Dan Legg is one of the youngest people to make his fortune on the foreign exchange market (Forex), having been featured prominently in the media for his unprecedented success. Having lost a significant sum in his first foray into trading, Dan learnt from his early mistakes and now teaches others how to minimise their risk through his educational company TeamFX Trading.
Dan Legg was kind enough to take some time out to answer a few questions about his history with currency trading and how he helps others understand Forex before they dive in for themselves.
Hi Dan, what drove you to start trading as soon as you turned 18?
Hi, nice to meet you! I guess I decided to start trading because I needed to find a way to make some money! I was at that point in my life where I didn’t know what to do. I’d failed my A levels and wasn’t able to go to university, so I looked at options such as joining the navy, I think that was the turning point for me as I didn’t like to be told what to do!
What did you learn from your early mistakes in trading?
At the start when I was making mistakes it made me realise that it’s not as easy as it looks online, there’s a huge psychological aspect to it, you have to be in the mindset of having no emotional attachment to your trades otherwise it can turn into gambling, which is the case for a lot of people!
How did you turn your fortunes around with Forex?
It wasn’t an easy process, and I wasn’t making money from day one, it took a lot of learning and losing money at the start when I didn’t know what I was doing. I think my original loss when I lost the whole account was the point I realised I needed to sit down and backtrack on my mistakes, so I didn’t make them again. I took months educating myself and practising on demo accounts.
When did you decide you wanted to teach others about trading and start TeamFX Trading?
Eventually, when I started becoming successful and making smaller consistent amounts of profits is when I decided to start teaching my friends and family. I found that teaching them was also helping me learn and develop my skills even more! As they say “the best method of learning is teaching” and I live by that! Once my friends were learning friends of friends etc. eventually started asking for help, but I wasn’t really charging by this point, so I decided to start TeamFX and take on bookings to teach people. It blew up massively very quickly, and I decided to create an online course so all my knowledge was on that and people could just buy it off the website.
What kind of learning do you provide with TeamFX Trading?
TeamFX now has a range of products, I don’t just throw new things on there, most of the products have been on there since I started 2 years ago, I just constantly develop and add to them! We currently do 1-1 sessions to help people out via video call, we used to do them in person but transitioned to just online due to the coronavirus! The most popular product is the beginner to independent course, that’s the one that most people go for as will start with the very basics and then get more technical as you advance through the course, it’s brilliant! And then we also offer an analysis service and a discussion channel for all the traders and students so they can help each other out, it’s like a community of motivated people!
Which types of people most often engage your free and premium FX training services?
The type of people that are interested in learning varies so much, there isn’t really a specific age as it ranges between 18 and 60 years old haha! However, the one thing I’ve noticed is that a lot more men are interested compared to women, I’m not too sure why.
What do you believe makes TeamFX Trading standout from other Forex training providers?
TeamFX stands out because the whole industry is a bit messy, a lot of companies are offering “trading signals”. Basically, signals are where they tell you what trades to place, and I don’t think this is fair as the people doing this don’t really know what they’re doing. That’s why TeamFX purely consists of educating upcoming traders and also teaching them the risks that are involved before they invest themselves in currency trading.
How do you know a TeamFX student is ready to start trading independently?
The students make their own decisions as to when they decide the right time for them to start trading is, we provide all the knowledge, and they usually start by implementing it on practice accounts so that they can analyse how their strategies would work in the real world and to monitor the consistency of their strategies. I would always suggest to people looking at getting into trading that they learn before they try it, whether or not that be with TeamFX.
What should someone who is interested in trading ask themselves before they dive in?
Before someone starts trading, they should ask themselves if they are prepared to take the risk. They should also make sure they do not have gambling habits and that they are able to control their emotional state fairly well.
What are the traits or skills that you think a Forex trader needs to have to succeed?
I think for someone to be successful in trading, they need to mainly have the right mindset as I’ve mentioned previously. It’s important that you’re able to switch off your emotions and not become attached to your money; this is a very hard skill to learn, and it takes a lot of brain training! Being able to enjoy it, I think it is also an essential part of being a successful trader.
What is your favourite quote or saying that you live and work by?
I don’t specifically have a favourite quote, but I guess I live by the motto of work hard, play hard. However, you should also look after the people around you and never change as a person even if your income does, treat your family and friends!
How has Forex trading transformed your personal life?
It’s massively changed my life, I’ve always been a very giving person and prefer to give gifts and surprises rather than receive them. Obviously with earnings going up, so has my ability to surprise people on a bigger scale; for example, booking private jets for my family or six-figure holidays for my friends, that’s what makes me happy!