At Digitex Futures, we want to create successful traders. Read about how Lion Asset Management will help make that a reality.
CC: So John, can you tell us about the Digitex trading seminars? How does it work and what will participants learn?
JP: I’m aiming to make the seminars one of the leading educational events for the crypto futures trading industry in 2019 and beyond.
I will teach delegates how to apply profitable crypto trading strategies. The ones we have used for over a year profitably in crypto, and in forex for 25 years. This will ultimately improve the market performance of all delegates–most importantly, they will leave knowing the route to be profitable on the Digitex Futures trading platform.
I will present live trading sessions using technical analysis to steer delegates to profitable futures trading using the Digitex Futures trading platform. We’ll also consider fundamentals on the day.
The trading seminars are specifically tailored for crypto futures traders using the Digitex trading platform and will provide the strongest technical and fundamental program for the benefit of delegates throughout the global crypto futures community.
In the morning, we will set up the profitable automated trading portfolio that has been broadcasted live 24/7/365 this year and which will be shared with seminar delegates. It’s always live at WhyLose.com/TV.
It uses pending BUY/SELL LIMIT/STOP orders to open initial trades.
The automated trading portfolio uses five indicators in its entry decision-making process. These are Moving Average (MA), Commodities Channel Index (CCI), Bollinger Band, Stochastic, and MACD. The trading seminars will assist all delegates in the set up of the automated trading portfolio via the Digitex API–locally or on a VPS.
The afternoon will focus on the main trading indicators used to trade on the Digitex trading platform manually. Before we depart for the day we will consider the trades that I placed manually and see how they compare to the automated trades placed by the trading system you will receive for the Digitex API.
CC: So, what made you come up with the idea and what appeals to you the most about Digitex Futures?
JP: I started hosting currency trading seminars back in 2002. The main reason was that Lion Asset Management turns away far more clients than we accept.
It’s interesting to note that most of the people we have to turn away then go on to learn about how we trade for their friends by attending a seminar.
The first and only seminar in 2002 sold out in a day. It was clear that we needed to do more and we have continued to do so to this day. My next trading seminar is on 2nd March 2019 and I still get a real buzz out of doing them.
The advantage with Digitex Futures is, of course, zero commission. It will make an average trader great. And we aim to make traders better than average!
CC: Can you tell us about your background? Where did you start out and how did you manage to become a successful trader and CEO of WhyLose.com?
JP: I entered the financial markets in the City of London in 1985 with Abbey Life. My role was tax and investment planning for high net worth clients mostly based in the southeast of England.
I joined the leading trade body in 1987, which became the Personal Finance Society. The PFS is now part of the CII Group which was granted its Royal Charter in 1912.
It’s great being part of the leading professional body for the global financial services profession. They now have over 100,000 members in 150 countries and I am a life member.
In 1989, I moved into training investment brokers at Abbey Life and also began hosting investment seminars for sophisticated investors throughout the south of England.
I left Abbey Life in 1992 and traveled throughout Europe and Asia for a few years. I was considering the direction that my life should take.
After a gap of three years, I started trading forex in 1995 on the telephone! Mainly taking a position which would last for days and, sometimes, weeks.
The returns were staggering. I contacted my clients from Abbey Life to let them know I was still around and what I was doing. Several wanted in immediately and I built a substantial trading fund by accident in a few weeks!
Growth accelerated, the internet made things easier, and in 2002, I launched Lion Asset Management at WhyLose.com.
Today we are very strict on who we allow to join Lion Asset Management. New clients have to be referred by an existing client and even then they have to pass our compliance procedure.
Our funds are unregulated collective investment schemes within the meaning of Section 235 of the UK Financial Services & Markets Act 2000. We’re restricted by Section 21 and by Section 238 of the Act respectively and can only promote the Funds to certain categories of person. That, actually, suits us very well.
CC: Interestingly, we recently ran a survey about whether traders are born or made and an overwhelming 80% of contestants replied that they were made. What are your thoughts on that?
JP: Yup. I couldn’t agree more. The challenge, though, is ‘how’ traders are made? The internet is so full of hype for forex and crypto trading. For a new entrant who wants to become a professional trader, it is extremely difficult to cut through the crap.
Let me give you a few golden rules which may save your readers thousands of dollars if they are considering any form of trading in the financial markets.
Do not make your first trade until you have a plan. Don’t wing it. The instrument, entry, exit, and why? Why you should pull the trigger? In the early days as a trader, use Evernote or similar to keep a trading journal. Make notes. Take screenshots. Save them. It will help you find the leaks later, and what doesn’t work. But also you’ll spot what does work.
Education is key. You can use trial and error but it can be expensive. Read books. Research. Look for ideas. Maybe find a mentor. Trade ridiculously small lot sizes while you get used to doing what can be a fabulously rewarding career.
Do NOT consider learning anything from anyone unless they show you a real money audited account. You want a mentor who is the real deal, surely? If you’re paying for an online seminar or a system which they claim to trade profitably then they will be happy to oblige. Excuses? Run a mile! Oh, and by the way, if they do send you an audited trading statement but their trading account is in the low five figures it might be best to swerve them too.
Finally, doubling your money TRADING in a year is not possible unless you’re very lucky. No matter how good the website is, if it makes such a claim, pay it no heed. Ignore it and move on. They are just trying to sell internet-based courses or trading systems that WILL FAIL.
So, yes, traders are made. But sadly most will fail because they chose the wrong tools, people or resources. Or a million other reasons.
CC: So, trading isn’t for everyone? Are there any types of people that should avoid this kind of lifestyle?
JP: Trading is not for everyone. Successfully trading any market requires discipline. You have to follow some rules. Your own rules. Many will fall at their first trade. They simply can’t “stay the course” and follow their system.
Exposure to risk is largely controlled by their own money management practices. If your readers want to go large or go home it’s really better that they don’t leave the house in the first place. Never trade with that mentality.
Interestingly, in the survey you did, 70% of your survey participants said they have at least some trading experience but only 20% automate any of their trading activities with bots.
I would suggest that at least half of the people that have some trading experience would be better off automating their system and moving across to the 20%.
Why not let the computer trade your system? 24 hours a day. The computer controls the SIZE. The computer controls the RISK. The computer instantly takes the SIGNAL when the market offers one. The computer never ever tires or takes its eye off prices.
The majority are not cut out for trading. I’ve mentioned that to dozens of people over the last three decades. But if you crack it, it’s the best life you could wish for which is why people keep trying.
CC: What are the most important qualities that traders need? How can you learn to enhance them?
JP: Traders always need discipline, patience, adaptability. They must be resolute, be happy with independence, and have an eye for detail.
It is possible to learn to trade and develop your trading skills if you practice enough. But as I said before, you have to follow some rules. Your own rules.
CC: What’s the worst decision you ever made while trading and what did you learn from it?
JP: I had been long cable – GBPUSD – for some weeks back in June 2016. It became clear over my night – while I was asleep – that the Brexit option would actually win on the referendum.
My trader in New York exacerbated the situation by not doing what he should have done. He’s no longer with me. It was a news event. Shit happens. We didn’t anticipate it. Nobody did. A lot of fingers got badly burnt. Far worse than me.
To my surprise, it was really more about those who voted with emotions, than those who voted with common sense. The Pound reached the lowest level since 1985 versus the US dollar. The damage was done. We lost 7% of our fund overnight.
CC: Wow. That must have hurt. So, what’s the best advice you could give to anyone starting out trading cryptocurrencies who may be nervous about trading futures?
80% of private investors trade the wrong way and that is why they lose money trading. Worse still, they spend thousands with “teachers” – mostly charlatans who have been sacked, failed in finance or are just internet marketers.
If anyone wants to learn to trade, then speak to someone who is legally responsible for managing other people’s money. And has been doing it, profitably, for a very long time.
CC: Now, you have a long-standing relationship with Adam, can you tell us about how you met and what made you guys click?
JP: Oh my, where do I start? Adam will tell you that I was one of his first customers 15 years ago for BetTrader from RacingTraders.co.uk. It was the first trading application for Betfair and I loved it. BetTrader is still growing today and there are several other trading applications for Betfair which copied BetTrader.
Oscar Wilde once said, “Imitation is the sincerest form of flattery that mediocrity can pay to greatness.” The YouTube videos that Adam produced trading using the ladder on BetTrader are legendary.
BetTrader was the first and greatest trading application ever produced for Betfair and it has passed the test of time as the Digitex trading platform will also.
CC: How similar or different is trading cryptocurrencies from trading traditional futures markets?
JP: There is much less historical price data which traders can use while making their crypto predictions. Even correlating prices and using other macroeconomic indicators is a challenge.
Nascent markets are also more prone to fluctuations, so investors have fewer resources to apply in their trading strategies. Crypto futures trading will not be more difficult or easy – you just have to be more vigilant when trading.
CC: How did you get involved with cryptocurrencies personally?
It’s down to Lee Mayne and Adam Todd [Digitex Head of Operations and Digitex CEO]. I go back even further with Lee than I do with Adam. I started my crypto journey in 2017 and was involved with Digitex pre-ICO.
I still pop into the Telegram chat today. I’m the guy that usually speaks rather than types for those of you that haven’t guessed!
I also hosted the first podcast with Adam long before anyone else–as Michael Caine would say, “Not a lot of people know that!”
CC: Amazing! Anything else that you would like our community to know?
Trading in any market is a great career. It doesn’t just reveal your true self. It really does build your character if you stay in the game long enough. If you can learn to let go of the need to be right, being wrong gradually loses its power to bother you.
Thank you so much for your amazing insights, John! Digitex community members who want to find out more about the Digitex trading seminars and Lion Asset Management can hop on over to John’s website, whylose.com. You’ll also be getting plenty more information on our blog and social media. If you haven’t signed up for early access yet to our waitlist, do so today–commission-free futures trading is almost here!
Lion Asset Management managed funds remain closed to new clients except by recommendation from an existing client. Our funds are exclusively offered ONLY to Professional Investor, Professional, Eligible Counterparty, High Net Worth or Sophisticated Investors dependent on your jurisdiction.
Lifetime free registrations are currently being accepted for the Digitex University for a limited period. Members will strengthen their crypto trading knowledge and learn both manual and automated profitable trading strategies. Everyone is welcome so please register today – it’s free!