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    The Empowered Forex Trader: Strategies to Transform Pains into Gains
    The Empowered Forex Trader: Strategies to Transform Pains into Gains
    The Empowered Forex Trader: Strategies to Transform Pains into Gains
    Ebook204 pages1 hour

    The Empowered Forex Trader: Strategies to Transform Pains into Gains

    By Scott Barkley

    ()

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    About this ebook

    Welcome to the dynamic world of Forex trading! This book introduces you to the fundamentals of trading in the foreign exchange market, starting with the basics of currency exchange and progressing to developing a winning trading strategy. Whether you are an experienced investor or a newcomer to the world of Forex, this book provides valuable insights and practical tips for navigating the complex and shifting trading landscape. By the end of the book, you will have a solid understanding of Forex trading principles, as well as the tools and techniques necessary to frame success in this fast-paced and rewarding market. Get ready to become an Empowered Forex Trader!

    LanguageEnglish
    PublisherBlaze Goldburst
    Release dateApr 15, 2023
    ISBN9798215213926
    The Empowered Forex Trader: Strategies to Transform Pains into Gains

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      Book preview

      The Empowered Forex Trader - Scott Barkley

      ii

      The Empowered Forex Trader

      BY

      Scott Barkley, Founder and President of ProAct Traders LLC.

      © Copyright 2023 by Printed Page Publishers - All rights reserved.

      It is not legal to reproduce, duplicate, or transmit any part of this document in either electronic means or printed format. Recording of this publication is strictly prohibited.

      This book is dedicated to: My Lord and Savior Jesus Christ, my wife Karen, who believed in me and this journey.  My business partner of 20 + years Jerry Rankin and all the traders who along the way made me a much better mentor than I would have been without their journey. A special thanks to Mark Sanders for his amazing ability to transform this book into a very readable and accessible book for traders.

      Forward

      by Greg Michalowski

      Director of Technical Analysis and Client Education at Forexlive.com Author of Attacking Currency Trends

      I met Scott Barkley when I was working at FXDD as the Director of Technical Analysis and Trading  Education.  At the time, Scott was the co-founder of Proact Traders LLC, a startup company that developed a software tool based on Scott’s trading methodology. 

      In our early relationship, Proact was an Introducing Broker (IB) for FXDD.  As part of our relationship, I was invited to speak at a Proact all day seminar that they hosted in their home state of Texas. As I recall, it was soon after I wrote my book Attacking Currency Trends, so I certainly was versed and passionate about what retail traders did right and what they did wrong.  These allday seminars can have different formats, but typically, I was the trading expert who spoke first and was then followed by the closer or host. 

      For the Proact seminar, I remember that the format called for me to speak in the middle of the day. Scott – who would normally be the closer – was to both start and end the daylong seminar. 

      I remember thinking why is he speaking first?.  Most of the time, the introducing broker’s trading knowledge was superficial at best. Most IB’s role was to dangle the carrots of Lamborghinis, international travel, and mansions to entice clients to open accounts, then leave the client void of how they would do it.  However, soon after the welcoming remarks and the introduction of Scott, I knew this would be different. 

      The attendees, which were a combination of existing and potential clients, were engaged and excited.  They were there to hear and absorb Scott’s trading expertise. Scott was the headliner. He was a rock star. 

      I started to become equally engaged and thought to myself, This guy knows what he is doing. In fact. I don’t think I have ever heard a better trading educator. 

      Scott methodically took the audience through his primary concepts, like understanding the Big Boys and their role in developing the price action, targets, support, and resistance.  He spoke about the role of the retail trader, and how they could replicate what the Big Boys were doing. 

      He spoke of the importance of NOT being a click out trader who did not attack the trends, but instead looked to scalp the 5-8 pips.  Those traders would be doomed to failure. 

      He always highlighted the importance of understanding risk.  He clarified all traders needed to know when their trades were not working and how to get out. 

      He was passionate about understanding and finding what he calls the wide open spaces and outlining the targets and their importance in risk and reward.

      In addition, for anyone who has heard Scott speak, he has the gift of delivering a message in a way that is simple, yet very effective.  He uses everyday concepts as metaphors to make learning easy and visual.  Along with his seasoned professional knowledge, he has a sharp sense of humor which is engaging. 

      Finally, the foundation that grounds Scott and lifts him up is that he is a man with a strong faith and knows that his purpose in life – his mission – is to take his God-given gifts to make traders of all levels better.

      Our relationship has continued to grow through the years.  Soon after our first meeting, Scott ended up working for FXDD where we had other opportunities to lift traders toward success. We also were able to lift each other up and make each other better in the process. 

      Now Scott is taking the next step in his mission by releasing The Empowered Forex Trader. The book allows the masses worldwide to learn from Scott’s years of trading experience and apply it in their own trading journey.  It is a book that you will NOT want merely sitting on your office bookshelf or hidden among your Kindle collection. This book belongs on your trading desk to make sure that you are following the disciplined approach that Scott outlines each day. 

      Traders must ask themselves, "How am I going to do this? Who am I going to learn from?

      How can I filter the garbage from the gold?"

      This book will solve those questions for you. 

      Congratulations, Scott. It’s an honor to affirm the value you bring to your readers and your trading community.

      Preface

      It was the year of the new millennium – 2000. Business was booming, especially in the tech sector. I was productively working as the Director of International Sales for a software company that provided robust systems software for international banks. Mine was a stimulating and satisfying profession. In fact, I had spent the previous 20 years in the International Sales arena, having traveled and worked in over 60 countries. 

      But that same year of 2000, I lost my job. Suddenly, I found myself in that desert of disappointment where many successful executives have ended up.  Overnight, my life forecast shifted from great to grim.  My face in the morning mirror glowered with the new reality; I was 50 years old in an industry dominated by cheaper 20-somethings.  I had become an overpriced dinosaur. 

      What now? I did what most did; I sent out resumes too numerous to count.  I scoured the help wanted ads. I networked. I even enlisted the expertise of a headhunter.  The results were dismal.  I quickly realized that I needed a total change of direction. I didn’t need a job; I needed a business.  I needed to work for myself! 

      So, I started a website company in which I wore four hats! I was the designer, salesperson, product trainer and graphic artist combined.  I was putting food on the table, but I was also working 20 hours a day. I was exhausted, underearning, overworked, and just plain unhappy with my lot.  Then it happened. 

      Through a curious circumstance, I got a call from a man who said he wanted to donate a large sum of money to a charitable project my old boss Jerry and I had founded in Romania.  (We had bought land in that post-Communist country and dreamed of building a camp for kids. I’d been traveling there periodically as a part-time missionary/musician starting in 1991 and had such a passion to help the many kids I met and their families.) 

      So, when the caller said he was prepared to make a sizable gift to our project, I was eager to meet with him.  We agreed on a time and place for lunch.  Looking across the table at him in earnest, I said, "From the time you called, I’ve had two burning questions to ask you.  First, why do you want to give a bunch of money to a place you have never been and secondly, what do you do to be able to afford this gift?"

      He glanced down briefly, smiled, and answered, I sit at my computer a couple hours a day and make somewhere between $2000 to $20,000.  A day?, I sputtered.  Yes, a day, he calmly replied.

      What’s wrong with this picture?  He’s sitting at his computer two hours a day.  I’m at my computer ten times that amount of time.  He’s pulling in up to $20K and as a web designer I’m not earning even close to his low number.  I had to know – what was he doing and was it legal?  How do you earn so much money in so little time?, I asked.  His ten-word answer hangs in my memory to this day, I have learned to day trade in the Forex market.

      WOW!  There at that lunch table, the epiphany descended.  While I didn’t yet know how the path would unfold, I clearly knew what direction I was heading. I was hooked.  If this generous benefactor could learn to trade the Forex, surely so could I. 

      Of course, I knew about foreign currencies. As an international businessman, I had been exchanging money every time I entered and left a country. To top it off, I had been selling software systems to the very banks that control that market. 

      Where to start?  After a bit of research, I found a Forex training company and plunked down $5,500 of my savings to take their basic trading course.  I mastered some key trade set ups and became adept at scalping in demo mode.  After training, I asked my wife for $5,000 more of our savings so I could trade with live funds.  Mind you, these were the early days of Forex trading, with lots of bucket shops for brokers and auto trading systems (robots). We could only trade standard lot accounts at about $10.00 per pip!

      But as most traders know (and are loath to admit), there’s a world of difference between trading digital Monopoly money in demo and trading live funds.  Three weeks into opening my live account, I blew it up. Traders call it getting margined out.  I now had to ask my

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