Bouncing Back: How An EA Helped This British Trader Overcome Losses in Forex!

Get ready for an inspiring journey as we meet a forex enthusiast with a thirst for adventure and a passion for trading! Now in his mid-forties, this trader resides in a village near Milton Keynes, England, alongside his loving wife and an adorable Terrier mix dog.

Family is everything to him, and he takes pride in being a grandfather to two little bundles of joys. When not busy trading forex, you’ll find him enjoying quality time with his family.

But that’s not all! This trader’s life is filled with exciting hobbies and interests! From savoring yummy food and sipping on beer to travelling across the globe, he ensures every year includes a visit to the mesmerizing French Riviera and a dip in the Caribbean waters. He stays active with gym sessions, tennis matches, and enjoying music gigs and thrilling F1 races (with a side of more beer!).

This trader has been exploring the exciting world of forex since 2020. A connection he made through his cryptocurrency investments led him to dive into the world of forex trading, starting a journey of learning and growth.

He believes that qualities like willingness to learn, emotional control, and learning from mistakes are vital for success. These days, you’ll find him in the forums offering valuable advice to new traders and emphasizing the significance of completing basic training before venturing into real accounts.

Join us as we explore the fascinating life of this trader. From travel adventures to trading insights, his story is a captivating blend of excitement and learning.

Without further ado, we welcome you, @Pauley1 !

1. Tell us a bit about yourself. Where are you from? What are your hobbies, interests, favourites?

A bit about myself. I’m in my mid-forties and live with my wife and doggo (Bedlington Terrier X Lakeland Terrier) in a small village on the outskirts of the city of Milton Keynes in England. I also have a son in his mid-twenties and have a grandson and granddaughter. In regards to hobbies and interests. I enjoy chilling, drinking beer and eating yummy food. I like to travel and make sure I get to the French Riviera at least once a year and love to go across the pond to the Caribbean. Some activities I enjoys are going to the gym, playing tennis, drinking beer, going to music gigs and watching the F1, oh and drinking beer!

2. How long have you been trading and how did you get into forex trading?

I’ve been trading (still learning) since 2020. It all started during COVID. I was working from home and wanted to spend some time looking into career change opportunities. I can’t tell you exactly how I stumbled into Forex, but I think it was a connection I made after investing in some cryptocurrencies.

3. Can you share an example of a trade that didn’t go as planned during your “10,000 Demo Account Challenge”? What did you learn from that particular trade?

Looking back I lost a couple of trades in a row which wiped out all the gains I had made on all my winning trades up to that point. I think my main issue was that I had come up with a trading system but I was doing everything I can to make the charts fit my system rather than the other way around. So I was jumping into trades that didn’t 100% fit my system. After those losses I sat back and took a breather to think of a way around the issue (me!). So I looked into creating an EA (trading robot) to enter and exit the trades for me. Effectively removing my emotions and bad judgement out of the trade. So I’ve now created an EA which is based on my original system but I’ve put in another bunch of fail safes as to when to enter and exit a trade etc. I deployed the EA last week and it did open two trades, both of which were profitable and my account balance is now back in the green. Fingers crossed when it opens the next trade my luck continues.

4. What do you think are the qualities that make a good trader?

I think traders come in all shapes and sizes and there are so many different ways to trade. So there really isn’t a blueprint as to what makes a good trader, it’s probably easier to list what makes a bad trader. However, I think firstly you need to have the willingness to learn, if you don’t want to learn how to trade then it’s pointless. I think I’ve said in a few of my posts on the forum, I believe trading is to finance the same as what brain surgery is to healthcare. It’s not easy to learn and only a few will make it.

Other things you need is a good understanding of mathematics, be able to control your emotions, understand risk management and be able to analysis and learn from your mistakes. It’s surprising how many people come onto the forum and say ‘Hi, I’m here, I know nothing about trading but heard I can become a millionaire. Sign me up where do I start’. They don’t stay long!

5. What advice would you give to new traders who are just starting their journey?

My advice is not to open any accounts (demo or real) until they’ve completed some basic training. I found my demo account as a major distraction when I was learning. For example, when I was going through the School of Pipsology I would complete a training module and then go straight onto the demo account and place some trades thinking that lesson would be my last. Only to lose those trades. It wasn’t until I had finished the School of Pipsology that I realised the basic lessons don’t finish until the very last module.

6. Are there any specific lessons or insights you wish you had known when you first began trading?

Like many people, I thought it would be easy and all I had to do was follow someone else’s signals, basically let them do the hard work while I just let the money roll in. That was an expensive lesson! I first joined a Telegram signal group, set up a real account which I think was around £500. I followed the signals and the first morning I was up around £200. That morning I announced to my wife that I has found a new source of income and I may hand my notice in at work. The next day I followed the signals, and by the end of the day I was down £400! I withdrew my remaining money and lesson learnt. Luckily I hadn’t handed in my notice at work. Since that day I’ve taken it upon myself to try and learn trading properly, to create my own signals and strategies etc. I’ve done various free courses including the School of Pipsology.

7. How did you discover the community and what do you like about it?

I found this amazing community the old fashioned way, via Google. I say this to keep myself relevant for all you kids as I do actually remember a time before Google, in fact before the internet. The real old fashioned way would be to go to a public library and look at books and speak to real people.

8. Name one inspiring trader who you look up to and why?

I’m not a trading fanboy so I actually wouldn’t know another trader If they were standing in front of me, famous or otherwise. However, a lot of the forum community are legends and very inspirational. They’re not scared to answer your questions and provide good insight using their own experiences, friendly bunch.

9. What is your current non-forex related goal at the moment?

Non-forex goal would be to ensure I continue to have a healthy work life balance, but continue to work towards financial freedom. A lottery jackpot win would come in very handy!

10. Non-forex related question: If you could have any job in the world, what would it be?

Evil Overlord.


Hi Pauley. Much appreciate your post that is excellent and should be a first learning point for every new newbie that lands up on this great site.

Glad to hear as an Englishman that you share my appetite for a beer, albeit the Thai beers are just not up to the English pub ones. I got into trading late in retiirement, albeit during the Covid stay at home months, and it took me two years to begin my live journey properly - yes I blew an account - and start to be a breakeven hobbiest.

IMO, only trend trading following price action is the most profitable long term way to go for success. Simple, but effective.

Best of luck for the future. Steve 369.


Hello Pauley1, I’ll totally agree with steve369 about following the trend trading etc.
Now I’d like to suggest you something regarding your education, babypips helped me a lot but in my humble opinion, it’s the first drive lesson (no disrespect here Babypips, I love you), but the real “Aha moment” given to me to go to the next level it was ICT.
The Inner Circle Trader has a channel on YouTube, please, stop wasting time drinking those beers(which is bad for your health :yum:) and spend some time on his channel, in his 2023 Playlist Course, in the first episode he’s telling you exactly which lessons you have to follow to & start studying through the courses.
I met Forex as well during covid, and spend precious time here and there making major fails & mistakes, and this is the kind of advice I would have proposed during my start.
It’s easier to learn something the correct way from the beginning.
If you have to unlearn to relearn goes a bit harder.
Last but not least, please don’t rush to give notice in your main job.
Trading will put you in the darkest holes of your psychology if you are going to do it wrong.
This advice is from a 35 years old guy from Greece, a former Seaman in the Merchant Maritime Industry, working for LNG ships with permanent rotation contracts making 6 figures per year.
I quit earlier my job than I had to, but for the last 1 year was spending from my savings bank account and I have set my living costs to a minimum.
Have in mind, no kids, no pets, no French Rivieras :sweat_smile:
Take your time on this journey Pauley1 and do not rush the process.
I’ll suggest you to focus on swing trading and short-term trading.
I have done day trading and scalping, they are more stressful and you are “working again” in front of a computer, the point is to have financial freedom and free time, otherwise, we have failed if we are in front of a computer without the salary of a hedge fund trader.
All in a friendly tone, be safe and good trading. :slightly_smiling_face:

1 Like

Thanks you arveN and steve369 for your kind words and support.

I’ve now moved my education to the next level and am actively learning price action to help me effectively swing trade and scalp if required.

So far I think I’m getting the hang of price action, but it’s early days so I still have a lot to learn.

arveN, in regards to quitting the day job. Don’t worry I’m not ready for that step yet. However, if I do and it doesn’t go 100% as planned I should be OK as my wife already earns more than double I do!

Hello again @Pauley1 , well I see you are in a good position right now.
I highly suggest you again check ICT mentorship, it’s free, and yes it takes time, but the education you are going to take away it’s mind-blowing.(again this unlearn - relearn process)
I have no sponsorship or affiliate or any benefit insisting on that so hard.
I’m trying to save you some time.
In his content, there are things like Institutional order flow, IPDA (Interbank price delivery algorithm), PD arrays, strategies, when to watch the market for a move when it’s going to happen a reversal.
Tons of stuff, check the video on the Core Content - Month 03 - Institutional Order Flow and if that doesn’t convince you to spend your time with him, then it doesn’t worth it for you.
Yes, he talks a lot, but in his lectures, you will find gems!
The decision is yours.
Be safe and good trading buddy, have a good one!

1 Like