Hello Everybody:
I have been trading FX using Electrofx’s services for about 5 years now. It is a great way to learn FX trading and I would recommend electrofx to both novice of veteran traders.
Like previously mentioned in this thread, it is not the system as much as the emotional factors that determine profitable trading. But you need to learn the ropes, if you can do this on your own efficiently and become a profitable trader then congrats, you are part of the less than 1%.
I had to learn from others, and I did so using the concepts and tools Electrofx provides.
My experience:
I signed up with Efx because a friend of mine recommended it. At the time I was totally ignorant of the currency markets.
I went through the course, traded demo for a week or so, opened a live account and immediately made roughly $1500 trading in just a few days. I remember having a beer at a fancy restaurant that weekend thinking how easy FX trading was and romanced visions of my future millions. These were delusions of grandeur and my short term success was the worst thing that could have happened to me because my profits were based on dumb luck.
Even though the system was available, I didn’t use it, my emotions go the best of me and I systematically liquidated my account in a matter of weeks.
After getting my ass kicked by the currency markets, I went back and analyzed my mistakes. It was simple; I had no technique and was using the FX market as a casino.
Over the next several years I developed into a profitable currency trader using Theo’s strategies.
But the reality is this:
To begin to master this game will take between 2 to 3 years of experience for most people. If you are not willing to put this time in, then stop reading and devote your time elsewhere. But if you stick with it, it has the potential to change your life.
FX trading is a learning process. It takes a s*** load of resilience, time, and there is no substitute for experience. You have to experience the losses with REAL money (micro lots are not significant enough), examine where the mistakes were made, and adjust your trading accordingly. A few months back I got hit for a $1500 loss in a few minutes. Initially, that was like a kick in the nuts, but it didn’t haunt me like before, why? Because the PA was valid, the trigger was excellent, it was with the trend, price simply went against me. So my trade was valid and therefore no reason to stress. This is the experience I am referring to and there is no substitute for it, you can’t read about it, you have to live it.
This is the year where I turn the corner. I am planning on quitting my job in 18 months and FX will be my primary source of income.
It has taken me 5 years, many mistakes, and thousands of dollars to get to the point where I can confidently trade with enough money to make it worth the effort.
Run as fast as you can from the traders who claim to have made a million over-night. It might be true, but if their success is due to blind luck, then their trading is not valid and their fortune will eventually vanish. Understand FX trading is a slow grind to the top.
Again in my opinion, if you want to learn currencies join electrofx. Plus the tools they provide are second to none.
Good luck to all.
Cheers!