Edwin Shin is a successful trader and partner from South Korea who started his trading career while still a student and within a few years became an example of success through trading.
When interviewed, Shin is 27 years old, lives in Incheon, South Korea, has a bachelor's degree in Business marketing and financial acumen. We asked him a few questions and he agreed to share his experience.
So how do you know about FX trading?
When I was a student I looked for ways to make money in a more flexible way. Of course it can be done on a computer and I can do it in my spare time, because I have to study too. That's how I discovered Forex trading, which turned out to be better than freelance because I didn't have any clients, I was my own boss.
How do you start trading? Did you learn from the demo first or directly?
I am self-taught. I was very stupid at the time and started on a real account because I didn't know there was a demo account.This mistake taught me to be more careful with trading. You must always be aware of what is happening and keep looking for opportunities. I learned the hard way.
What is your goal for trading? Is there a specific strategy you chose?I calculated my needs and expenses with a strategy and then made a goal, that is I have to make a profit of 1000$ per day. Initially I used a scalping strategy, it took time to learn it, finally it gave me the results I wanted.
Did you encounter any problems when you started trading?It seems like everyone faces problems while studying, myself included. All strategies have flaws and for me is breaking news. Scalping is a good strategy when the market is calm, but not when there is news. What is your advice for those facing the same problem? Always check news and events that can affect the currency you are trading. Do not use a scalping strategy when there is news, use another strategy. Immediately close your order when there is news, to avoid risk.
What do you gain by trading? Did you reach your goal?
Yes, I achieved my main goal which is 1000$ per day, sometimes it can be up to 5000$ in a day trading.But I also earn money as a partner and share trading signals with clients on a daily basis.
Do you have to have a mentor or can you learn on your own?
Good question, the answer - depends on the person willing to learn to trade. When I studied, I didn't have a teacher. Sometimes I want to give up, and start thinking forex is a bet. But finally I managed to set it up. The point is, if you give up easily, it's better to have a teacher. Self-study is possible, but you have to be prepared to learn and practice a lot before you can really benefit.
What are the qualities of a successful trader for you?
Control and consideration. Both in my opinion are very important to be a successful trader.