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We recently caught up with one of the co-founders of LiveTraders.com, Mr. Anmol Singh, who discussed working with traders within the company’s live trading chatroom and education service. The website helps retail traders looking to try their hand at stocks, forex or options trading. The site reports to have worked with over 1,000 traders since their founding.
Jared Wesley, the other co-founder, has (on multiple occasions) turned a $2,000 account into over $100,000 (+5,000%) in a one-year period for himself and students. He helped start LiveTraders.com in 2014 to help misguided and uniformed traders find their path to success through proper education and real market experience. Acting also as an advisory service, LiveTraders.com is managed, run and operated by real traders who are also actively trading their own accounts.
Read the full interview with Anmol Singh below:
LeapRate: Can you discuss why yourself and Jared Wesley founded LiveTraders.com?
Anmol: We founded Live Traders after becoming increasingly frustrated with other online educational firms. We wanted to start something where people were given a high-quality education with realistic expectations and goals, not fluff and lies. Far too many places show things and imply things that just aren’t true. It was important for us to be upfront and honest with our clients and help them understand that trading is a serious business that commands respect and takes time to understand, and we feel that we have largely accomplished that at Live Traders.
LeapRate: What kind of funds do you manage besides working with students on the site?
Anmol: I manage my Delta90 Fund which is comprised of mostly family and close friends, and Jared also helps manage an eight-figure account for his family and friends. Jared and I also manage a very significant industrial real estate portfolio because we believe strongly in multiple streams of income to build wealth. More than just managing funds, we also have some Hedge Fund managers who have taken our courses and are in our chat rooms. One of which is prominent in the New York hedge fund scene.
LeapRate: How does your live Forex Trading Room work? What value-added services are offered for FX traders?
Anmol: Our Live Forex Analysis Rooms run daily for the US Session from 9:00am-10:30am EST. During the live session, we analyze different currency pairs and develop a plan of action for the session and beyond. We then come up with trade ideas together with our members. Our members also get a chance to share their opinions and their ideas. Every trader has a unique trading style and it’s great to reach consensus together on a trade, those are the best trades, and we call it LAR Confluence.
Many of our members are analysts for banks or other big trading firms, fund managers and professional traders, we also have new aspiring traders in there who are soaking everything up and learning and developing. They are provided opportunity to share their work without any judgment. It’s a great collaborative learning and trading environment. As part of their membership, they also get access to our private Twitter feed where we send out swing trades we are taking in our fund or in our accounts. This is strictly a signal service portion of the service meant to generate great returns by holding currencies for a few days to a week. We also can get these trades auto copied to a subscriber’s account.
LeapRate: Do you provide signals or only try to develop student’s skills to make decisions within the market?
Anmol: We provide both, however we encourage students to learn and make their own decisions. Our goal is to develop self-directed traders. Copying might be ok in the beginning, but the long-term goal is to be able to provide freedom for ones-self without needing assistance. Many of our traders use our chat room for ideas and discussion rather than simply to copy our trades, which we prefer. We are developing self-directed traders who accept the responsibility for their own actions, which is very important in this business.
I believe there are too many ‘victim mentality’ type people out there. Trading is the greatest meritocracy there is, and we like it that way because it rewards hard work and persistence.
Signal and alert services are a bit more common in the Forex space, so we do offer those types of products, but we do encourage our traders and clients to also learn why we call certain trades. Having said that, the Forex signal service is absolutely crushing it this year, up almost 100% in just the past 6 months alone!
LeapRate: Where are base operations, do you have a physical office?
Anmol: We do have an office in New York and Arizona, however we do 99% of our business online, because our clients prefer it that way. This past year we did have a mentorship in the New York office where 7 traders came from all over the world, including Italy, Mexico, Canada and of course the USA. They joined us for a truly special event that included a trip to the NYSE floor. It was a memorable experience for everyone. That would be one of the few times we physically come together, and as mentioned, most of our communication is done through the chat room and webinars. We are however open to meeting with people in person whenever we’re in their neck of the woods! I’ve had the chance to meet many of our clients all over the country and the world, including Japan!
LeapRate: What is the best way to recover from a down trading day? How can you coach the emotional side of trading and risk management?
Anmol: First and foremost, your down trading days should never be ‘huge.’ Newer traders should not be risking too much per trade, and even experienced traders need to go slowly and truly earn the right to raise their risk level. If, however, you do have a bad day, the best thing to do is walk away and go have some fun. Do something that is completely and totally unrelated to trading. Then come back the next day and review your mistakes with a clear head. The emotional side of trading is everything. The way to coach this is to get students to accept who they are. One of the biggest problems we find with struggling traders is their inability to acknowledge their deficiencies. We all have them, so don’t thing you’re alone. The only way to succeed in this business is to truly and objectively understand who is REALLY trading, not who you THINK is trading.
For example, if you are a jittery, or impatient person, then you need to develop a trading plan that allows you to profit by being impatient. Perhaps this would include shooting for smaller targets with a higher accuracy. The problem is that many traders can’t accept who they are and naively think they will magically change. It simply doesn’t happen that way. In fact, if most traders worked for a company, they would be fired in less than a month, because they don’t listen to the rules and when you break the rules often enough you get fired. One of the reasons they break the rules is because they have the WRONG rules to begin with. You need to reconcile with who is REALLY trading and then find a way for ‘that’ person to make money.
LeapRate: Generally, how do you see the markets playing out after the U.S. election and into the new year?
Anmol: In the long run the election won’t likely have much of an impact on the markets. Having said that, the markets have been up for over 8 years in a row now, which is getting very close to their all-time win streak, thus it’s more likely than not that a pullback happens within the next year or so. For intraday traders, none of this matters, and even for swing traders it’s not that important, as they are usually in and out of positions within a week or two. Core traders however need to be more in tune with longer term market fluctuations. Now, we are in a bullish range, but like I previously mentioned we think the longer-term outlook (1 year +) will likely be bearish. Only time will tell though!