Forex Training & Mentoring

A number of people have been making enquiries on above and I wish to address such requests with this post.

 

For one, I am just starting, so I believe I cannot teach what I have not proved yet.  Knowledge is one thing, conviction is another but you need more than both to make a success in forex.

My opinion is I should use this time to even know what I am doing first as well as consolidate on both past and present experiences to fashion out the future.  From such I should have some past records to show prospects and also make better judgements on forecasts.  A 6-month period is reasonable for this.

 

From all indications, forex market should outlive all of us, so there's no need to rush anything:  It's a LONG marathon and not a sprint.

 

It should be public knowledge whenever I make the move but in case you still wish to have direct notification, just send a blank mail with subject 'Fx Mentoring Notification' to my e-mail ewealthway [ at ] gmail . com

To become a Pro Forex Trader

 I resigned my job to face fx trading fully with effect from 16^th July, 2010.  I hope to attain the pro status in 6 months.  My own definition of a pro fx trader basically is someone that is consistently profitable over about 500 to 1000 trades.  Since I will be day trading basically, I hope to be able to make those number of trades as well as profitable.  Am I scared?  Well, yes.  Am I confident? Well, no.  Is it possible?  YES, because I hope to use my fear to build my faith knowing fully well that I am solely responsible for my rise or fall.

 

Now that I will be fully on my own, I should be able to update this blog regularly and I hope many people will find it interesting to visit and inspiring to read.

 

Silence in Forex World

There're often 2 reasons that you experience long periods of silence from forex traders based on my view:  they're either too busy taking profitable trades to bother about updates or else too dejected from the plummets of loss streams.  Paradoxically I had experienced both in my period of silence coupled with my natural aversion for writing generally since the last post.  I had broke even despite my reduced risk by very nice steady increases only to be back to the same point by some steep losses.  The lossses were actually examples of things that will not work and I hope I had learnt that lesson.

 

I was also amused by the definition of a professional trader as I read it somewhere that in the market, you will experience:

a)  large profits some of the time

b)  small profits most of the time, and

c)  small losses some of the time.  The last part is experience

d)  large losses most of the time.

So a pro fx trader is someone that experince the first three and had for long stopped experiencing the last one.  I am seriously struggling to break loose completely from (d) to set my foot firmly on the road to consistent profitable trading.

 

It is attainable.....

Demo Trading in Forex Training

I never thought nor appreciate the importance of demo until now I am trading with real money.  Forex is very unique if only for this special opportunity.  It is like the simulated flights for pilot training.

 

I am now properly making use of my demo accounts as it should be traded.  My earlier experiences with demo account were unemotional and detached, so the result was fantastic.  I brought that into live trading and got versely different result!!

 

Now every possibility must be tested.  Any deviation must be established and adjustments must be confirmed.  A single pip change could make all the difference and turn a winner to loser.  It is now a matter of rock-science and mathematical statistics:  Anything less is a disaster waiting to happen.

 

Trade Summary: now net 0% (great!!!)

Slow Path to Break-even

I am definitely returning though slowly. I had recouped some of my losses and gradually returning to original amount. The account is now down by just 4% and I am giving myself a big back-pat for that (who will if I don't do it myself).

Part of the adjustment I made had to do with my money management. I decided on a specific volume for each pair and stuck to it irrespective of the stop loss. Formerly I was using my capital and stop loss to determine my trade volume but it was costing me more losses despite good gains. A loss could amount to 100 pips for -$50 while a gain of 200 pips is only +$30. So with the new method, my gain or loss is the same and any trade with more than 150 - 200 pips loss is simply not for me.

I also take more trades now with more strategies both original and adopted (in fact I was surprised to see an improved version of the strategy I was trying to develop lately LIVE on a forum with very high positive rating!! Of course I quickly adopted it and started using it immediately)

I am willing to lose, willing to learn and determined to become a very successful forex trader. The retreat bridge had been burnt.....

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.....)