Nick Goold
What motivated you to become a forex trading coach, and how did your journey in the forex market begin?
My journey started back in 2012 when I was taking a gap year in my university days, and I was exploring ways to get an alternative income. And that’s when I came across online trading. The main motivation for me as a trading coach is to provide the inspiration and guidance for fellow traders. I personally went through the journey and understand the various struggles one face as a trader. Being able to contribute back to the trading community and inspire fellow traders, especially when they start to see results and success in their trading just make the whole journey meaningful.
Can you briefly describe your trading philosophy and approach, which you impart to your students?
I always say risk management is the most important aspect of trading. We even have a t-shirt printed, “I’m a master of risk” to remind every trader no matter what strategy you use, risk management is something that you need to always have.
What are the most common challenges or misconceptions that retail traders face when starting their forex trading journey?
Many have the get-rich-quick mindset, and that trading is something that they can easily pick up and start making money immediately. I believe that if one comes into the financial market without the right mindset, the person will struggle a lot, and most often give up eventually.
In your opinion, what role does psychology play in a trader's success, and how do you address psychological challenges in your coaching?
Psychological aspects of trading plays a vital role in a trader’s success, no doubt about that. A similar strategy given to two traders with different personality will result in very different outcome. As part of my coaching, I will guide traders in first identifying their personality, to build up their self-awareness. For example, what do they enjoy generally, how do they perceive money and risk, how do they react/response to unfavorable outcomes, etc. As they start to develop their self-awareness level, they’ll eventually gain better control over their trading psychology, and craft a strategy that fits them personally.
In your experience, what are the key differences between day trading and swing trading in the forex market, and how do traders choose the right approach for them?
Day trading is generally shorter-term where one looks to capitalize on the smaller movements of the market, getting in and out relatively faster. Whereas swing traders look to catch the larger movement in the market. Both of these styles have their own pros and cons. As a trader one need to pick the trading style according to their personality. If you enjoy having more trading activity, and more importantly, you can commit to a consistent daily trading routine, then day trading may be more suitable. On the other hand, if you’re not able to have the resources to commit to the market regularly on a day-to-day basis, then perhaps swing trading may be more suitable, where you take the pressure off yourself from the smaller movements in the market.
Could you elaborate on the importance of journaling and record-keeping for traders and how you incorporate this practice into your coaching?
Journaling and record-keeping is definitely important, especially at the early stage of trading. With technology nowadays, we don’t really need to do our trade journals manually. We have software to track our trades for us. What’s more important is to journal down the emotions and psychological aspects of the journey. This process will help to strengthen one’s self-awareness level. For me I do suggest to my mentees to journal via a video recording format. That way it actually captures more aspect from the way they are talking, the tone, the emotions etc, can be easily capture within the video.
Are there any specific money management strategies or techniques that you recommend to traders for preserving capital and maximizing profits?
There are many approaches towards money management. And to me there is no one size fit all answer. At the end of the day, risk and profits are always a balancing scale in trading. If you want to target a higher return, you’ll need to be prepared for a bigger risk. Hence, always ask yourself how much can you afford to lose and how much are you willing to risk? Always work on the downside (risk) first because if you can take care of your downside, the upside will take care of itself.
Finally, what would be your top advice or words of wisdom for aspiring traders who aim to build a successful career in forex trading?
It’s not gonna be a easy route, but it’s definitely a very rewarding journey. As a trader, you don’t just profit from the market, but you grow as an individual too. Enjoy the entire process, put in the necessary work and you’ll certainly enjoy the fruits of your labor throughout this journey.
Many thanks to Kar for sharing his insights. You can explore more about him on his website.
(Please note: This is not an endorsement of Kar's services).
