MY ONLINE FOREX TRADING EXPERIENCE
July 13, 2011
At first I’m wondering why lot of people claimed that have huge earnings at FOREX, especially when they tied-up with automated robot/program for trading executions? I can’t satisfy myself until I decided to try it also but not automated, I preferred to be old fashion based on my knowledge at stock trading as a technical. We all know that high earning means higher risk involve always as what I understand before I open an online demo account at FXCM. They grant me $50K virtual money to use, at first day… I managed to gain up to 3K immediately for just an hour! Is this for real? Then I transfer at their Micro account which now given me a lower amount of $5K virtual money. Where you’re only allowed to trade up to 2K else, you’ll received a margin call… means, games over and you lost.
I felt more challenged with this lower amount and I traded ranging only at $10-100, since I’m now treating it as real money mentally. I used to think that this are my money to discipline myself, otherwise, this is still an ordinary game. If we think that we’re holding our own funds to trade, it will push ourselves to do more research and analysis.
After a month… I learned how it really works, although there are a lot of crash courses or seminars offered here in Makati City or any place in Manila on how to trade at FOREX online, but due to my stubbornness maybe, I still insisted that experiences are still the best teacher. It’s free anyway to open a FOREX demo account, and most of our queries can be taken through their online assistance directly from their respective websites. So... do we really need to enroll this classes offered and pay thousands of pesos to them? Well, it’s all depends I think to you then.
I prepared some notes also as my guidelines below and might be a reference for other whom interested to join this arena but might NOT applicable also to others.
1. FOREX has a big difference compare to stocks.
a. Price fluctuates in time of seconds only.
b. Huge earning can be achieved in few minutes but can be lost in the same time.
c. A very volatile and pressured job ever.
2. FOREX trading is very risky to invest your hard earned money.
a. Mind your losses, not your earnings.
b. Sell it when -10% losses reached or +30% gains achieved.
c. Trade only the 20% of your fund. d. Trade for 1 hr. a day only, then shutdown your PC.
3. TRADE for technical/chart activity not on just events.
a. It’s very volatile, you can manage to earn based on charts alone.
b. Play safe always and be contented at your target plans!
Personally, it won’t suit to my style. Although this venture can all be done online as I always preferred, but the time pressure involved is way far from my schedules. Price movement is very volatile that really requires good monitoring, even you can also post an automatic cut-loss or selling target if our price entered breach… still, I felt that live trading still the best since it’s our hard earned money is on stake. The most important issue why I can’t pursue FOREX is the time required maybe that’s why some traders use automatic robots or programs to make executions on their behalf. And I can’t take those chances. Comparing directly to stock trading, at PSE the stock trades starts 9:00am to 12noon only, while FOREX is 24 hours and you’re trading it internationally. At stock market, we’ve already meet hundred of hungry wolves ready to have a good bite for a newbie, how much more to the international market? And since PSE trades only at 3 hours a day, we could have more time adjustment to do our research and analysis at our convenient time at home, during break or lunch time while we’re at the office work. 
Since I still have a family to attend at home; I need a very less time consumptions on online tradings so that I could spend more to them. Where my FAMILY is what I always considered my best profit at all time.
Online stock trading, still my choice.
God Bless and good luck fellow traders.
Our airsoft photo-ops with my 6 months old baby,
Dad & Son tandems. Just sharing it, folks...
and just a proud dad.
:D
Posted by jov3n- trader202. Posted In : Out of the Trading-Arena
