Tyllionaire: An Insight into Trading and Forex
Tylor K. Moore, popularly known as Tyllionaire or “TY,” is a successful trader, entrepreneur, and author. His interest in the stock market and forex started early in life, and he was inspired by Jay Z's business acumen. In this article, we delve into some of his responses to interview questions to learn more about his approach to trading.
Inspiration for Trading According to TY, he became interested in the stock market early on in life. He was inspired by Jay Z's hustle to sell drugs on the corners. While he looked up to Jay Z for his business moves, he never wanted to sell drugs like him. TY believed there was a faster way to make money and that trading offered that opportunity. He started looking into stocks using newspapers and the internet while in high school. After a few years, he discovered forex and hasn't looked back since.
Motivation to Write a Book on Forex TY has written a book on forex, which he believes will solidify his name in something bigger than himself. He thinks it's dope that people can go to Barnes and Noble, say his name at the desk, and order a copy of his book. Having a book is like a business card for him, which he uses to introduce himself to new people.
Factors to Consider in Trading Stocks and Forex TY believes that the most important factor to consider in trading is risk to reward. He emphasizes that trading is not gambling but using money wisely to make more money. Every little risk involves losing something, be it time, energy, or money. Therefore, having a concrete trading plan is essential. TY advises traders to think of trading like a business and treat it as such.
Risk Management To manage risk, TY uses a simple approach. Suppose you have $1000 in a micro account, and you're trading forex. In that case, you're only supposed to risk a maximum of 3% per trade professionally. That's about $30 per trade, and you're looking to make $60 to $100 from that $30 risk. While this may not seem like a lot, it can help you double your forex account if done five or ten times.
Trading Style TY is a scalper, which means he's a hunter on the 5-minute chart. He wakes up around 3 am every morning, smokes a blunt, plays some call of duty to get his mind right, and starts trading. Usually, he catches the late London session so he can scalp GBPUSD until the NY session a few hours later. If US30 or NAS100 starts moving earlier on, then he'll catch it before the United States stock market opens. He advises traders to exit once they've hit a lick, saying that once the money stacks up, it's time to go.
Understanding the Market TY believes he has a great understanding of the ebbs and flows of the market. He advises people to learn how to read charts, and they'll find it just like driving a car; they'll never forget. He recommends a video on his YouTube channel called "Understanding Japanese Candlesticks," which he believes will help anyone learn to read charts.
Emotions and Trading TY believes that treating trading like an investment helps remove the emotional attachment to money. He advises traders to think of trading as money invested, which could work or not work. This way, when the emotion is removed, it's easier to trade on a day-to-day basis.
Advice for New Traders TY advises new traders to do what works for them. Every person has their unique experience, and they should study every profitable moment and try to duplicate the situation. He believes that trading is similar to basketball, where the
You can find TY on YouTube by typing in “TY” or “Tyllionaire” or also by googling his name Tyler K. Moore