I started this blog months ago. Might even be a year ago, shieeeet, but I didn't keep it up to date, because I was too much of a lazy bum. This time, every single forex trade I take, whether it's win or lose is gonna be posted here, without exception, no excuses. I'm gonna try and learn something from every trade that I take. Firstly, let me tell you why I've decided to do this...
You already know the basic story (read the blog description if you don't.). I may have made a stupid decision (I was drunk) and the odds might be hugely against me, but I'm another guy who wants to make it in the forex business. I demo traded a few months, made good money, traded live, lost a bit of money, got the hang of it and made some money, lost some money, and for the first 6 or 7 months I was a break even trader. Meaning my account never went into huge draw down and never went into huge profit. Some would say it's quite an achievement for a trader in his first year. The most profit my account had at one time was just shy of £200. The biggest draw down was also around £200. The last couple of months have been tough. It's like the market has just been beating me up. Acting illogically, just to spite me. Sometimes I've taken setups that I was sure as can be were gonna work out and BOOM! I get taken out in a few hours and lose 2% off my account. When the market moves against me it moves HARD. When it moves in my direction it hesitates and makes what I call pussy moves. Then it moves against me and moves fast to take me out. So my account went down to £438 and mentally it's been so tough to deal with the fact that I'm not getting that consistency that's required to make money. Doubts started to creep in, about whether I would ever make it in the forex business. Well, I think it takes a messed up person to succeed in forex. A messed up person as in someone who doesn't know when he's beaten. Doesn't know when to quit. Someone who will take a beating, lick the blood, and smile sadistically...Like this guy....
The forex market has frustrated me, beat me up and mocked me. The aussie dollar in particular, the fool. Well this is why I titled this post, "The beginning of the end for the forex market". I now keep a spreadsheet where I record all my trades (and I'm gonna post them all in this blog). Piece by piece, I'm working out the forex puzzle, becoming more picky with my trades. I had a losing trade the other day and it didn't even bother me that much because I know why I lost that trade. I won't make that same mistake again. I'm not your average trader. I'm gonna work everything out like this, so forex better watch out. Some people blow their accounts and quit. Some people blow their accounts and it makes them change into better traders. While I am screwed up, I'm not that screwed up that I can blow account after account and keep going. I don't intend to do that. Forex knows this. Forex knows I'm too smart to blow my account.
Forex better be scared, because I'm coming for it. I'm learning from each trade. Forex may be winning right now but each day I'm improving as a trader. I'll take those losses on the chin, like Joe Frazier kept taking Ali's shots. I'll keep coming. Forex aint sh*t. Talking trash to the forex market like this makes me motivated. I feel like a prince when I talk trash about forex. I feel like a prince who is future king. It's my destiny to not only be a successful trader, but to beat the forex market from pillar to damn post. Outclass it. Counter it. Embarrass it. I'll eat those pips for breakfast, dinner and lunch. I'll gobble those pips like pacman. When I make it, the market is gonna take one hell of a beating. I will clean up. The aussie dollar especially is gonna pay for the money it's lost me. This is the beginning of the end for the forex market. I'll read these words back some day, when I'm a legendary trader.
So, having said all of that, let me post my first chart. I made this trade on the 17th of September 2012. I shorted this pair because price usually respects the 6 ema (yellow line on my chart) in trending markets. I figured we were in a downtrend, price had closed below the 6ema for 12 days straight, and it would probably reject the 6ema and keep going down. As the notes say, price just went sideways the whole week, I didn't want to hold over the weekend, so I took a very small profit of just over £7. Which is 0.24% of my account. I had risked 2%. My notes say it was not a bad trade to take. At this moment in time, I have not changed my mind. This does not mean I'm right. It does not mean it was a good idea to take the trade. It just means that is how I feel AT THIS POINT in time-I'm still learning, and I may be completely wrong.
Click chart to enlarge.
Had I not taken my profit, I would have made a 2% loss as in the coming days price went on to hit where my stop was (the first horizontal red line from the bottom on my chart-1.2308). I don't regret taking the setup, and if I saw the same setup, I would probably take it again. Again, that's just how I feel right now, but I may look at it differently in the future.
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