First of all let me be very clear – I am NOT what I consider to be a professional Forex trader. What I am is someone who likes to take things and simplify them so they work. Could they work better? Maybe – but is the effort involved worth the return.
I will share how I simplified the way I trade in the hopes it helps you become more profitable.
Trading Forex (see Wikipedia if you want more info) means buying and selling one currency for another to potentially and hopefully profit from the transaction – and thats the trick isn’t it!
Why Forex and my experience so far – a mercifully short background
I have been trading for around 18 months – some of that a bit on and off due to business commitments but I found I was introduced to it via a friend who showed me a signal service he was using. So he was letting experienced traders do the work and send the info – I tried it and although I did get some results being reliant on someone else has never sat well with me and he was “managing” the trades to make them more profitable. Within my first 20 days I did actually manage to double my initial investment but I spent a lot of time at the computer not fully understanding what I was doing but did learn a lot and enjoyed it.
I shared what I had learned with some people and I am happy to say many are trading profitably now but there was a learning curve and the methods out there were maybe a little erratic and learning to trade properly is overwhelming at first.
I did take the time to learn but not everyone has the time or wants to do that – and greed and fear of missing out take hold – but I had an idea one day that has turned things around completely for me and the people that follow my progress and tired this too.
Less is more
Want to know what stops people winning predominantly – themselves! If you have traded Forex before how many times have you made money in one trade only to give it back on the next? Also Forex in what I will call the “old way” is all about 2 steps forward, one step back. We know we don’t win every trade so there is a tendency to go for as many trades as possible with many people.
3% a day and walk away
If I could show you a high probability (nothing is 100%) way to win a trade that would get you for example 3% account growth a day would that be useful? Stay tuned. But here is what 3% a day for 20 trading days a month for 12 months – here is an example of what $£500 can turn into over a year