Thanks for visiting my Forex Trading blog!
This blog should help the beginner forex trader, or even the intermediate trader, as you will be getting access to my many years of experience in this field. Hopefully there will be enough free information here to give anyone a thorough understanding of the entire forex market and how it works. Everything will be laid out in simple to understand terms as I just hate when people speak in gobbly gook that I can’t understand. Keeping it simple in easy to understand straight forward steps is the way to go in my opinion. If you don’t like ‘simple’, then probably better if you search somewhere else. And if anyone requires any further information that is not covered on this site, or just wants to chew the fat, then I would encourage you to contact me by email. I know that trading can be a lonely and frustrating experience and it is sometimes nice to bounce ideas of others etc. So feel free to drop me a line at anytime.
I started with forex back in early 2002 when I was first introduced to it when I attended a private stock trading meeting. I can recall one guy getting up at the meeting and stating that he had taken about $10,000 up to $1.8M trading the Yen off the 10 min charts over an 18mth period. He had proof of this achievement, so naturally my ears pricked up and I wanted to hear more. Back in those days, information was pretty limited due to the fact that forex had only recently been introduced to the average joe on the street, as up until the that time it was only available to the banks or very wealthy individuals. The internet obviously helped with the growth of this new product. Then the usual type of trading forums popped up everywhere and a whole new boom industry was up and running. Stock traders treated us like lepers and weirdo’s, and probably still do to a certain extent.
So I was up and running on the old MT3 platform, with huge spreads and some very dodgey brokers. They were the days you could place orders either side of a news release and make a killing on a move either way. I think the EUR/USD only had an average range of about 80 pips per day, and that was the big mover. It also had the lowest spread at a minimum of 3 pips. Also in those days, internet access, which wasn’t that flash at the best of times, was via the old dial up. I can still remember the frustration I suffered with downtime when I was in open trades and had to get on the phone to my broker. Some things have changed, some haven’t.
I would like to say that after many years of trading, my bank accounts are overflowing and that I am living the life of luxury on some tropical island, trading from my laptop in my hammock. Sad to say, I am not. I do lead a comfortable life and to do get to enjoy the tropical islands every now and then, but I’m certainly not a full time forex trader. I was for about a year after I first resigned from the Police Service, but it wasn’t that successful due to a number of reasons. The main problem was that I hooked up with other traders and took way too much of their advice, and before I knew it, my trading accounts were going the wrong way quickly. The old story where you think everyone is stronger, faster, smarter than you. Lesson learned.
After that experience, I went back to a normal job and gave serious trading a miss for a while, but still kept my hand in by trading smaller accounts and practising on my demo accounts. Sort of bounced around from system to system, guru to guru, without really getting ahead at all. But having said that, I wasn’t losing anything either. I must admit that everytime I did hook up with a so called trading guru, it cost me plenty, both in fees and trading capital. Don’t be sucked into their web as I have found most of them to be good marketers and poor traders. It was only my own trading that helped me recover any losses, keeping my head above water overall.
I am a slow learner and eventually dropped these type of people from my trading life and decided to concentrate on my own style. I must admit I am a bit of a creative thinker when it comes to trading. I have a habit of taking other peoples ideas and modifying them, hopefully to improve them. These ideas are then normally converted into EAs and then I take it from there. Some of these EAs have proven profitable, but some have not. The tendency now is for me to trade a pretty simple system using an EA for entry purposes, then monitoring the trades and manually interfering or managing the trades when I see fit, but if I do happen to be away from the trading platform, then I know the EAs will look after the trades anyway. In this day and age of smart phones etc, it is pretty hard not to be all over the trading anyway, keeping in mind most of my trading is done on the 4hr charts.
So these days it is all pretty basic stuff with plenty of emphasis on good money management where capital is protected and risk is minimal. Still always looking for that edge though, so basically have to do what the others aren’t doing. It is a constant learning experience and the market’s behaviour, along with the rules and regulations, are also constantly changing. What works today, may not work tomorrow, therefore we all have to adapt to the conditions if we want to exceed in this exciting world of forex trading. The journey and the challenge continues, but it is getting easier….