Karen Foo didn’t have the best experiences while growing up; she was a victim of bullying since six years old, enduring it for over ten years; she failed school subjects throughout her childhood days. At 20 years, she lost her home and her parents divorced at 21 years old.
Karen also ended several abusive relationships from age 22 to 26 until she fell into depression and had suicidal phases.
Karen is a graduate of Finance from Nanyang Business School, Singapore. She spent many years understanding the market and has also been teaching professionals the art of trading for a long time.
The financial expert also came first in a Singapore nationwide forex trading contest that involved 200 other traders; she also ranked top 10 in FX street competition after competing with over 3000 other traders from more than 30 countries.
She has also featured in FX magazines and many other media platforms for her trading experience, and now speaks at Singapore’s largest financial conferences. She grew till she was rated as an Asia top 30 financial expert.
Her story changed from the student that could not cope in school to Singapore’s scholarship student. The Asian trader co-authored a book, “Turning Ideas into Profit.” with nine other Asia-leading experts and professional speakers. She was also a continuing author of an investment book, Your Cash Move (foreword by Adam Khoo). Karen has featured in International TV, Radio, Newspaper, & Magazines, and is now an inspiration to different people across countries.
Karen Foo Trading Principles
In a video released in 2020, she shared some trading principles that every trader should hold on to, and they are:
#1 Hone your skills
Reading a few books and learning a few strategies won’t work for you. According to her, professional traders stay at least three years before becoming profitable in the market. Don’t expect to learn trading in 3 months and be profitable.
#2 You have to be a risk manager.
If you see yourself as a risk manager, you won’t open trades that are not necessary; you won’t open 13 trades without using stop losses.
#3 Don’t do what everyone is doing
Since 90% lose their money, it means that almost everybody is wrong with their analysis. Professional traders invest when everyone is running away and do not stop losses where everyone is getting theirs.
#4 Match your setup with your personality and the right currency pairs
Please don’t choose a setup because someone else uses it; choose a trading style that fits your personality. You don’t have to choose all styles and all currency pairs. Certain trading systems only work for certain groups of currency pairs.
#5 It would be best if you did not take winning and losing streaks personally
Don’t increase your lot size during winning trades or after losing streaks as a form of revenge trading
#6 Distraction is a trap, don’t fall into it
Social media could be very distracting, and you could be deceived or distracted from your setup if you are not careful.
#7 Don’t trade based on gut feeling or other people’s opinions.
You might trade on gut feeling like a trader with experience and still be right. Do not do this as a trader who is just starting with trading.
#8. Don’t worry about open trades, and don’t stress about losing streaks.
Your trades will either hit your Take Profit or Stop Losses; leave it to run. You will make thousands of trades, don’t stress about the ones you miss.
#9 Celebrate your losses
You won’t make profits every time. Learn from your losses
#10 Follow the trend
Following the trend is an excellent way to get started, you will get better with time, and you will have the confidence to make more counter-trend trades.
#11 Be willing to be different
Don’t be like every other person, dare to be different.
Karen Foo is one of the most followed forex traders in Singapore, and the Pro Trader also teaches forex trading through her online course ‘Star Traders Forex Trading’ and her YouTube channel.