As we continue to progress with DrinkForex, we strive to determine what is the best content for our viewers. We have decided to begin doing text interviews in addition to the video content. Text interviews will be in similar fashion to our video interviews, with a hunger to bring you great insights from knowledgeable industry professionals.
We recently had the pleasure of speaking with B.I. Cho, a professional trader who has experienced a tremendous amount during his 27 year career. During this time he has been a broker, a trader, and fund manager. Like every trader who has been at it awhile he has experienced the good times and the bad.
From our experience most of the top traders operate behind the scenes and try to avoid the "lime light" as much as possible, Mr. Cho is of no exception. As a result we were delighted that he agreed to speak with us and provide our viewers some insights from a true professional.
Drink Forex - Thank you for agreeing to speak with us and share your story and some helpful insights for our viewers. It is a true honor to speak with someone who has such a vast amount of experience in this industry, specifically from a trading perspective. You quite a unique history. Can you give us a little background on where you grew up and where you are currently residing?
B.I Cho - I am originally from South Korea. But, in 1975 I moved to Dusseldorf, Germany and have lived here ever since. I never attended school in Korea though, so I identify more as a German than a Korean.
Drink Forex - What brought you to Germany?
B.I Cho - My parents moved here when I was young and I followed.
Drink Forex - Of course we have to ask, are you currently having a drink?
B.I Cho - Acutally, I am drinking a good German Beer.
Drink Forex - Is German beer your typical drink of choice?
B.I Cho - Beer is my favorite, but I also love Johnny Walker in all variations.
Drink Forex - Living in several different countries, both of which speak different languages you must speak several languages. Which languages do you speak?
B.I Cho - My mother languages are Korean and German, but I also speak English.
Drink Forex - Does being able to speak multiple languages help you in this industry?
B.I Cho - Not so much because I mainly focus on trading and do not have a lot of contact with clients.
Drink Forex - What is your background in the financial industry and how did you get your start?
B.I Cho - I started in 1989 working for a US broker based in Germany.
Drink Forex - Do you primarily trade Futures, Forex, CFDs, Options, or other products?
B.I Cho - I tend to focus on Futures and Options mostly, but also trade Forex and CFDs.
Drink Forex - Do you tend to focus more on Technicals or Fundamentals when making your trading decisions?
B.I Cho - My analysis is based 80% on technical analysis and a maximum of 20% on Fundamentals.
Drink Forex - What style of trader are you? (scalper, swing, position, etc.)
B.I Cho - I am a swing and positions style trader.
Drink Forex - Why do you favor those styles over others?
B.I Cho - In my opinion this is the only way to make money when you are trading commodities. It works well for me.
Drink Forex - Do you use any technical indicators to help you make your trading decisions?
B.I Cho - Yes, I use moving averages. These are the only ones.
Drink Forex - Did Brexit effect you?
B.I Cho - I purposely went flat for those two day, so it did not effect me.
Drink Forex - What is your take on current monetary policies? Do you think countries should continue to provide QE?
B.I Cho - In my opinion they will start QE again after 2017.
Drink Forex - The US stock market has seen a historical run since 2009. As we are doing this interview all the major US indices are near their all time highs. Do you think this run can last? How are you positioning yourself in the day and weeks to come?
B.I Cho - My last swing trade in the indices was the Nikkei Index 5 years ago. I currently do not do any swing or position trades in indices due to current monetary policies.
Drink Forex - What is your worst trade ever and what did you learn from it?
B.I Cho - My worst trade ever was my first trade with my own money in 1991. I went long 5 lots of Wheat. I lost $65,000 USD on that trade.
Drink Forex - Can you explain what happened during the Wheat trade?
B.I Cho - I got into a position without doing the proper analysis. It ran for three days against me before I could get out.
Drink Forex - You are still trading 25 years later. How has that Wheat trade impacted your trading over the years?
B.I Cho - It has impacted my trading a great deal. I have never gotten into a trade again without having good analysis to support the decision. As a result I have never had a worse trade since.
Drink Forex - How do you think life experiences outside of trading effect your trading?
B.I Cho - I think it is the other way around. Outside experiences don't effect my trading, but my trading effects my outside experiences. It is still something I am working on keeping separate. I spend a lot of time in front of the screens, and think about trading constantly.
Drink Forex - What is the craziest thing you have experienced in this industry?
B.I Cho - The first company I worked for sent us on a 5 day trip to Las Vegas, all inclusive, except the gambling.
Drink Forex - That is awesome. Why did your company send you on a trip to Las Vegas? Was it a bonus for being profitable?
B.I Cho - Yes, normally the revenues in December, January, and February were pretty bad. We typically only averaged $3 million USD profit during those months. The management told us to increase those three months to $12 million USD profit. We achieved the goal! So during the Easter holiday they collected our passports and said they would do a 5 day surprise trip with the entire company, which at the time was 150 people. Management booked a plane and did not tell us where we were going. We arrived at the airport and still did not know. The departure sign at the airport just read: "Special Flight for XXXX Company". We thought it was just going to be a trip to London or Madrid at best. We hopped on the plane and were off. Eventually, while we were flying we learned we were headed to Las Vegas. For the next 4 days I did not sleep. It was amazing. On our fourth day there we did a plane flight over the Grand Canyon. I was so tired I fell asleep on the Cessna and didn't see anything.
Drink Forex - If you could have a drink with anyone in the world who would it be?
B.I Cho - I would have a drink with my trading teacher. He passed away awhile ago. I really wish he could see how I developed.
Drink Forex - If you could give a new trader one piece of advice what would it be?
B.I Cho - Patience - Diligence - Discipline
Drink Forex - Thank you again for agreeing to do this interview and give us a background on who you are, and helpful insights on trading. I think it was very informative for our viewers. If any viewers have follow up questions or would like to get into contact with you, do you mind if we post your contact details?
B.I Cho - Not at all, thank you again for having me. People can reach me at: firstname.lastname@example.org. We also operate a Facebook and Twitter page. Twitter is the most heavily updated @TheCandidBroker