Hi everyone!
Ok....where to start....
I am relatively new to Forex Factory and think that its a wonderful & invaluable experience for any trader looking to make a future in Forex. There are many insightful traders to learn from here and more continue to populate this lovely place.
My Background: (its not thaaaat boring
)
I am currently a student at university in the UK. Last year, around November i attended a free seminar on spread betting stocks organised by a company that coaches traders. After the seminar i was inspired to be a trader, however then i was only interested because of the money that some traders make. Unaware of the large % of traders who do not make it, i thought that this could be a get rich quick scheme (by quick i mean 1-2 years...by the time i would have finished university).
After looking into trading stocks i met a friend of mine at uni who introduced me into the world of forex. Slowly my interest grew in foreign exchange and i lost interest in stocks for the time being anyway. In December i deposited £100 into a UK spread betting broker and with beginner's luck (perhaps) i turned that £100 into £250 over the course of a month by trading breakouts on the EURGBP. I made around 5 trades without a single loss, my money management wasn't great either. During this time i picked up a book purely on Technical Analysis. When January came i asked for a $2000 investment from one of my parents and joined a FX broker as opposed to a spread betting company due to their reasonably lower spreads.
By this time I was trading FX not just for the money but also my passion for it grew immensely. But then something happened.......i had my first loss....guess what happened? Panic, pain of losing and overall loss in confidence in my strategy. My next plan of action was that i changed my trading system, something with god knows how many indicators (again with relatively poor money management).....my account kept dropping 2000 became 1700.....1500....1400. One day i was crazy to take a punt and risked around $320 in one trade on a 'currently' 1400 dollar account, thats around 23% risk in one trade. The outcome? it was adverse, which only made my trading get worse....by the time it came to early march i was at $1000, I thought the fault was with my broker and i changed to a UK spread betting company, i carried on losing and went back to my original broker with only $500 i had left (75% wiped in months).
In late march i came across Forex Factory and delved into the trading systems section and came across one i really like the look of and was showing + profitability (by this time i had stopped trading and was reading alot more books on discipline). I was back testing the system and forward testing it on a demo account in MT4. I read through many other threads on this website and came across one saying all the time 'Stick to the plan', 'have faith in your system' and many variations of this phrase. I thought to myself 'ok, i've found a system that suits me, its been profitable in both backtesting and forward demo testing, if i stay disciplined and only take the trade signals i should be able to grow my account'. 'If i don't stay disciplined the only thing that is going to happen is that im going to lose more money'.
My account currently stands at $922, since that day there is soo much I have learnt. I have started this journal so that i can post my trades for my own benefit to help me keep a log of what im doing and hopefully reach breakeven at some point. I won't post everyday as i do not always have time, but hopefully more often than not and will update how my account balance is going (positive or negative).
Its going to be an interesting journey and i hope that i can make it back to where i began and move upwards from there. (I have learnt that its not a get rich quick scheme
)
Regards,
Pipping
(P.S thanks for reading this if you did so)
Ok....where to start....
I am relatively new to Forex Factory and think that its a wonderful & invaluable experience for any trader looking to make a future in Forex. There are many insightful traders to learn from here and more continue to populate this lovely place.
My Background: (its not thaaaat boring
)I am currently a student at university in the UK. Last year, around November i attended a free seminar on spread betting stocks organised by a company that coaches traders. After the seminar i was inspired to be a trader, however then i was only interested because of the money that some traders make. Unaware of the large % of traders who do not make it, i thought that this could be a get rich quick scheme (by quick i mean 1-2 years...by the time i would have finished university).
After looking into trading stocks i met a friend of mine at uni who introduced me into the world of forex. Slowly my interest grew in foreign exchange and i lost interest in stocks for the time being anyway. In December i deposited £100 into a UK spread betting broker and with beginner's luck (perhaps) i turned that £100 into £250 over the course of a month by trading breakouts on the EURGBP. I made around 5 trades without a single loss, my money management wasn't great either. During this time i picked up a book purely on Technical Analysis. When January came i asked for a $2000 investment from one of my parents and joined a FX broker as opposed to a spread betting company due to their reasonably lower spreads.
By this time I was trading FX not just for the money but also my passion for it grew immensely. But then something happened.......i had my first loss....guess what happened? Panic, pain of losing and overall loss in confidence in my strategy. My next plan of action was that i changed my trading system, something with god knows how many indicators (again with relatively poor money management).....my account kept dropping 2000 became 1700.....1500....1400. One day i was crazy to take a punt and risked around $320 in one trade on a 'currently' 1400 dollar account, thats around 23% risk in one trade. The outcome? it was adverse, which only made my trading get worse....by the time it came to early march i was at $1000, I thought the fault was with my broker and i changed to a UK spread betting company, i carried on losing and went back to my original broker with only $500 i had left (75% wiped in months).
In late march i came across Forex Factory and delved into the trading systems section and came across one i really like the look of and was showing + profitability (by this time i had stopped trading and was reading alot more books on discipline). I was back testing the system and forward testing it on a demo account in MT4. I read through many other threads on this website and came across one saying all the time 'Stick to the plan', 'have faith in your system' and many variations of this phrase. I thought to myself 'ok, i've found a system that suits me, its been profitable in both backtesting and forward demo testing, if i stay disciplined and only take the trade signals i should be able to grow my account'. 'If i don't stay disciplined the only thing that is going to happen is that im going to lose more money'.
My account currently stands at $922, since that day there is soo much I have learnt. I have started this journal so that i can post my trades for my own benefit to help me keep a log of what im doing and hopefully reach breakeven at some point. I won't post everyday as i do not always have time, but hopefully more often than not and will update how my account balance is going (positive or negative).
Its going to be an interesting journey and i hope that i can make it back to where i began and move upwards from there. (I have learnt that its not a get rich quick scheme
)Regards,
Pipping
(P.S thanks for reading this if you did so)
