Downfalls and rises in trading | At the Table by Urban Forex Ep.004
all right guys welcome welcome welcome welcome to another episode of 'At The Table with Urban Forex' my name is Navin Prithyani and today we're talking about the downfalls and the rises in forex. What are the difficulties when it comes to trading forex what are the lifestyle differences in forex and Armand came up to me a couple of days ago asking me several questions, I was like 'You know what, why don't we bring this up into the podcast ?' But one of the concerns was if you ask all of us any of these type of questions will it deter people from getting into the forex market or will it encourage them? So as always whatever we do at Urban Forex we're like 'Well you know what? We'll just say it as it is and we'll let you decide. We'll let you decide. sSo we have everyone here on the panel we have Ian, Lucas and Armand. And Armand, you know with the set of questions that you have let you take it off from there. - Oh are you guys ready to be grilled? - Waiting for this all day long That's what I like to hear but don't worry this is not you know, school where the teacher is going to ask you all kind of nasty questions. Um so the first one (unless you're looking forward to that) - I was actually - Let's pretend you weren't, I think that's better. So the first one is
"When you started trading did you also think you would be hitting home runs all the time?" Maybe Ian you you want to take this one? - Yeah of course By home runs I mean like having those big number trades like trades that keep on going and going like the profits never stop did you also also think that you would have this? Oh yeah if you watch any youtube video out there I just remember even back in the day like uh I'd watch their screen then I look at my screen and I'd be like "I see this giant green candle it starts at the bottom of my screen it ends at the top of my screen". I'm like if I were to actually get in here and make it to here I mean I'd be done I wouldn't even have to trade like for the rest of the year so yeah green that looks like a spaceship basically like a rocket launcher yeah i thought well that must be norm right like that must be if i'm going to be a trader that's that's an everyday occurrence so . - Yeah and and if you're seeing it like that I'm sure someone else is seeing it like that also and they'll probably, even I in the beginning I was thinking if i do this every single day then I'm probably going to be a millionaire soon that's that's like how everybody is going about there these days.
But what's the hard reality? - Yeah exactly I was just gonna ask that like 'and then what ?' Yeah well the hard reality is what? They do take off like a rocket unfortunately we didn't know these are tesla rockets they turn around and come right back down you know and if you're lucky they land and you know it's just a break even hit but if you're unlucky they explode and you know it's a blown up account yeah exactly yeah yeah So you know how did you deal with that after you figured out 'okay this is this is not realistic to always think it's going to go to the moon straight away?' Ian yeah let's let's have you take it away Oh yeah right off the bat obviously when I when you first get actually going into it you you start realizing hey this isn't happening on a daily basis you know once in a while yeah you'll catch one of them for sure but you also get lots of lots of losses hoping for that too but, I think though the reality that that said in with my training I found the correct education and the proper route to go and I found that you don't actually need those big huge screen size candles to actually be successful in this in this industry if you learn how to navigate read the market correctly even just the the smallest little moves just to the nearest levels and like things you wouldn't even think that maybe don't look so significant or look so flashy you can it's still that consistency i mean it's it's more than enough to have a successful trading career so that's one thing i learned that it's not all, you don't need the big flashy candles all the time. - So it's not the spaceship rides but rather the actual tesla rides? yeah exactly -Okay, Lucas you agree with that ? yeah that's for sure I think one of the main problems especially these days are with you know people trading on instagram people showing their trades on social media showing how much they make especially with recently we have those um coins just rocketing to the moon I think that gives a lot of people like false impression of how how trading really is so yeah I think everyone has to be really careful about what to expect and those are not moves we expect and actually happen every day. - Wait wait they're not ? - Unless you're not telling us something unless you're not telling us you're hiding something Okay well let's let's go over to the next question so some people say that a normal job would take their soul away not everyone says this but some people but they still do it because it earns them you know decent money or at least steady money but trading it can also take away money from you so why did you still become a trader? Lucas? Yeah i think that's a fairly good point because you often hear people saying i'm gonna quit my job i hate my boss i'm gonna be my own boss and then the last thing and when they start being a trader then only they realize the true boss is the market because sometimes you you make a right trade but the market still takes away the money from you uh you know where a right trade could be a losing trade and um a wrong trade could be a winning trade so sometimes it's tough so it's not like a normal employment where you just come in you clock in and then you get your salary um it's a little bit more different than that i would say what do you guys think? Navin, what do you think about that? - No I absolutely agree let's see the thing with the job is you can do a mediocre job and still get a paycheck at the end of the day you do a mediocre job in forex they'll take money from you it's basically as if you're working on commission but with a condition of if you don't do a good job you pay for it you see so it's it's in the short term yes unemployment looks rosy and safe and everything but in the long term the benefits really outweigh being a trader but the short term is really painful as a trader it's very very painful because while you're learning and going through the process every time I personally was like should I just go back to work like isn't that safer like should I just do what my mom and dad was saying and go back to work? Like why am I pursuing this weird thing which looks like a casino? And it feels like a casino because I can't seem to get that consistency down so it's like it seems all random so is it even worth pursuing so it's one of those things that you have to overcome that initial stage which can take years for some people some people take six months but it's definitely not one month it's definitely not two weeks it's definitely not anything less than that you know it's definitely not yeah it takes time because it's a skill and you know the end result is always 100 performance based if you perform you get the paycheck if you don't perform you're paying for it but that's that skill that takes a bit of time to build. Okay um let's have a look at the next one 'In trading there are some investments to it, like for instance you need to have like at least one device with a big screen and some people have a bunch of screens but the biggest cost is not money related and probably hidden, what would that be for you? um Lucas? oh yeah um i think for most people when they think about starting trading they think about the money required to you know invest in their education and then that's pretty much it and and i'm i suppose like the capital you need to start trading with yeah but there are a lot more hidden costs involved you know like costs like um time you have to take off during the weekends just so you have to study the traits you have took during the week you know let's say if you're trading um throughout the entire week i'm sure you're going to be really tired by the end of the week on friday on saturday you're probably gonna sleep in a little bit by the time you wake up well for me at least personal experience i'll be around waking up around 12 eat my dinner uh sorry my lunch so that's like one start doing my post analysis for four or five hours sometimes and that's that goes my saturday afternoon and i'm dead tired after that and then i don't have any more time to spend with my friends my family you know i get to see them maybe once a week that kind of thing so i think there are a lot more costs like that hidden costs i call it that uh people usually don't see but those are you know stuff that it's it's costly but if you are willing to pay for that cost it's it's worth it it's 100 worth not sure what you guys think about that but i don't think if you're able to pay that cost do try trading it's a really worthwhile career okay ian what's what's your experience with that yeah i have a i don't know if it's i guess it's unique to everyone on the panel here but i do have uh family kids um you know so as much as forex is a a 24 7 market you know in quotes you know it does operate that but like there's also certain times of the day that are best for trading opening hours usually london open new york open all that so there is a bit of scheduling i'll say with the whole thing that you have to like um it's a balance right like i've had to like i schedule family time and this but i'm always making sure i'm around my training for the hours that are appropriate for my trading you know sometimes that means you know i eat dinner in front of the the computer screen you know i think we've been on many calls where i'm sitting there stuff in my face while i'm never looking at the charts i don't know what he's talking about i have no idea what he's talking about but in my opinion and and that does mean i miss a few family dinners you know that i make up on the weekend and stuff but um from my experience in the long run it's all worth it because um you can somewhat pick and choose those times but yeah you sacrifice a bit here and there but in the long run you're still free like so to speak like you still call your own hours you can choose to trade there's any number of opens so i can it's just a matter of having that balance um and then in the long run i think you have an overall freedom that not many people who have a nine-to-five job have you know uh in the long run so a bit of yeah you just have to be time management is all but yeah the rewards are well worth it so yeah i was just i was just going to summarize it like that if you can manage your time well and you can also get used a little bit to the trading routine and create a good routine for yourself then it's very manageable but it takes some getting used to especially if you're used to a very strict nine-to-five schedule and after that you know there's no more responsibility uh for work can navigate anything to add to that um yeah so i i agree with both of them um as Lucas pointed out the cost with social life that's a huge huge cost and i think when you're younger you definitely feel like oh that's okay it's not a big deal but it is a part of life that one should not avoid experiencing you know you should have your friend circle you should even even though they might be [ __ ] but you should still have your group of friends you need to hang out with have a good time sorry about that but but for the mo for the most part i think it is very important and that is the biggest cost it's not the financial cost money just comes and goes all the time but that cost of the social life can can have a big role in it but that balance of well if i go hang out that's taking away time from me becoming a better trader okay and trading is not something like it's okay i'll do it on the weekends and then i'll become good i'll do it once a month i'll be good you can't be good i always like to compare trading to a surgeon if that surgeon doesn't get experience then i don't care how educated that surgeon is he's not touching my body if he's done one surgery per year it do not come near me like there's no way so it's it's like that you want to be accurate you want to be precise you want to know what you're doing you want to understand the different variations in market but the cost is there so that's the downside of it plus side of it okay so i'll i'll give you the opposite side so i know because it sounds all gloomy and stuff doesn't it but there is an opposite side of it there the opposite side of it is that risk of how long it may take to get to the other side okay and sometimes you don't even know what the other side is because it just happens one day and you're like oh yeah oh it's been a while since i've been stabilized yeah you don't there's no such thing as oh from this day onwards i became profitable there's no such thing exactly you just noticed that overall you're like oh i'm still net profit oh i'm bigger net profit oh i'm more net profit okay i'm doing well i guess so once that happened i started to realize i now have the ability to take care of friends and family like i was never able to do before and that to me meant more than me just hanging out with them for a couple of hours over some drinks now we go out for drinks i reserve half the half the bar i fly them in we go to private islands like the the door has opened up to a whole new level that they get to enjoy we get to i get to enjoy it as well so but to get to that level i've gone through blood sweat and tears as well so it's a pro and con it depends how you like to live you want to live a balanced life or you want to live the extremes um i'm an extreme type of guy i want the best of the best or nothing you know it's one of those types so okay um i i can confirm that okay let's let's go to the next one so this is a true or false statement um and also explain why For many people trading remotely is part of what attracts them to trading and the less material or devices you have to carry around the better but can you trade from a mobile phone only and can you be that remote warrior while you trade just from your mobile phone? Lucas? - Well the way you put it sounds sounds pretty cool a remote warrior but i i wish i could but i guess false why you can you you can actually do some parts of trading on the go on your mobile but i think you know the overall analysis looking at the calendar for news release that kind of stuff i think i think one have to do it on their screen their laptop at least on their laptop um get all the analysis done and then perhaps managing the trade on the go that's just me i think everyone is different for me i can't do it on the go okay before i react to that wait wait a minute wait a minute. - Oh [ __ ] Let me show you guys something let me show it yeah i'm about to share my screen here for a second here but just give me a second here okay all right i don't know if you guys can so I have pictures of Lucas trading remotely of when i've taken me when i've taken him with me to these remote spots and he has tried remote trading hands-on okay so so this is this is a picture of Lucas up on a mountain on the french alps trading on the grass uh so Lucas what's your experience with this particular one before i open up the photo album oh the view is great but not the view on my laptop because of the glare so there's a glare issue you're saying um how about from the beach how's the glare there well for those of you guys who are watching this on youtube look at my face it's not a happy face and what you guys don't see and feel is that my laptop is actually burning and it's about to explode anytime soon so so this image we're looking at right now is Lucas trading from the beach in Maldives you know that dream that everyone keeps showing on instagram where they you just see feet and a laptop and then saying I lived a good life I'm a forex trader, Lucas used to ask me about that back in the day i'm like you know what come with me let me show you how it is to trade from a bit you tell me so i took him to the beach he's like i can't see anything it's so hot i can't focus and sometimes there are hot girls just walking around wandering around there's no way to focus man with all that going on but just just to be clear i i didn't have that problem i was able to focus just fine hot girls did not distract me. - I cannot confirm that. - my girlfriend is watching this webinar all right um by the way uh if you remember that seven star chef that made our food there uh Gia Como i believe uh he's still there and he sends his hellos this guy was like a scientist when it comes to food so he was preparing our food on the island there and what he used to do is mix up the human body's anatomy with the type of food you need to eat it was very fascinating to hear by him and he came up to Lucas and he's like here's what i'm going to make for you he came with us like here's what you need to eat that's like i thought this is a luxury place i'm supposed to choose what i want he's like no no no you eat what i give you it's like so really great guy really great guy i'm sure i'm messing up the way i'm saying his name he might poison my food next time around but great guy great guy there's it's his name's right here here como by the way lucas he says hi um last time i talked to him he said hello then you see him again say hello we'll do we'll do it yeah i have in here also this is ian in Dubai so this picture that we're looking at is Ian in Dubai uh with me at a place called Opso just overlooking the water fountains. - That's the best pistachio latte that in the world
so so Lucas and Ian have this war between which place has the best pistachio latte and for those of you guys who are like what the hell is a pistachio latte that was me too i didn't know what a pistachio latte was until i moved to dubai and they're actually really really good they're really really good so this is Ian also as you can see his face there's also a glare um he can't see it well as much as i can on the laptops in front of me this happens time and time again i have one last picture this is lucas again uh he's in dubai right here this is out near the beach side but we are in the shade a little bit and same thing because i'm the one teaching it i can tell what times when people can focus and i can clearly see that Lucas is on Lucas and Ian their focus levels are the lowest when we're outside uh what would you guys say to that would you guys agree yeah same for me like any environment where there's any kind of distraction doesn't even have to be a pretty location uh i just i just can't focus and i i think somebody in the comments or in the chat uh put it right just now saying uh you need to be in an environment where you perform best and so I think that's that's the message generally yeah so what about for the rest of you guys you guys agree that uh as as beautiful as it looks for a picture is it worth trading from outside not not completely outside i would say you need to be in a focused place to do your analysis and research and then once that's done you know then you can enjoy the perks you know after so i think it's for me to balance a little bit there exactly, I think uh what I'm, what I'm about to ask is what probably everyone is thinking in this chat room or anyone listening in or tuning in they're probably in their mind thinking answer the damn question can we be remote or not what will what's the answer to that what is the yes definitely yes so if you're talking about actually both for traveling and for using your mobile phone you can combine that and do both or let me you know answer that in one answer and so you need to find a good location where you can focus then you do your pre-market analysis on your you know laptop or maybe at least an ipad and once you've done that you're ready you know what you want to do in the market you have a game plan basically and maybe you're already in a trade and then you can manage it from a mobile phone while you do those other things that come with you know trading remotely you can walk through that city or go to that museum but you have to keep at least your mobile phone so you can manage your trade from that so yeah it can be done it does require some practice but definitely can be done yeah i agree i agree every time i've traded from my phone i can almost assure you 90 90 95 percent of time i've had losing trades managing the trade from the phone is a whole different story yeah it's it's a must to prepare in an environment you're comfortable with and then you can just look at your trade on the go once you know everything that you need to do but to prepare for a trade on your phone that is a myth a myth you find me someone who can do that i will i will find a hole in where he's messing up with and he's taking you for a ride i will tell you that right now there is no such thing as trading from your phone because you don't see the whole picture no never it's impossible to go through all the time frames look at the correlation and everything impossible yeah you'll always miss something uh but it's the same it's like a surgeon doing surgery on a cell phone from what i see i need you to cut right there three diameters to your left oh i didn't see he had a problem there and and he's saying that by the beach so he's playing candy crush while he's getting sand into your wound so yeah so there is freedom there is a lot of good things about uh you know so armor you were trying to bring that up about is it as rosy as it's shown online in the world of marketing yes it is rosy like that but there are downfalls to it that if you can handle that part the rosiness can be done the beautiful stuff of being remote being your own boss um all these questions you've asked yeah that all can be done it's just uh not in the way the average person might think yeah it all comes with some preparation and and dedication also yeah yeah absolutely so what we'll do now what we'll do now is i'll bring this up into a chart so what we're going to do is i'm going to turn this podcast into a webinar okay we're going to end the podcast here so those of you who are tuning in thank you for tuning in whether it's from uh apple itunes or on google or on youtube um or spotify wherever you're yeah we have to mention spotify so wherever wherever you guys are tuning in from thank you for tuning in to this episode four we're going to take this into a webinar if you're interested in understanding what's in the webinar we're going to be talking about similar topics but on a chart format so the link will be below in the description somewhere if you ever need to log in if not you can always reach out to us at Urban Forex all right yeah so shall i take over from here was there any more questions nope that was it that was it all right here we go so thank you guys for being here on the panel thank you Armand for asking all the questions great stuff hopefully in the future i'm going to see if some of you other guys have some questions as well and all of you guys tuning in if you ever have questions just simply ask us you know you never know if the next question will be answered in the next episode or not so uh feel free to ask us thank you guys until next time