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 a successful example through trading.
At the interview, Shin is 27 years old, living in Incheon, South Korea, having a bachelor degree in Business marketing and financial acumen. We asked some questions and he agreed to share his experience.
So how do you know about FX trading?
When I was a student I was looking for ways to earn money in a more flexible way. Surely it can be through the computer and I can do in my spare time, because I have to learn as well. That's how I found Forex trading, which turned out to be better than freelance because I do not have a client, I'm my own boss.
How do you start trading? Did you learn from the first demo or directly?
I'm self-taught. I was very stupid then and started in a real account because I did not know of a demo account.
This error taught me to be more careful with trading. You should always be aware of what is happening and keep looking for opportunities. I learned the hard way.
What is your goal of trading? Is there a specific strategy you choose?
I calculate my needs and expenses with the strategy and then make a goal, that I must be able to profit 1000 $ per day. Initially I use scalping strategy, it takes time to learn it, finally give me the results I want.
Do you find problems when you start trading?
It seems that everyone faces problems while learning, including me. All strategies have flaws and for me the news is coming up.
Scalping is a good strategy when the market is calm, but can not when there is news.
What is your advice to those facing the same problem?
Always check news and events that could affect the currency you are trading. Do not use scalping strategies when there is news, use other strategies. Immediately close your order when there is news, to avoid risk.
What do you gain by trading? Did you reach your goal?
Yes, I reach my main goal of 1000 $ per day, sometimes up to 5000 $ in trading day.
But I can also money as a partner and share trading signal with clients everyday.
Is it necessary to have a mentor or you can learn by yourself?
Good question, the answer - depends on people who want to learn trading. As I study, I do not have a teacher. Sometimes I want to give up, and start thinking forex is a bet. But finally I managed to set it up. In essence, if you give up easily, it's better to have a teacher. Learning alone is possible, but it must be ready to learn and practice a lot before it can really benefit.
What is the quality of a successful trader for you?
Control and consideration. Both of them are very important to be a successful trader.
Looking at your facebook profile, you are an admirer of luxury cars. What is your first and favorite luxury car?
My first car was a BMW 435D but not my favorite. But I love the brand, then I buy another one. This time a Mercedes SLK 55 AMG which is also not so good, then I fell in love with Porsche and could not think of another car.
As a successful trader, what are your future plans?
I plan to create an FX academy in Korea, Russia, and other countries. It's not about money anymore, I want to make a change in the world and make the future better.
I've participated and donated in some charity campaigns and will continue. I believe we should share our knowledge on the less fortunate. Many people suffer from hunger and bad education. I want to show them the possibility of trading online and teaching them how to make money.
What is the "lifestyle of the trader" for you?
"Be great and free".