Hello Steemit - Here is my Trader's Life

Hello everyone.

First of all, English is not my native language, so I hope you will understand to me about some cryptic sentences.
My name is Klassical. I'm a part-time trader since 2010. This is a summary of my 8 years of pains, hard work, failures, frustration and disappointment in forex.

In 2010, I heard a SEMINAR on a make money online forum about forex trading. Frankly speaking I attended that seminar because I thought I would make easy money from financial market. I thought just read some books and follow rules strictly would help me make money. At the seminar, they taught some basic candle sticks, but at that time, I thought it was enough to make money. I opened a $100 account directly at the seminar. I burned it in a week.

After that, I decided to learn forex deeply. But I didn’t have much time to do it. I spent about 1 hour daily to learn forex. 6 months later, after read some books (Trading for a living, Trading in a zone, etc) and learned babypips course, I opened a $100 account again. This time, I burned it in 3 months.

By the year 2012, I officially registered as a member of some trading forums so as to join traders raking pips. Did I really rake pips or pips raked my accounts?

I began trading again in June. This time I traded carefully. I funded 25, 50, 75 100 & 150. These loses further triggered my frustrations, anger & pains always thinking how to recoup this loses back. Most of these loses were as a result of big lot sizes, mistakes, greed, emotion, power electricity and signals from other traders. It turns out that whenever I lose my capital to the signal poster, I immediately turn a beggar & pained, frustrated & negatively charged. I stopped trading in March 2013.

I continued my real life job and traded demo accounts and tried to find out my holy grail. In June 2013, when the method was seen, I tried to convince myself I got the holygrail after luckily being successful in demo for a week. I decided to go live with $50 & first week balance was $149. Little did I know it was fraction of the main method. On first day of the second week, account was melting before my eyes & I hold on until it crashes down to $113 & then to $45 before $0 balance. Few minutes later all positions came back to their entries & printed profits. I knew I was over leverage. So I decided to accumulate to open a big account and continued to trade demo.

During that time, I knew the system that I was using is not consistent. I left it and realized market is dynamic. I removed all indicator, just used supply demand, support & resistance, trendlines and naked chart. In early 2014, I deposited $3000. And since them, I have made 5-10% each month consistently. Although I got success in trading, I have continued my real life job. I’m not ready trading for a living now. I need to accumulate more capital.

In 2017, I was interested in crypto currency. I was scared about them because I don’t understand them. But I have joined in bitcoin in July. At that time, BTC is about $2500. And I realize that this market is easier than forex. Crypto currency market has only one trend, UP. So I have made only long position and make huge profit. From now, I’m not sure about that bull market, but I still make only long position.

Now I’m not sure if I should trade for a living, but I will only do that when I have $100,000 account.

Here is a good advice that I read on the net, I hope you will learn something in it. I will re-write it because I do not remember exactly.

THE DYNAMIC NATURE OF FOREX MARKET

After years of battling this thing and getting it right finally, I cannot but agree with some personal truth and experiences that I believe up coming newbies should thread cautiously. Forex trading is not bed of roses if work blindly. You must work it out yourself dear or find a successful forex trader to coach you freely. It is not rocket science. It is the easiest-difficult thing there is. You do not need the holygrail to make money consistently as there are a thousand way to make profit.

Advanced and Simple Price Action is overrated. Go back to your chart and see how many times bullish/bearish engulfing candle, head & shoulder, butterfly, trend lines, fibonacci ratio, pivots, double top/bottom, pin bar, hammer, doji, railroad, marabozu, soldiers etc were all roasted at key zone what we were all thought in trading books as support & resistance level, overbought and oversold. I personally like calling the level demand and supply. What am saying is that if any of these do not work for you. it is time to discard and find what suit and work for you to the best of your ability. You must not follow the crowd newbies lest you end up repeating my mistake. Market move in range, random and trend. The random / range aspect is the most deadly, most profitable and most powerful. Ignore at your own peril.
An holygrail is to be patient, adopt working method, contented, consistency, fearless, emotionless, disciplined more than a soldier, well capitalized and tsunamically ready at all times.

Thanks for reading my story!