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Trader Interviews

Siam Kidd: The Realistic Trader

By Robert Colville on March 2, 2018 in

5 (100%) 2 votes

Siam Kidd is happy to admit that he’s not a genius at anything. He’s happy to admit that because, as he’s always said, it has meant he had to try harder than most people to be good at things, and that meant gaining a greater understanding of whatever it was he was doing.

Not being a genius has served him well, and when it comes to trading, he knows exactly where people make mistakes because he made them too. So now, as the Realistic Trader, Siam Kidd can point people in the right direction – as long as they have the correct trading mindset.

Takeaways

  • There are many misconceptions in trading. The biggest is that you can get rich overnight. It takes time.
  • Having the right mindset is half the battle; knowing how to trade is the other half.
  • When it comes to trading don’t worry about your entry. That’s almost irrelevant.
  • The more money you put in, the more you get out – it’s about the risk you’re happy to take.
  • You must analyse your trades to see what worked, and what didn’t.

Key Lessons

Siam Kidd was once a member – an officer – in the RAF, and that offered him the training that he feels is needed to be a good trader. It’s discipline, it’s analysis, it’s the ability to ask questions of oneself and get the answers. It is these things that have helped him become the expert in trading that he is today.

But he worries about the reasons that some people turn their hand to trading in the first place. It’s not, says Kidd, about getting rich overnight, but so many people are convinced that this is exactly what will happen that they plunge right in… and lose the lot. In fact, Siam Kidd became to outraged at all the fake brokers and ‘experts’ telling people they could make tens of thousands when trading and quit their day jobs within a couple of weeks that he set up The Realistic Trader, designed to help people get into the right mindset and be – as the name suggests – realistic about what to expect from their first year (or more) in trading.

There is a problem with sex when it comes to trading. That’s Siam Kidd’s word for it, and it makes sense ‘sex’ is the setup, the entry, and the exit. This is what people seem most concerned about, but it’s what happens in between that really counts; that’s where the excitement is, where the profit will be made, or lost. And that’s why people need to understand that there is no shortcut to successful trading. The first year or so is a learning period, nothing more – don’t expect to walk away with hundreds of thousands in the bank during that time. The first year has to be where you ask yourself important questions about how to make more money when you win and less money when you lose.

Another important factor that Siam Kidd needs everyone to remember is that analyzing your trades is essential if you want to progress. Whether you win or lose, looking back at what you did and how you did it is how to become better. Trading is a pretty simple concept, but it’s also easy to screw it up. Analysing what you’re doing will stop you making the same mistakes over and over. That’s got to be a good thing.

Siam Kidd has enjoyed a number of useful books over the years. His absolute favourite has to be Van Tharp’s Trade Your Way To Financial Freedom. As well as this, he recommends Michael Covel’s Trend Commandments and Black Swan by Naseem Talev.

If you want to learn more about Siam and the way he trades he has plenty of videos up on YouTube as well as a massive, 3 hour long video course at www.therealistictrader.com/howtheworldreallyworks

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Robert Colville

The Lazy Trader is a fund level Forex Trader who trades for no more than ten minutes a day. If you want to learn to trade successfully in his set-and-forget style, have a look at his forex training

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Robert Colville

The Lazy Trader is a fund level Forex Trader who trades for no more than ten minutes a day. If you want to learn to trade successfully in his set-and-forget style, have a look at his forex training

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