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Women in Trading Q&A: Katherine Szewczyk

Posted by BluFX

 

Women in Trading Katherine Szewczyk

In this week's Women in Trading blog, we speak to Katherine Szewczyk, a trader with BluFX.

Our Women in Trading series is designed to give space to female traders in the industry - talking about their experiences of forex, training, and giving advice to other women interested in a career in trading. 

Andie Zona is a successful female trader and YouTuber. Read our Q&A with Andie here>>

Read Expert Q&A with Andie Zona ⟶


Women in Trading: Katherine Szewczyk

Could you tell me a bit about how you began trading - and what interested you about it in the first place?

I always aspired to be financially free and forex appeared to offer such prospects. At first I was highly sceptical and it took me about three years of constant exposure to finally try it out. The frequency at which I would meet people who were traders was above average, and at a certain point it triggered my initiative to study the market.

In your experience, what is it like to be a woman in trading - which is quite a traditionally male-dominated industry?

From my experience, working for myself I did not face as many barriers being a female trader as you'd encounter in other industries. In fact, I found that a lot of traders (predominantly male) are super helpful in teaching you the building blocks of the market.
 
I'm not sure if this is something I can attribute to my gender, or the forex industry having a reputation for being so "evil" we are more than willing to share the fruits of our struggle! I can't say what being a female trader would be like in a large company setting, since I simply lack the experience.
 

Is there any advice you would give to other women looking to start a career in trading?

Just do it! If you have the dedication and persistence, you are more than equipped to succeed.
 

Why do you think there are so few women in the trading industry, and how do you think the industry could be more open and welcoming to female traders?

I think a lot of the gender disparity existent within the markets is due to the historical backgrounds of women as caretakers, which still penetrates many aspects of today's society.
 
I think a lot of women are intimidated by industries which are filled, so to speak. with testosterone. I think one way to get more women on board would be celebrating women's successes in the markets. I myself follow a lot of successful traders on social media and all of them happen to be male. Having a role model women can identify with may just give women that extra confidence in trying forex out.
 

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

Psychology I would say plays more of an important role in forex than the actual competence -in forex you are your own worst enemy. Forex is super volatile and most people lose money in the early stages of the journey.
 
What distinguishes the 5% from the 95% who lose is perseverance and dedication. You will lose and you will cry, likely over and over again, but is your passion for forex sufficient to appreciate the process as well as the end result? If the answer is no, and it brings you more anguish rather than fuel your effort, perhaps forex isn't for you.
 

What, in your opinion, are the essential elements of a good trading plan?

Perhaps cutting your losses short and letting your winners run. Losing is part of the game, but if you have a good risk to reward ratio, you can be right less than 50% of the time and still be a profitable trader.
 

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

They simply give up because the market breaks them. I was at that stage many times, at which point are you deemed as delusional versus rational. Losing money consequently leads to people thinking you're crazy for essentially "gambling". The reason I stuck to it is because - call me crazy - but I think it's fun! I genuinely enjoy it and there's not anything else I'd rather do in my spare time (which we had a lot of during the lockdown).
 

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?

Definitely agree with that statement, the more time you put in, the greater results you will begin to see. For me this means Monday - Friday essentially all day. This does not mean that you abandon your daily schedule, rather fit forex around it.
 
In fact, we would all be so much more profitable if we just sat on our hands and waited for a right entry rather than impulsively jump on any random trade (of which I'm guilty). I will do my household chores, university work, go to the gym and check the progress on the charts every hour or so. 
 
In my opinion, the most time should be spent looking and analysing charts, observing and studying price action. You can read hundreds of books and watch millions of YouTube videos, but this does not compare to the psychological plateau reached when real money is at stake.
 
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Tags: Women in Trading

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