How To Become A Complete Currency Trader | Cashflow Hacking Ep #28 James Edward
James Edward, founder and CEO of the complete currency trader, joins us on the podcast to discuss how trading the Forex markets can open up financial opportunities that many never once thought possible. As an entrepreneur and experienced Forex trader, James has helped hundreds of investors learn to make the transition from traditional swing trading and into Forex, and reap great benefits along the way. If you have ever wanted to learn more about Forex trading, than this is a podcast episode that you will not want to miss.
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Welcome to the Cashflow Hacking Podcast. We're on a mission to help people increase their cash flow. Well the steady paycheck of a nine to five job may provide you a sense of security. It will never bring you true financial freedom and abundance. We will teach you the tips, tricks, and strategies behind increasing your cash flow. We connect with the experts who have defied conventional finance wisdom who now earn more than they ever once thought possible. For those of you that are not yet at your full potential, are underemployed, or simply looking to grow their cash flow then this podcast is for you. Welcome to the Finance and Markets Cashflow Hacking Podcast, and now to your host, Casey Stubbs.
Casey Stubbs: 01:03
Hello, this is Casey Stubbs for the Cashflow Hacking Podcast and today we have James Edwards from the Complete Currency Trader and he's going to share some cash flow hacks on how you can increase your cash flow through currency trading, and he's going to share about all that he's done, how he's learned to do it, and how you can get started in doing it today. Thanks for being on the show, James.
James Edwards: 01:25 Thanks for inviting me, pleasure to be here.
Casey Stubbs: 01:27
So James, a lot of people listening to my show do lots of different kinds of things to increase their cash flow from starting a business to doing real estate to investing in Bitcoin to stock market and yet you're doing something a little bit different, which is currency trading. Can you explain what currency trading is and how you got involved in it?
James Edward: 01:48
Yeah. Well, currency trading, everyone does it to some extent. If you ever travel abroad, you exchange your home currency for whichever currency the country you're visiting and you get that exchange rate and you may have noticed or people will notice when they come back from their vacation, the exchange rate is different and sometimes they've lost money and sometimes they've made money online exchange fluctuation. And currency trade in the style that I do is that on a sort of micro scale. We do it on a daily basis and we're taking much smaller margins. Eight of it, you know, over a two week vacation. The rate may fluctuate by one cent on an intraday basis with the way that the markets are set up, you can actually sort of accelerate that by sort of times 10, times 100. So there's loads of opportunities to basically try and benefit from those exchange rate fluctuations when they go in your favor.
James Edward: 02:47
So that's really what I'm doing. Like any other kind of trading, I suppose I'm trying to buy something, in this case, a currency at a low rate and then sell it on for a higher, at a later date. So that's really what currency trading is. Like I said, we all do it when we go on vacation. I'm just trying to do it on a much faster timeframe on an intraday basis. So it's, most people are familiar with it even if they're not familiar with it, if that makes sense.
Casey Stubbs: 03:18
They might be familiar with the aspect of exchanging money, but maybe not with the actual trading platform and how to do it online because of the idea of going on vacation makes a lot of sense to me. And when I was in the military, I was stationed overseas in Germany and, we bet that was in the nineties, and they have the deutschmark and we had, we'd get our money in dollars, we transfer it over into marks and it was really interesting because we'd seem to have a lot more buying power with our dollars and we could get a lot more stuff than what we would be normally getting when where at home.
James Edward: 03:54
That's exactly it. And if you were stationed over there for any length of time, you've probably noticed that some months you're dollars went a lot further and other months maybe not quite so far. And that's all because of the regular fluctuations that you get between those exchange rates. And of course now it's not the deutschmark it's moved over to the euro, but the principle is still the same. So what most people are familiar with just on that vacation analogy, I just do on an intraday basis. And of course I don't need to visit the country to actually exchange that money. I don't need to go to a bank and physically change cash for another denomination. Using an online platform, you can literally just scroll through a couple of pages and say, well, I'd like to change my dollars for yen, or let's change my dollars for British Pounds and you can do it literally at the click of a button and and exchange them one way, wait a few minutes and exchange them back.
James Edward: 04:50
And sometimes the trades are that quick there a matter of minutes, which is one of the advantages that this are one of the appeals, at least from my perspective. It doesn't take a great deal of time. Certainly if you're trading the best hours there, certain hours of the day that are better than others, and you can do it in really as little as an hour a day depending on the time scales that you do not. Sometimes it can be less than that. You can literally just look at the charts maybe of an evening and plan something that you're going to do for the next week. And it can take 10 or 15 minutes. Once you've learned what you're actually doing to quickly analyze what's happening in the world, which currency exchange rates look favorable, which ones offer you the sort of an opportunity and then you can do something about it in a very short period of time and on a daily basis.
Casey Stubbs: 05:39
Okay, so using the exchange rates, exchanging the currency rates online to make a profit, people can create an extra stream of income, another source of revenue, which is really what we're looking for. I really believe that to increase your financial picture, you've got to have multiple streams of revenue and so this sounds like a really good source. And you're saying it only takes about an hour of your time. So you're saying that if you start investing maybe an hour a day, is this a daily thing, one hour a day, then you could begin to have a nice secondary revenue source?
James Edward: 06:14
Yeah, absolutely. I'll actually recommend to people that they don't spend a great deal of time. And I mean, I'm a full time trader so I am sat in my office and I do more than one hour a day, but it's my full time job and it has been for years so you can do as little or as much as you want. The opportunities are 24 hours a day with the currency markets, which is fantastic benefit of them that they're not set market. I was like, you'll get certain trading opportunities that you need to be there at a specific time of day and depending on your time zone, even within the United States, you've got such a wide varied times zone, the east coast, the west coast that is not always practical, whereas currently is 24 hours a day and you can do as much as you want or as little as you want.
James Edward: 06:59
And we recommend always to do as little and we recommend an hour a day because after that, if you don't really know what you're doing, there's a tendency to get sort of mental fatigue. I suppose. It's like anything, you lose concentration, which can lead to mistakes. It can lead to not enjoy it, whereas if you look forward to just coming into a set time everyday that suits your schedule and that could be in the morning before you go off to your regular day job. Could be in the lunch break, it could be in the evening and you know, I know people that do all of those things, set up the time that suits you. Arrange your family life and arrange your normal schedule and just, you know, take it easy. Really look at what is happening around the world. Have a look at what the exchange rates are doing. Get online platforms that display everything so you can have a look at what the dollar is doing against the British Pound. You can have a look at what the dollar is doing against the Euro or the Yen and when you know what you're looking for, it can be fairly straightforward to decide, well, that's where the opportunity is. So today I'm going to exchange these two currencies. And you have a plan before you go into it that you know that you're going to hold onto it for x period of time or for x profit. Once that target is hit, then you're done for the day, and one of the other great things about it is because of the nature of the online platforms, you can actually input parameters in that small window where you are actually trading and then walk away and it will handle it for you.
James Edward: 08:30
So you can say, look, if the price reaches this, if the exchange rate reaches a certain number, that will give you the profit that you're looking for or hoping for, then it will exchange. The currency is back for you without you needing to be there and do it. So you don't have to worry. Perhaps if you're putting this on in the evening that you need to stay up all night because you've got to change those currencies back as you would if you were going to a bank. You can set it all up automatically and you exchange them, initiating it to go into the trade and set your parameters that it will exchange them back for you when you're ready to get out, and if that happens at 3:00 in the morning your time, then it's still done it for you automatically, which is what makes it such a low maintenance opportunity to make some extra income on the side. It's not an extremely intense time consuming the occupation.
Casey Stubbs: 09:22
Well, I think that's a really good opportunity and I think it's great that it doesn't take a lot of time. So if someone has the desire to get that extra revenue, which I am encouraging people to do and that's why they listen to the show. This is seems like a viable opportunity. Now my question is if someone has never done this before and they are just getting started out, can you give us some action steps on what they could possibly do to get started right away? And, you know, when you say it's an hour a day, is this like stock trading where you know, they could end up losing everything they have and it's actually not a viable revenue source or is this..so just explain some of those things for us.
James Edward: 10:07
Yeah, there's obviously risks with it and I think anyone that looks at this as an opportunity for extra cash flow or extra revenue, you've got to accept there are risks as there are with anything that you do. The way I look at trading is the same as anything else. You invest some money up front, be it buying stock, for example, in a real world bricks and mortar business and hope that you sell that stock on or in a restaurant. You've got to buy the ingredients before you can sell the food. And that may not happen for whatever unforeseen circumstances. There's a good chance that you could lose that. So first and foremost, approach this with small amounts of money that you genuinely can afford to lose. Look at it as an investment that you hope will work out But there's other side risks with it.
James Edward: 10:53
However, with that said, Forex is getting better and better, currency trading is getting better and better in terms of the regulations that are coming into play. And I know a lot of people don't like regulations, but I think they're pretty much a good thing because they're there to protect people. Certainly over here in the European Union, UK, we just had new laws come out literally today that protect people that you now can't lose more than you would invest, which is something that can happen in stocks you put your investment in and if it was to go completely belly up like the 2008 financial crisis and stocks tank through the floor, there's a possibility that you will lose everything. And actually more and current street and has always been the same. But they're bringing in regulations now to prevent that so that you can only lose the amount that you put in to your online trading account.
James Edward: 11:45
Which I think is a very good thing. There's also a lot of, one of the greatest things for me from my perspective for currency trading in terms of people being able to access it, is the barrier to entry is very, very low with a lot of other investments. You actually need quite a lot of money before you even get through the front door and are able to take advantage of it. Currency trading in the entry level is extremely low. You can start with $100 because they offer a great amount of leverage even though that's coming down in recent years, it's still between the market that's out there. So you can start with a really small amount and they allow you to trade on micro lots, micro position sizes effectively. So your small amount of money can go a long way, which not only does that make it accessible to people that aren't already wealthy and are trying to get a foot in the door to build their own wealth.
James Edward: 12:42
But it allows you to practice with a small amount of money. I mean, you can practice with a demo account so you're not risking any money at all and then when you are ready to go in and risk your own money, you can do it with a reasonable amount, $100, $500, whatever your comfortable with and just get used to what you're doing. And once you've got some consistency behind you and are pretty familiar with what you're doing and they're able to just execute, you know, a small number of trades on a regular basis, then it really opens up for the other possibilities. Because of that leverage, when you start with a small amount, you can actually ramp that up without taking any extra risks to your seed capital to your initial investment. You can make it go a lot further, 10 times 100 times further than it perhaps would which is what I think really makes this appealing. It lets anyone give it a try at very low risk. And if you like it, if you're enjoying it and are quite good at it, you can actually ramp up without taking any extra seed capital without risking any more of your own money. You're effectively risking markets money, and as I said, the new regulations that are in place now means that you can't lose any more so you are quite well protected.
Casey Stubbs: 13:55
So what I'm hearing here is that, the opportunity for a high return is very high, so that you can make a higher return on your dollar because of using the leverage and at the same time the risks are limited because of those regulations that they've put in place. Is that accurate?
James Edward: 14:18
Yeah, absolutely and you can, within the online platforms, you can actually put in what we call a stop loss that says, look, I'm hoping the exchange rate goes up and I'm going to make money if it goes up. But of course it might come down. We never know what's gonna happen. And that's a very real possibility. That happens frequently very frequently, but you can put a stop loss order in that says, look, if it goes up, I want to keep going with it and there's no upside limit. It can go on forever and you know, hit the moon if you need it to, but if it comes down and goes against you, you can get it straight away and you literally can just say, okay, it's not going the way I wanted it to. I'll get it and with your hundred dollar account, small starting capital, you can limit that thing to just losing a dollar if you want.
James Edward: 15:04
But of course if it goes your way, it makes $10 and because of that leverage, you can actually turn those numbers into multiples. So if it's going up, instead of only winning 10, you might win 100 or you might win $200 depending on the amount that you're putting on in the first place and how far it goes. That's the other thing with this. The analogy we use at the beginning of actually physically exchanging money and at the end of a two week vacation, it may have changed value by like one cent and that you might've made a few dollars if you put a couple of hundred dollars into your holiday, you're coming back for some change money or you know, even a couple of thousand but when you're trading online, one cent is actually split down into 100 increments and each of them can be any value that you decide that it can be worth ten cents, it can be worth a dollar, it can be worth $100 if you wanted to. So yeah, it's when it's done properly, currency trading is extremely accessible, low entry barrier for anyone to get in and done properly. It's very low risk and very high reward.
Casey Stubbs: 16:13
All right, well that actually sounds really good because of the low barrier to entry, which I'm always looking at and also the low dollar amount and the high returns and the limited risks. So with all of that together, it actually sounds almost too good to be true, but as far as the action steps that people would take, so all they would really need to do is find a broker, go ahead and open an account that seems pretty straightforward and simple, and then start spending an hour a day trading. Now the question that is really difficult, I think is what do they trade? It seems like the markets are really crazy, especially with Donald Trump has always saying stuff about the dollar. He's talking to world leaders. There's seems like a crisis on every horizon. I think that, how would you know which currency is going to go up, which is going to go down. To me, that seems really confusing. It might take more than an hour a day to figure out if I could ever figure that out.
James Edward: 17:12
Yeah, there is a lot to learn over time, but actually it's not that difficult getting started. There's actually a limited number of currencies to trade. It's far simpler than stock markets. There's basically eight currencies in the world that are worth trading because of the cost of them, the liquidity, and the easy access. So you're limited basically to eight choices, which is better that the fewer choices you have, the better. The less to look at, less to think about and fewer decisions to make, and you can actually break the market apart and look at those individual currency. So while you may have the US dollar can be paid against the British Pound, or you could exchange it against the Euro or the Yen and so on. You'd actually look at the US dollar by itself and you can see very quickly whether the US dollar is going up or going down and as an individual currency, what the basic strength of that is.
James Edward: 18:08
And the easiest thing you can do is just match it against to the opposite currency that is literally going in the opposite direction. Look for a weak currency. So like any other financial market match strength against weakness. And there are plenty of tools out there that allow you to do it. You can probably see behind me on my top monitor, we've got one that does that, but there's free ones. We've got free core currency strength indicators. We we offer free ones on our website. There's plenty of them all over the Internet available for free that come with your platform. Very often you can attach them to your platform and they will at a glance, show you which individual currency is going up, which is going down, and if you just match those two at the very basic level, you've got a higher probability that it will continue going in that direction.
James Edward: 18:57
There are other things to look at. You can look at all the flows as well. Again, these indicators out there that will show you whether predominantly the market is buying, where the customers are buying or whether they're selling and where the market makers are buying or selling. And I know you know, the terminology may not be familiar with all of your listeners, but it's basically customers are you and I and people that are going on vacation in exchange for their money. And obviously other entities as well, like big financial institutions like hedge funds, but fundamentally we're all customers that are asking if we can exchange our money and then market makers that just the other side, they basically banks that will do that deal with you. They will trade with you. And just by looking at a couple of indicators that literally sit on your chance in your platform that are color coded, you can see, look, if these two indicators are green, which means customers are buying, market makers are buying as well.
James Edward: 19:55
And you look at those individual strengths and weaknesses and you've matched strength against weakness. You've got three really, really powerful components that all mesh together that give you a much higher probability that that's the direction it will go in. So actually you don't need to know a huge amount. The more you know, the better. It's like any profession over the years, you gain more and more experienced. But actually getting started, there's only a few steps that you need and as long as you stick to those steps, you can be profitable. And then as you learn more, you'll become more proficient and make better decisions and become more profitable. But even starting out, it's possible within the first four weeks of trying to do this that you can be turning a profit. And that's very realistic.
Casey Stubbs: 20:40
So when you look at these currencies, you said there's eight and that's because those are the ones that are traded the most. They have the most volatility. Is that why you choose eight? Because there's hundreds of currencies that I was aware of.
James Edward: 20:55
There are hundreds. I think there's a total list in like 136 that are like internationally tradable but most of them are...well, there's a combination of things that make them unattractive. One is volatility and the other is liquidity. And what you really need is highly liquid currencies. And what liquidity means is you can exchange them very quickly without the price moving beyond where you want to go. So for example, you wouldn't want it to go to your bank when you are going on vacation, they say this is today's exchange rate and you say, okay, that sounds good. I'd like to exchange that exchange rate and then because there's no liquidity, there's no one to take the other side of your trade. They tell you to come back three days later and by that time the exchange rate is changing, is actually against you.
James Edward: 21:44
That's the situation you want to avoid and most of the currencies in the world are like that. You would click your button on your platform to say, I'd like to buy or exchange at this rate and it may not be there. It might feel, you know, several levels higher. Whereas the eight major currencies there's always someone on the other side, so you can get in a very, very quickly, which is one of the things that makes it a low risk opportunity to trade. If you're trading the low liquid currencies, the ones that aren't highly traded don't have a lot of people active on them. Actually the risk is increased on those because you're not guaranteed to get your to executed ways. If you stick to those eight majors, they're safe. Safe as they can be in the currency markets because you will get your position filled.
Casey Stubbs: 22:31
So when you're actually making the transaction, are you just buying like the currency that you're picking because you picked the ones that based on the tool looks the best. It's got the most strength. Are you just putting into that tool or you had mentioned there's two currencies involved, like how does that work?
James Edward: 22:53
Yeah, there's two currencies that, well you can go in both directions. You can buy or sell and there's no restrictions or limits on what you do. So if for example, the US dollar was gaining strength, maybe Donald Trump has said something that's really positive for the currency and the US dollar is going up. You can actually compare the other currencies against it to see which one is being harmed. Because the market is always in equilibrium. When one currency goes up, at least one of the currency has to go down an equal and opposite amount. So by looking at an indicator that splits that market down into its core components of the 8 currencies, you can literally say, well look, the US dollar is the one that's going up and it's the Euros being hurt. The Euro is going down, particularly with the trade wars that are now starting up with China, but the US are doing the same thing as well.
James Edward: 23:47
When one currency is going up, the other one will be going down and you can then say, okay, those are the two currencies. So it's the US dollar against the Euro, the Euro US dollar currency pair that I want to exchange. And on your platform, you literally go to that. It is a thing, it's a, it's an instrument there in your platform. It's Hr and you literally have a buy and a sell button on there and you say exactly how much you want to buy or sell of that currency. So if it was the US dollar that was going up, the Euro was going down and you'd hit the sell button. You'd say, I want to sell the Euros on by the US dollar. And it handles it for you really, really quickly. It is literally at the click of a button, it's done.
James Edward: 24:29
You've got that position you can watch that then go down as a pair. That's what will be happening in that situation that I was just talking about. The Euro would be falling, it'd be getting weaker, so the value of it would be going down and as long as it was lower than the price that you enter that trade, you could close out and you'd banked that profit, whatever the differences between you get in and where you get out what's in between is yours. That's your profit margin.
Casey Stubbs: 24:54
Well, it sounds like with the trade wars and the volatility that could actually be an opportunity for traders for people that are trying to make money on the exchange rate. It seems like it could actually be a good thing for them even though it's a little scary reading the headlines all the time.
James Edward: 25:08
It's a huge thing. It's so good. That headlines, I mean, I personally don't pay any attention to these because it is typically scaremongering, you know, shock tactic, sell newspapers, and the bad news is what sells, but actually volatility is incredible. It's what we need. We want active markets. The last thing any day trader trying to make a little bit extra money wants is a quiet market. They don't want stability. The more activity there is the better and it's just getting better and better. The 2008 crisis again, for currency traders was a dream come true. From my perspective, not sending too harsh on the people that are effective, but from a purely currency trading opportunity, something like 2008, if that could happen every year, it's the easiest money you could ever make. We don't want stability. We don't want everyone in the world agree in getting on.
James Edward: 26:07
We want trade ware, we want volatility in the currencies. We want politicians arguing because it leads to what the markets were considered, instability in the prices. But as long as those prices are moving, the further and the faster that they are moving, the more money we can make and the easier it is to make because when those currencies really get pushing, it's so obvious. A child could look at it and say, I know what's happening there, that chart is going vertical. And if you see a child by that, those are the ones that are easiest to trade. You don't need very much experience to do those sort of trades and they're the ones that make you the most money going incidentally. So it's a great opportunity. The more volatile the world is, the greater the money making opportunity is for us.
Casey Stubbs: 26:53
And it actually seems like in an additional benefit, rather than the stock market because if the economy is going down or if things aren't going so good in your economy, you could still earn this revenue because the currency markets will still be moving.
James Edward: 27:09
That's it and as I said earlier, with currencies, particularly those 8 majors though, they have to be in an equilibrium that they basically, if you add them all together, they add up to 100 and if one goes up, another one has to go down an equal amount. That's the way the markets work, so unlike stocks that can basically go all the way to zero so you can put your money in them and there's nothing to say that it won't just plummet and that company goes out of business. Major currencies aren't going to do that. Particularly these top 8. Obviously there are other sort of Banana Republics where their currencies become worthless but these eight majors are the cornerstone of the financial system and they are in equilibrium and they balance themselves 8 and actually if you look back over 10 years, most of them are more or less where they were 10 years ago.
James Edward: 27:56
There is no difference. They fluctuate up and down in between time, but like I said, when one goes up, the other one goes down and when you are trading a currency pair, you're always buying and selling. At the same time, you will sell the one currency and you apply the other currency and when you exchange them back, you sell that currency and buy the other one back so you're always effectively into positions, and I don't want to over complicate things right now, but what that really means is it's extremely safe. You're always holding one of those currencies, so even if the one was to go all the way to zero, you've got the opposite currency that's gaining everything this one's lost. So it's almost like a hedged position that's not quite accurate, but in terms of people that don't trade and understand this as the best way I can think of to describe it, but it makes it very safe. Unlike a stock that you can lose everything in that one trade. With the Currency Exchange, you've always got 2 currencies involved and while 1 goes weak the one will be going strong and vice versa. So it makes it again, a much safer opportunity to be traded.
Casey Stubbs: 29:02
Yeah. This is a really good explanations and education. Thank you for that. Can you explain a little bit about your own tool that you use to guide the strength and how did you develop your personal method for trading?
James Edward: 29:17
Well the tool that we use it looks at the entire market. So if you think of 8 currency pairs or 8 currencies that are the major currencies, when you pay them all against each other, there's 28 different options. Well, I don't want to be looking at 28 different charts because even though that is significantly less than the stock market, it's still too much to look at and try and get my head around and actually make a decision on. So the tool that we've got just takes those 28 charts and splits them apart into the individual currencies. And then I'll just get eight lines. That's really what I'm looking at is 8 individual lines that tell me the eight individual currency so I can immediately go. The Blue Line is the US dollar. Great watch the US dollar doing. That's going up. The red line is the British Pound, is that going up?
James Edward: 30:04
In which case I wouldn't want to be trading those two on if it's going down, then I've got two opposite currencies and that's where I want to look. So it's a very, very simple tool from the user perspective. There's quite a lot going on behind the scenes in terms of what it is measuring and looking at all the order flows. We do look at the customer side orders as well from the swap market. We are looking at market maker activity and they obviously the people that sort of make the market for us and provide the opportunity so there's a lot going on behind the scenes, but from a user perspective it is just colored lines. Is one going up and is the other one going down and can you match it. And the reason that I developed that and got into that way of trading is I'm actually a former marine so I was in the military as well, like yourself.
James Edward: 30:52
And when I left the military I went into bodyguarding and I was body guarding a commodities trader to start with. So I was seeing a little bit about or getting a bit of an insight into trading, but it wasn't currencies, but we happened to be on a yacht when they're in the Bahamas and there was a hedge fund manager on the yacht next to us, John Henry, which I think he still owns the Boston Red Sox or people may have heard of him. He had about $3,000,000,000 under management in his hedge fund. And meeting him, that sort of sparked my interest in currency trading because commodities options, all of that looked very complicated to me when I looked at it but currency trading just immediately clicked with me and just went that easy or easier. It certainly the simpler market to trade. So I started looking into it and due to the people I was looking after as a bodyguard and their backgrounds, they introduced me to a couple of other hedge fund managers and by chance the head of Forex at Deutsche Bank.
James Edward: 31:57
So I got a kind of inside view of what the banks were doing with current straight in and individual currencies is what they look at. They are looking at individual currency strength and weakness. So people may have heard of George Soros and the very famous story about him breaking the Bank of England where he treated the British Pound and a lot of people miss that. They think that he was trading pairs, but he was actually trading a single currency, was looking at the British Pound and that's really what professional traders do and I was lucky enough to have that insight as to what they were doing on hedge fund trading floors and on bank dealing desk and market making flaws as well. So by speaking to them as a favor to the guy I was looking after his bodyguards, they steered me in the right direction and said, this is what you want to be looking at.
James Edward: 32:46
This is the way to trade. This is how we do it and I just took that information away in and thought how can I do that from the retail side with the information that's available to us? When I got started in this, 13, 14 years ago, there was a lot less data than there is now. So I kind of had to, I couldn't do what the banks were doing precisely. I had to create a retail side of it. You know, if someone like myself working from home and over the years we've got more and more data that's come in and Forex is opened up to the retail market. It's opened up to people like me that can sit at home in a Home Office and trade the market and we're now not far off a level playing field with the same information that hedge funds have. But that's how I got started in basically speaking to bank traders and hedge fund managers and learning that that's how they did it and getting pointed in the right direction to create a retail version of it.
Casey Stubbs: 33:43
That's a really good story and you got that will help you get off on the right foot and getting connected to the right people. Which is one of the reasons why we have this show is that we're trying to get the right people to help our audience. And so now you help traders get started. You help them to learn to trade successful. How do you do that and how can they get in contact with you? We're going to post all your contact information as well, but if you could just explain to the listeners how to contact you and what you can do to help them.
James Edward: 34:10
Yeah. The website I run is completecurrencytrader.com and we basically want to show people that when it's done properly, currency trading can be one of the easiest things and the most lucrative things that you can do. As I said, we aim for the one hour a day, so we've actually got a post it as a challenge, a four week challenge that if you just watched some of our basic training. We've got a small course with it takes six days. It's a six day course, 30 minutes a day of education where we show you what the tools do. We show you how to look at the charts. What the charts are telling you. How to use our tools to interpret that. How to enter buy trades and sell trades, and basically what you need to do in order to make money.
James Edward: 35:00
And then we say go and do that for four weeks. If we give you the exact instructions to say at this time, these are the hours that you should be trading. If you see this particular shape, this particular pattern, these particular conditions that are really easy to actually identify, enter the trade with these parameters and then walk away. It's a really low maintenance strategy that does literally take one hour a day and we guarantee that the end of four weeks they will have made some money and if you can do that at the end of four weeks, then the sky's the limit. Because as we talked about, right the start this conversation because of the leverage and the opportunities that are there in the market. If you can do it with a small amount, there is no extra work required to do it with a larger amount.
James Edward: 35:48
If you can do it with $100, you can do exactly the same thing with a thousand dollars in the course, you are now making 10 times more money so that's the aim and get them into that. That four week course or one week course with the four week challenge. I basically challenged them to prove to themselves that you can do the same one hour a day, make money, and if you get that confidence and you can see that at the end of month one, the sky's the limit and you can either add more money to your account. As I said, you can start off with 100 and if you can prove you can do that, you can add more money to it. If you've got a spare or you can take advantage of the leverage that your broker will provide you and instead of only making $10 on each of those trades, you get up that make $50 or $100 or whatever it is, so that's the steps that we encourage people to do. Go to that website, completecurrencytrader.com and take the four week challenge. It's an ultra simple course, half an hour a day for six days and then trade one hour a day after that for the next four weeks.
Casey Stubbs: 36:52
Excellent. Well thanks for being on the show. You guys heard it. Your action steps is to go into a trading account, a broker account. They have demo accounts where you can practice and then go to completecurrencytrader.com and start the four week challenge. We'll have all of the links below so you guys can get access to that and it seems like a great opportunity. And so I know you guys that listen to the show are action takers. I recommend that you go ahead and take the four week challenge, and James, thank you so much for being on the show today.
James Edward: 37:22
No, thank you for having me. It's been an absolute pleasure.
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