8 Months Later - Forex Career over for now!

Hey Folks, just checking in to touch base, updating those of you interested in hearing from me, and maybe I could get some updates from those of you willing to share.

Just a refresher… I was a hard-core forex trader for just under 10 years. Back in January / February of 2020, although I hadn’t reached my ‘forex goals’, I felt I had done well enough and was considering getting out of it. I felt that the risk associated with my goals was extremely high, and I didn’t want to stay on the rollercoaster I had experienced for almost 10 years. In addition, in the back of my mind, I was always concerned to a small degree about my foreign forex broker. What if they go belly up? What if something outlandish happens? It was just a concern, and having the amount of $$ I had in there was on my mind. So I was seriously looking at liquidating and finding the right time ‘exchange-rate-wise’ to move that USD into CAD.

Then, bam, mid-March 2020 came along and covid-19 happened. While I usually operated with a fairly large ‘open-trade deficit’, my account was down over USD340k from where it was at its high point in February! Major stress set in. To make matters worse, the USDCAD hit a ridiculous high of 1.46668 on March 19. That would have been an incredible rate to move my USD to CAD! Unfortunately, being down over 340k from where I was just a couple of weeks earlier wasn’t exactly the best time to close my trades and get out! I mentioned that I almost always operated with a deficit on my open trades and swaps… Well, on March 18, 2020, my forex account’s loss hit USD497k. Yes, that it correct, -$497,000! In the ensuing weeks, that rolling deficit improved drastically (although it was still at a deficit as was usual for me) and on June 1 I managed to get within $5,000 of my pre-covid high. At that point, I said enough is enough and I took about 30-60 seconds to quickly close all of my open trades. After full liquidation, I contacted my broker and withdrew all of my funds.

I moved it into my North American stock brokerage and have been trading since. Overall, I have been pleased with my progress. I have done some more currency trading as I mentioned in a previous post. But I have only traded USDCAD and I am doing so within my stock broker. So, it is a different form of trading than wagering on forex pairs as I did previously.

I recently started trading some Crypto / Bitcoin as well… So far so good.

Looking forward to hearing from you.

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That could of easily ended a lot worse. Im glad you made it out relatively unharmed.

Great post, and very informative. There’s no doubt in my mind that Forex is a speculative business that you must take seriously to succeed.

However, I would never trade like you, and regretfully never experience the pain of losing a substantial amount. I say regretfully, because you managed to turn your trades around.

Respect.

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