I've managed to get a couple of vitual trades in so far this week, and things are looking good.
Just a reminder here, the pairing I'm working with is GBP/USD.
On Monday 25th Jan, the trade pulled in a massive 177 pips. Think about that! Even trading only .50p (cents) per pip, that's a nice £88.50 to add to the kitty.
After the big boost on Monday, I logged into the platform I'm using, to check out the charts and indicators. The indicators I'm using on my system were showing that a further climb was on the cards. On a personal level, I felt that the pair looked set for a downturn. The noises coming from Bank of Englands Monetary Policy Committee didn't sound too healthy, and after a fairly big climb, I felt the signals could be wrong. Therefore, I decided that in reality, I probably would not have put a trade on, so I left it. As it happens the pair climbed higher, and I missed out on a reasonable gain. Sometimes the news just seems not to have the expected effect.
Skip forward to today (thurs 27th). Looking at the charts early on in the morning was pretty uninspiring. The indicators weren't giving any clues as to what was happening, and the candlesticks were up an down like a brides nightie. Again, I didn't bother, but thought I would check back around lunchtime when the US market opened.
There had been some movement mid morning, with the pair continuing to climb, and the indicators were telling me a further climb was still on the cards. I set up an order to open at 1.5950, looking to take 30 pips profit. That was at 13:00, 45 minutes later at 14:15 the trade was over, a winner, closing out at 1.5985. Take the spread costs off, and it left me 32 pips up.
That really is the essence of my system, making 25-30 pips of profit on each trade. Ok, on Monday I done brilliant, but that was because I was able to sit there and keep an eye on it, extending my profit target as the price moved.
If I don't trade any more this week I won't be upset, how can I be with 209 pips of profit! Translate that into money, at my .50p per pip trading, it equates to £104.50 so far this week. That brings the virtual kitty now to a fantastic £241.85.
For now I will stick with .50p trading. Once the kitty breaks past the £500 point, then I'll up the ante and start trading with £1 per pip.
Still can't afford to do it for real just yet, but I'll definitely be doing so once I have a spare £100 to start with. That will give me a longer time to check this system out properly anyway.
I've actually started tweeting by the way, look out for me, Iwannabeatrader. Haven't a clue what I'm doing. I'm actually struggling with this blog, but we have to start somewhere eh! Hoping to learn how to use pictures and all that sort of stuff soon.
I'll sign off for now, stay tuned in, and stay happy, you'll live longer.
Thursday 27 January 2011
Friday 21 January 2011
Still chasing the Forex dream,
High to all you fellow wannabe forex traders out there. I know it's been a couple of weeks since the last blog, but I've been kind of busy.
Anyone reading my posts, will no doubt be aware that when I started doing this, I was out of work. Well at the moment, I'm trying to correct that anomaly. I honestly don't think I'll ever get a decent job with a decent wage now. I've written or emailed over 500 job applications, resulting in 2 failed interviews and 5 responses (negative) since mid Sept last year. At 50 years of age, I think my days in gainful employ can be seen as somewhat numbered. What!
So to extricate myself, I've decided to become an eBay trader. I'm setting up to begin trading on 30 Jan, so if you're looking on eBay, look out for Reytrade11, that'll be me. I will be selling cool stuff, as well as useful stuff. Well I gotta get my Forex trading money somehow, and this seems to be as good a place as any.
In the last post, I mentioned that I thought I had a system that could work for me. I tried this system out over a four week or so period, starting with £50, and more than trebled it, putting into my bank account £182. After the apocalypse that is Christmas/New Year, I set up a virtual account, and set to work on giving this new system a workout.
I set out as though all I had to start with was £100 (the virtual account gives you £10,000. the maths is easy), hopefully getting a trade or 2 on each week day. I've been unable to keep that up as yet, like I said, I'm trying to sort work out, so haven't really had the time to do a lot on it so far. However, I have managed to fit in 5 trades, and so far I've managed to increase the kitty to just over £137. Not bad really, considering in 2 weeks I only got 5 trades in, and yes, 1 of them was a loser, but one was a sizeable gain. Bear in mind that I'm trading at .50p per point here, setting a stop loss at 35 points. That means I'm losing £17.50 (17.5%) from the trading account.
All of the traders out there have a risk of 1 or 2% of their trading account, which I guess is fine if you happen to have a spare £1k or £1.5k to get you going. I haven't, so I gotta gamble in order to try and get to a situation when I can trade responsibly, and not gamble. Believe me though, it's a lot easier doing it virtually. When you have real money on the line, it's bloody difficult not to become emotional. That is when mistakes, or poor judgement enters the equation.
Anyway, stay posted (if anyone bothers in the first place). Over the next week or so, I'm going to try and get a few more trades in, and I'll try and fill in a few more details along the way. Obviously setting the business up is now my priority. I have a daughter to provide for, plus I need to get the money in to give this system another real go, but after it working well prior to Christmas, I'm relatively confident it will work ok.
I'll be back as soon as I'm able, and I'll keep you updated on where the trade is going. Thanks for reading thus far.
Anyone reading my posts, will no doubt be aware that when I started doing this, I was out of work. Well at the moment, I'm trying to correct that anomaly. I honestly don't think I'll ever get a decent job with a decent wage now. I've written or emailed over 500 job applications, resulting in 2 failed interviews and 5 responses (negative) since mid Sept last year. At 50 years of age, I think my days in gainful employ can be seen as somewhat numbered. What!
So to extricate myself, I've decided to become an eBay trader. I'm setting up to begin trading on 30 Jan, so if you're looking on eBay, look out for Reytrade11, that'll be me. I will be selling cool stuff, as well as useful stuff. Well I gotta get my Forex trading money somehow, and this seems to be as good a place as any.
In the last post, I mentioned that I thought I had a system that could work for me. I tried this system out over a four week or so period, starting with £50, and more than trebled it, putting into my bank account £182. After the apocalypse that is Christmas/New Year, I set up a virtual account, and set to work on giving this new system a workout.
I set out as though all I had to start with was £100 (the virtual account gives you £10,000. the maths is easy), hopefully getting a trade or 2 on each week day. I've been unable to keep that up as yet, like I said, I'm trying to sort work out, so haven't really had the time to do a lot on it so far. However, I have managed to fit in 5 trades, and so far I've managed to increase the kitty to just over £137. Not bad really, considering in 2 weeks I only got 5 trades in, and yes, 1 of them was a loser, but one was a sizeable gain. Bear in mind that I'm trading at .50p per point here, setting a stop loss at 35 points. That means I'm losing £17.50 (17.5%) from the trading account.
All of the traders out there have a risk of 1 or 2% of their trading account, which I guess is fine if you happen to have a spare £1k or £1.5k to get you going. I haven't, so I gotta gamble in order to try and get to a situation when I can trade responsibly, and not gamble. Believe me though, it's a lot easier doing it virtually. When you have real money on the line, it's bloody difficult not to become emotional. That is when mistakes, or poor judgement enters the equation.
Anyway, stay posted (if anyone bothers in the first place). Over the next week or so, I'm going to try and get a few more trades in, and I'll try and fill in a few more details along the way. Obviously setting the business up is now my priority. I have a daughter to provide for, plus I need to get the money in to give this system another real go, but after it working well prior to Christmas, I'm relatively confident it will work ok.
I'll be back as soon as I'm able, and I'll keep you updated on where the trade is going. Thanks for reading thus far.
Thursday 6 January 2011
I Wanna be a Trader!
A big HELLO to all you folks out there in Wannabe Traderland!
I'm sure there are many of you out there. I also suspect that, like me, you have only known failure, or maybe occasional moderate success.
I've been following the Foreign Exchange for about 15 months now. Probably like you, I have wanted a piece of the pie. I've read so much about just how much you can make on Forex, and it does leave you drooling.
However, the folk who write all the blurb in the sales letters on the websites, don't tell you that you really need a small fortune to get started, and that's before you actually pay for the system they are selling in the first place.
What I have needed has been a system that is:
After all the hours I've spent trawling through the ether, I've found neither. So for the last few months, I've been working on a system that will work for people, like myself, who don't really have a lot to start with.
I'll give a quick potted history of myself here if I may. It isn't a hard luck story, but I feel it will tell you where I'm coming from, and the majority of you reading this, will actually feel better off than you did before reading it. There will be a few of you who'll be able to say "I know where you're coming from fella."
I've basically been down on my luck for a few years now. In the last 4 years, I've managed to find work for a combined total of 18 months(ish). The thing is, I don't receive benefit other than housing and council tax benefit.
Because I'm ex forces, I get a disablement pension, so I'm told I have to live on that. The problem with that is, what I do receive doesn't even cover my overdraft, so I'm permanently in bank charge territory. The upshot of this is, I'm left with an average weekly income of around £35. At 50 years old quality work is going to be difficult, if not impossible, to come by. So you can see why Forex sounds like an attractive proposition to me.
Yes I have 'had a go' in the past. Sometimes with moderate success, but with most trades ending up in abject misery. Admittedly I got greedy at times, but that was brought on by desperation. In effect, I was gambling rather than trading. I wanted to run before I could walk, get to the point where I would be able to provide for me and my 5 year old, and still play 'the game'.
I lost my most recent job on 3rd Sept last year, and I was facing the prospect of doing my Christmas shopping in Pound Stretcher. I have a daughter who was 6 on New Years day, so you can imagine my dilemma.
Potted history over, hopefully you will appreciate the situation now. Like I stated earlier in this post, I've been following Forex for a while, so I have managed to learn a thing or two. I'm by no means an expert, I have a few more years of trial and error before I obtain that accolade. I finally seem to have cracked the way to getting my foot in the door. I developed a strategy that paid off between early November and early December.
Starting with £50.00 (it's all I had), I withdrew from my trading account £182.00 on 10th Dec'. "Not a lot," I hear you say, but it is! I more than trebled what I started with, in little over 4 weeks. It was enough to allow me to at least get some of my shopping at stores other than Pound Stretcher.
So what's the point of this Blog then? Well, I wanted to share the experience with fellow traders, who like myself, have felt totally excluded from the club. I want to show that the little guy (literally, I'm only 5'7") can get himself a piece of the action. At the moment of writing this, I'm back at square 1, but now that Xmas and child's birthday are out of the way, I'm going for it again.
Once I reach the dizzy heights of £50.00, I'm putting my system to the test again. Basically, I want to prove to myself that it does work, that it wasn't a fluke. Plus, if it works for me, it will work for anyone. I know I'm going back to a gambling and not trading situation, but we have to start somewhere don't we? Besides which, I'm giving myself an edge with this new system, and because some pressure is off, I can be a little more patient.
My intention is to build slowly, compounding my staking plan as I reach certain levels. The initial goal being to reach a situation that will pay me a regular wage of £225.00 per week, which I am going to attempt to reach prior to the school summer holidays beginning. The ultimate aim is to trade, not gamble. As time goes on, I want to keep wannabe traders up to date, let you guys know if this thing is worth pursuing. Right now, I feel it is. Stay tuned and see how I get on.
I'm sure there are many of you out there. I also suspect that, like me, you have only known failure, or maybe occasional moderate success.
I've been following the Foreign Exchange for about 15 months now. Probably like you, I have wanted a piece of the pie. I've read so much about just how much you can make on Forex, and it does leave you drooling.
However, the folk who write all the blurb in the sales letters on the websites, don't tell you that you really need a small fortune to get started, and that's before you actually pay for the system they are selling in the first place.
What I have needed has been a system that is:
- not expensive, sub £100.00 please.
- a system that will allow me to start with £100 to trade with.
After all the hours I've spent trawling through the ether, I've found neither. So for the last few months, I've been working on a system that will work for people, like myself, who don't really have a lot to start with.
I'll give a quick potted history of myself here if I may. It isn't a hard luck story, but I feel it will tell you where I'm coming from, and the majority of you reading this, will actually feel better off than you did before reading it. There will be a few of you who'll be able to say "I know where you're coming from fella."
I've basically been down on my luck for a few years now. In the last 4 years, I've managed to find work for a combined total of 18 months(ish). The thing is, I don't receive benefit other than housing and council tax benefit.
Because I'm ex forces, I get a disablement pension, so I'm told I have to live on that. The problem with that is, what I do receive doesn't even cover my overdraft, so I'm permanently in bank charge territory. The upshot of this is, I'm left with an average weekly income of around £35. At 50 years old quality work is going to be difficult, if not impossible, to come by. So you can see why Forex sounds like an attractive proposition to me.
Yes I have 'had a go' in the past. Sometimes with moderate success, but with most trades ending up in abject misery. Admittedly I got greedy at times, but that was brought on by desperation. In effect, I was gambling rather than trading. I wanted to run before I could walk, get to the point where I would be able to provide for me and my 5 year old, and still play 'the game'.
I lost my most recent job on 3rd Sept last year, and I was facing the prospect of doing my Christmas shopping in Pound Stretcher. I have a daughter who was 6 on New Years day, so you can imagine my dilemma.
Potted history over, hopefully you will appreciate the situation now. Like I stated earlier in this post, I've been following Forex for a while, so I have managed to learn a thing or two. I'm by no means an expert, I have a few more years of trial and error before I obtain that accolade. I finally seem to have cracked the way to getting my foot in the door. I developed a strategy that paid off between early November and early December.
Starting with £50.00 (it's all I had), I withdrew from my trading account £182.00 on 10th Dec'. "Not a lot," I hear you say, but it is! I more than trebled what I started with, in little over 4 weeks. It was enough to allow me to at least get some of my shopping at stores other than Pound Stretcher.
So what's the point of this Blog then? Well, I wanted to share the experience with fellow traders, who like myself, have felt totally excluded from the club. I want to show that the little guy (literally, I'm only 5'7") can get himself a piece of the action. At the moment of writing this, I'm back at square 1, but now that Xmas and child's birthday are out of the way, I'm going for it again.
Once I reach the dizzy heights of £50.00, I'm putting my system to the test again. Basically, I want to prove to myself that it does work, that it wasn't a fluke. Plus, if it works for me, it will work for anyone. I know I'm going back to a gambling and not trading situation, but we have to start somewhere don't we? Besides which, I'm giving myself an edge with this new system, and because some pressure is off, I can be a little more patient.
My intention is to build slowly, compounding my staking plan as I reach certain levels. The initial goal being to reach a situation that will pay me a regular wage of £225.00 per week, which I am going to attempt to reach prior to the school summer holidays beginning. The ultimate aim is to trade, not gamble. As time goes on, I want to keep wannabe traders up to date, let you guys know if this thing is worth pursuing. Right now, I feel it is. Stay tuned and see how I get on.
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