Like most forex traders, Lydia Finkley (@faithmight on Twitter) didn't get off to a successful start trading. She says that her main challenges stemmed from a problem that most traders experience: over-trading.
That, when combined with the high leverage in a forex account, is a recipe for disaster. And Lydia knows that well. She blew up two trading accounts (only two?!) before finally finding consistency.
In this interview, Lydia talks about those early challenges and the three things she did that changed the game for her.
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So what were those two things? After blowing up two accounts, Lydia made sure that her third trading account was small — making sure that she understood that she only had a little bit of cushion and therefore every trade had to count.
She also focused in on one major currency, the British Pound (GBP/USD).
And finally, she cut back the amount of time that she was focused on the market. She says that she only trades actively for a couple hours a day and then checks in on prices a couple other times. She's not always in the market anymore and leaves time to let her trades play out.
In this interview with host Eddie Horn, Lydia talks about her struggles and major losses she took that shaped her trading on her way to being consistent.