Dan Legg is one of the youngest people to make his fortune in the foreign exchange market, having featured prominently in the media for his unprecedented success. Having lost a significant amount on his first foray into trading, Dan has learned from his early mistakes and now teaches others how to minimize their risk through his educational company TeamFX Trading.
Dan Legg was kind enough to take the time to answer a few questions about his history with currency trading and how he helps others understand Forex before they go on their own.
Hi Dan, what made you start trading when you were 18?
Hi! Delighted! Guess I decided to start trading because I had to find a way to make money! I was at that point in my life where I didn’t know what to do. I had failed my high school diploma and couldn’t go to college, so I looked at options like joining the navy, I think that was the turning point for me because I didn’t like being me say what to do!
What did you learn from your early mistakes in trading?
At first when I made mistakes it made me realize that it is not as easy as it looks online, there is a huge psychological aspect to it, you have to be in the mind not to have emotional attachment to your jobs otherwise it can become a game, which is the case for many people!
How did you turn your fortune with Forex?
It was not an easy process, and I wasn’t making any money from day one, it took a lot of learning and losing money early on when I didn’t know what I was doing. I think my initial loss when I lost the whole account was the point where I realized I had to sit down and go back on my mistakes so I didn’t do them again. I took months to educate myself and practice on demo accounts.
When did you decide you wanted to teach others about trading and start TeamFX Trading?
Eventually, it was when I started to be successful and make smaller, consistent profits that I decided to start teaching my friends and family. I found that teaching them also helped me learn and develop my skills even more! As they say “the best method of learning is to teach” and I live by that! Once my friends learned, friends of friends, etc. eventually started asking for help, but I wasn’t really charging at this point so I decided to start TeamFX and take reservations to teach people. It exploded massively very quickly, and I decided to create an online course so that all my knowledge was on it and people could just buy it from the website.
What kind of learning do you offer with TeamFX Trading?
TeamFX now has a product line, I’m not just throwing new things out there, most of the products have been around since I started 2 years ago, I’m constantly developing and enriching them! We are currently running 1-1 sessions to help people by video call, we were doing it in person but we only went online because of the coronavirus! The most popular product is the beginner to freelance course, this is the one most people choose as they will start with the basics and then get more technical as you progress through the course, great! And then we also offer an analysis service and a discussion channel for all traders and students so that they can help each other, it’s like a community of motivated people!
What types of people most often hire your free and premium FX training services?
The type of people interested in learning varies so much that there is not really a specific age since it is between 18 and 60 years old haha! However, the only thing I noticed is that a lot more men are interested in compared to women, I’m not sure why.
What do you think sets TeamFX Trading apart from other Forex training providers?
TeamFX stands out because the whole industry is a bit messy, a lot of companies offer “trading signals”. Basically the signals are where they tell you what trades to place, and I don’t think that’s fair because the people doing that don’t really know what they’re doing. This is why TeamFX is all about educating future traders and teaching them about the risks involved before they get into currency trading.
How do you know that a TeamFX student is ready to start trading independently?
Students make their own decisions about when to decide the right time to start trading, we provide all the knowledge, and they usually start by implementing it on practice accounts so they can analyze how their strategies would work in the real world. world and check the consistency of their strategies. I would always suggest to people who want to get into trading to learn before trying it, whether or not with TeamFX.
What should a person interested in trading ask themselves before getting started?
Before starting to trade, someone should ask themselves if they are willing to take the risk. They also need to make sure that they do not have gambling habits and that they are able to control their emotional state well enough.
What characteristics or skills do you think a Forex trader needs to be successful?
I think that in order to be successful in trading, someone mainly needs to have the right mindset, as I mentioned earlier. It is important that you can turn off your emotions and not get hung up on your money; this is a very difficult skill to learn, and it takes a lot of brain training! To be able to profit from it, I think it is also an essential element to be a good trader.
What’s your favorite quote or claim that you live and work?
I don’t have a specific favorite quote, but I guess I live by the motto of work hard, play hard. However, you should also take care of the people around you and never change as a person even if your income changes, treat your family and friends!
How Has Forex Trading Transformed Your Personal Life?
It has changed my life tremendously, I have always been a very generous person and I prefer to give gifts and surprises rather than receive them. Obviously, with the increase in income, so too is my ability to surprise people on a larger scale; for example, booking private jets for my family or a six-figure vacation for my friends, that’s what makes me happy!