My name is Rob, and I have been trading since 2008. I can
remember when I first got started, that most of the experts said it
would take at least 3 months for a newbie to learn how to trade. Through
my own personal experience, I can tell you that it takes much longer
than that.
I didn't pay for any online training, but instead scoured the internet for any "new" information that might help me succeed. I would argue that I have read more articles and tested more strategies than the average trader.
For those of you that are new to Forex, I recommend trading on your demo account until you know exactly what you are doing. Unfortunately, there is no time frame in which the light bulb will go on. Everyone is different and grasps the concepts at different times along the learning curve.
I consider myself one of the lucky ones. By nature, I hate to lose and Forex turned me into a humble man almost immediately. With the complexities of the currency market, every time I thought I "figured it out", I was sent back to the drawing board suffering through another loss.
Over the first year of trading, I was pretty much a complete failure. Going in I thought I was going to have a dream career raking in money trade after trade. The truth was I found out quickly that a poor strategy, limited knowledge, guessing and praying were the perfect recipe for failure.
I began to second guess what I had learned, and really dove into the fundamentals and technical analysis all the while applying strategies that just didn't work. So many traders that I thought were successful were using completely different strategies and methods. All I wanted to know was which would work for me.
I was trying to stabilize my income, but soon began to drain bank accounts to "make up" for the losses I was suffering through daily. Hours and hours were spent staring at the screen. Stop loss after stop loss hit.
Looking back, I don't know how I survived.
I know most traders don't come out and tell the truth about their losses. I suspect that's because of ego. But I do know that what I went through to learn this is very common. I'm not sure who's keeping score, but I'm sure you have heard that 97% of all Forex traders fail.
I found online Forex chat rooms where I spent the next couple of years "learning how to trade" and socializing with others that were struggling just like me. Slowly the people in the rooms changed over as more and more of my online friends blew through their trading accounts. All of us, although friends in the chat room were following the same "wrong" advice that led us to failure one by one.
At one point during the journey, I was using a variety of indicators that seemed to work perfectly. After back testing I decided to build a bot. The problem was the programmer knew nothing about trading, and I was feeding him bits and pieces of bad information. After testing, the bot lost twice as much as it won. Eerily similar to my personal results.
You are at a fork in the road. You can listen to what I have to say that may help you beyond your wildest dreams or you can keep searching for a way to trade that works for you.
Do you want a second opinion whether you should buy, sell or hold a specific pair? Have questions about trading strategies? Do you need the exact buy or sell points for a specific pair? Do you need answers to specific trading questions?
Every trader is different, along with various motivations for trading in the first place. We take the time to get to know you personally and find out what your objectives are. Whatever your reasons may be, we will help you reach your goals.
Having an accurate forecast ahead of the upcoming trading week is only part of the solution. You still have to know when to enter the trade, where to set your TP and SL, and how big of trade you should be entering.
Only you know where you are on your path to trading with success.
Article Source:
http://EzineArticles.com/expert/Robert_Martyka/152141
I didn't pay for any online training, but instead scoured the internet for any "new" information that might help me succeed. I would argue that I have read more articles and tested more strategies than the average trader.
For those of you that are new to Forex, I recommend trading on your demo account until you know exactly what you are doing. Unfortunately, there is no time frame in which the light bulb will go on. Everyone is different and grasps the concepts at different times along the learning curve.
I consider myself one of the lucky ones. By nature, I hate to lose and Forex turned me into a humble man almost immediately. With the complexities of the currency market, every time I thought I "figured it out", I was sent back to the drawing board suffering through another loss.
Over the first year of trading, I was pretty much a complete failure. Going in I thought I was going to have a dream career raking in money trade after trade. The truth was I found out quickly that a poor strategy, limited knowledge, guessing and praying were the perfect recipe for failure.
I began to second guess what I had learned, and really dove into the fundamentals and technical analysis all the while applying strategies that just didn't work. So many traders that I thought were successful were using completely different strategies and methods. All I wanted to know was which would work for me.
I was trying to stabilize my income, but soon began to drain bank accounts to "make up" for the losses I was suffering through daily. Hours and hours were spent staring at the screen. Stop loss after stop loss hit.
Looking back, I don't know how I survived.
I know most traders don't come out and tell the truth about their losses. I suspect that's because of ego. But I do know that what I went through to learn this is very common. I'm not sure who's keeping score, but I'm sure you have heard that 97% of all Forex traders fail.
I found online Forex chat rooms where I spent the next couple of years "learning how to trade" and socializing with others that were struggling just like me. Slowly the people in the rooms changed over as more and more of my online friends blew through their trading accounts. All of us, although friends in the chat room were following the same "wrong" advice that led us to failure one by one.
At one point during the journey, I was using a variety of indicators that seemed to work perfectly. After back testing I decided to build a bot. The problem was the programmer knew nothing about trading, and I was feeding him bits and pieces of bad information. After testing, the bot lost twice as much as it won. Eerily similar to my personal results.
You are at a fork in the road. You can listen to what I have to say that may help you beyond your wildest dreams or you can keep searching for a way to trade that works for you.
Do you want a second opinion whether you should buy, sell or hold a specific pair? Have questions about trading strategies? Do you need the exact buy or sell points for a specific pair? Do you need answers to specific trading questions?
Every trader is different, along with various motivations for trading in the first place. We take the time to get to know you personally and find out what your objectives are. Whatever your reasons may be, we will help you reach your goals.
Having an accurate forecast ahead of the upcoming trading week is only part of the solution. You still have to know when to enter the trade, where to set your TP and SL, and how big of trade you should be entering.
Only you know where you are on your path to trading with success.
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