One of the people I have spoken with who started less than 6 months ago trading the forex market told me that he read about 10 books about fx trading before deciding to enter the market with live money. He also paper traded for two months before entering the market and he was actually making money everyday on paper (haven’t we seen this before ?).
Now, when he entered the market it was a different story. He put two thousand dollars inside a forex account and started to trade, then he started to make mistakes, started to do things he knew he should not and after a fight with his wife (about money), he ended up losing all his capital in only five hours. This seems to be the summary of most people’s starting story inside the forex market (mine included !).
Somehow, this is the way the forex market does it’s baptism on his and her followers. But can this be ended ?
Well, I started to look at traders who did not lose their first accounts, I started to look at traders who seemed successful and had somehow, “conquered” the forex market. My conclusion is quiet simple. Losing is a consequence of trading by yourself.
I am now utterly convinced that most people’s money could have been saved if they had been trading with someone else. At least, the most stupid, ravaging, emotional mistakes would not have happened if you have had someone on your side saying “NO ! don’t be stupid !”.
This is why I am starting a manual trading group and I am actually seeking other traders who may want to join me (as I have some more free time now for trading). We would meet once each week trading day, probably sometime along 9 p.m – 10 p.m EST and we will analyze pairs and determine which entries to make, we will trade demo first and then live when our skills and team work are sharp. The meetings will be arranged through skype and hopefully this will make us more knowledgeable and void of our own mistakes. If you are interested please email me at ekans_ at hotmail.com or leave a message in the chatbox located in the left sidebar.
Of course, this is only an experiment and by no means does it change the fact that I am still experimenting and learing from automated trading software, which I think, is the real solution to the forex trading profitability problem. If you have liked this post or any of my work please consider buying my ebook on automated trading or subscribing to my weekly newsletter to receive updates and check the live and demo accounts I am running with several expert advisors. I hope you enjoyed the article !