Hi, I’m Phil and I live in Bournemouth on the south coast of England.
I started trading Forex in January 2021 with $100 US and in 6 weeks it had become $168, with the help of my account manager. I don’t see any banks paying 68% interest in 6 weeks, but I bet they’re making that kind of money with my hard earned cash.
I’m planning to diversify into commodities, stocks and shares and crypto eventually, but it’s Forex I’m concentrating on now.
Why Forex?
I was out of work for most of 2020, and with the mortgage and credit cards getting further into arrears I decided to look for an additional (or maybe alternative) source of income so that I never get into that horrible situation again.
My plans? They might not be realistic, but you have to have something to aim for and adjust along the way.
Short term plan: To clear my credit cards and other debts:
Medium term plan 1: To clear my mortgage and buy new cars for my wife and myself.
Long term plan: I love my day job, but it would be great to be so financially secure that I would have the option to quit when I’ve had enough.
Hey Phil,
Nice to see someone else from the UK here.
that’s pretty good gains for 6 weeks. Can I ask if you are exercising risk management on your trading?
This place is a good resource of info, I got alot out of reading peoples journals and learning what to do and what not to do!!!
Take it easy, Chris
Welcome. Sorry to hear about your financial situation, hope you are better placed now. I agree your plans might not be realistic, but they’re not plans, they’re objectives. A plan needs to be constructed as follows: where you are now, where you want to be in ten years time, and how you’re going to achieve it. Write it up and stick it on your wall to follow.
Forex trading is speculative with no guarantees of making money, ever. That’s the reality. A $168 account won’t cut the mustard, unless you get lucky and gamble it. Hell, I’ve two live $1000 accounts and would not be able to reach your medium/long term objectives for around ten years.
But hey, now you’re here, start the Education courses which will teach you how to trade properly and proficiently, which is your edge.
Best of luck.
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Hi Chris,
Glad to be on board.
Risk management is an essential part of investment, especially if the investment is leveraged.
We rarely do more than one trade at a time, and keep the exposure on the account quite low so that only a small amount of my capital is put at risk at any time.
My adviser has been in the business for about 10 years and is pretty sharp at interpreting news that is likely to affect exchange rates, which is how I’ve managed to pull in a decent profit in a fairly short time.
I have done a few trades of my own that have turned in a profit, too, which is a really good feeling, but I still have a long way to go before I feel I can do it consistently.
But hey, that’s why we’re here.
Hi Steve369,
Glad to be here.
I now have a job and I’ve just caught up on my mortgage arrears, so my house is safe.
Still have a few bills to catch up on though, but I’m getting there.
Yeah, ok. plans/objectives/ambitions. You clearly knew what I meant.
I know $168 is chicken feed, but as a beginner with very little spare cash and being slightly cautious entering into a new environment, I was over the moon to see my initial $100 turn into $168 so quickly.
My adviser is looking to get my capital up to $1,000 ASAP so that I can diversify into other markets, such as Commodities, rather than relying solely on Forex. More baskets - fewer eggs broken.
I came here to follow the courses so that when my adviser is not available, I can go ahead on my own with more confidence. I’ve already made some profitable trades on my own, but I need to know more.
You are doing very well. You must have found a good fund manager. Go ahead with all your plans and make them happen. I am wishing you all the luck.
Hi,
Yes, my adviser is good. Every time he calls he has a new trade for me, and imparts a little knowledge about the the markets, so I’m learning little snippets as we go, which is good.
Hopefully, I’ll accumulated some useful knowledge to share on this forum.
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Yeah 2020s been bad for most of us but the saving grace has been forex, at least for me. I’d advise you to not jump the gun and rather spend some time learning and gaining knowledge about it. It’ll be better to know what and how to trade rather than wasting time and money in making bad trading moves.