling that because this CEO of this bookish company he was a long time friend of mine so we were friends for a million one two three four five six seven seven years so he kind of approached me for two times and then be like Karen could you please support with me like I'm a changed person like give me a second chance that chance many view when a girl asks you for a second chance that chance don't go with it because we don't really don't change most people don't change okay so I decided to go with it because other trading goals were also my friends in Singapore also convinced me can you know what join us join our team you know we are gonna do so many amazing things together so I went ahead and joined but there was one mistake I made is that I never really researched on the the licenses I'm familiar with the regulations like FCA regulation Asic regulation but the license when it comes to registering a broker I'm not too familiar with that so that's why they got kind of got into trouble with the license part that's why they have to close down and all the funds within that Booker a lot of people cannot take it back so I have about ten thousand dollars inside the the trading account which I could not pick up so I just assumed that ten thousand dollars is already gone I'm just gonna earn it back you know but this experience taught me one thing is true not trust everybody of course you know back then it was really hard for me because for about like a whole year I closed close I told you last year I was in a very bad place because of this issue I closed myself down I did not want to go out even though restrictions in Singapore kind of like East but then didn't go out because I don't trust anybody I don't want to talk to people like get away from me don't talk to me you know that that kind of feeling so I was just isolating myself last year then your isolation it oh yeah ruins yeah you want your mental health a lot that don't want to talk to people I don't want to meet people then the only time I talk to people is when I wanna buy coffee and then it's like hey one coffee please thank you again that's it yeah that's the only five words I will utter up every single day other than that um make sure when you pick a boca next time do your research there isn't it doesn't mean that if they are nice to you then you you can trust them okay like a lot of scanners they are nice they would say nice thing to you and then like no these investment scams are packaged as love love scams yeah yeah I'm saying so when people are nice to you just be extra careful especially a stranger when they're extra nice to you just be careful especially when they are broken so yep yeah it comes down to doing your research and now it's easier to jump into something and try it out and do your research and then then you get you get yeah yesterday right after at least ten thousand is something you can recover like other people who lost a lot more and different things and if you got symptoms myself and some scans before so nothing new but yeah something you want to be careful about before starting out imagine you're someone that put all the lifestyle into it they want to make it big they need that money that's a whole different a whole different aspect how long how long do you take to research your broker well now I kind of have contacts that I can talk to that know this stuff really well so I can ask them like what they think of a certain broker but for me it's all about like just Auto showing what's the kind of license they have what they mean if they have an insurance on the funds because that's something you want to think about too like a lot of workers in the camera than whatever like far somewhere out there don't have any license or they have a license but then the funds cannot be insured because they're in the common Islands they need to have a special Insurance to ensure the funds and then they have a maximum on that too so it's not like you gotta put like two million if you want it's like going to be maximum money for that the insurance so yeah I'd say it takes a few hours if you want to do this yeah okay well most people won't do that for sure so most people just gonna jump in put some ways to it so yeah especially if you see like uh and it's just I think if you see a YouTuber online it's gonna promote the broker saying it's a safe broker they're using that like we have the crypto Brokers to do this a lot yeah and then they close down directly then that's of course a bad issue ftxi STX his name is also the same name as the person who scan me so yeah interesting interesting interesting so that's something we didn't talk about last time but crypto is really been getting popular since when I spoke now it's of course dying and popularity quite a bit yeah you've been into cryptos a little bit have you jump into it have you been trading it or have you kind of stand on the side stay on that side stay on the side even though even when the crypto height is the highest I never really talk about it because it just didn't feel right there's no fundamental value when it comes to crypto so because I focus on fundamental analysis A Lot in Forex and also stop so crypto I could not find any fundamental value in its like people are not to talk about it does that mean that you focusing on filamentals means you would be a long-term Trader in the Forex and how's that for campus people might want to hear like well that's about more long-term trading I've tried scoping before I tried I tried stopping like opening 50 trades a day and it's very stressful but then like when I switched to swing trading I hold the trade for more than one day a couple of days three or four days it's more chill I won't say it's like oh I'm so relaxed like but it's more like I'm less stressed up you know when you scrub you gotta click the mouse really fast it's like gaming if you're good at gaming and all that you can stop then swing fitting allows you to have a life outside of trading because you are holding a trades for a couple of days so the market will work for you instead of you working hard for the market so yeah if you have more time or no time like you are holding a full-time job then you're studying full-time go for long-term trading strength training position training and that's the thing is like it's also about like the time you spend on it like you want to be someone who spends six hours a day started with this place trades and like just do that or you want to do something else travel build a business on the side which you can do also with trading at the same time so how like what's really routine like for trading you look at the track every day do you like do an assistant video is it like once a week or how does that work out so I look at the chart about one to two hours a day and if there's a trade there now enter but if there's no trades then or just do something else on the chart looking for sit-ups or or it's like scrolling two different charts different instruments if there are no traits then I'll research the global medical Movers to see if there's any trick ideas I can execute on but if there are Fates then I'll try to monitor my current rates should I do anything about these trades or should I just let it run so I try not to go more than two hours um researching the market and looking at charts because like I feel that if I go beyond that I'm gonna let it consume me that also I would kind of be tempted to open a trade when I'm not supposed to so good to have a balance and you have a preference for a morning or evening or night time for that kind of trading or morning or sleeping so it's like I'm not awake most of the time so afternoon often because in in Asia like the London healing session starts at 3 P.M so as long as I wake up before starting before like yesterday before like 3 P.M then it's fine as long as I don't wake up after 3 P.M then it'll be too late okay interesting good yeah and if that's good because see Traders online who might brag about having a like a 5am routine wake up at 5am 6am 14. I mean it works people who like it people who are good with that who is nine with their their second in Rhythm I guess but people who are not in line with this and it's just always stop you're gonna be tired all day and then yeah I've tried that before and then I'm like oh my God I'm so tired because like I'm also on Night Owl so it kind of like counter it's kind of like counterproductive to wake up in the morning for me yeah what do you do at 90mm specific kind of task like focus on at night it's more like like evaluating researching or like what are some things like to do so at night I will spend one hour to work out working out is very important because it keeps your mind fresh and clear and the second thing is I would look for traits kind of prepare for tomorrow so I look for mecco again the macro movers to see if there's any three ideas I can get into tomorrow but other than that one hour before sleeping I would try to read a book because I don't look at the screen and then like the the light would make me um not feel sleepy so I would try to read a book particularly boring books so that I can sleep faster that helps a lot yeah if you read that exciting voice like wow so excited I don't want to sleep that's like not so good so not most of the time I read non-fiction trading books investing books economics book fiction books I don't really read I used to read them but I don't really like them right now so non-fiction books if I read a training book at night no no I'm gonna sleep because I'm gonna be like invest in the topic I'm honest and stuff I'm gonna see what they say so it'll be really hard yeah okay okay then what you wait before you're like a boring manual or something called some sorts of yeah something else okay whatever works for you yeah whatever we'll show you exactly yeah yeah what advice we want to give people for trading you this if they want to build a good lifestyle because it's not just about like making money quickly and trading so about building a whole lifestyle around it yeah what advice would you give them because there's so many things that happen in the past few years the meme stops like that then the Luna crash Carolina crash and the reason um close down of FTX just comes down to one thing so many people buy into something that they don't understand so a lot of Studies have shown that all these people bought meme stocks all this Saga all this hot markets most of them 90 of them don't know what they are doing don't know what they are buying into so why did they buy into it because I do want to miss out on the Move yeah like everybody's getting rich around me like in the news like I'm gonna get in why did you get in what's the market about I don't know I don't know I'm just gonna get in so this was also a mistake I made when I first started out because I bought consists which I don't understand like exotic pairs I bought stocks that I don't understand like hot stocks I just follow whoever is recommending like hot stocks be patient do your work do your research if you think that the price of Education the price of a course is too expensive try ignorance try ignorance because you're gonna lose a lot more when your so-called Google things yourself try things yourself without investing in yourself okay just be patient being disciplined invest in yourself yeah good point could you summarize this to not falling into Trends because a lot of people are getting to that the newest newest Trend the newest thing the newest thing to buy and I think that works for awesome people like in the beginning but then over time you get to one of it's just too much then it doesn't work anymore yep that's good you know people are going to ask questions what can they connect with you if they want to be shot or see what you're doing you can go to my YouTube channel it's called careful it's very easy to remember my name because it become a meme Karen just remember Karen okay so careful f-o not f-o-l okay careful and then yeah there's a lot of free courses on my channel and then I hope that you can learn something from it yeah you just passed for 100 subscribers which is a lot of big numbers so we really have for you for that for sure and people are gonna get a lot right for this and you do a lot of videos to ask you can watch this and of course connect with you anytime so please let me know for that and you'll be the description here of the video and podcast notes as well and care now to connect with you soon again alright see you soon

2022-11-24 05:11

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