The Real Forex Trader Series 2: Creating Successful Traders: Forex Rules Broken
Jul 07, 2020 15:28
Samuel Leach is a self-made millionaire. He made his fortune through foreign exchange (also known as forex, FX) trading, which he taught himself while studying at the University of Hertfordshire. Today, he is the chief executive officer (CEO) and founder of Samuel & Co. Trading. Samuel & Co Trading offers a series of FX trading programs for traders of all expertise levels. Their pragmatic and holistic approach to FX trading offers enrollees with initial capital to trade with, which makes these initiatives especially unique and appealing.
Leach operates several Samuel & Co. Trading initiatives through YouTube. Many of these initiatives, such as his vlogs and lessons, are updated on a weekly basis. The Real Forex Series 2, also on YouTube, premiers a new episode every week. Each episode highlights a group of relatively inexperienced foreign exchange traders who are competing in London for a cash prize. The competition began with challenges that revealed each competitors’ work ethic, personality traits, and teamwork skills. The remaining competitors have transitioned into FX trading challenges, where their hands-on skills are finally to put to the test. Showcasing each competitor’s trading strategy in action highlights what it takes to succeed in the FX markets, as well as common mistakes to avoid.
All About the Real Forex Trader Series, Season 2
The Real Forex Trader Series 2 launched on Wednesday, April 29th. Leach and a team of FX trading experts filmed the season earlier this year in the United Kingdom. Their goal in creating this series is to give traders an opportunity to learn from the best in the industry. Viewers at home can also learn from the show’s extreme intellectual challenges in navigating the foreign exchange trading markets.
Samuel & Co. Trading selected eighteen applicants to complete in the Real Forex Trader Series 2. Throughout the series, Samuel Leach and a team of experts guide each competitor on how to reach their trading potential. Getting to know each competitor on an individual level also offers Samuel & Co insight regarding whose personality is best equipped for trading. Those who struggle with the competition often demonstrate that they are not compatible with the high-stress, high-stakes FX markets.
If you are just tuning in to the Real Forex Trader Series 2, you can expect to see action-packed scenes of foreign exchange trading in motion. During the first-day trading challenge, each competitor traded with a demo account of 2,000 GBP. Capping the demo account at 2,000 GBP not only acclimates the traders into the markets, but allows each competitor to exercise constraint over their emotions. Ultimately, he preferred for the competitors to treat this as a test-run and skills refinement challenge. Leach’s mindset is that “if you can’t deal with the emotions of 2,000, how are you going to deal with 100,000? You need to be comfortable with the 2,000 before you go to larger figures.”
When Forex Rules No Longer Apply
In the Real Forex Trader Series 2 Episode: Creating Successful Traders - Forex Rules Broken, Leach established one rule only. This rule was to make up to five trades only. Those who abided by the rules and made at or under five trades yielded a profit. However, eight traders made ten or twelve trades. In every scenario, overtrading resulted in making losses. One competitor explained that they overtraded because they “started out at a loss, so I wanted to get myself out of that situation.” Nevertheless, this was the first time any Real Forex Trader Series competitor made more trades than was asked of them. The prevalence of overtrading therefore put Leach in a predicament on how to proceed with the competition.
Leach decided that for next week’s trading competition, all competitors must stick to four trades. Anyone who makes more than four trades in next week’s challenge will be eliminated. This exemplifies Leach’s disappointment with those who overtraded. He used this turning point as a moment to stress the importance of professionalism. The faulty-cost benefit analysis invoked by overtrading demonstrated improper risk management. Leach reminded the competitors that “you can’t work with someone if you give them a rule and it's broken.”
The enforcement of a lower-trade maximum for next week’s challenge also highlights the need for modesty in trading. The more is not necessarily the merrier, and starting out in a loss never qualifies the competitors to overtrade. Leach explained that he understands the “emotional rollercoaster feeling” that comes with trading since the practice requires fast decision-making. Yet the best traders, in his opinion, are pragmatic; they are able to exercise control of their emotions by understanding the FX markets and their bigger picture. This motivated Leach to “put them through mindset trading,” meaning that forthcoming challenges will reinforce each trader’s emotional and mental strength while on the job.
About the Real Forex Trader Series 2’s Creator Samuel Leach
As a student at the University of Hertfordshire, Samuel Leach taught himself to trade. He enrolled in a foreign exchange trading course, but didn’t find the professor’s teaching methods particularly effective. When he taught himself to trade, he used an initial capital of 2,000 GBP; the 2,000 GBP came from his university’s student loan. He worked 16-18 hours a day over 18 months; the efforts more than paid off. After a year and a half of trading, the 2,000 GBP yielded a 170,000 GBP profit.
Leach launched Samuel & Co. Trading in 2012. The company started out with 60 traders working on live accounts in a 50-50 profit share arrangement. Today, his methods have as widespread of an appeal as they first did eight years ago. His teaching methods thoughtfully bridge personal habits, practical experience, and human psychology. This results-driven model allows traders to make money as quickly as possible. For example, Samuel & Co Trading’s Junior Trader Program, one of Leach’s most popular programs, uniquely offers participants the chance to cash out up to 20,000 GBP. Clearly, foreign exchange traders at any expertise level can expect to yield consistent returns with Samuel & Co. Trading
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