Ep. 58 - Hakon Fuglaas of K2 Trading on How To Turn from Failure to Success in Trading
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In this episode:
Hakon Fuglaas of K2 Trading tells us about his disastrous start in trading and how he turned that around to manage over $2.5 million by age 19
We reveal the results of our backtesting - all aboard the profit train!
Owen has a minor meltdown about trading against the trend
Tom gets annoyed that someone younger than him is successful - a charming personality trait, I’m sure you will agree
We send minor shade towards Daenerys Targaryen and risk the biggest backlash this show has ever seen. Podcasting winter is coming. (Sorry, yes, we are nerds.)
Trader Interview - Hakon Fuglaas of K2 Trading - How to Turn from Failure to Success in Trading
Hakon Fuglaas started trading at age 16 and, like many new traders, quickly blew through several accounts. This interview is the story of how he turned it around in record time.
Clearly Hakon is the kind of guy who learns from his mistakes and he turned his youthful enthusiasm into a disciplined trading methodology. By the time he was 19 he was managing $2.5m and well on the way to becoming a trading guru.
Hakon first came to prominence on eToro, where he became one of their most copied traders with combined equity under management of $2.5m. He now runs K2 Trading where he provides education and mentorship, but he hasn’t stopped refining his own trading system.
Simple Trading with a Good Mindset - Easy!
He firmly believes that he became successful after he simplified his trading and focussed on his mindset. By removing the fear of loss and by ‘trading in the zone’ through the use of sensible risk management, he could start to see consistent profits.
It is amazing how many times the consistently profitable traders we have on the show talk about mindset, risk management and money management as being the keys to long term profit. Hakon Fuglaas of K2 Trading is no different.
Now, having a simple trading system does not mean having an unsophisticated trading system!
Hakon piqued Owen’s interest with mention of the Commitment of Traders (COT) data. David Belle mentioned this briefly many moons ago. Although The Blokes looked into it at the time, now, with a bit more experience under their belts, they feel that this could be worth applying to their own trading.
In other words, what are the people whose job it is to speculate on the Forex markets doing? And what about the people whose job it is to hedge long term (i.e. large corporations and governmental organisations)?
For Hakon’s long term Position Trading he believes he needs to know what the commercial traders are doing, rather than the people trying to make money in the short term. It seems to Hakon (and we agree!) that if you know this, you may have a big leg up with predicting where the market will go next.
Do Your Own Research etc
As ever, never trade something just because someone told you to. Owen will be going away and doing some secret squirrel work on the COT data. Feel free to do the same.
Watch this space for Owen’s research findings in a few weeks.