- Commercial Member
- Last Online:
- Aug 18, 2009
- Using Local Time:
- Joined Forex Factory:
- Aug 2008
Input by dznmrd
- Trading From:
- Mumbai, Maharashtra., India
- 34 years old
- Forex Trader
- Trading Style(s):
- Technical Analyst
- Favorite Trading Book:
- Trading Chaos by Bill Williams
I'm a Bachelor of commerce graduated in 2004, I have a lot of experience in computing, Since i was 14, my mom is a lawyer and she bought a computer (486dx2@66mhz) to use it instead of a huge big library of law books. I started out with playing games on that and slowly learned how to use the computer and soon also how to assemble, fix and also programming. Soon computing became my hobby and i spent my college days doing tons of computer programming and courses.
You could call me a computer tech junkie.
After my college I've was working for DELL USA Technical Hotline support, My job was usually to speak with American Dell customers over the phone 9 hours a day 5 days a week, helping them fix their computers over the phone. I was doing that for 3 years!
I knew about forex back then, but wasn't very interested in it, because I thought stock and forex trading would be like rocket science or something crazy and also the fear of "stock market crashing" and id go broke one day.
One day, i put up the courage to learn a little about Forex, my 1st broker was Marketiva. That's where most newbie traders are born, due to the very simple interface n stuff. After that i moved to metatrader and learnt a lot of stuff there and soon i grew attached to using it and working systems with it, So much So that now i cannot think of trading forex without a metratrader terminal.
After a lot of demo trading and learning process and working on my own system. I used to demo trade part time from my job and I only wanted to convince myself that i could do money in forex before I stepped into it. I did my 1st demo trade on GBPJPY and luckily on my 1st demo trade I made 100pips! Right on my 1st trade & it was a Monday! I think that's just luck or maybe gods decision to get me inspired to trade the forex, I think if i hadn't won that 1st demo trade I'd probably not have been interested in forex and wouldn't be a forex trader.
After that i did a series of 200% ROI (Return of interest) in demo accounts, but i was still not convinced back then, i needed to see at least a dozen times if i could do it to be convinced it works and I did it, I did 200% of my money 12 times! I finally put up the courage to start trading for real. I had just 88$ worth of money, being a poor guy and that was all I had to invest from my salary n start.
I grew that 88$ to 2056$ in 1 week! And then i continued and continued and slowly i found i was able to make a living from trading forex part time. That's when i decided to resign from my job and trade forex full time. I left my job in August 2007 and since then the only thing i do is trade forex 24hours a day, 5 days a week! The highest profit i made was around 12,000$ in June 2008
So my life in forex began with just 88 bucks! :)
Some important things about forex.
* Trend is your friend, trend is the easiest way to make money, whether a 1min chart trend or a daily chart trend.
* Range market is when you would probably lose money, so always stay out of it.
* Money management is key to success, if you traded 10% of your balance per day and did 50pips, you effectively grew your balance by 5% daily! That's Much more than what a bank can offer you!
* Entry's are not important, its the exits.
* Don't force your way into the market, each time you do that you'll find yourself losing. Be patient and allow the market to tell you she's ready for you to invest and you'll find yourself winning.
* If you created your system that's your edge, learn to trust your edge and don't waiver from it.
* In the real world, seeing is believing. But in forex, believing is seeing. Believe that you will do profit and you will see you are in profit at the end of the trade!
* No matter if your a newbie or a pro, demo trading is going to be a big part of your forex life. Even the most elite of traders spend most of their time in demo, testing their strategies or horne'ing their skills. SO treat the demo accounts as your lifelong friend in forex.
The road to success is not straight. There is a curve called Failure, a loop called Confusion, speed bumps called Friends, red lights called Enemies, caution lights called Family. You will have flats called Jobs. But, if you have a spare called Determination, an engine called Perseverance, insurance called Faith, you will make it to a place called Success.