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csaunders · 23-09-2003, 10:40

Well to add a shortened version of my FX trading life to thus far. Started off with the absolute minimum $3K with GFT 2 years back. Also started out with excellent confidence - I had been demo trading for 2 months - making a pretty decent return and felt that I had been careful enough. After all the demo trading had been going well - all I had to do was follow my strategy which in hindsight was pretty flimsy (what was I thinking??)

My first trade was GBPUSD - promptly lost $200 of my precious capital - GULP. This was enough to collapse all previous confidence into a pool of doubt. From there I managed to manage my losses - only gradually losing although with admirable consistency all the way down to $2K. I used to have periods of extreme anger - either when I missed out on a move or traded irrationally. Meantime a colleague of mine was literally coining it - made $25K days before the Euro was introduced - gee what an opportnuity that was, and there I was clubbing golf balls less than perfectly at a driving range... aargh!

Thanks to my wife which actually encourgaged me to continue I forged forth - after giving serious consideration to pulling the plug. I devised a plan and stuck to it - come hell or high water. I would sometimes trade once a month- other times 3 times a day. Using the approach I have done exceptionally well - it's like Pete says discipline and sticking to the rules.

Don't simply because you've switched on your PC make a trade - opportunities do come along but not necessarily in your window of opportunity to trade.

Currently still part-time trading(which is all the tougher) although when my returns justify the leap I'll do so without hesitation - beats any 9-5.

Let's hear some more stories... makes for interesting reading.
Cheers

23-09-2003, 10:40	#24
csaunders level 3 Join Date: Sep 2003 Posts: 160 Downloads: 0 Uploads: 0 Rep Power: 0	Well to add a shortened version of my FX trading life to thus far. Started off with the absolute minimum $3K with GFT 2 years back. Also started out with excellent confidence - I had been demo trading for 2 months - making a pretty decent return and felt that I had been careful enough. After all the demo trading had been going well - all I had to do was follow my strategy which in hindsight was pretty flimsy (what was I thinking??) My first trade was GBPUSD - promptly lost $200 of my precious capital - GULP. This was enough to collapse all previous confidence into a pool of doubt. From there I managed to manage my losses - only gradually losing although with admirable consistency all the way down to $2K. I used to have periods of extreme anger - either when I missed out on a move or traded irrationally. Meantime a colleague of mine was literally coining it - made $25K days before the Euro was introduced - gee what an opportnuity that was, and there I was clubbing golf balls less than perfectly at a driving range... aargh! Thanks to my wife which actually encourgaged me to continue I forged forth - after giving serious consideration to pulling the plug. I devised a plan and stuck to it - come hell or high water. I would sometimes trade once a month- other times 3 times a day. Using the approach I have done exceptionally well - it's like Pete says discipline and sticking to the rules. Don't simply because you've switched on your PC make a trade - opportunities do come along but not necessarily in your window of opportunity to trade. Currently still part-time trading(which is all the tougher) although when my returns justify the leap I'll do so without hesitation - beats any 9-5. Let's hear some more stories... makes for interesting reading. Cheers __________________ Show me the money!!!