Forex Trading – My First Six Months

Forex Trading – My First Six Months

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Forex  Trading - My First Six Months

Steve Chandler foreign exchange try months well the reason I wrote it recently written a number of books relating to property development building and property development which is the industry that I've been in for over 30 years but last year after I decided to learn foreign exchange trading I thought there'd be a lot of people out there that would be actually actually be interested in finding out why someone would start learning foreign exchange trading when they've been doing something else for 30 years so that was the sort of fundamental reason well the first six months was quite good it was quite good I was very successfully trading I made a lot of mistakes and didn't follow the rules in majority of those times when I didn't win my trades but I was doing reasonably well with a success rate in the order of sort of 55 to 60 percent which as I understand it is quite good not everyone can do it not everyone can do it there's there's no doubt in my mind that not everyone can do it the reason behind that is not everyone would be committed to learning something new if you if you're able and willing to learn something new absolutely you can absolutely I've been in property development building for over 30 years coming into foreign exchange trading I never assumed that I was going to make a million dollars in the first year I don't even think I was going to make it the first five years after that who knows who knows but it's an education process and so as I'm learning I'm finding out where I'm making mistakes working out how to fix that and little by little as you said yeah whether it's 500 bucks or a thousand bucks whatever it might be it makes a difference now that's money coming in that you didn't have before so as long as you're committed I believe the majority of people can if they're committed you can make money out of Forex if you are committed if you've got a favorite TV show in your TV show could be the time that you need to study the charts or to get on to the you know what's happening in that in the world and the economic climate all of that time could be actively used in education to make yourself more money it's a choice it's a pure choice you want to make a choice to make money you go and allocate that time to the research that's required if you want to watch your favorite TV show you're not going to do very well making money anywhere else your favorite TV show is not going to give you that additional income but is your is your first job out of university the CEO of the company no it's not you start at the bottom alright unless you know someone who knows someone who gets you in one step above the bottom but we all start at the bottom so once you finish an education that education is then the next step into a lifelong education education never stops so the only difference is you're going from a formal education in a university or wherever it might be a tape of college whatever that institution might be once you finish getting those technical education the technical education then you've got to go out there into the real world and start applying that stuff and guess what you're going to make mistakes I made mistakes I still make mistakes whether it being my property development side or in my forex you'll always make mistakes but those mistakes will become less and less and less over time and if you've got a coach you know when you make those mistakes you talk to your coach your coach is going to help you not make that and other mistakes going forward coaching is invaluable I I have a business coach of my own the coaches me I coach people in building a property development so I know and understand what coaching does and how it benefits you so familiar i would never have done the foreign exchange education if there hadn't been that coach available through the through the system so through the program so for me the coaching's been absolutely essential it's an essential component of learning so how I found it I found it completely and utterly invaluable invaluable it's something that you just can't imagine you know a first grade football team in whatever sport that you follow what if they didn't have a coach where would they be you've got to have coach elite sports people have coaches the elite business people of the world have coaches everybody who's been successful and stays successful as a coach I have a coach I want to be successful I want to be more successful at forex I want to be successful I need a coach I have a coach let's let's look at it very simplistically we're going to place two trades the signals are right everything is right for us we've done our research we can see two opportunities so based on the probability that we we use to to assess this we place to trades both of them let's say we're willing to have a risk of in dollar terms ten dollars so it's a ten dollar risk but in assessing whether or not we're going to place a trade we have a target profit that we expect out of the Train so let's say that's a thirty-dollar game so the first trade we place we're risking ten dollars for a thirty-dollar game the second trade exactly the same we're going to risk ten dollars to achieve 30 the first trade losses we lose our ten dollars but the second trade achieves our target and makes us thirty dollars we've got a success rate of fifty percent one win one loss but I've lost ten dollars in the first trade but have made 30 on the second on twenty dollars in front that's how I can be in front if it was gambling I wouldn't be here as simple as that look I've been to Ramberg racecourse a couple of times in my life and been there all day to enjoy the spectacle and never placed a bit gambling is not what I'm about I have no interest whatsoever in gambling that said I come here I learn foreign exchange trading lots of my friends have said exactly that you know there's just gambling well it's not it's about mathematical probabilities it's about patterns it's about processes it's about procedures it's it is mathematical I'm a mathematical analytical type of person it fits perfectly within the type of persona that I have so you know even if you're not mathematical it's not you know you don't have to know calculus and algebra and things of that nature but it's just a mindset you can learn it it's very very easy to learn and I for me no not not gambling by any any stretch of the imagination it's interesting somebody asked me the other day at night you know what has foreign exchange trading got to do with property development and I said absolutely everything absolutely everything because it's economics in property development out our projects take years from the day that we say we're going to do something to when we finish it what can happen in the economy in that time macroeconomic conditions foreign foreign conditions in other countries they all affect the property market and if we're out there we need to know what's happening in in those markets so foreign exchange trading has actually done me a great great service in those macro economic areas because until I started Forex last year I didn't realize how dramatically currencies can conflictual based on what world events occur and like I said somebody can have make a speech somewhere not even a piece of economic data just somebody uttering words out of their mouth and a currency can plummet just within minutes of that speech and so it's been very very important you don't trade the news we're told do not trade the news and having seen these fluctuations you don't know which way the market is going to go if you're going to trade that news that's gambling all right because it affects the fundamentals the reasoning behind why you might or might not place a trade you know once you're heading into a piece of news that you know yours camp that it's coming like a an announcement of CPI results or maybe in Australia dropping interest rates you know the RBA meeting you don't place a trade thinking oh it's going to go this way or it's going to go that way you would never do that that's gambling yeah so yeah it's important yes absolutely it is the the beauty of FX is as a day trader you might only need an hour a day five days a week so that's you know you've got to be doing your research before the market open sorry before the market before the day turns over you do the research you know what you're going to do you wait for the bar to close and then you make it make your decision as to what's going to happen if you're an intraday traitor you've got to be around all the time but it's definitely definitely if you've got a little bit of time and you're willing to dedicate it at the right time of the day it's absolutely it's viable definitely

5 Comments

  1. just got out of college ..
    i want to learn forex where should i start ?

    i don't know shit about finance i majored in maths and algorithmics

  2. Theolazz TheOne

    They should remember to tell what their starting capital was :)

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