I like to take this opportunity to introduce myself and at the same time start recording my progress in the world of Forex.
I start getting interested in trading about 3 years ago, it wouldn’t surprise me if my story is very similar to one of many others, YouTube was getting full of videos about making money in the stock market so I started looking into buying companies stock, I quickly realized that it wasn’t for me so I start looking into Forex.
My first mistake was trading on a demo account for just a couple of weeks before I opened a real money one. I have never lost all my account but I also never made a profit, or at least a consistent profit, my account was always very small, I would deposit 100 euros and trade with 0.01 lot and once I was maybe 20 euros down, I stop and search YouTube for a new strategy, test it on demo for a few days, see that I got a couple of good trades out of it, top up my account back to 100 euro and, obviously, lose another 20 or so… I did this maybe 6 or 7 times, so compared to some of the horror stories I read here, I like to consider myself pretty lucky.
Then about a year ago I realized that this was not working, so I stopped everything and went back to basics, I started the Papypips school, and I started to go through material on the internet that would not give you a strategy but instead would teach you the basics, like money management, risk, psychology etc…, I started to work on my trading plan, I looked at myself, my life, and decided what type of trader I wanted to be or I could be. I have a full-time job which I have no plan to leave so scalping wasn’t for me, so I decided that the best fit was trading for the medium to long term. I created my strategy around this, I tested for six months on a demo account but also backtested for the previous 2 years of prices… Finally, I went live again last month, happy to report that I was able to close the month in profit, probably beginner’s luck
Which brings me to this point, I like to track my trades in a journal, which will serve as a reminder that I need to stay focus, persistent, stick to my trading plan, hopefully, buy publishing my results here others can provide support, advice, and encouragement.
My current goal is not about how much money I make (or Lose), but try to have few months of consistent profit, review my trades with comments and validate that I made the right decision even when the trade went against me.
In my next post, I will start posting my trades, I have a few still open from last month.
I hope this will be a lasting journey…
Thank You, everyone.