Hey everyone! Now sometimes I have to ask myself why did I start trading forex? In the beginning I had a few nice wins and made a decent amount of money (a few thousand to be precise) but this was when it was new and I followed the course I was studying exactly. This meant I had NOT picked up bad habits and I did NOT think I knew what I was doing.
Fast forward 2 years to this current year – from September 2018 to present day (18/06/2019). Now I have built up a good bit of knowledge but I am on my worst losing run EVER. I currently have 2 accounts that in total are sitting at over 10k in losses, as you can see here!
Was it beginners luck? Did I get drawn in by the winning run at the beginning and actually this is the reality of the forex market? Well lets dig a little deeper into the reasons for this…
Is trading forex a good idea?
Firstly lets look at whether trading forex is actually a good idea? Now most likely online you have probably read stories about “how I turned a few hundred dollars or pounds into millions in a year” or “I went from washing dishes to living the laptop lifestyle in 6 months”.
Well now that sounds great. I want a piece of that, who doesn’t. If this guy can do it surely I can do it too, right?
Unfortunately, you would be wrong in thinking that this was so easily done. Trading forex requires patience determination, knowledge, skill and did I mention patience?!
You see the industry draws the regular person into thinking that they can get rich in a matter of months (even weeks in some cases) but that could not be further from the truth. What you need to succeed is a never give up attitude and you need to practice, practice and then practice some more.
If you are willing to put in the work and the hours to start with then, yes trading forex is a good idea! And you can be very lucrative from this. I personally know a few people that have and do make good money from trading forex. So why haven’t I tapped into these people to help stop my heavy losses – I guess its embarrassing because deep down I know they will tell me the same thing – you need to get back to following the set rules!
To make it in the forex world you need a solid trading plan, patience and persistence. These are the 3 key elements of a successful trader.
Can you really make money in forex trading?
The simple answer to this is YES you can. You can start to really make money in forex if you follow the rules and stick to them consistently – over a long period of time! Sorry folks this is NOT a get rich quick scheme. It is all about creating a system that works for you and following it consistently day in day out.
A guy who used to tattoo me started trading forex the same time as me, he is currently well on his way to making 7 figures from trading forex! That’s right 7 figures in 3 years! Why? Because, he has a set of rules that he follows religiously. Does he lose trades? Yes of course he does. But what he does do is follow strict guidelines on managing his risk so that his wins way overrule his losses. In this same period I personally am no where near to making even 4 figures (yet) but I guess I have had to learn the hard way as I thought I knew it all and I stopped following the rules – until now.
So what’s changed? Simply, I have grown sick of losing my money to the markets, and now I have developed my trading plan and I am sticking to it going forward and getting back to winning ways! I will post my weekly results here going forward…
Is forex a scam?
Considering how heavy my losses have been over a sustained period of time, you would think that the idea of forex being a scam would cross my mind? Wrong. The broker I use (more on them in a later post) are completely legit and actually pretty damn amazing if I’m honest. They provide all the tools I need to succeed. So why am I not getting anywhere you ask?
Well in fact I am getting there, every single day in the markets is a lesson. I currently have well over 10,000 lessons in the last ten months. So on average a thousand lessons a month! The mistakes I am making are my own doing, in that for a long period I was not analyzing my trading and I was treating it like a game. Except this game involved REAL money! And losing this amount of money has had a significant impact on my life and my mental state. Thus contributing to, that’s right you guessed it, MORE LOSSES!
I was making excuses for my losses, anything I could use as an excuse I did. I was NOT holding myself accountable for my actions and for my trading account. The only person that was caught up in a scam was me, scamming myself by not treating this as you should and as you need to.
Trading forex is a business. Treat it like a business – not like a game, because this is one game that will take no prisoners and a game you will most certainly lose if you dont follow the rules!
Learn to trade forex online
Where do I start if I want to learn to trade forex? Now there is a tonne of information online about trading forex. Some of it useful, but most of it is from people who don’t really know what they are doing and are just trying to reel you in with success stories of how they made ‘x’ amount in a very short period of time. DO NOT FALL FOR THIS RUBBISH. You have more chance of picking the winning lottery numbers than you do of this being you – if you have managed to do so then well done you are a far better trader than I- although that is not too hard at this point!
I personally started by going over to babypips.com and doing the education there. This is a great starting point if you have absolutely zero knowledge of the forex markets.
This was where I was sent by the “free apprenticeship” I was offered from a company on Facebook. However, even this turned out to be a bit of a scam as they were adding onto the spread, taking a nice sign up fee for when you deposit with then broker. Don’t get me wrong they did provide some value, as it showed me how the markets work, what kind of thing to look out for etc. But when they are making money whether you win or lose a trade and they are calling out signals for you to follow, it generally always ends badly – for the regular guy like me and you.
Nothing is for free in this world and sadly most people in this industry are not here to help you succeed.
So to answer why did I start trading forex? Well I was drawn into the laptop lifestyle and the get rich quick hype. Three years later I am still waiting to get rich and still waiting to reach that point where I can tell my boss I won’t be coming in anymore because I trade full time now. But I have learnt over the past few years that, there is a way to achieve what I want. At the time I didn’t know what it was I wanted. I thought it was the fame and the glory of it all, the fast lifestyle. But actually all I wanted was to be able to not have to work for someone else, to be in control of my own time. To spend that time with my loved ones doing whatever it is I want to do.
I want to take you guys with me from my current status of over 10k in losses, to living my dream of being free from HAVING to get up and go to work everyday, to being in charge of my own future.
Slowly but surely I am getting there, learning every day what it is I need to do. Not just in the markets, but also as a person to succeed in life.
Thanks for taking the time to read my post today and I would love to hear about your experiences in the world of forex (good or bad). The first step is owning your trading, if you are losing, then face up to it. It’s the only way to improve.
Please comment below and let me know where you are on your journey, whether you are just starting out or if you have been in the game a while. It would be great to connect.
Have a great day and happy trading…
For all your trading needs head over to my broker IC Markets, they offer low spreads and commissions on trades. The worlds No1 True Ecn broker!