We are going international again and bringing back a former guest. The last time we spoke with Norse was, literally, years ago (wow, has the podcast really been around that long? Time flies!). To his credit, he is still around and going strong which is a great compliment of Norse’s work ethic and focus. Not many can survive the markets even a couple months let alone to multiple years! While Norse’s main trading vehicle is the Forex market, please don’t be too narrow sighted and think that because you don’t trade or have any interest in trading Forex that the discussion won’t provide value… I assure you, it does! One minor spoiler that I just have to give as it shows you how serious Norse is, but he’s gone out and hired someone to work for him in an area of his trading business. It’s some great stuff!
Notes:
Today we reinterview Norse. He’s always had knowledge of the market but wasn’t sure how he would be able to turn a profit. After going through a demo money trading challenge, he saw someone post online about 300% gains in the marijuana stocks and funded his account to go all in.
Norse took a look at how much he was spending in commissions and a friend suggested he look into forex since you only pay the spread. He uses the daily chart to spot his trade ideas and then executes on the shorter term time frames. He also only focuses on a small basket of currency pairs and commodities so he really learns their ‘personality.’
He has a very set criteria for not only his entries but when to add, where to set his target and how to trail his stop loss. Norse also understands that you can do everything right in terms of preparation and execution but sometimes trades just do not work out. It doesn’t lead to any stress and he has no plans to change his system.
Another important aspect of Norse’s trading is his ability to recognize his mental state. He reduces size when he is not trading well and then as he falls back into the rhythm he goes back to normal size. He still is working on avoiding taking trades out of boredom but his persistence will always prevail in terms of improvement.
Going forward, Norse is working on a 15% loss reduction in his trading. He wants to design another ‘expert advisor’ to identify ranging markets and trending markets because this will determine what type of trades he should be looking for.
Quotes:
Penny stocks actually worked out. After taking Robotic Trading, I traded pot stocks buying support and selling resistance.
I went back and did a lot of testing. I like to trade reversals because that is where my biggest edge is. I have to have certain criteria.
Taking a loss on a single trade doesn’t bug me at all. If I have a red week or 2 red weeks in a row, the voices come out screaming.
The holy grail in trading is just time, patience and perseverance.
