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I will put my personal trading experience like cards on the table for you to read and learn from my mistakes. All along the Forex trading journey you will always find it beneficial to read over again honest stories of the mistakes made by today's successful Forex traders at the beginning of their trading career.
Such stories will always strengthen your resolve to be persistent in the pursuit of your trading career, even when you sustain consistent losses because that is exactly what successful traders did to get to where they are today. The road to success in Forex trading is filled with bumps and potholes if not land mines. You must, therefore, be ready to learn the ropes if you must succeed in this business .
Then immediately after my retirement I came across a
business magazine called success digest which introduced online
money-making businesses. I got hooked up till today. Among all the online
MY FOREX TRADING EXPERIENCE
It all began in 2007 after my retirement from the teaching physics. It was voluntary though, because I had put in twenty-five years into it and was feeling challenged to be my own boss.
But I had gotten used to reading business newspapers and magazines. So, I got interested in designing small machines to automate production of things. Machines like mixers for chemical products and for converting Agricultural products into powdered form for easy preservation and added value.
Then I got interested in making paints. I built a mixer-filler machine that runs on a fuel operated engine for powering it. Every effort I made did yield results, some very good and some not so good.
The successive military regimes in the country made it difficult to have a responsive economy. Therefore, you could spend your resources creating machines that will convert some raw materials into finished products today only to discover that the required imported components supplied by big conglomerates is scarce or short in supply due to bad government recent policy.
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business magazine called success digest which introduced online
money-making businesses. I got hooked up till today. Among all the online
businesses published, Forex Trading was the most
interesting.
interesting.
There was Affiliate marketing, content writing, Search Engine
Optimization, website design, blogging and so on.
I began my research on Forex Trading and got hooked up on it.
Within three months of getting my retirement benefits, I had acquired a Toshiba laptop, fast internet connection and began reading and learning online Forex Trading. I downloaded Marketiva.com trading chart, the easiest available then.
I read through Babypips.com and many write-ups. They were very interesting and self-explanatory. However, there were no explicit videos like “hold me in the hand and teach me forex trading” I could find online for neophytes like me.
Luckily, I met a young civil engineer who got hooked onto online Forex trading too, but could not live big on the business because of constant losses. We got stuck on it and I learnt how to place trades and monitor the trades from him.
I joined forex websites like actionforex.com, livecharts.co.uk, forexfactory.com, I read volumes to understand the dynamics of Forex Trading. I did demo for six months and went live. I began with $50 on marketiva.com chart.
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| My Fx Trading |
I grew the money to $150 in two weeks. One day, I placed a trade, when I discovered there was news coming up, I tried to close some of the trades to protect my investment and minimize my losses as the prediction was probably skewed towards the opposite direction to my trades.
The platform was frozen and was not responding five minutes to the news breakout. I relied on the stop loss which I had initially refused to place because I hated getting hit. To cut the long story short at the end of the news breakout, the balance in my account was $12.5. So that was my first baptism of fire and the last of my dependence on analog trading platform. I moved on to the use of MT4 charting system and also changed to FxOpen.com.
I have learned so much in my thirteen years of trading, from making losses to earning profits. One thing you cannot deny is that online trading in forex, futures, stocks and commodities is very addictive. If you start it, you will get stuck to it. If you lose your capital investment, you will somehow. start all over again. Over time, you will learn to make profits, keep and withdraw it. What lesson there is to learn is that it is a slow and steady win the race kind of business. If you are greedy and, in a hurry, to get rich overnight, you will be on the losing side most often.
Why do Many Investors Lose Money in Forex Trading?
You have heard it said repeatedly that only about 5% of Forex Traders make most of the profits while the remaining 95% lose money. Why does this happen, you may ask? As a Forex Trader, I can reflect on my losses and gains and assume that most Forex traders who lose money have made the same mistakes. Those who made profits took steps like I did and made gains while trading.
One factor you cannot rule out that greatly affects a trader's success in his trading career is the influence of his emotional state. Whatever the level of experience of a trader, there comes a time when his decisions misdirect his trade placement and he sustains losses. Sometimes the losses are enormous and consecutive. Read more about the reasons why most traders lose money here.
Steps to improve Your Online Forex Trading
Online Forex trading is very addictive. Once you learn to trade you hardly would like to stop whether you are making profits or losses. Since we have all agreed that losses are inevitable while trading because they sometimes happen outside the predicted or rather expected direction of trade and out of our control, we must then take measures to protect our hard earned investment from avoidable losses. The ways of improving your online Forex trading are many yet quite straight forward. Click here to continue reading.
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