Hello fellow newbie traders. This is my trading journal -documenting my journey as a trader and the progress i make. I will post my trading result every month. Win or lose. Hopefully this will help myself to self reflect and transform myself to become a better trader and human being.My journey has been a long and hard one. I hope i will be able to succeed like others and changed my life. Should I succeed, i hope this journal could help somebody else who may have just starting out and need encouragement.
I have been struggling with forex for 4years. The first year spent like any other newbies when they started this venture: looking for get rich quick trading system. After being introduced to forex by a friend- who claimed to have been making easy money on a daily basis just by staring at charts; i too was lured to watch him trade and a few weeks later opened a demo account. Envy of his easy success with such and such indicators, i also tried on demo for a month and make 20% profit. I was thrilled at this early success and thought my life would changed for the better. So i trade the indicator on live account. But to my surprise, i kept losing money-even after trying a lot of different indicators. Being a naive newbie, i thought this must be rigged- somehow my broker has cheated me. Hurt, frustrated, and bruised ego forced me to quit and close the account. I thought i would never trade anymore.
So much for self resolution. A year later, i was reading a newspaper when i saw an ad of a forex seminar by a so called forex master who claimed to be able to make fantastic return in any market conditions. Yeah right -i thought. But i couldn't get that ad out of my head for days. So i thought, okay i am gonna check to see if ANYONE has made any money from trading - and prove that the whole trading thing was a scam, a gambling game disguised as a legit investment -no more than brokers propaganda. Then i proceed to a bookstore and found a book called Market Wizards. Much to my surprise, there were numerous people who have been making fantastic amount of money featured in the book. I couldn't sleep that night.
Before long, i started learning how to trade. Only this time i didn't trade as much -mainly reading as much as i could on the basics. The next two years i spent reading 40+ books, watching videos/webinars on any aspect of trading. But i was still losing money on demo accounts. I lost count of how many demo accounts i blew. Only this time i learned a great deal about trading. Looking back at those years, i thank GOD that i kept losing money when i started -because it reshape my psychology and personality. These days i don't feel happy/sad when i wins/lose. Cutting losses short also become almost mechanical.Money management also has been refined. The only thing i need is a solid methodology that could give me a statistical edge.
In late 2010, i found J16 thread that seems to hold some piecesof the puzzle that i need. So I have been studying the material along with others that i have picked up along the years -and vigorously practising on demo. So far the results have been mixed, somewhere between small losses and breakeven.
That's it for now -I will edit this first post as i progresses
Thank you for following,
Danny
I have been struggling with forex for 4years. The first year spent like any other newbies when they started this venture: looking for get rich quick trading system. After being introduced to forex by a friend- who claimed to have been making easy money on a daily basis just by staring at charts; i too was lured to watch him trade and a few weeks later opened a demo account. Envy of his easy success with such and such indicators, i also tried on demo for a month and make 20% profit. I was thrilled at this early success and thought my life would changed for the better. So i trade the indicator on live account. But to my surprise, i kept losing money-even after trying a lot of different indicators. Being a naive newbie, i thought this must be rigged- somehow my broker has cheated me. Hurt, frustrated, and bruised ego forced me to quit and close the account. I thought i would never trade anymore.
So much for self resolution. A year later, i was reading a newspaper when i saw an ad of a forex seminar by a so called forex master who claimed to be able to make fantastic return in any market conditions. Yeah right -i thought. But i couldn't get that ad out of my head for days. So i thought, okay i am gonna check to see if ANYONE has made any money from trading - and prove that the whole trading thing was a scam, a gambling game disguised as a legit investment -no more than brokers propaganda. Then i proceed to a bookstore and found a book called Market Wizards. Much to my surprise, there were numerous people who have been making fantastic amount of money featured in the book. I couldn't sleep that night.
Before long, i started learning how to trade. Only this time i didn't trade as much -mainly reading as much as i could on the basics. The next two years i spent reading 40+ books, watching videos/webinars on any aspect of trading. But i was still losing money on demo accounts. I lost count of how many demo accounts i blew. Only this time i learned a great deal about trading. Looking back at those years, i thank GOD that i kept losing money when i started -because it reshape my psychology and personality. These days i don't feel happy/sad when i wins/lose. Cutting losses short also become almost mechanical.Money management also has been refined. The only thing i need is a solid methodology that could give me a statistical edge.
In late 2010, i found J16 thread that seems to hold some piecesof the puzzle that i need. So I have been studying the material along with others that i have picked up along the years -and vigorously practising on demo. So far the results have been mixed, somewhere between small losses and breakeven.
That's it for now -I will edit this first post as i progresses
Thank you for following,
Danny