Hello BP community,
Welcome to my journal! This is both exciting and thrilling as this is my first ever post here in Babypips. I've been following this website for about eight years now and this is my first time to post something. I'm taking courage to do this as I believe I've cracked the code! Specially in terms of consistency in profit. I'm also a graduate of School of Pipsology, read a lot in the community forum and witnessed many struggles and false hopes. I myself struggled heavily during my eight years trying to learn forex.
My relationship with forex is very much MAKE and BRAKE. I allot time formulating strategies and backtesting it for a time. Demo trade and win. After a couple of weeks I lose and try to tweak or develop new strategy. Demo trade and win. Then lose again after some time. Pretty much like a cycle of doom. Already blew a $2000 live account during the early years. I was so high and excited then. But I'm totally a different person now in my approach I can say.
There where even times when I cursed forex and thought that the whole system was a scam and a syndicated platform to extract cash from everybody for the benefit of the banking industry. Yes, I was that bitter! During those dark years I really hated forex and feel pity for those who fall victim. Anyways it's 9 out of 10 right? Yeah.
THE GAME CHANGER
But even with this hatred, there's still a small voice saying "there might be an answer". I'm a problem solver by nature. I love troubleshooting things. I apply this to my life, my job and to everything. But with forex, I almost gave up. But still I'm hopeful at some point. And so I setup again, upload all the indicators, profile and templates. And start loosing again. It's OK. I'm ready! I don't expect much!
Finally it dawned on me, It's not the system that's wrong. It's the expectations!
Wrong expectations can lead us to wrong decisions that will lead us to wrong directions and finally lead us to poverty. So you see, It's more of a mind game. With the right mindset and perspective we can change things! Come to think of it, there are only two trends that can determine your fate in trading. Up and down. But the question is why most people tend to fall on the losing side rather than the winning side? Expectations. When the trade is in your favor, you expect it to go much further to earn more profit only to see it crashing down in a minute. When the trade is against you, you expect it to turn back in your favor only to see it hitting you stop loss, slowly.
This is just one of the classic examples on how wrong expectations can ruin your game. Not to mention the "get rich quick" expectation circulating everywhere. It improved my game once I became aware of this. But managing expectation is just part of the system that I discovered this year.
The big part of this system was developed by answering "Why are you trading anyways?". What value you create? Are you in anyway contributing to the economy? If one answer "to make profit" then I can say that that person belongs to the 9 of 10. I even came across in a page where they say "forex is like printing money". Knowing the system that I have now makes me laugh every time I see comments like this. If your answer to the question of why are you trading is JUST to make profit, then you are not in for a long haul.
You see, forex is a system. It's VERY organized system build to create economic stability to participating countries and also others who would need help. This is a crucial concept to take and will determine your fate in forex. It is not a GUESSING GAME of UPS and DOWNS. Forex is all about INVESTING. It's an investing system and if you want to be PART OF THE SYSTEM you need to learn to INVEST. And INVESTING means GIVING before TAKING and not the other way around.
When I see people who hates it when the price to go down every time they enter a trade. I can say that this person won't last in trading. People with very tight stops or the swing traders (I'm not saying that you can't profit in a swing but it's different if you are JUST looking for swing entries) these are the one that don't last, at least for what I can read, those who only want to take profit and don't want to invest. Again, you have to GIVE before you TAKE. Forex is a system of GIVING. If you only focus on TAKING then you are not part of the SYSTEM and the system will reject you eventually. But if you are on the GIVING side, the system will reward you for that. So SYSTEM / PROFIT and not PROFIT / SYSTEM. Sounds hard, but true. But if forex can make you a fortune, It might be the hard way.
There's so much to write but not enough space so let me get straight to my point here. I'm creating this journal NOT to teach this system but to encourage many of you that it's possible to profit consistently! I wan't this to serve as an inspiration to those who choose to be PART OF THE SYSTEM.
I will post everyday a review of currencies that I will likely to trade (if there is one) in a day and post the result at the end.
I will do this for three months and let's see how this system will perform. I will be posting result from a demo account which I will sync to my live account. I choose not to post my live account for confidentiality purpose since all those money came from my friends and family who trusted me.
I will be using FXCM trading station mobile. Yes, mobile! (ask me later why) With an equity of $50,000, 1:1 leverage, and 1 lot every trade.
I've seen a lot of people here create journal and eventually fade out. It's funny that I found myself doing the same thing. But I'm hoping for a different result. I welcome bob anytime in this thread.
Till tomorrow. Good luck to me.