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Expert Q&A with Andie Zona

Posted by BluFX on 27-Jul-2020 13:05:16

 

 

Expert Q&A Andie Zona

We speak to Andie Zona in our latest Expert Q&A series about what it's like to be a woman in trading, trading psychology and sticking to strategies that work for you. You can check out her successful YouTube channel here

In our Expert Q&A series, we speak to successful traders about their experiences. 

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Expert Q&A: Andie Zona

Could you tell us how you began trading? What difficulties did you face at the beginning and how did you overcome them?

I began trading in March of 2018. I had met a young, successful 25 year old at a club who mentioned the word to me for the first time ever. I then went home and tried to do as much research online as I could, but didn’t find much. Then a few weeks later a mutual friend invited me to learn with his group! 
 
I actually didn’t find trading to be too difficult at the beginning and I got along really well. Obviously there’s lots to learn but it was fairly easy for me to grasp! 
 

What is it like to be a woman in trading - a traditionally male-dominated industry? Is there any advice you would give to other women looking to start a career in trading?

It’s amazing - being a female trader is like being a unicorn! People really show me respect and are usually more helpful towards me because I’m a woman, which I take full advantage of! My advice to any woman who wants to trade is to go for it. You are unstoppable and there will be many educational programs to welcome you warmly. 
 

What made you decide to start your YouTube channel?

Like I said, when I first heard the term “Forex” I had no idea what it was and at the time, I couldn’t find much information on it at all besides long, outdated and kind of boring videos about the subject that were hard to understand. I wanted to make my own videos to explain it easily to people who were looking for information like I was. 
 

Do you have any trading role models?

I do! One of my biggest trading role models is Ken Ibizugbe (@kenrcheck on Instagram). He’s actually a friend of mine, who is an extremely successful trader. I met him when I first started, and to see him grow so much first hand is really inspiring. 
 

In your opinion, what are the essential elements of a good trading plan?

I think a solid schedule is essential for your trading plan! I do the best when I dedicate specific time periods to spend on the charts and start my days with analysis.
 

Psychology plays an important role in trading. What are the most common things, in your experience, that block a trader’s progress?

Oh man, psychology is crucial to a forex trader. The most common emotions to overcome are fear and greed. It’s very important to have confidence in the market to execute trades when they meet your standards and to determine your stop area before you enter - and stick to it! Drawdown can be scary but it’s all part of the game. Also don’t risk too much because you're impatient. Slow and steady wins this game. Your profits will match your skill, not your risk! 
 

How soon should a trader move from a demo to a live account? What are the top three factors to determine the move?

This is a tricky question because there is no right answer. I personally have never traded on demo, however, I lost money at first while learning. I recommend getting started to trade demo for at least two weeks, just to learn how the market works and to get to grips with trading software because a simple wrong button can cost money. Other than that, demo is too soft. I’ve seen people do AMAZINGLY on demo and as soon as they switch to live they perform horribly, because emotions become much more real. So if you can afford it, learn to trade live! 
 

Strategy flipping is pretty common in trading. What’s the one thing traders should ascertain before they decide to change to a new strategy?

Yeah, I struggled to stick to a strategy at the beginning. I was trying anything and everything, and it made trading cluttered and confusing. In the beginning, we all naturally try different strategies to find what works for us but once you find something you really like, stick to it! Focus on sharpening your entries, and pre-planning your exits. Adjust the strategy to your specific style and maybe add some other elements to it, before you decide to change your whole strategy. Backtest, backtest, backtest! 
 

Where do you think signal services play a role within the forex trading industry?

Signals are good when you're first learning! They help you to practice using your software and see what happens once you enter a trade. They’re very good for that and maybe some people with experience find them helpful. I personally will only take a signal if I can see a breakdown of the analysis or I’ve worked with the trader and can understand what they're seeing. Without properly understanding a trade idea, a signal can make a quick turn for the worst and you might have been able to save money had you known what was actually going on. 
 

Should a new trader use a % amount to configure their risk or a fixed dollar amount per trade?

Always use a percentage amount! 
 

In your opinion, what’s the main reason such a huge percentage of traders lose money?

Traders lose money because they don’t have enough capital. Either to begin with or to reinvest. Trading requires lots of money and money to lose. No matter what, you will take a loss sometimes. You have to be able to withstand that and even if your loss is big, it’s just a number at the end of the day. Too many people get discouraged when they lose and don’t use the proper amount of money to trade successfully. 
 

When you’re not trading, what do you do to keep yourself balanced? Do you meditate, or take any specific supplements to keep a clear mind?

I need to work more on having a balanced life. I spend most of my time online between YouTube, editing, and trading which is wearing! I just try to stick to my schedule. I also wake up, eat and go to sleep at the same times everyday. That helps me to run through my day effortlessly and efficiently, not over working & feeling accomplished at the end.  Once I “clock out”, I relax and on weekends I like to go hiking or spend time outside to recharge. I also eat a Whole Foods, mostly plant based diet which keeps me feeling light and energised! 
 

You often hear traders saying you need to put the time in to become a consistently profitable trader - but what does this mean to you exactly and where should a trader be putting in the most time?

Trading is very time intensive. Put time into your relationship with your pairs! From market open on Sunday to market close on Friday, you should be tied to your charts knowing exactly where price is throughout the day. Chart time is the most important use of your time. Spending a lot of time back testing is really important for learning traders, too!
 

 

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