"Anyone Can Trade For A Living" - Ray Barros | Trader Interview
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- Опубликовано: 1 май 2024
- In this episode of the Desire To Trade Podcast, I sit down with fund manager Ray Barros in Hong Kong 1 year after our initial trader interview.
Edgewonk Trading Journal (recommended by Ray Barros): d2t.link/edgewonk
Watch the first interview with Ray: • Ray Barros: From Job T...
Chapters:
00:00 Start of the interview
01:06 Introduction to Ray Barros
01:25 Why most traders don't succeed
04:27 Why you need to collect your own trading statistics
08:18 Backtesting is not difficult
09:17 The 3 major trading psychology issues
10:00 What Ray Barros puts in his trading journal
12:30 How to improve discipline in trading
14:32 Find solutions to your trading mistakes
17:29 Find the right people to be in your trading team
18:39 Ray Barros' 4 phase trading framework
23:17 When to move your stop-loss to breakeven
25:07 Dealing with a discretionary trading system
26:55 Trading mistakes people tend to make
28:41 Adding positions to your trades
32:05 Dealing with YOU in trading
32:49 How to understand yourself as a trader
35:13 Feelings & mindset of a pro trader
35:51 Why you can't stop learning in trading
#FundManager #ProfessionalTrader #HongKong
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// SOCIAL
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Twitter: @desiretotrade
IG: @etiennecrete
// TRADING MUST-HAVE RESOURCES
Forex Broker: d2t.link/axitrader
Best Platform: desiretotrade.com/tradingview
Backtesting Tool: desiretotrade.com/soft4fx
VPS (for algo trading): desiretotrade.com/vps
Trading Journal: desiretotrade.com/journal
// MUSIC
David Cutter Music - www.davidcuttermusic.com
Andrew Applepie - andrewapplepie.com/
// ABOUT ME
My name is Etienne Crete (from Montreal, Canada). I'm a swing Forex trader and help aspiring Forex traders develop a trading method that works for them so they can produce income allowing them to live with more freedom.
I blog at www.desiretotrade.com and host the Desire To Trade Podcast. I was fed up with the “fake” millionaire traders and the “get-rich-quick-trading guys”. That's why you can expect more free content from me than what other people charge for!
If you truly want to succeed in Forex trading, I believe you need to keep working on yourself so you can improve your strengths, but also your weaknesses. Do not focus solely on what you're good at.
// Disclaimer
This video expresses my personal opinion only. Forex trading is risky. Make sure you are ready to trade. Even this will not guarantee you positive results. I am not responsible for any losses incurred due to your trading or anything else. I do not recommend any specific trade or action.
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What I use to edit: Final Cut Pro (Mac)
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The key to me here was the statement, “your method has to suit your personality”. Nothing could be more true. Over 14 years of trading, it took me 10 to find out what suited me. It is a very personal journey. You can day trade till you are blue in the face, but if it clashes with your underlying psychology, it will not suit you. I find risk control and position sizing are everything, but how you do that has to be a fit for your mental psyche to effectively stay with it, good interview...
Awesome takeaway 🙌📈
This is so true. I can’t believe I have just read a comment here that I couid have written about my own trading journey. The only difference is I have been in the markets for 12 years. Yes it did take me 10years to hone my craft as well. Thanks for sharing and again I am surprised to have found someone with a similar experience to mine. Thanks again
Subsonic Flight Training Great piece of advice. I to, have been trading for years. Putting on a trade is a piece of cake. Personal Psychology, in my Opinion is 95% of making it over the long term as a trader. Only 5% I associate with entry and exit. A traders OWN Mind, is often the obstacle with trading. Amazing thing is, newbie traders, never associate money loss ( often 3-4-5 accounts later) with their Own mind. THEY Learn - we'll some do. The rest GIVE UP!!
And i am a new trader with the age of 18. Just having a bit experience in the market. When i first listened about trading I used to react as a gambling point but later on when i got to know about the sentiments of the market there was only one word “WOW”. But have no friend who is in this profession but i want to learn more 🤞🏻.
let me guess u trade the 5 min
3 things anyone interested in succeeding in Forex trading should do:
Pick 1 currency pair.
Pick 1 timeframe.
Pick 1 trading system
Master trading with these 3 things before you make any attempt to add more currency pairs or use another strategy.
Less is always more.
Couldn't agree more "keeping a journal is absolutely essential."
Thank you, very good, There is no lose in Trader's life. Nelson Mandela told "I never Lose , I either win or lean". Trying to learn from lose is the gain. I learned not only from the video but also from comments made by other traders.
Don’t let those statistics scare you. It’s not that most traders fail, it’s that most traders aren’t willing to put in the work. Don’t expect it to be easy. But just because it’s hard, doesn’t mean it’s impossible for anyone. How hard are you willing to work for success?
Being a millionaire trader, Ray Barros is so humble...
Agreed! 🙌
@@DesireToTRADE He is clever. he avoid forex and go with stock indices.
@@jeskg720 indices all day
Ray barros
Incredible! Learned a lot! Please do another!
Ray Barros, I respect you immensely. So much great advice.
I'm glad you liked that discussion with Ray!! Thanks Lorenzo 🙌
Excellent interview. Thank you.
I'm 48years old living in California, I'm hoping to retire at 50 if things keep going well for me. Bought my first house last month and I can't be more proud that am i now. I'm glad I made great decision about my finances that changed me forever but now I can't seem to make any other smart investment.
Loved this particular one! Thank you Étienne & Ray !
Thanks for this. You guys can follow Amarkets as understanding the value of a trading journal is absolutely critical. I actually started one but never kept up with it especially when I have losing trades. I definitely should get back to it. Thanks for this gem of an interview. Ran into it by accident but I'm glad I did. Cheers!
I’m so glad I found this! Great interview.
Thanks for the great interview, I was busy with backtesting while listening to the interview. I definitely need to apply more journal on a consistent basis phase into my process, because I'm still in my Trade Development stage. But I do realize the value of it, thanks Etienne & Ray
Glad you liked that discussion 💪📈
😁 I was backtesting as well while listening to this interview.
Awesome interview. I'd love to see more like this from these seasoned pros.
There are a lot of them here: ruclips.net/p/PLwmpbNUnTt6gL4jdULaMVuMi24O8KPZqw
Okay. Grabbing a binder for 2022 👍 thank you SO MUCH
Thanks for this. Understanding the value of a trading journal is absolutely critical. I actually started one but never kept up with it especially when I have losing trades. I definitely should get back to it. Thanks for this gem of an interview. Ran into it by accident but I'm glad I did. Cheers!
Keeping a journal is a lot easier with a demo account, as most emotions are removed. Once you have journaled a good sample of trades and can clearly see in your P&L that you have an edge, you will be confident to walk away with a loss when trading with real money, because you will have a good amount of evidence that your strategy will make that money back with the next trades.
"Daring Greatly" is by Brene Brown
Excellent interview, thanks for sharing
Great interview Etienne!!!! More interview with Ray! Thanks a lot!
I thought Ray was candid and open. I learnt a bunch. Thank you Etienne as well (sorry if I have spelt your name incorrectly)
This was pure gold!!!
The trade journal is vital!!
I'm glad you liked that interview! Definitely powerful stuff 💪📈
Great interview! And, the name of the author of the book you mentioned is Brene Brown. Loved all of her TED talks.
Thanks for the comment! I’m glad you liked the interview 💯
Definitely the best way to make a living from trading. Set up a school for traders.
Thanks Etienne and Barros . Keeping Journals and Learning From Your Mistakes is very critical 👌, You cant escape this. This was very important piece i personally learn From this interview. A great experience Trader
The reality of trading is simple but in psychology is hard.
I journal my losses and wins so I avoid making same mistakes again and repeat those same wins again
Great habit! Keep it going!
@@DesireToTRADE do u mange losses like when ur stopped do wait till it comes back for another entry or do u swap ur position when u get stopped out?
@@gedalianiasoff4021 But the market moves randomly ,Risk Management is the KEY.
@@tiktoksmile4804 back then I had no clue what I was doing was wrong now I'm much better cause I developed a risk management that's mathematicaly is very powerful puts the odds far beyond in favor I compound my risk in winning streaks by 2x from 2 to 5 trades which means if I get a winning streak of 5 I should make 80% max profit and max loss 2.5% per day with this algorithm I figured out I had no idea how powerful it was
Thanks for your hard work! Did he say what time frame he used for his over night trades?
great one Etienne, thanks for sharing this with us!
My pleasure 🙌
Wow! This is deep value of experience. Thank you.
Bookmarking 9:00 about journal information. Invaluable!
Totally agree! Thank you for the comment!
Wow I m new to trading very valuable information there about myself...my heart keeps stopping when I am about to loose
Succeed many students here with institutional trading with analysis and put in the work.
What a humble trader he his
Thank you. I'm going to start keeping a journal right away.
Wise move 💪📈
excellent points excellent interview. Ramon Barros, I'll remember that name
You should :) thanks for watching!
Fantastic video, you and ray are both amazing human being, so motivating and encouraging! Keep up with your work Etienne, you're doing great! Do you think you'll do some videos about stocks trading/ options trading?
Thank you, Alex! I'm not very knowledgeable in stocks and options but I now have a futures/option trader as part of the Desire To Trade team.
We might cover that more in the future :)
A HUGE THANK YOU!!!!
You should enjoy more that moment. Getting so worry about the camera and the microphone got you distracted a lot. You don’t have a ideia how much of us Traders would like to speak with a guy like Ray Barros... The man was there opened to your questions and you just look lost. Thanks for the upload
Thanks for the feedback :)
Excellent Video. Very insightful and glad I listened to this. Now I don't feel like I'm the only one that is so hard on himself!
Glad it was helpful! You can do it!
You're a great interviewer Etienne nice work!
Thanks, William! Much appreciated!
I'm a vegas trader. i scalp the hell out of it with high leverage. If i crash and burn.... i crash and burn. No pain, no gain. When you have a high win rate and you know it. It's ok to get killed now and then by the leverage. Losing 5k is nothing to me. But this is in perspective with averaging 20k in wins daily. And that is in 2 to 3 hours of scalping.
I will day trade. But i'm always edgy with those trades. Finding myself constantly checking it. Once i've got a free runner. The trade is paid for with a trailing stop in place.... different story. Who cares what the market does. It's going to win $. But until it gets to that point.... it's stress city. So ya... i prefer the fast ... bang bang of scalping.
Do you use supply and demand for your scalping strategy?
@@jadeofthronz that's a piece of it.
Structure. add structure to that.
If it hits a pivot and rejects. i'm all in brother.
I would like to have confidence like u bro.
Thank you for a great video
You make great videos. That is a very odd setting, it’s like room from the 70s
He stole my speech hahahahaha kidding I love Ray - btw check #68 of Etiennes podcasts - I'm one of those 'Anyone can Trade'
Great interview. Thanks Etienne!
This is real gem! Thanks man!
I'm very glad you liked this interview! Totally agree with you
Why put the mic on a drum, I don't get it ;) It's huge listening to such an expert, thanks!
So many great insights, always learning from Ray and other fellow traders. Thank you for the interview Etienne, can't wait for the webinar!
I'm glad you liked the interview, Leslie Quah! Thanks for the comment! We'll make something work with Ray for a webinar soon!
its all BS - he does not trade and never has done so - his objective is to sell you a fantasy at a high price
Weird but love the clock on the wall
He is amazing 👏
Been a while since I've heard from Ray. Good shit man!!!
Glad you liked our conversation! 👌📈
Awesome content as always!
Thank you!
Very important is what Ray sa know your self and then find or make system for your self.Can you hold losing streak for 4 trades or 16? And you will be ok with that? If not you need change somthing to fix strategy for you.
Am from Toronto Canada doing trade on gold while the news comes about unemployement &listening to it but i got stuck at a point click me touched me inside at the point @34:20 shook me to the point. I mean JOURNALING is the key phenomena . Being an international student i want to utilize my time to maximize thepotential but that advice from him took me to another level. RESPECT
Thanks a lot , love from India
nice interview. thanks
Amazing interview! Any way to get that link for the webinar?
Cause and effect, cause and effect; pragmatism is a way of thinking that all traders should embrace. :)
Awesome advice 💯
Great interview
Great interview with intermittent power bass for the headphone users : D
From my perspective, you must be a very lucky person having a one-on-one with such an established trader. Thanks for sharing it. The 4 market phases, the rule-based kind of trading, the fund management thinking- took my day. Cheers.
Fantastic :) glad that helped!
You're in fabulous high-energy-Hong Kong(or, you were there recently!)Miss it!
RUclips &Google my friend here-q1 who is Ray Barros (answer is a big wow!)q2 what is mechanical trading, q3 what is ACT etc etc? I googled and learned.(Some of your discussion still over my head.)A solid gold interview, Etienne- you let him speak his many pearls of wisdom without constant interruption. (Can't wait for the 2nd interview.) Thank you!
Etienne, first of all, congrats for this interview. Loved it.
Secondly and finally i tried to listen it many times that part in wich he talks about the way he moves the SL with that 3 rules, on min. 30:00.
Can you please try to explain it here? Thank you =D
Thank you :)
The best interview ever
Awesome episode!!!
Awesome you liked it Nick💯
Great Episode. Thanks for sharing. What's the name of the trade journal he uses? Didn't hear him clearly.
edgewonk
I haven't ventured into day trading yet, but if I do, I wouldn't do anything that would put actual money at risk without trying out a number of strategies on a demo account for at least a few months. It seems a pretty challenging field, so one should learn as much as possible first, without putting actual money on the line.
Don't trade, it's gambling anything can happen!
@@siamluxe Not intending to do any day trading. Right now most of the money I use for buying stocks is in dividend stocks. Buy and hold basically.
Grate interview. What is the equity software he recommended? Thank you again.
Edgewonk
Can someone elaborate on the soft stop example? I know what a ss is, but I don't understand his approach here..
Brilliant!
Very interesting where do I start I have been sports trading not very successfully when are you doing more training I'm a complete beginner
That table has great acoustics
Damm. Etienne meets some really cool people! Thank you!
Great catch on this interview. I've got a couple pieces of advice for you. Get a mic stand. Also, the constant vocal agreeing ("mmhmm" "okay" "yeah") with the guest makes it hard to hear them speak. You'll notice the best interviewers remain silent and let the person speak. Not trying to be negative. I like the content and would like to see it evolve. Gracias.
Thanks for the feedback :)
Great video on trading
These millionaires are humble !
Wow this is really helpful E. Thanks.
Soft stop is a mental stop as opposed to a hard stop which is a pre-entered stop loss order?
I also started thinking of going to the lower time frames. Im glad im not the only one
Could be a good move!!
VERY GOOD INTERVIEW
THX journal, profit = your personality x mechanic
I really enjoyed this interview, excellent.
Great information. However, having the microphone on table creates a drum beat and interruption.
37:15 "I believe in groups" scratches himself. Selling point?
You can learn and journal as much as you want but nothing will tell you every time if the market will go up or down. high probability setups etc blah blah, momentum, price action, trends, indicators, all bologna. Sell credit spreads or buy calls and puts slightly otm and let direction and magnitude go. Close out and net a profit. These guys will make a career from the desperate beginners.
E, you’re the modern day Schwager. Please keep doing what you do.
Thank you 🙏
Good Stuff Fam Jam
he really was enjoyining banging the table with an ambient mic right in front of him
How can we get in contact with this guy
Hello, this interview is very insightful. I didn't understand the rule of thirds that Ray mentioned though. Can somebody please explain it ?
The way I took it is: take your position size and divide by 3. So let’s say position size is 3 shares, then you would set a price target that is twice that of your stop loss. Once price hits this point, you sell 1 share, then continue the trade and move up your stop loss. And repeat
What does he use for his equity journal? I had trouble hearing it
Edgewonk platform
Correction: Edgewonk (platform journal)
That's right...Edgewonk. You can get a discount by using the code DTT20: bit.ly/edgewonk
Etienne, can you look into doing an interview with the teacher of no nonesense forex? His name is Patrick and I believe he’s in Las Vegas
I reached out to him, but a public interview isn't likely to be possible.
John Sm he has literally explained all of things, in tremendous detail. He has over 90 videos between his blog videos every Monday where he answers questions, and his Thursday videos where he teaches his system, or rather how to develop your own. If you are not willing to put in a significant investment of time and work, and be dedicated to patiently learning the process, I can tell you trading is not for you
Etienne Crete - Desire To TRADE thanks for reaching out. Was he not interested in doing an interview?
John Sm good luck to you
I like that guy because he is one of few who thinks indicators are good (not the well known ones). Unfortunately he seems like a feminist or having some hidden agenda. Not surprised he did not want to be interviewed.
I'm a lone wolf trader, I created my own system very similar to Ray's. Instead of phases "market states". I use 5 "market states" instead of 4 phases like Ray. I find this very interesting, I assume my system is more granular being that I have a 5th module. I'm sure its because I started out as a short term trader so I needed more detail and naturally went more in depth developing my system.. bI would love to show Ray my system and get his thoughts lol.
I identified the IPM, the Pause, and the distribution. What's the fourth phase?
Accumulation - Bullish - Distribution - Bearish
What was the name of the software?
This is owesome😗😗
Interesting interview. keep up the great work. EC.
Thank you!
Daring Greatly - Brene Brown