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The Road Ahead – Part 3

Marius — Mon, 22 Aug 2011 13:20:16 +0000

Well, the road ahead is actually simple. Apply my trading strategy as per the rules. When I get an entry signal, I take the trade, and when I get the exit signal, I exit the trade. That’s it!!!!.

The purpose of this blog is to give me that extra motivation to commit and to keep my emosions under control, and to assist newby traders, or even old timers, to help you realise that forex trading is not a get rich quick overnight scheme, and that if you stick to your strategy and treat it like a business and keep the emotions out of the way, you can make a success of it. So I will be posting my live results on this page every week, and also post comments describing the trades and the emmotions experienced.

The strategy I am going to apply is a very basic and simple strategy, as I have found that keeping it simple is the best. No need to have the chart cluttered with all the latest indicators. I will be trading off a 4 hour chart. I have back tested the strategy and it has very good results. My goal is now to trade the strategy according to the rules applied during the back test.

And hopefully here you will witness, live proof, how I can at long last after 4 years make a success of forex trading, and that this will help you not to make the same mistakes and not wasting 4 years.

Next post will be on 28 August 2011

Did forex fail me, or did I fail? – Part 2

Marius — Mon, 22 Aug 2011 12:08:00 +0000

Did forex fail me, or did I fail? Well I have been at it 4 years now, and I have gained a lot of experience, and there is a lot of things I have learned, but the biggest, and I am stressing this, the biggest problem I have had over the past 4 years are my emotions, and that is what has failed. Forex did not fail me, my emotions failed me, my ability to trade emotionless. You cannot trade with emotions. You can have the best system in the world, but if you do not apply the rules of the system, and you allow your emotions to make your trading decisions, you will fail, and that is a guarantee. They say that there is only one guarantee in life, and that is you are going to die at some stage, well I have to disagree, there are two guarantees, the one is yes, you are going to die one day, and the second is you will fail in forex trading if you allow your emotions to trade.

Most systems and strategies out there do work, believe it or not. But one must 1)give the system a chance and 2)apply the rules of the system. If you find that after 60 or 90 days the system does not produce realistic results, or it does not suit your trading styles, then it will be fair to try a different strategy. Also during this period to apply the rules, and not let your emotions take over and bend the rules.

It has taken me 4 years to realise this. Given my current financial situation, I will have to go and find a job again to make ends meet, but at the same time, apply a suitable trading strategy that I can trade after working hours. I am determined that I will succeed in forex trading, and that my current situation is temporary.

The beginning – Part 1

Marius — Mon, 22 Aug 2011 10:44:05 +0000

Hello, my name is Marius, I am the owner of this website and the author of this true life experience. I became interested in forex trading around 2003 when I was still employed within a large Telecom Company. At the time I had been working for the company for 18 years. I had a top position earning a great salary, but the urge of working for myself and not having to report to a boss was getting the better of me. I always had a vision of being my own boss and becoming financially free. It was during 2003 when I went on a forex course that was held locally in my town. Not long after that I opened my first trading account with $3000. Having also just been taught a London breakout strategy, I thought this was it, with compounding and only 30 pips a day, I was now going to get rich quick. Well, it did not take me long to blow $2000. I withdrew the balance and gave it up.

Couple of years went by when I finally left the corporate rat race. The company was downsizing, offering employees early retirement packages. I bought myself a trading store. For a while business was booming, but then things slowed down and I eventually sold out at a loss. This was my second attempt to be my own boss, and to make lots of money and become financially free. I guess this was an eye opener. Things are not as easy as one thinks running your own business, especially having worked in a “secure” environment and earning a steady income every month.

A month later I bought another business, this time a construction franchise. The first year went great and I made a decent living. However, the hours were long, and the distances traveled were far. The economy took a dip during the second year, and a lot of small businesses went down, including mine.

It was then when the forex bug bit me again. I surfed the internet, and saw how people were making millions with all the new software and systems. I was unemployed, at home full time, what a great opportunity to give it another go. This was end 2007, and by March 2008 I had opened broker accounts, bought several manual systems and expert advisers, and also falling for all the hype on the internet. I was ready with a bang to make millions, become rich over night and live the life I always wanted to, just like all those gurus on the internet.

Well it is now 22 August 2011, nearly 4 years later, and I am on the verge of losing my house, my credit cards are maxed and still paying off on my wife’s car. All I have left is two trading accounts, one with a balance of $1143 and the other with a balance of $1054.

For 4 years I have been jumping from one system to the next. As soon as a system has a few losses, I would change the system, buy a new one and try it..and so, on it went, every time losing money and funding my accounts. I was losing money, buying new systems and funding my accounts……I also had accounts with expert advisers trading on a VPS. Hoping that this would at least build my capital. They worked for a while, and then they cleaned out my account. I have bought hundreds of systems and strategies, and courses, and nothing has helped. The one thing that I really enjoyed doing, and was counting on to make me financially free…forex trading…has failed me.