Hey Guys,
Been gone for a bit now. For good cause. I studied to become a financial adviser here in the US. I had to close up my forex trading for the time being because it posed a conflict of interest to the company I signed my contract to work with as I build my practice.
Couple points to take note on:
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Please don’t ask who I’m contracted with. I cannot reveal that as by doing so would violate the conditions of my contract. It is assumed that the knowledge I possess is the knowledge of the company, so they are extremely careful on what information gets passed onto the public.
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Please do not ask for any advice. I will not provide it, as relating to the latter commentary of point one. I’m in communication with an attorney to see if even describing trades would be in any type of violation of my contract.
However, through my training and education, I’ve learned quite a bit a lot on risk management. Knowing what I know now, would have put me at an incredible advantage in this forex marketplace.
I was far to aggressive in trading. As are many of you, and despite any warning from anyone will continue to do so. My trading should have far more balanced. Taking conservative long term approaches with a large portion of my investment, while using a small portion of my investment to take a couple cracks at a home run.
I was afraid to take loses. I hated them a lot. Now I understand that it’s purely a numbers game. And if one can eliminate the emotions from the numbers, they would realize that a losing trade is one step closer to a winning trade, provided that they actually have an edge in the market place.
Scalping is stupid. It’s far to costly in relation to the amount of spread paid vs the amount invested into the market.
Most systems are profitable. However, they are over traded and dominated by fear and greed. Most traders will take a swing at anything that looks good. However, patience is far more important in this industry. Waiting for a high probable pattern is far better than taking a swing at 5 marginal patterns.
You won’t get rich quick. For every story you hear of a guy that turned millions fast, it was either because he was extremely lucky, or that he was a liar. Your 100 bucks won’t make you 20,000 in a year. Sorry. But keep trying if you like. People can only win the Powerball lottery by buying a ticket. Just know that it’s luck you’re hoping for, and not skill and knowledge to dominate the market.
Overall, I was initially a losing trader that eventually learned to turn profits, however, I believe that perhaps those profits may have been short lived based on the fact that I still allowed my emotions to manipulate my trading and I was thinking short term and not long term. And I traded way to many pairs. Master one. Move on and then master another. I had no patience for any of that. I would rather take an entire year to master one pair before moving on to the next.
I’m humored by the fact that I once considered myself an extremely conservative trader, when I know see myself as wild and aggressive.
I know my commentary will be largely ignored by the mindset of many traders. For the most part I just wanted to let folks around here know why I disappeared and what I’ve been up to.