Hello everyone! Today I am very happy to present an interview that I did with Professional Forex Trader Rudy Leder of RudyLeder.com. In my previous post last week Friday, I mentioned that we would be doing video interview with him. Well…that didn’t quite work out as I expected and here is why:
HK: So, how long have you been trading for a living?
RL: I have been trading full time for now going on 3 years.
HK: Cool, who helped you out the most while you were learning?
RL: Based on mentors, books, or someone else?
HK: Mostly mentors, but whatever factors you feel helped you the most.
RL: Well initially I had a lot of mentors since I have never traded before. I ended up taking one on one courses with John Persons, Timothy Morge, Steve Nison and many others.
At the end of the day I really believe it’s up to you to help yourself. Since everyone you speak to has a different philosophy/lens on the market.
HK: I see, so would you say it is best to get a few opinions on how to trade, but in the end it is all about figuring out your own thing?
RL: Yes, exactly.
Trainers, Guru’s, Las Vegas Expo’s, ITC, you only get a taste. There are no trainers out there that allow people to learn the basics and really understand what it takes to be successful/consistent in the Forex world.
BabyPips.com is the closest thing but if you are unable to focus on one mind set, you can be on that site forever trying to find the correct path.
HK: I agree, it is usually all about this one “secret” that they have (usually an indicator). Regardless, do you feel that there is a lot of quality Forex trading education out there or are there still a lot of scams?
RL: Hmmmm, this is a good question. I am going to be completely honest and answer this question how I view it, completely black n’ white.
I believe that there are good trainers out there, but based on my experience as the typical person interested in learning how to trade Forex for a living.
I feel that many trainers take advantage of the less experienced. They show you accounts that are $500k+, turning some crazy ROI per day/week like its a breeze.
Plus, they charge way too much money to teach you the basics that they don’t even trade full time. In my honest opinion I believe if they were more honest about what trading Forex consists of and have a full overview of every obstacle, people would be more successful in trading.
HK: Yes, I’ve totally seen that many times. I guess not just with Forex, but trading in general. I’m glad to get your opinion on that as a pro trader. What are your thoughts on EA’s?
RL: Expert Advisors…..or (EA’s) I believe they are great. Can reduce the hours spent in front of a PC/MAC. (MAC’s rock for trading).
HK: Yeah, yeeea…I just bought a Mac and I’ll never go back.
RL: I dislike the way that most people slam misleading emails (SPAM!!!!) that their EA will make you 5% a month.
HK: Haha, yup…pretty much like Viagra emails.
RL: Only $259. Get it now. If someone had an EA that was making 5% why are you selling it for only $259?
“If it seems too good to be true, it probably is.”
At the same time I would not recommend having an EA that automatically places trades for you.
I prefer to place my own trades and have a semi-automatic EA. (i.e. semi-automatic EA will follow steps 1-5 or until the trade is closed) EA’s are very misleading as well.
HK: Interesting, I have never heard of the EA taking over after you enter. Cool.
RL: The thing with EA’s is if you can eliminate what you love to do (trading) what are you going to do with all your free time? Go crazy!!!
HK: Hehe, true.
I guess that is a good segue into how you trade. How many different systems to you use and what is your typical timeframe?
RL: Trading methods that I trade:
Depend on a few things. Typically the size of the account, margin, leverage, hedging, FIFO, and my goals. Once I examine/determine my plan I might choose one or two different trading methods.
I try not to trade every set up on one account because you need to really pay attention on one. I know there are many guys out there might tell you that they trade: Fibonacci retracements, missed daily pivots, support/resistance all at the same time. That typically leads to taking sleeping pills and a really bad case of insomnia.
I prefer the higher time frames to create a mental profile of where the currency pair could move in the next month – three months-future months. Understanding one pair is like getting to know your girl friend. You have one, not a bunch…and it takes time.
Then I like to scale down to smaller time frame. Typically no lower than the 30M.
HK: Interesting…I’ve gone through the insomnia thing so I know what you mean. When did you start taking on students?
RL: I started offering training about a year ago.
The way that I value training is completely different than other trainers in the biz.
Like I mentioned I have had tons of training from other trainers in the business. So when creating my training for others I really based my foundation on what other trainers lacked or failed to provide me with.
HK: For example, what are two things that you feel a lot of trainers miss?
RL: Hmmmm, I believe that many trainers feel they have to give their students value to compensate the high prices for their training, but they end up giving the student too many options (i.e. multiple trading method(s), forum, recorded lessons, archived docs, PDF, chat rooms, etc).
When you do that to someone who is trying to learn the rules of one successful trading method why do you need all the extras. They just become clutter.
You will never use them and you know as well as I do. Writing in a blog everyday, testing, organizing your stats, win to loss ratios, excel spreadsheets, and working a full time job, becomes so overwhelming most students will put their trading career on hold.
“Less is More”
HK: That makes sense.
RL: This is how I typically put it to those who do not understand. You can get 20 pieces of Kentucky Fried Chicken for $19.99 is it good for you? probably not. Is it affordable?
Or you can get 1 tofu wrap from Whole Foods for $19.99. What is better for you and your body?
HK: That’s a good analogy.
Well, we are running out of time so two final questions…In your experience, what types of people are the most successful? What do you like to do outside of trading?
RL: I believe that everyone can be successful. It is not limited by types of people, I think many people will use that as an excuse. I always say, if you can think it you can do it.
So my advice to everyone is do not learn to trade Forex, Options, Futures, Stocks for the money or because see someone else making tons of money. Do it for the love of trading, because you like reading news and analyzing charts.
HK: You are the first person I have heard say that. Awesome.
RL: And the last question…? Outside of trading..like an example?
HK: Hobbies, interests, etc.
RL: Hobbies: Running, Cooking, Reading Plato, Art of War, 4-Hour Work Week, and then again, just spacing out with a glass of wine and friends is always nice.
I spend a lot of time on Forex Tester as well.
HK: Very cool, well thank you again for taking the time out to talk to me. Sorry it took so long, typing is a pain in the ass.
RL: No worries.
HK: Well, I better let you go…what are the dates for your training again?
RL: My next training starts August 7, 14, 21 (Sundays)
Takeaways From the Interview
The one thing that really made an impression on me during the interview was when he said:
“So my advice to everyone is do not learn to trade Forex, Options, Futures, Stocks for the money or because see someone else making tons of money. Do it for the love of trading, because you like reading news and analyzing charts.”
This is something that very often overlooked when people get into trading. They only see the dollar signs, but it is not an easy business, you really have to love the process to become successful.
Another interesting point for me was that he uses an EA (Expert Advisors = automated trading programs) that only manages his trades after he has entered them manually. All of the other EA’s that I have seen both enter and exit trades. It goes to show that thinking a little differently can be what you need to be successful.
Rudy Leder Training Review
As he mentioned in the interview, Rudy has a unique approach to teaching people to trade. However, before I felt comfortable allowing him to talk about his training program, I had to check it out myself.
True to his word, Rudy’s training program only contains the essential elements that he feels will make an aspiring trader successful. Although I have not had the chance to extensively backtest his method, it looks like something that would work and it definitely can be learned by anyone who is serious about being a successful trader.
Since they are methods that Rudy successfully trades for a living, I have no doubt that one could be successful using what he teaches.
When I saw how much he was charging however, I thought it was a mistake. I was sure that he was missing a zero at the end. But no, it really is the price…very affordable, especially since he offers three live training webinars where you can ask as many questions as you want and a member forum.
I would highly recommend taking his course if you are looking to get some Forex trading education. The next session starts on August 7th (in a few days!) so if you are interested I would head over to his site right away to sign up. Last we spoke, Rudy mentioned that there were only a few spots left for this session, so don’t delay. I’m not sure when the next session will be either.
On a personal note, I found Rudy to be an all-around cool guy with a genuine passion for trading. He was really easy to work with, especially when we had to do some scheduling changes for the interview. I also liked the fact that he does a lot of backtesting himself and encourages his students to do the same. That is unusual in the Forex education world because most educators don’t want you to know how their system really performs.
Anyway, sorry for such a long post, but I hope you found it helpful. I had a lot of fun bringing it to you!
What did you think?
Alexander Smirnov, the Head of the Department of Control and Auditing in Larson&Holz IT Ltd, and Georgiy Pavlov...
"We don't need no regulation. We don't need no Fed control," opined Jamie Dimon, not too long ago…hah…this kind of reminds me about the opening lines to Pink Floyd’s classic album, Brick in the Wall...
Just over a year ago, in fact in January last year – Bob Diamond, the American citizen CEO Barclays Bank, and the UK’s highest paid banker said, in London “It was time to stop bashing the bankers,” during a grilling session in front of a UK Select Committee of MP’s...
Author, analyst and trader Jack Schwager discusses what separates great traders...
This options trader and philosopher bets against the crowd. He explains why traders continue to underestimate the role of randomness in the markets and how betting on the possibility of rare events provides an edge...
Martin Pring has performed extensive pattern and indicator analysis over the years...
Interview with FXCM's February 2011 King of the Micro contest winner: Mr. Tommaso Battista from Italy with an amazing 693.44% gain on his micro trading account...
I analyzed price trend charts of various cycles and studied news about the relevant currencies. Once everything was clear, I would start trading. What are your favorite sources for news and/or your favorite technical indicators?
|6||Fort Financial Services||77%|