Today, we are very fortunate to have my trading mentor and personal friend in the building.
His name is Igor Marinkovic.
You might have seen him present with me at a Forex seminar, at a South African Gala dinner or elsewhere.
Well, Igor has been a mentor to not only me but also to hundreds and thousands of readers on his website.
And so, without wasting any more time, let's get straight into today's Forex trading interview with my personal mentor and friend.
(Read below for the transcript)
So Igor, what first got you into trading?
I started trading at the end of 2002. The main reason that I got into trading was because one of my colleague’s was trading at the time.
We worked in open offices and I overheard him talking to his broker.
Before that, I came from an ex-communist country. I didn’t have a clue what trading or investing was.
One day I went to his office to ask him a couple of questions.
I then went out to buy a book to start reading up on it.
And little by little, I gathered knowledge about trading.
I started trading warrants on the JSE, then I moved to trading ALSI futures (All Share Top 40 Index) and at a later stage to Forex.
What's the most important rule you've ever come across that's helped you succeed in Forex?
The most important rule, or rules, are all about risk management.
When you start trading the most important thing is to risk as little of your money as possible in any of your trades.
I would say less than 1% if most books teach you to risk no more than 2%. The less you risk the more chances you will have to survive long enough to learn how to make money trading.
Trading is not about becoming rich quickly.
If you think that way, then you can see it as a blow your account quick scheme.
If you plan to trade for the next 30-40 years then the first 3 or 4 years are not important at all.
Unfortunately there are so many sharks out there ready to take your money as they preach about risking 20-30% on each trade.
It is easy for beginners to become their prey.
To put it shortly:
“Your main job is to protect your capital.”
Out of all the financial instruments, why do you choose Forex?
I don’t know, it is just one step in my trading life.
One morning I woke up and I didn’t like trading the ALSI any more, after trading it for 13 years.
And as Steve Jobs said: “I have looked in the mirror every morning and asked myself: "If today were the last day of my life, would I want to do what I am about to do today?" And whenever the answer has been "No" for too many days in a row, I know I need to change something.”
To be honest I thought changing from the ALSI to Forex would be much easier. I have to say, it took a good 1 to 2 years to find my feet in the Forex markets. And I haven’t turned back.
What is TradingWisdoms.com exactly and what will people get out of going to the website?
I really believe that the holy grail in trading is not in a chart or an indicator. And it is not solely in the trading psychology side.
The truth, the holy-grail lies somewhere in the middle. For years I was collecting trading wisdoms from books, blogs, tweets and writing them down. One morning I asked myself, why don’t I share all those wisdoms with other traders? That is how TradingWisdoms.com was born.
Anyone can browse over 800 trading wisdoms and find something that will make sense to them at the time.
Not every TradingWisdom will suit every trader or investor. But you’ll certainly click with the ones that are the most relevant to you.
This is a free website that I find as my small contribution to trading and the investing community.
Thank you Igor for your time and for your personal trading wisdom, I’m sure our 130,300 subscribers will all learn at least one or two things about trading.
I bet you didn’t know this
Igor is a quiet man. And when he opens his mouth, you’ll just hear wisdom and experience which will have an effect on your trading and life in one way or another.
Well, I just wanted to conclude today with something you probably don’t know.
Igor is proudly one of our experts on the InvestorsClub.co.za.
You can ask him any question you like and he’ll be happy to answer any of your questions.
If you have a question for Igor now or would like to give thanks to his small service he has to offer, click here.
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