I was not going to write tonight, but I feel that I need to. I had emailed a question to support about Forex, and you suggested that I view the Trader’s Zone video series on the Forex. I watched the complete series tonight.
Between that and the Ultimate Signal Service trades that I have been taking in Demo mode, I don’t know quite where to start except to say that it makes very little sense for me to be trading anything but Forex. I have to learn to trade Forex for all the reasons that you state in the videos. What the heck am I doing trying to trade the stock market? It is a very poor business decision to trade the stock market.
I would not be comfortable putting all of my risk money into Forex, so there is a place for stocks in IRAs and the like, but for the bread and butter of my business, I should not be focused on the stock market, I should absolutely be learning to trade currencies.
So, this changes everything all over again! I’m not complaining. It actually makes me smile. I’ve been given the best training I could possibly ever have and I am eternally grateful. I would have happily paid ten-fold for what I’ve learned had I known the depth of the knowledge that I was about to receive. (There’s a testimonial statement for you!) I know I’m going to be successful. There is no question, it is simply a matter of time, effort and persistence. I have an abundance of all three because I love this stuff.
I should be applying myself to the Forex markets. That’s what you have trained me to do. It solves my problem of not being able to focus during stock market hours…I can trade in the evening. I had no idea that the leverage was so great, which is a boon if you know what you are doing.
This week is all about organization and I don’t want to get sidetracked. I need to get organized as job number one. And then I’m going on a road trip next week with a friend, so I will be away for a week. But when I get back, I need to start practicing on currencies live every night in a demo account.
When today’s AUDJPY signal got tweeted, I stopped everything and wrote up my trade card and entered my order. I actually had a pretty quiet day so I decided to look and see what was happening on the 1-min chart. There was a BO-4 setting up. The tweeted AUDJPY order was pending and we were looking for price to fall into our entry price. And, here’s a great short BO-4 staring me in the face, so I decided to paper trade it. I sat and watched that BO-4 until price closed above the Filter with a Trend Line break. By that time I had 50 pips profit in 54 minutes.
I can do this! I know the setups. I have trade plans.
I think I’ll look back with a sense of whimsy at this time of finding myself as a trader. There are so many decisions to make. Small decisions have enormous consequences. I know that I’m getting there, but it is a crooked path. If I had to make an intuitive guess, I’d say I’ll begin to be comfortable in my skin as a trader in about three more months. That’s probably when I won’t be changing everything every week and I’ll get into a rhythm. I didn’t expect it to take this long, but I had no idea how much I did not know.
Thanks again for everything.