On June 7th, 2010; I made a decision to venture into forex trading. My aim was to understand the market which will help me create a retirement job. Understanding the market will enable me to trade profitably during my retirement period. I started to read books as many as possible. I was so determined that, after 1 year, I have read more than 103 books and blogs talking about forex. Yet all the strategies in those books didn’t produce any consistent profit after 1 year I used on demo account. There were only 2 strategies whose drawdown was low with a high Sharpe ratio. During the 2nd year, I started trading live with initial capital of $2k using these 2 strategies. With reward to risk ratio of 2:1, I lost all the money in 1 month that’s October 2011. I was devastated because of all the resources put into it has gone wasted. A week later, I went back to the drawing board to make a new decision on this adventure. Within, a month later, my demo trading plan clearly depicts that, I am Swing Trader. This is where my breakthrough started with solid money management. I stuck to 2:1 reward to risk ratio. 4months later, my demo account had 22% net profit with initial amount of $2k. I was overjoyed thinking my strategy was a holy grail. Eventually, I used the same trading plan on a live account with initial capital still $2k and made 4.8% net profit. To cut the story short, it took me 6 years to develop 5 different trading profiles with its corresponding trading strategies which has been successful till today. Every profile has its own emotional and psychological effects. From January 2017 till now, I have recoup all my lost money and consistently making profit. I don’t use Expert Advisors, I trade manually and I’m always trading everyday depending on the profile and strategy I used for that particular day. So my advise to newbies and novice, you can trade for a living but it takes hard work and determination to move along with smart money (institutional investors). My strategies are simple, I used only 3 indicators but the timeframe determines the kind of profile I’m using. So go for it…
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Hi Oseikp, thanks for the post, its nice to hear you are profitable now. I wondered whether the only reason you posted was to say people can be profitable or was there something else you wanted to add to. Because it’s obvious to people that you can trade for a living. There are a lot of people making a living from trading. Or was this like a motivational post.