I’m not here to boast but rather share my situation and connect with others.
I started doing some day-trading while living in Asia about 5-6 years ago. It’s been a big rollercoaster ride and I’ve been back in Canada now for about 2.5 years. I’ve done well, then lost a lot, done well again, then lost a lot again. But for the past 15 months I’ve made back all my losses and then some. More importantly, over the last 15 months, I’ve been averaging $14,000 / month in profits. To make a long story short, I’m still not way ahead but for over a year now I’ve been able to make money consistently month after month. My floating trades have almost always carried a big deficit throughout and still do (which I’d like to change in the future), but it stays in a range and I manage to turn really solid profits day after day, week after week, and month after month.
The main reason I got into forex a few years ago is because the JPY had reached an tremendous high against most major currencies - especially USD and CAD. I figured that if I invest in that and stick to my belief, I stood to make a lot of $$ at some point in around 2-4 years (when the yen eventually collapses in strength). My plan was right on. The problems I had were (a) I over-invested and didn’t account for the markets swings / fluctuation and (b) I preferred to take profits and re-enter trades (and over-invest) rather than stick to my original plan. As a result, I got caught with my pants down a couple of times along the way and took major losses more than once.
I have since recouped those losses in my trading and learned a tremendous amount from those times. I have also gained lots of experience in many other currency pairs and have expanded on my portfolio greatly. I feel like a veteran baseball pitcher that needs to diversify and learn new pitches after his fastball is no longer his bread and butter. I’ve learned how to manipulate the market in different ways and it has allowed me to expand my portfolio and earn more money regularly.
I don’t have any special formula – technical or otherwise. I would call myself much more or a “chart trader” as opposed to a “news trader.” I follow and monitor the as much as possible. My belief is that news is short-lived in a majority of cases so I try and use that to my advantage.
Anyway, I am hoping to connect with other traders who take their trading seriously as well. I have been back in Canada for 2.5 years after living and working abroad for a few years as an educator. Do to the success I’ve been having over the past year or so, I have been very hesitant about seeking full-time employment and prefer to do part-time contract work. It gives me more flexibility and time to trade.
I look forward to communicating with you and exchanging ideas, strategies, and experiences.