Dear all, I have been demo-trading since Sep.2012 with FXCM and
am still very much learning about this area of investment: my trade
is actual in music education, and I have both a f/t and freelance work
in this area.
Why FOREX? It was actually my mother who mentioned it to me - I thought
nothing of it at first. I then tried a couple of brokers, one being FXCM, which
I decided to open a demo account with.
Initially I was furiously “scalping” anything and everything, gaining many, many
pips but actually making a loss, in the end… There was no strategy, really, and
I was not even keeping a journal… So I had no recollection of what I had done
the day before… Most of all, it did not really suit my work day, and I quickly went
back to base: MAJOR RETHINK (picture a hut in the woods, with zen-style candles, if you wish).
Time for a cooling down period… I took advice and decided, for a start, to downsize: focusing
on a SINGLE PAIR (EUR/USD) could give me much more of a chance to actually get to grips with
fundamentals, significant market events in the economic calendar, reactions to political
issues, as well as actually making my FX learning more manageable - and there is A LOT TO LEARN!
That is all of it! I could tell you more, but basically I have pretty much stopped trading for the
moment and simply kept up EVERY DAY with both DailyFX articles (I am on a mailing list from
the Senior Currency Stategist) as well as keeping an eye on the EUR/USD movements…
From the Jan. lows to the dizzy heights of a 900-pip up-trend, the EUR/USD seemed to have
confused strategists the world over, in a lack of fundamental catalysts for TREND, and it
was an unclear picture for the world’s “most liquid pair”! But now that, as some have commented,
the EURO currency has been catching up with the reality of an increasingly bleak Eurozone recession
(negative Q1 growth, high and rising unemployment, political instability), it seems that we may
find a true trend dictated by fundamentals in positive US Dollar growth, as the FED’s balance
sheet shrinks and stimulus is wound down in favour of actual, sustainable growth.
So I am watching and learning, reading and watching, reading and learning, and trying to
figure out whether FX is for me after all - I certainly learnt a lot from BabyPips (where it
all started) and I know that, whatever happens, this is an incredibly rewarding journey.
Thank you for listening - if you are not asleep yet…
