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.
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