Known as @PipCzar on Twitter, Blake Morrow started out in 1995 as a stock broker, but soon transitioned from broker to trader…
After a wealthy friend had put up $50,000 in startup funds, Blake lost nearly $30,000 of it in just six months. But, he was also able to make roughly $1.5 million with the remaining $20,000 in the few years that followed.
Since then, Blake’s been involved with multiple trading and tech firms, and today he’s the Chief Currency Strategist for WizeTrade, co-founder of Forex Analytix, as well as an independent forex trader.
This week’s episode covers an in-depth account of Blake’s story, how he manages forex markets — using charts and technical analysis as well as economic drivers, a few tips for beginning traders using leverage, and tons more.
What’s Covered in This Interview:
- The formative years; Blake considers his first few years in trading — working as a stock broker, moving to Block Trading, getting backed by a wealthy associate, living on ramen noodles, etc.
- How Blake’s trading became much more disciplined, thanks to a drill sergeant of a trading buddy, as well as how Blake bounced back from a sharp equity drawdown.
- Blake describes how he reads charts and uses confluence of technical analysis (in particular, Fibonacci levels) for identifying prime FX trading chances.
- The advantage of understanding economic drivers and why opening and closing prices of daily candles still have value in FX markets which trade 24/7.
- The best way to approach leverage, the initial question to ask before getting in a trade, thoughts on account minimums, and the tells of a reliable FX broker.
Links and Resources:
- The Disciplined Trader, by Mark Douglas – One of the first books about trading that Blake read; Mark is a premier trading psychologist.
- ForexFactory.com – Blake mentions this as just one of the great resources for FX traders, particularly the calendar feature — as well as ForexLive.com.
- ForexAnalytix.com – A complete FX market analysis platform that Blake co-founded along with Nicola Duke and others.
- @PipCzar – Tweet Blake about this episode and give him a follow on Twitter!
- tradovate – Commission-free futures trading is finally here. Trade unlimited contracts for a flat price with tradovate!
