new_trader
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Because they are busy dealing with Farex.
Because they are busy dealing with Farex.
Patricia12
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It may be true but women will have to do more work on controlling their emotion while loosing money during trading.
scose-no-doubt
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Excellence.
"Behind every successful man is a woman of patience, encouragement and dedication." Byron Pulsifer - and that's why you are here now
rsh01
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datamonkey
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That's a very good question as in my experience they are very good at spending money!!
StayOnTarget
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Because the markets are sexist... In fact we should encourage more women to be forex traders by taking positive action and ensuring that when a man and a woman take opposite sides of a trade, if there is no discernible movement in either direction then the woman "just wins" by default... And then if that doesn't work then start having quotas for something...
rsh01
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Ha...50% of your losing trades have to be to women
Dear hgh:
I don't agree with you at all.
Why are you so negative.
For your kind information,
I present to you 3 amazing women forex traders! Tess (of the famous Alternative Technical Templates), Asha Harriott, and Grania Harrison!
(i) Tess
Tess is an old pro when it comes to forex trading game. And by “old,” we don’t mean “checking-into-a-retirement-home” old, we mean she’s been watching market supply & demand levels before she could probably ride a bike. So, check out this long-time forum favorite for a wise word or two on forex trading!
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1. What were you doing before trading full time?
Both Jocelyn & I entered the industry upon completing our college education, so we haven't ever done anything else.
2. Who, or what, got you started on forex trading?
We grew up exposed to all this stuff. Our folks & other family members are career traders/fund managers & senior execs with track records at IB's & corporate funds in the U.S & Europe. So it wasn't surprising that those of us kids who were interested would gravitate towards the industry after completing our education.
3. Do you trade from home or with a company (at an office)?
We trade from offices in the UK where we're currently responsible for the FX portfolio of a large diversified fund run & operated by our parents & their colleagues.
4. How long did you demo trade before going live?
Well like I said, we were immersed in it from the cradle so it's always been there. We were trading & managing our own sub accounts (set up under an umbrella/proxy type arrangement) right through high school.
Although our family made the experience fun & lively, they were subtle exercises designed to instill discipline, respect for money from an early age & teach us the importance of preparation & organization. Plus of course, we could see our accounts increasing over time which made the purchases via the withdrawals all the more satisfying knowing we'd contributed heavily towards that objective.
It also gave us (& them) an insight into whether that type of endeavor suited our personalities & psychological make-up.
5. Have you ever blown accounts or suffered huge losses?
No we've never come anywhere near destroying either our own or client accounts. Of course, like any other market participant we experience our fair share of losing bets, but they are a controlled, carefully managed business expense.
Risk & profit management was one of the most discussed topics whenever the conversation got around to business at gatherings & get-togethers when we were growing up.
It's absolutely imperative that you put carefully monitored risk circuit-breakers into the mix, especially if you want to generate & receive the right types of personal recommendations from existing clients.
They're not going to be too impressed if they see wildly fluctuating bottom line numbers or stomach churning rollercoaster profit/loss returns.
6. What do you think about the BabyPips.com School of Pipsology and what is your favorite lesson?
I'll be honest, I haven't fully perused all the topics in your instructional section, but I do very much support this type of basic introductory education.
We're firm believers in establishing good habits that encourage newcomers to put down solid foundations & frameworks. Anything that can empower novices to use their initiative & explore these basic lessons further can only be a good thing.
The first port of call I made was toward the (surprise, surprise) senior year, risk management section to see how it was approached.
Novices especially, need to quickly realize the importance of protecting their capital base from outset. Respect for money is imperative if you want to succeed in this business.
7. What are your top 3 hardest lessons learned through trading?
Always respect your risk & never compromise your defensive circuit-breakers. They're there for a reason & designed to check you out of your position if changing circumstances invalidate the trade. I've been guilty of falling short on that one………….but only once!
Never be afraid to admit you're wrong. As much as you think you know, the market always knows more.
Don't get lazy with your research. There's no room for shortcuts when you're dealing with money, particularly someone else's. And always double check your order tickets before confirming the bet.
8. Who is your trading idol and why?
Our parents.
They're smart operators who practice exactly what they preach & never take anything or anyone for granted.
They're sticklers for detail. That's probably the most important lesson we've absorbed from their tuition & advice since childhood – if you're going to do something ensure you do it properly & always, without fail ensure you cover your bases. That way you're better prepared for when the unexpected comes calling.
9. Do you think there's a difference between men and women when it comes to trading?
No.
If a person is smart & capable enough to put themselves in a position to get the deal done & demonstrate their ability to achieve & meet agreed business objectives, then they're good enough, regardless of their gender.
10. What characteristics should a woman, or man, possess to survive the business of trading?
Attitude is important.
It might sound silly, but you'd be surprised how many folks lack a business-like attitude. It probably explains why those who do, generally outperform those who don't. They care more, primarily because they're continually seeking to improve.
They're not afraid to seek help or assistance when required & neither do they tend to possess an ego, which is responsible for more catastrophes in this industry than anything else.
Strong efficient organizational skills, logical thought processing & the ability to remain calm under pressure are other obvious characteristic candidates in my book.
You can also add adaptability to that list.
The market & its participants are constantly evolving. If you can identify, accept & interact successfully with that changing environment (providing of course the model(s) you use to trade with are net positive in the first place) then you stand a good chance of hanging onto your capital longer than your competitors.
11. Who is your favorite FX-Men?
Ummmm, let me see now…..errrrrr, I'll get back to you on that one!!
12. Any final words to all aspiring women forex traders out there?
Try & become conversant & familiar with a style or set up/trigger combination that pushes your buttons. You'll be more inclined to channel all your focus into something that inspires & motivates you. The danger with most newcomers is spreading themselves too thin. They simply dilute their time & effort.
Know your limitations as well as your strengths within the market environment you're operating in. I'm not suggesting you need to become an expert in everything, just find your hot-spot & milk it for all it's worth.
Allow sufficient time to draw sensible conclusions from your research & testing. If it feels right, stick with it until it proves to you & can show clear evidence it's not working.
Most of all.........enjoy it.
(ii) Asha Harriott
Asha is a full-time trader from Houston, Texas. She trades from her home office, with plans to eventually open her own trading school to develop others in becoming certified to trade investor portfolios. In the next 10 years, she wants to build an assisted living community centered around providing entertainment activities for seniors in honor of her mother.
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1. What were you doing before trading full time?
I was a Health & Safety Technical Assistant at an oil and gas company.
2. What got you started on forex trading?
I was searching for my passion. Since my last role was technical and involved the management of database systems, when I came upon the world of trading as a new profession, it was a natural fit. The platforms never intimidated me. I absolutely love the challenge in a profession where 99% fail. It is dynamic, exciting, fun and I don’t see myself ever retiring!
3. Could you please tell us about the moment you decided to go live, and then full time?
I decided to go live after 8 months of practicing my various strategies. I thought that it was time to bite the bullet and get my feet wet.
4. Have you ever blown accounts or suffered huge losses? How did you deal and recover?
Yes I have and at first it was disheartening experiencing one loss after another until I decided to take time out to further educate myself and up my game. I kept thinking, “don’t worry...you’ll come back” and I sure did. Positive thinking and the right mindset is just half the battle if you want recovery and success in anything.
5. What do you think about the BabyPips.com School of Pipsology and what is your favorite lesson?
I think it is the best I have come across. The information is easy to understand. My favorite lesson was on Fibonacci. It helped me improve the accuracy of my entry points and profit targets.
6. What are your preferred pairs to trade? Trading sessions? Trading style? Why?
I like trading EURJPY and AUDJPY because of the momentum. I trade the London session because of the high volume. Also the Asian session. I do my analysis before and I usually focus on just one pair to trade for that period. I put indicators on all my time frames.
7. How do you handle losses or losing streaks?
I stop and take time out. I seek advice from trading colleagues on where I went wrong and how I can improve. I look for new and more advanced strategies to implement in my plan.
8. What are your top 3 hardest lessons learned through trading?
You have to have the right entry points at the right time.
Get over your fear of losing and let your profits run so you do not exit prematurely. Have confidence in your trade else do not take it. When in doubt stay out!
Trust your own decisions and sometimes be unwilling to listen to anyone else. You trade according to your own personality.
Learn to take a loss – Don’t be greedy ~ Better to be right and lose less than be wrong and lose more – Know when NOT to trade.
9. Do you think there’s a difference between men and women when it comes to trading?
Yes. Men are more egocentric so that drives them especially psychologically that it leaves them more open to risk. Women tend to be more patient, less arrogant, are able to easily accept when they are wrong, methodical and conservative. Due to the fact that we are managers of our household, we keep better filing and record systems.
10. Is there a type of woman fit for forex trading? What characteristics should she possess to survive?
Persistence – Perseverance – Discipline – Tenacity – Positive Thinking
11. Who is your favorite FX-Men?
I like Big Pippin. Forex Gump too because he offers really good insight into how world events affect our trading.
12. Any words to all aspiring women forex traders out there?
Because of our natural instincts and how women trade, we can be highly successful in a field typically dominated by men. You go girls!
(iii) Grania Harrison
Grania Harrison is a full-time trader from the UK. She has a trading room at home and wants to eventually set up her own trading company or trading fund. In 5-10 years, she wants to be able to buy a couple of homes from Miami, South of France or the Italian Lakes! She also dreams of one day getting her own pilot's license and doesn't see herself retiring early or having a career outside of trading.
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1. What were you doing before trading full time?
I worked in my dad’s business (heavy industrial engineering) before trading. Quite a change really isn’t it. With all the trading we did with China, Europe, and USA, I’ve always been interested in the exchange rates.
2. What got you started on forex trading?
I literally woke up one day and realized how I have been interested in the markets for a long time. So I started researching all the different types of markets out there, then I found FX. I knew straight away this was for me.
3. Could you please tell us about the moment you decided to go live, and then full time?
Wow, I can still remember the moment I went live really well. It was during the quiet summer months, 6 am GMT. I was sweaty and nervous and fear had completely consumed me. It’s funny when I look back, I was only going in with 1 mini lot lol.
I won that trade, but was then got physically sick after. It was then I realized I had to tackle my emotions head on.
I have kind of always been full time. Once I stopped working for my dad, I devoted my entire time to educating myself in forex. So I suppose somehow, I was already trading full time from day one. I knew this market would eat me up and spit me out if I wasn’t educated in this field.
4. Have you ever blown accounts or suffered huge losses? How did you deal and recover?
No, absolutely not. I have never blown any account, be it demo or live. I am extremely disciplined, I believe equity management and capital preservation are the most important rules in this business.
I’ve also never suffered huge losses. I guess the worst experience was when I started to increase my contract sizes and take my first losses. That was painful. But now, I’ll remain calm and analyze the trade. And afterwards I’ll ask myself, “Could I have done anything different?” Look at it and learn from it and forget it happened.
5. What do you think about the BabyPips.com School of Pipsology and what is your favorite lesson?
I think the BabyPips.com School of Pipsology is fantastic. It covers every conceivable element of FX Trading. From the basics through to the advanced strategies. You couldn’t really ask for more. This is going back some time, but my favourite lesson was Fibonacci’s. I just find them so fascinating. Something so precise and technical that works time and time again in a market that can seem to be full of chaos to an outsider.
6. What are your preferred pairs to trade? Trading sessions? Trading style? Why?
My preferred pairs would have to be GBP/USD, EUR/USD, EUR/JPY, AUD/USD and AUD/JPY. I prefer the more volatile pairs, the volume is often higher and the movement slightly faster.
I often trade the early Asian session; some of the above pairs have lovely setups at those times plus I am a bit of a night owl. Then early EUR session. If I haven’t found setups in these times, I will come back for the opening of the US session. But it is rare that I have to do that. I tend to take swing trades on the 240 and 120 time frames, and additional short term entries in the direction of the same trend on the 15 and 10 min time frames. I find I can capture a lot of pips this way. And still very much enjoy trading from the 15 min TF as much as i do the larger time frames. The larger time frames is very much a set it and forget it attitude as the trade can run for days at a time. Other than that i set my chart alarms and get away from the screens whilst waiting for perspective setups.
7. How do you handle losses or losing streaks?
I only ever had one losing streak and it was horrendous. I had to stop trading, go back to demo, and really look at where I was going wrong and what was behind this losing streak.
Losses are something I have now accepted as part of being a trader. I am now very laid back about losses, and never take it personally. I look over what went wrong, and put it to one side. I tell myself tomorrow is another day and this market will always give us opportunities to capture pips.
8. What are your top 3 hardest lessons learned through trading?
This is a tricky one. For me, my hardest lesson was overcoming fear. Fear of being wrong, fear of losing, fear of wiping my account out and then fear of entering into trades. I realized the fact that I hadn’t fully accepted the risk associated with the trade before I entered it. When I accepted that I will be wrong sometimes (a lot sometimes not so much) and accepted the risk and uncertainty, my fear left me.
Not sticking to your rules or your trading plan. Every time I have broken my rules (and that’s not very often) I have been burned. That’s a hard lesson. Maintaining a very disciplined attitude.
My third would be looking at my personality, my flaws, my bad habits. Because in this business you bring your personality to the trading room. The good, the bad, and the ugly. And I had to take a good hard look at myself and put a lot of things right to bring the right attitude to the trading room.
9. Do you think there’s a difference between men and women when it comes to trading?
Yes, absolutely. I think there is a difference or many differences between male and female traders. In my experience and from what i have seen i think Male traders find it much hard to accept being wrong. I have seen much more overconfidence in male traders. They are more willing to take risk than female traders, though it’s finding the right balance of risk. I think female traders listen more, are more willing to accept being wrong and more willing to take advice and use that advice than male traders.
10. Is there a type of woman fit for forex trading? What characteristics should she possess to survive?
I think a woman who is not risk averse, who can accept the uncertainty of this market can thrive in trading. She must be willing to take advice, accept when she is wrong. She must be disciplined. Able to keep a clear head under times of extreme pressure and at the end of it all, walk away and get a great night’s sleep.
11. Who is your favorite FX-Men?
FX Ninja is awesome.
12. Any words to all aspiring women forex traders out there?
I can’t encourage women enough to come into trading. This is an extremely flexible career. You can choose the hours you want to work, and it can fit in with a family life. You can trade full time or part time. You can take your work with you. You will find this market gives you so much back. Freedom, independence, a huge sense of achievement. It is an unbelievable journey to go on. I would say we need more women traders in these markets, and I think it would give more balance in the markets. Come on girls, get trading!
So don't ever think that women are incapable or not intelligent
I agree with you thanks for share with us
Women are intuitive. Their intuition leads them to conclude an activity in which 99 % fail is not for them.
Men are competitive. They see forex as a challenge.
Generally does this mean that the female of the species has more common sense than the male, or just that the male is just reckless by nature ?
Men are competitive. They see forex as a challenge.
Generally does this mean that the female of the species has more common sense than the male, or just that the male is just reckless by nature ?
safvan
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They have got us stupid men to handle FX for them.
You win in FX they get it anyway.
You lose in FX, well in that case, they dump you and go for the lucky soul on the other end.
