Show notes
The daily foreign exchange currency market is valued at a whopping $5.4 trillion dollars. How would you like a piece of that pie? In today’s episode we are joined by Mackenzie Spencer and Justinkyle Jodhan, two young Millennials who are absolutely crushing the game as FOREX traders. These two young hustlers are the founders of ABC Hedge Fund, pioneers at Nvest and Globalxchange Crypto Bank, and the world’s first decentralized OS.
In this episode we discuss:
- What FOREX trading is: the buying and selling of different currencies
- Not to deny opportunities when they are presented to you, and how Justinkyle and Mackenzie struck while the iron was hot and seized the opportunity to get into trading while they were young.
- What makes a good trader: psychology rather than technicality. Examples of this would be: controlling how much you buy and sell at what times; controlling how much you’re leveraging in the market and dealing with proper risk management; etc.. Detach from the money - wait and execute. Mackenzie drops charts on Sundays, and then uses an app called “Call Levels” that notifies him on the current trading prices, and if the prices are up to his expectation, then he buys/sells to win
- The more you do something, the more you get a 6th sense for it; FOREX trading is no different in this regard. Patience is something you learn with FOREX, especially when dealing with hundreds or thousands of dollars
- How making money in FOREX allows you to make money from your phone and computer, get out of the Rat Race, and buy back more of your time. It affords you an amazing lifestyle that’s comprised of bending your schedule to your will, traveling the world, and meeting amazing people doing amazing things
- How FOREX trading shifts your money mindset. You transition from a scarcity to an abundance mindset because you realize there is literally unlimited amounts of money in this world. You also realize it’s ultimately about adopting the attitude of, “What VALUE do I bring to the market?” and not “What’s in it for me?” You learn how money is merely an exchange of value
- Successful or failed money management is caused by the money mindset and level of financial literacy of the person handling said money
- Advice for new traders: who you listen to is VERY important; who are your mentors? Keep the trading simple, and surround yourself with the most profitable traders. How effective is their strategy and analysis?
Instagram: @mackenzielives
Instagram: @itzjustinkyle
Website: www.millennialjourneypodcast.com
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Twitter: @AMJpodcast_