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[Live Journal] My Journey to becoming a Forex Millionaire!

Discussion in 'Making Money' started by oenda, Feb 2, 2011.

  1. oenda

    oenda BANNED BANNED

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    If your a forex trader like me, you will quite enjoy the thought of a forex trading journal...

    I will trading real money and documenting my earnings and losses on the Forex market.

    Having studied the markets for a while now, and gained the fundamental ranging to advanced and complicated knowledge of what affects the price of the currencies we know so locally as money.

    The USD. The GBP. The EUR. The JPY. That's my speciality as I have come to know it. I also trade commodities on certain obvious occasions; however these occasions are very rare and somewhat more tricky and expensive than the usual currency trading I am so well versed at.

    I will like to make this journal really interesting and would love it if it helped upcoming forex traders or experienced forex traders optimize their game and make even greater profits as well as minimise their risk and maximise their gain. I want this thread to be a good place for anyone interested in knowing what step to take when trading forex, as well as gaining confidence in their decisions.

    I will be posting in high detail, with the usual sorts like:
    Amount invested.
    Long/Short
    Stop Loss
    Take Profit
    Leverage


    OPENING TIP:

    When trading REAL money, trade only when confident and think of your money as virtual and not "real"... so as to limit human emotion.
     
  2. havingadabble

    havingadabble Regular Member

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    Subscribed and best of luck OP - Looking forward to an exciting and informative thread!!
     
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  3. oenda

    oenda BANNED BANNED

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    02/02/2011

    Instrument: NZD/USD
    Price I bought at: 0.7795
    Trade type: Long
    Amount Invested: $500
    Leverage: X200

    Stop Loss: 0.7745
    Take Profit: 0.7843

    Really excited about this trade... looking to make 100% on this investment, suspecting I might fall short though... pretty confident I will win this trade :) (By win I mean make a profit)
     
    Last edited: Feb 2, 2011
  4. fulcanelli

    fulcanelli Jr. VIP Jr. VIP

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    What a wonderful tip. Good luck becoming a millionaire with that mindset. You'll go broke. I thought it was common knowledge to only do risky stuff like forex and stocks when you have enough money to lose without changing your lifestyle more than comfortable.


    I recommend NOBODY takes this quoted advice.
     
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  5. oenda

    oenda BANNED BANNED

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    Your right, I am not going to dispute that you ONLY trade with money you can afford to lose... but I thought that everyone is smart enough to know that and felt I DID NOT NEED to insult you or anyone else by stating the bloody obvious...
    That statement is supposed to be taken after you have begun trading WITH money you can afford to lose...

    soooo.... Thank you Captain Obvious... :)
     
    Last edited: Feb 2, 2011
  6. romeo216

    romeo216 BANNED BANNED

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    Dude there is major resistance at .7823, I don't think your trade is good. I think price is headed down.
     
  7. romeo216

    romeo216 BANNED BANNED

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    look at the daily chart and you will see the resistance.
     
  8. romeo216

    romeo216 BANNED BANNED

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    a better trade would be .7790 to .7770..short
     
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  9. oenda

    oenda BANNED BANNED

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    I closed my trade reducing loses to only $140 a few minutes ago... :)
    It's all in the forex game.
    I have to say - I was mislead by my own instinct to predict that there will be a growth in the New Zealand economy regarding employment and I was wrong... so I put my hand up to that.

    Looking at the possiblity of shorting... not sure I should short on the NZD/USD as the USD is yet to pick up.

    EDIT: Gone SHORT, the NZD should fall especially with confirming reports that the unemployment rate seems to have stuck and not amended. A 6.4% unemployment rate would mean the NZD will fall, and with more encouraging data coming in on the USD front, it looks as though shorting will be a good move actually.
     
    Last edited: Feb 2, 2011
  10. Bross

    Bross Senior Member

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    Where do you trade?
     
  11. oenda

    oenda BANNED BANNED

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    I trade on etoro, I also trade on others, but their bonuses attracted me to use them more often :)

    Plus I don't mind their spreads being high in comparison to others, I do daily trades and expect high enough pips to kill the effect of their spreads.

    EDIT: Now moving into profit. the NZD is falling as predicted, I will soon recoup my small loss and move further into profit as usual :)
     
  12. romeo216

    romeo216 BANNED BANNED

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    news comes out in 23 minutes...we'll see
     
  13. hslambo23

    hslambo23 Newbie

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    short the eur/usd, it's almost at it's highest this year. Also, the Egypt war going on will bring it down. In my opinion, it's gonna tank.
     
  14. oenda

    oenda BANNED BANNED

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    I agree, I am just waiting for the EUR to begin to show signs of tanking before I invest in its demise :)
     
  15. Erik

    Erik Regular Member

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    Occupation:
    Monitoring my affiliate accounts.
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    So give us a little background. How long have you been trading? How did you get started? What did you initially invest? How many times did you "bust out"? Care to share how much profit you've earned to date?
     
  16. hslambo23

    hslambo23 Newbie

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    how long have you been trading in the forex market? If you know what you're doing, this is a money machine depending on your self control due to unlimited day trading.
     
  17. oenda

    oenda BANNED BANNED

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    Well... I started about a year ago actually (when I started using real funds)
    and shortly afterwards I burnt out my account... :)

    I did this buying on instinct, I had no training, I just took it as gambling in all honesty. I did this a few times actually. Winning and losing at a 50:50 ratio!

    It was only when I met a few proper traders, who were able to say it was what they made their living off of, that I decided to take it a lot more seriously and actually took a course in economics and did some learning of forex strategies and indicators.

    In profit, I have earned just over $30,000 trading the forex market. Not bad for someone who started a year ago... but I really would like to push that personal fortune all the way to $100K by the end of this year.
     
  18. teeniegenie

    teeniegenie Supreme Member

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    Good luck to you OP. I'm surprised at how much time you have to make posts here. I figured forex would require more time and attention, but I guess not. I have no experience personally with forex but I know a few people who lost their shirts with it...Hopefully things will fare better for you.
     
  19. romeo216

    romeo216 BANNED BANNED

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    price fell big time...
     
  20. _l0ph0nis_

    _l0ph0nis_ BANNED BANNED

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    I would be interested in your setup. What oscillators/indicators do you use for confirming your trades? What are your money management rules?