Patience is the Ruler

The urge to leave a bad trade or exit a profitable one is many forex trader's demise. It certainly wrecked serious havoc on me these last 2 weeks. It is all part of the emotion that was not there during demo trading making good systems suspect and great trades moribund. I must seek and bow to the mighty King Patience. So, no more trying to rescue anything NOT initially part of the plan: Let the trade make or break itself.

To be truthful, it is not that I am not well aware of all these nor even said similar thing in the past, it is just that I realised the truth about the emotion of money having effect on me despite my 'formidable' defences. So right now I must tell myself the truth: You are not yet defended against money emotions; greed, fear, etc.

Trade Summary: down by 10% in a month. I shall return....

The Way Up could be Down.

Yeah, that's what I wrote in my facebook wall last Friday. It's a reflection of the funny outcome of the first week of live forex trading: All absolutely negative. More painful were the ones with nice greens that later turned to hit the stop loss. Really funny indeed.

But there's no cause for panic, though nobody really do like to lose, it is inevitable in this market. But one thing is I know the maximum I could lose defined by my stop loss and money management, but my gains has no maximum and in multiples of the stop loss. Definitely I shall recover all by the trading edge of my strategies. I have proved it with almost 1 year of demo trading, so there's no cause for panic except to keep me sober and also recognise that nothing is absolute and there's no master of all.

I have learnt patience as part of what brings the ultimate triumph.

Forex Trading

I refunded my forex account today to begin a fresh journey.

The first attempt about 2 years ago was greatly short-lived: I gained about $300 and lost about $650 within a 2 weeks period for a net loss of about $350 in a $2,000 capital. So I quickly withdrew the remaining capital and went back to demo trading. I had only done about 2 weeks demo before then and was eagerly confident I could launch out only to beat a retreat. Of course it was the wise thing to do before my capital became total part of the 95% margin-call statistics.

I had been on demo since then and had been making good returns for close to a year now. I had attended more seminars, developed good personal strategies, adopted some others, and confident of the plunge this time.

I will be posting my thoughts, feelings, anything as much and whatever I feel like writing on my trading experiences for some time to come. I should hopefully make my first trade tomorrow or Friday if there's good signal.

This is a financial, physical, emotional and spiritual journey and experience.

I found it difficult to update this blog

I hate writing, no wonder it is difficult to me to update this blog regularly. My friend and colleague in office, Toyin Akiode started a blog just last year http://www.9jafans.com/ and has pulled a lot of traffic because he consistently updates his blog.

It's not for want of contents because I am doing part-time forex trading with which I could get daily updates and large followership, it's simply because I avoid writing as much as is possible. My boss, Biodun Marquis is a paperman. He jots down a lot; an habit he said he picked from his father.

But I should admit also that I face difficult times which is seriously affecting my productivity. I am a family man with 4 boys aged 4 - 10 years and should spend good time with my family. I spend about 4 hours daily to/fro office and use 10 hours at work every weekday. In the remaining 10 hours, I must spend time with my family, engage in part-time forex trading, eat, relax and sleep minimum of 8 hours (LOL). I really am facing difficult time.

Notwithstanding, what needs to be done must be done. I hope I get the determination and resolve to keep to it and update this as appropriate.

Get Updated

I was going over some of my past posts like 'Not taking Risk is Risky' and cannot but agree with the points I raised there. I have risen and sunk terribly in this investment world and is the wiser for it. Now I have around me very credible and successful mentors and have learnt real investment demands serious patience. Although I have stopped HYIP completely, the experiences I got there was still proving useful. Also, I am yet to make any profitable chunk in forex as I am still in training after my attempted walk on the seas.....

Patience was one thing I didn't court very well. I am now very cautious and patient in taking any move, and has been the better for it. I am also prepared to explore the real source of lasting wealth which is profiting from my profit by compounding. That's patience all-over again.

With patience, and proper education, know what you need to do and do it. (Johny Walker.....)

Nigerian Bloggers' Conference

I attended the Nigerian Bloggers' Conference convened by Adeolu Akinyemi today at the Banquet Hall of Elomaz Hotel, Maryland, Lagos. I heard about it through 'Deolu's blog and registered on Facebook.

Though the Conference was really like a discussion and prelude to having a real conference maybe next year, it was a very interesting forum. I met many of like minds at their different stages of blogging experience. I realized my blogging challenges are purely common to many others as well. I was therefore recharged, motivated and further inspired to keep doing what I should do to become what I wish it should become.

Although I had earlier resolved to post regularly, I still reneged. The conference should help to keep me in focus now.

Please visit the page on facebook in above links and get to know many other interesting blogs by Nigerians.

This is not 'wealth online' topic, but who knows................

Trading in Global Stocks

Forex trading caught like wild fire to many young Nigerians as a great online opportunity of making money.  I am a trader, and must say asides the eye-catching and unrealistic 'Make $1,000 daily Trading Forex!!' captions of hungry trainers (and not traders) the experience has been good.

 

Lately, nigerians gained the opportunity to trade global stocks as well through the exclusive partnership with a US broker by a local firm.

 

To know more about this opportunity, please send mail to ewealthNow @ gmail . com

NNC reduced membership fee

The New Nigeria Club NNC has reduced its membership fee to just =N=10,000.  This is really a great way to bring in more members to meet the target of having one million members before the end of the year.  It is also a great incentive to join right away to take advantage of the member benefits.

 

What is New Nigeria Club ?  It is a club of young Nigerians and friends of Nigeria that believe that this country is destined for greatness and is positively working towards making it a reality.  There are deals giving members access to exclusive great discounts and other opportunities open to members only.  Let me mention some I have personally benefitted:

1.  Purchased 5 plots of land at Ofada at =N=324k instead of market price of =N=350k in December 2007 saving =N=26k on each.   Each plot is now worth =N=800k

2.  Purchased Starcomms EVDO Internet Card at just =N=10k instead of market price of =N=26k.  I also pay only =N=12.5k monthly as subscription as against =N=16k for direct purchase from Starcomms.

3.  Purchased some private placement units of TradeNSE exclusive to NewNaijaClub members.

 

There are very many others I 'missed' or did not have the financials to take its advantage or just plainly allowed to go or is presently not in a position to benefit (e.g 5% discount on all VirginNigeria flights).

 

Member benefits are awesome!  Join now at http://newnigeriaclub.net/member_register-fosters.htm or just read through at http://newnigeriaclub.net (my username is 'fosters' if required for any page)

New Time Resolution

I had been busy.

Ok, let me say the truth: I had been lazy all these while. Admittedly. Or rather I have not considered regularly updating this blog part of my priorities. But this will change now. I will put up the right atittude and do what I have to do.

I included the New Nigeria Club in the list of MLM and Discount Clubs. It is purely both in a great way and open to all Nigerians and friends of Nigeria. The NNC negotiates for discounts in deals on behalf of members using member number strength to get us good cut-offs. It also has a board contest to compesate those that market the ideology religiously. Please have a look and let me have your comments/questions

Overview of HYIP programs I did in 2007

Here is the list of HYIPs I registered for last year:
1. United Private http://www.unitedprivateinvestmententerprise.com
2. CEP http://www.colonendparenthesis.net
3. A3 Union http://a3union.com
4. Open Trade https://www.opentrade.net
I invested in all except A3 union and as of today, only Open Trade is still operating of the lot (and is even shaky now). I was able to make my money back from each before they closed and even had profits too. That's the due diligence I mentioned at the beginning of last year in my post HYIP

Here is my conclusion: Tread with caution on HYIP, invest as minimal as possible, spread your fund between 5 - 10 programs.

It may be good to know also that your hunch plays a part too (LOL) I have friends who are into HYIPs too making it very well, while others are losing, and some are not even touching it at all. Same goes for MLM and others. If your inner mind don't agree with it, don't do it.

For me personally, I am watching things ..... and keeping my fund to myself for now.