Tony skinner
Hi, welcome to the podcast, podcast my business and today we have Lenka from FX2freedom.com.au. Forex trading. Is that something to do with swapping cans of XXXX beer?
Lenka
Hi, Tony, thanks for having me on the show. No nothing to do with beer here.
Tony skinner
Well, I’m almost already disappointed but I know what it’s about is making money. Hopefully. Yeah, trading on the foreign exchange market
Lenka
Forex is all about generating more income from your cash and therefore, you could purchase a beer with that.
Tony skinner
Fantastic or, or could I buy a brewery?
Lenka
You can probably buy a brewery with that. Yes.
Tony skinner
All right. So So tell me a little bit more about whatforex trading actually is.
Lenka
Okay. So forex trading is trading foreign currencies against each other, or using a instrument called CFDs. So contract for difference. The benefit of using the contracts is that you can trade in a market that’s going up or down, so you can be making money in whatever market conditions are available to you at the time.
Tony skinner
Wow, so how does that work? Um, oh, is that is that is that a trade secret that you don’t want? Okay.
Lenka
That’s a complicated question, you know?
Tony skinner
Right. Okay, so I’ll try and simplify it. Like, so. Swiss francs, I think was famous years ago. They called francs. Yeah, I got my foggy brain is giving me the right information. There are lots of farmers that traded against Swiss francs, and they didn’t do so well. Yeah, so if I wanted to trade against Swiss francs, how would that work?
Lenka
So there are different ways of trading. What I do technical analysis of the trades, so I look at the exchange rate for a Swiss franc against another currency. So, usually looking at a currency pair, one against the other, which generates an exchange rate. When you have an exchange rate between two currency pairs, that exchange rate movement can be plotted on a graph. And using technical analysis of the graph, I can look for patterns. And if the currency moves in a pattern, then I’ll use that pattern to predict what’s coming up next. And that’s when I would then look for opportunities to enter a trade
Tony skinner
Right now, is that patterns like Easter they sell more Swiss chocolate? Or?
Lenka
It could be something like that. Yes. So definitely news and current affairs and things happening in the world will obviously affect the currency and what’s happening with it. But there are certain currencies that have more predictable patterns than others.
Tony skinner
Right, so I guess it would be like the US dollar, Trump opens his mouth, and things go wrong.
Lenka
Yeah, yeah. So something like that. So the top of people that look at the news and what’s happening, that’s sort of a different trading style, because you’re relying on always being up to date with news. Whereas as a technical forex trader, analyzing the charts, I don’t really mind When something is happening, because I’m looking at the chart in a way to guide me in what’s going to happen, as opposed to waiting for the news, and then reacting to the news, so everything in my system is calculated and works on managing my risk and getting a good profit for the risk that I’m taking.
Tony skinner
Right. Okay, so instead of having, I guess what a bleeps from Trump’s mouth, looking at the I guess it was a funded market. Oh, I’m gonna sound like I know what I’m talking about. Looking at the market fundamentals.
Lenka
Yes.
Tony skinner
Yeah. And then looking at that, okay, right. It’s heading into a severe winter. That’s the weather forecast. And last time, the weather forecast was that then it led to this On the balance of probability, it’ll go up or down by a few percent. And that’s how I make money. Yep.
Lenka
So that I don’t do that. Oh, okay. Right. I don’t do that I just look at the chart, because the chart represents everything that has ever happened in the history of that currency. And if over time, that currency pair has, has a pattern in it, and I can use that pattern to predict it’s sort of like, you know, when you’re say at school, and you get one of those tests that show you three boxes, and it says, you know, up, down, up, and then it says, What comes next? What’s the next box? So in a way, it’s looking at a chart with a pattern that you can go, okay, it’s going this way, it’s going this way. It’s going this way. What’s next?
Tony skinner
Ah, so it’s like an algorithm.
Lenka
Yeah, I guess algorithmic trading is totally different, because it was a lot You’re really getting into all the nitty gritty?
Tony skinner
Well, I’m only saying that because I mean, in my other business clicks for profit, we do SEO. And so I’m used to looking at patents with Google in relation to SEO. And I thought, well, that’s similar, but there we go. Alright. So maybe it’s time a little bit more about how you do things and how you can help help others to make money.
Lenka
Okay, sure. So, what do I do? Well, I’ve been trading for myself since 2015. And since last year, I’ve been helping people look for ways to make their cash work harder for them. Basically, we’ll help them with that. So I teach them how to create an income from the cash with foreign exchange, trading. Working five hours a week, because what I don’t want is people to trade their time for money. You’re trying to get your money to work harder for you. So since I started forex coaching, I helped a number of my students generate great profits. Recently, I helped some of my students make 2% return on their investment in one month. And that’s in their first program. So the first time they’re trading with me, so it’s a really great result for them.
Lenka
And I love helping people so I love you know, generating that income from their cash that might have previously not been doing that much for them, you know, if it’s sitting in a bank or some institution where, you know, it’s not really doing much for them.
Tony skinner
Right, so you help people that have lazy money.
Lenka
Yeah, exactly.
Tony skinner
There we go. So what? brought that one down? Okay, that’s that’s your new strap line? You better write that one down. Okay. Yeah, you help people with lazy money.
Lenka
That’s right. Yeah. See, this is educational for me.
Tony skinner
See, I’m a marketing person, I can’t help myself these things pop into my head. That’s cool. All right. So, I mean, obviously, this is all technical stuff that you will explain to people get in touch in a bit more detail. Because it is a detailed thing.
Lenka
It’s a very visual process. So all my teaching has to be visual. So it’s either in person or via zoom, where I can share my screen and they can share this because we are looking at charts and looking at patterns. And so it’s not that easy to explain with that the actual visual aids well, and to help
Tony skinner
I mean, you’ve got it right here, and you’re website where people can register their interest in a free class.
Lenka
Yeah, that’s right. So I run that, usually on a Friday lunchtime. So 1:30pm start. And people can come and register for that event where they can ask me any questions, I show them a little bit of what I actually do in terms of, they can see visually on the screen, I also teach them a little bit about risk, because it’s really important to protect your capital and also as you progress and generate the profits to protect your profits as well. And we also talk about, you know, how much capital you actually need for trading and what type of returns to expect as you sort of progress through your forex trading journey.
Tony skinner
Fantastic. And so and I know I asked you about this already, but are probably easier by saying. And open in front of me. So some tips for forex traders I think for everybody who tries this they risk too much capital as they’re excited about making money. And they also into way too many trades at the beginning.
Lenka
Yeah, yeah, cuz usually at the beginning people are really excited they want to get in. And so they just want to take trades now, rather than following the system and waiting for the best setup. So with forex trading, you need discipline to follow, follow the strategy and follow a plan. And you need to know when to take a trade. So be patient and wait for the setup. And then get out at the right level without sort of letting your emotions take control and dictate of when you enter or exit the trades.
Tony skinner
Right. Okay. Well, thanks very much for that. I know we don’t have a lot. We didn’t have a lot of time. But I think we covered a reasonable amount there. It is a complex area so we never need threw in a quick 10 minute podcast. But if people want to find out more they can get an FX two. That’s a number 2 freedom. com.au
Lenka
Yes, that’s right. Thank you very much for your time, Tony. It was a pleasure chatting with you.
Tony skinner
It was interesting. Yeah, there we go. Who thought that FX trading can be so entertaining and exciting
Lenka
indeed indeed.