Interview with forexrebel
Marian (ForexObchodnik.sk) : Hi Soker, I greet you in name of readers of my portal ForexObchodnik.sk. You are currently one of the most successful Forex traders in Slovakia. Can you describe to my readers your journey from an absolute beginner to a supersuccessful trader whose dreams have come true?
Soker: I greet all the readers. It could be a very long story, but I will try to answer briefly. I have started with trading in 2008, so I have managed to be part of the big turbulances. At that time I was earning money as a kitchen helper in London. Those were unforgettable times. At the beginning it was classic. I have studied everything what was accessible about stock exchange in a week on the internet. Then I have started to focus on FX (it is perhaps the most attractive and accessible market for public. Unfortunately, also the traders´ mortality is relevant to this). I have been trying all possible indicators for approximately one week (trying ... well, I have put it to the platform, I have checked what is happening and after a week I have offset everything with understanding it does not work). I have figured out the first strategy very quickly. SL (stop-loss) 500 pips and profit 10 pips under condition that I have been opening buy and sell at the same time. It has always turned out as TP (take profit) in the next two months. So I thought that I had found something what was never found by anyone else. After circa 3 months of demo I have packed my stuff and moved back to Slovakia. This is where my live trading has started. I think it is not necessary to say how it has ended up. I have settled up an account with 1,000 € and launched it. I think that at that time FED was lowering the interest rate. I do not remember exactly. It was approximately 500 pips up and down. I have started to hedge of course (that is what a lot of beginners know well for sure) and I have kept myself in game for circa another 2 months. Then I have been studying for some time and I was playing demo. I have invested 3,000 € again. This investmend has been done based on a reasonable strategy. It has been working quite well for the first month (it was stochastic, so a side trend). Then a trend has started and that was where a series of loss has occured which have destroyed everything. I have started to jump into total stupidities, of course. I have broken all the rules. It was like this for a while until there was zero again on my trade account. Then has come another Forex studying etc. until I have started trading again with a capital of 200 € and I have made approximately 5,000 € out of it by using a system which was reasonable and logical. At that time I have thought again I am a master of the world, of course and that is why there has come one investor´s and investors´ turn. By some miracle I have got close to quite huge capital in hundreds of thousands Euro. This used to be a very busy period. Of course, I had to be as a professional, so I have started to watch Bloomberg and another nonsenses, fundamentals and analyzes and I have tangled it up as much as it is possible. A lot of experience, a lot of losses and a lot of suffering. The biggest mistake of that all was perhaps that I was alone and there was nobody who would supervise me! A brain is stopping to work racionally at the moment it is in some trade. I could talk about this for hours. If you have 50 lots in the market and you pray for a turn it is nothing comfortable. There were more mistakes than normally and I have learned my lesson. Then I have met one guy who I am still thankful for what he has thought me. To make matters worse, at those times when entire FX has started to make sense (thanks to help I have received), other issues has appeared. Non-paying a profit at one broker and subsequent failure. That was the first hit below the belt. I have experienced it several times later. I have found out that profit is for the most of brokers (I mean Market Maker type of brokers) simply a big problem. Profit itself is not such as big problem as subsequent withdrawal of the whole capital. And this is how has started a new phase of the fight with broker. Everywhere where has started profit there has strated problems as well. But that is another story.
Marian: If you had been starting now again which thing would you have done differently? Give an advice to the beginners in order to they would learn a lesson and avoid similar mistakes you have done.
Soker: If I had been starting again I would have changed many things (although there is not other way how to gain skills). Firstly, I would not have been browsing internet forums and would not have been reading that pile of nonsenses which people are writing there. Secondly, I would not have been listening what broker is saying to me and I would have never put 100,000 € to an account (respectively the whole business capital). Lastly, I would have started from the opposite way. I would have tried to understand a principle of price moves. I would have tried to understand why Forex will cheat such a huge number of people and I would have been finding out who is actually paying it. I would have started there.
Marian: What are the differences between strategies which you teach in your online course ForexRebel and you successfully trade as well comparing to strategies which are used by most other traders? In what is your approach to Forex different?
Soker: In what are they different? Well, I will say it totally simply. Perhaps in everything. Entire my online course is based on changing the view on Forex around 180 degrees. This is a gradual process and it is not possible to do it at once. That is why is my Forex course devided into 4 parts.There is a clear logic behind it. If I had written it briefly what is going on and how Forex works, no one would have believed to me, even though a lot of people would pretend they understand, in fact they would not. It simply wants a gradual process. Forexrebel.net is not about particular strategies (although you can find them there. It is about overall view on FX. It is a course suitable for traders with 15 years of experience as well as for traders with 0 years of experience (now I can confirm it based on practice, but it will be more difficult for the beginner). Because we approach it from the opposite way comparing to how people usually know it. This is also a reason of critics from people who are not enrolled in course. They are simply unable to accept that there cen be also different view and that way they are walking on is from 97 % totally wrong. In my course is pure practice and experience (theories which I teach there are upside down, but they are workable!) I do not have anything against books, but books are often very old and principles which author presents there are from 97 % long not working, even though it is very probable that it used to work before. Maybe it was already on the edge and a given author knew it very well. By publishing a book for a mass of people simply still gets to the fact it is the end and particular strategies will be naturally non-workable. It is as if you started to sell a McDonald model not for a million, but for 10,000. How long would it work? It is often being said that on FX you do not have any competition, but opposite is the truth. Each trader is your competition. Due to this Forexrebel do not teach particular strategies, but strict fundamentals based on which can be built numerous strategies and that is also the reason why my course is so expensive. “He wants his students to understand mysterious background of Forex and if they understand how this big game works they can start earning ”
Marian Let´s say I will enroll now on your website and gradually I will get through all the grades and I have a bit of business talent. I will open an account at a broker and I put there spared 1,000 €. How many € can I purely theoretically earn let´ s say after a year of trading in case I will follow what you are teaching your students?
Soker: This is a harsh question because there are more ways which trader can go. If we consider the most conservative way, but perhaps the most difficult method at the same time, you will achieve cca 90 % a year. If we spicy it up a little, we will achieve maybe 200 – 300 % and if we use the most risky and the most simple method at the same time (although very psychologically demanding) we can get to 500 up to 2000 %. It is a matter of patience, of course. I recommend people to stay at the ground whichever way you go. I recommend them to expect rather less and do it properly because each mistake which a person makes (and we know we are people and a person makes mistakes) will cost you a lot. So at conservative strategies you should expect cca 50 % and at more aggresive cca 300 % and which way you take is very very individual. This is the reason why I say that forexrebel is not about particular strategies. I do fully realize uniqueness of each individual. Forexrebel will help to anyone to build his/her own strategies based on his/her strenghts.
Marian: How many pips (respectively € or dollars) have you earned the most at one trade? Can you describe a particular trade? I assume you can remember it vividly. Which was a trade of your life?
Soker: Now it depends whether you look at it through % or through volume in €. I do remember one I will never forget. EURTRY (EURO / Turkish lira) cca half year lasting trade, when I have earned from account cca 10,000 eur cca 150,000 €. I do not remember exactly because this trade was never paid to me. Now I am laughing at it, but believe me I was not at the time. The best trade in % was at the beginning of this year when with risk of 100 eur I made 10,000 €. Do not take it totally hot because before this has come a big amount of skills and losses and something like this can be done once or twice a year..
Marian: You can surely remember on times when you had more lossy trades than those profitable. How did you manage it psychically? Describe it to readers in order to they know how to behave.
Soker: Of course, I do remember it. I had a loss of 200,000 € and I was thinking about suicide! Believe me, it is not comfortable. But this experience and learnings and mainy understanding of basic principles does not have almost anyone here.
Marian: It is being said that the beginners are loosing and some internet sources indicates that even 95 % are in loss. Do you agree with me it is mainly about psyche and overall unpreparedness of a young trader?
Soker: Well, here I could talk about it again at least for an hour, but I will try it simply. Psychology is very very significant, but there are recipes for how to solve it and I do possess them now for sure. Unpreparedness will surely be another fear factor. Many beginners think they will make a something out of a piece of shit just like that. They think they will be clicking on the graph or because they will read a book. Of course, it ends up still the same way. I disagree with you in one thing. If we check the long-term prediction, I think that there remain only 1 % of those who are actually really earning after five years. I do not consider a succes that I can pay the fees and I am somewhere little above zero. As one of the main reason of failure I see a huge amount of totally nonsensual information and theories which are awaiting us on each corner. So nowadays in the field of Forex is a big oveawareness. Then it is jumping from one to the other and an endless carousel which is condemned for the failure from the very beginning. I am unable to imagine how can anybody make a business on 20 markets and to mix FX with actions and commodites and still saying he is successful. It is not possible according to me. People who are saying that are ofthen drowning in their own lies. FX is totally different from actions. Even though it is still just a graph, still it looks the same, but the principle how it works is different.
Marian: Soker, do you have your favourite trader who has inspired you and whose trades you are watching e.g. viac twitter or facebook? If it is not a secret, tell us.
Soker: As anybody else, I have also been reading a lot of books at the beginning. However, at the moment I do not have anybody favourite. I have fully understood how Forex works and when I see what is written on the internet I have to smileand cry at the same time, unfortunately. Watching traders back, I mean after closing the trade I do not consider as something bad, but watching a trader during a trade is sensed by brain as a signal. It makes a total goulash in your head and a beginner as well as a skilled trader will often copy it even without knowing it and then he will get a hit to his face. This is a reason why I do not post anything myself or just a very little. I see everything the opposite way than the others.
urn. So I do not damn sell totally yet, but I will be very warily watching and jumping calmly also at BUY. Here I would like to say it does not matter. There depends only one thing on the market and it is ´Who will pay for that?´.