As the title suggests, I’m celebrating 1 month since my first decision to begin trading the Forex market and I would like to discuss what I have learnt.
I have learnt that you must stick to a system, no matter what you have been taught. You make a solid judgement that (statistically) favours for you. You follow this system and mindset with the highest integrity, and you only waver your system when it becomes useless, or you find a system that is an improvement.
Why do I post this here?
Because the school of Pipsology, the society of BabyPips and of good Forex traders is centered around trading meticulously, with strong mental discipline. And yet, here in the forums, we have a whole forum dedicated to Expert Advisors, of which 9 posts of 10 are commercial Expert Advisors, that are trading blindly for us by a system of which we have no clue about the strategy behind it! And most annoyingly of all, they’re sold to us in this Click Here You Idiot (if you don’t know what that is, I advise you Google that phrase there and click the first link) sales letter format, which rambles a load of biased statements that generally compromises of lies, backtests, and a pretty legal CFTC RULE 4.41 disclaimer so they don’t get sued.
Basically summarizing what I have learnt, after purchasing two EAs and watching one make a single profitable trades of 9 pips in two weeks and another make 246 pips only to blow 261 in a single trade, I could have made more money on my demo account that I have done nothing with than $237 worth of “robotic” oversold, salad-dressed dog lashings, and I have only Clickbank to thank for their 60-day moneyback policy for saving me an otherwise costly mistake.
Upon that, I have made 441 pips in the last two days trading, with 3 winners out of 4, simply by trading high timescale trends with shorter timescaled trends and candlestick patterns, remercier les dieux for basic logic and a discipline not to exit when times looked tough.
What do I have to say for guys that have just started the Forex market? Well, firstly congratulations for entering into a world of opportunity and possible success, but turn your little innocent eyes away from the get-rich-quick devil of Forex and look towards people who are making 100 pips a day solidly after a couple year’s work and learning. I’ve not seen a single EA brag even on their gimmick-laced sites about that.