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My Forex Journey Into Passive Income

Discussion in 'My Journey Discussions' started by PredatorKingdom, Mar 26, 2020.

  1. PredatorKingdom

    PredatorKingdom Regular Member

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    I started my first full day on Forex yesterday and I made about $78 profit only using $50 to start.

    I've been using the past 2 years to figure out what's the best way to make money online, I made a passive income from YouTube from 2012-2018 and had to go through a lot of misfires to potentially get to this point. I'm not like super sure that Forex will work for me in the short or long run but so far so good.

    I spent a couple of days just practicing on the demo trying to get my confidence up because I went through a 3 week period where I burned through my money trying to make money through the online casino niche.

    Forex trading is a lot like the casino niche but it's not set up for you to lose every hand like you are in the casino. You do need to be skilled and train yourself to get better at it as you will lose money doing it so definitely take advantage of demos.

    Well anyways getting to today I deposited $50 into my account to give it a shot I'm on my last legs financially so I felt like I minus well see how this works. I used a 20 cent lot or 0.20 volume and I was deep into the negative early but I kept my cool as I learned this trick to stay in the game and not stop my tradeline.

    I had invested into a real good stock that was sending me into a positive zone and within about 30-40 minutes I was finally in the positive and I grabbed about $32 on that trade. My confidence started going up at this point.

    Then I made another $46 to finish up my day and lost my initial $50 deposit and had to put another $50 in there but all in all, I made $78 bucks in one day and this was just my first day.

    I broke a cardinal sin which is not to use money that you wouldn't want to lose but in my situation, I literally had no choice. I felt like at some point my luck was going to have changed and it finally did yesterday for the first time in 2 years.

    Who knows my Forex career might end tomorrow but so far so good and I barely had any real knowledge I just took the advice of a few people I studied on YouTube and took their techniques and used it here and it worked.

    The key to Forex is knowing when to pull out when you get into the positive zone and you have to control your greed. There's always an inch to let the candlesticks continue to trickle up but I learned to follow setups and I know when a candlestick will start going down and that's when you need to pull out. If you get out too late then you need to stay there and go deep into the negative until it starts to rise back up.

    Just study the market and look for the setups as more times than not. It's basically like playing a video game or Tetris and just knowing when to get in and when to get out.

    I'm using a smaller account so I take my profits in chunks like grabbing $3 or $5 or $10 or $20 or $30 here and there. When you have more money in your account balance then you can play bigger lots and make $100 or more on one trade but it's going to take much longer on smaller accounts but the time you spend on Forex is worth it if you can make more than $50 or more a day.

    My ultimate goal at this point is to make $100 a day from doing this and turn this into a livable income every month which is very possible.

    Right now I hope to go into tomorrow making at least $50 minimum but I might wait a day to trade again because I just withdrew $50 into my bank and I'm awaiting confirmation from my broker that the money will go through my debit card. Once that's done I'll start trading again.

    Another goal of mines is to only risk the money I directly make from Forex instead of the money I already had in my bank. This will happen if I can win one more day at Forex and then the money I risk will only be Forex money at that point.

    If you're like me and you're looking for some hope to make some good money online don't be scared to delve your head into Forex. Just a few months ago I didn't even know what the hell Forex was and always ignored it and now it might be the main reason I finally get out my situation.

    If Forex does great business for me then I will use it to get back onto YouTube and get that career back going.

    This is so beginner-friendly it's ridiculous how easy this can be once you figure it out it literally took me only 2 days to figure this out. It's basically a money printer for real and you just gotta buy trade markets that show promising patterns.

    Just a quick warning closing sales is super hard because the price be moving so fast you can go from $15 profit to $2 in just 3 seconds so get used to making fast decisions on the fly.

    YA DIG!
     
    Last edited: Mar 26, 2020
  2. yherrliche

    yherrliche Power Member

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    Sounds like you're trading with heavy leverage, be careful its almost the same as gambling.
    Good luck
     
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  3. PredatorKingdom

    PredatorKingdom Regular Member

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    Yep it pretty much is gambling pretty much the biggest difference is I have a bit more control in this arena and online casinos are built to take all of your money but for sure people definitely have to be careful.

    Thanks for wishing me luck!
     
  4. DamoHG

    DamoHG Jr. VIP Jr. VIP

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    The markets are going crazy right now do you think you'll be able to keep anything close to those returns? once it's settled down.
     
  5. Flacko

    Flacko Jr. VIP Jr. VIP

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    Sounds like you will win fast and then lose it all.
     
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  6. Elvlin

    Elvlin Jr. VIP Jr. VIP

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    Be careful thought. In my experience you need to be amaster at forex to even earn 10% stable profit.
     
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  7. DIOX.ON

    DIOX.ON Newbie

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    Good luck, I would also like to learn more about Forex.
     
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  8. ber_92

    ber_92 Registered Member

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    i trade binary options. been doing it for a year. lost so much at first .. but when you find your strategy that works for you, then you see the money roll in.
    it's a mind-set too, a good feeling when you reach that trader mindset!
     
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  9. SuperSonicProxy

    SuperSonicProxy Jr. VIP Jr. VIP

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    Goodluck with your journey. Will be looking forward on your updates as I am also trying to learn such.
     
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  10. Yolandapoirier

    Yolandapoirier Newbie

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    The reason many forex traders fail is that they are undercapitalized in relation to the size of the trades they make. It is either greed or the prospect of controlling vast amounts of money with only a small amount of capital that coerces forex traders to take on such huge and fragile financial risk.
     
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  11. kikmebiz

    kikmebiz Regular Member

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    I trade forex for a living. Always have €1000 in my account and always make between €50 and €100 a day which Im happy with.
     
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  12. ddlmanager

    ddlmanager Power Member

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    0.20 lot size with a 50$ account is just crazy, you must have been lucky cause literally the spread alone could've killed your account
     
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  13. kweiss

    kweiss Regular Member

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    8th year trader here and I can tell you that Forex and Passive Income do not work together ever.

    You have to analyse and adapt all the time. Even if you use an EA or script, market dynamics change constantly and are way faster in our time then it did 15 to 20 years ago.
    So you need to change their parameters too. The closest I have gotten to having passive income in trading was when I used Renkos and a pine editor script. But I still had to manage the trades manually. I think it worked and still works because of the nature of renkos. On candlesticks, the same parameters fail miserably!


     
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  14. Razen666

    Razen666 Elite Member

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    Good luck and be carefull because u can lose everything.
     
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  15. fraserrr

    fraserrr Junior Member

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    this, but can be lucrative so be wise OP!
     
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  16. ger81948

    ger81948 Jr. VIP Jr. VIP

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    I totally agree. The best thing I can say about the type of forex trading you're doing is it's a good thing you only have $50 to lose.
     
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  17. PredatorKingdom

    PredatorKingdom Regular Member

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    I think I will but who knows but the markets have been crazy since I started. I'm loving every second of this crazy experience though.

    I'm definitely not gonna go in that direction especially if I'm looking to make money off this long-term. I'm used to winning early and keeping things going long-term. I was a fast winner in my YouTube career back in the day and people told me I was going to lose it all within another month or two and it never happened. I like to defy the odds when I win at anything like that early.

    That can go for anything in life really everybody has to be skilled at stuff before they swim across the shore. Thanks for the advice!

    Thanks, buddy, you should definitely learn more about Forex and dive into it. I made this thread to hopefully inspire people who want to dive into it.

    Yeah, there's so much to lose but I always look at losses as lessons to help you be better so you can build the best strategy possible to win more and more. I feel like 60-70% of the game is the mind-set as a scared mind-set results in losing while a confident mindset results in more success.

    Thanks, bro and I will definitely post updates when I have a chance. I hope you will learn from my updates as well or get inspired.

    Yeah, that's why Forex is for people who like to take chances it's just one of those things where you're basically kind of gambling and you're willing to lose to make more money. You definitely gotta have a strong mindset to do this no doubt about it. My mindset was pretty set when I experimented with the online casino niche that I was going to lose so much starting out but eventually win. There's a good YouTube video that warns people about lot sizes based on initial capital. One thing I've learned is that it's a catch 22 situation with the bigger lots because you'll lose big when the markets drop but when they rise you'll profit quicker so for people trading with bigger lots you will need to pay attention to upswings very closely. I actually had an experience like that tonight where this one market caught fire and I bought in and sold quick.

    You can look at it this way too the markets are a lot like the weather forecast you just gotta know what markets to buy up and when to get into them.
     
  18. PredatorKingdom

    PredatorKingdom Regular Member

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    I can tell you're experienced and you know how to play the game cut your losses. My goal is to have that amount in my account so I can trade easier, right now I'm building up so anything I can get while I'm in the beginning stage is okay for me as long as I'm not having a losing day I'm good. This probably won't become a full living for me for at least another 2-3 months but who knows with how crazy Forex is I might be a pro in no-time. :);)

    Who knows I might've been lucky or just skilled, I'll know for sure if it's luck or not based on how things go through the next week or two. I played with the medium-sized lot because I noticed in the demos that the mini-lots were moving to slow when it was time to profit and it was keeping me in the negative too long where the 0.20 size was getting me in the plus zone much quicker. My account only got wiped out once and that was because I accidentally did a double.

    I messed with 0.40 size a lot yesterday and tonight I'm messing with 0.30 size just to find a medium between those two. To me, you can play with the larger lots when you know the market is going to rise but when you don't know don't use it. It's helping so far using these sizes.

    You're right about the passive term as you definitely have to be hands-on especially early on. I have messed with more money in the demos to see how things will work while I'm sleeping.

    In the demo I started with a $100,000 hand and I tried a 6.00 lot and I bought the same trade 5 times and just let it sit there while I was sleeping and after I got up I took a shower and checked it after that each trade made almost $2,000 for a full $10k profit. If this was real I literally would've made $10k in one day just letting that sit there in my sleep. I'm gonna do this one day when I make money out of this but right now it's definitely not passive for me I have to watch the markets all day and night to see when is the best time to jump in and buy a trade just by finding the patterns in the market. Usually, the wave markets are the best ones to track down because they go real low then they go really high.

    Thanks, man for the warning being careful is the name of the game.

    Yeah right now I'm looking to be very wise and have patience so this can be lucrative. Right now is the scariest part of my Forex career because of the low capital I'm working with but once my capital rises the more comfortable things will get.

    Thanks for the PM as well!

    Yeah I thought about that as well that's why I'm doing it with lower money because had I started with a bigger capital I would've been greedier thinking just because I have more money then I can take bigger losses. By having lower money it requires me to be more careful and this is a great strategy for beginners because it teaches you patience in this game that way when we do get more money in our accounts we are much more careful with larger money.
     
  19. ddlmanager

    ddlmanager Power Member

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    Remember that it's not about being skilled. You can have the best strategy in the world but you're always gonna lose some trades, no matter what. And if you don't use proper risk management, one single trade can literally blow your account. But anyway it's your money, and seems like you are conscious that you could lose em. Wish you best of luck with your trades, keep us updated!
     
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  20. PredatorKingdom

    PredatorKingdom Regular Member

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    Update from my first 3 days on Foreign Exchange (Forex):

    Wednesday, March 25, 2020

    Wednesday Starting Balance: $50

    Wednesday Profit: $78

    Lot Size: 0.40

    Wednesday Total Balance: $128

    Record: 1-0 (WON)

    _____________________________

    Thursday, March 26, 2020

    Thursday Starting Balance: $128

    Thursday Profit: $0

    Lot Size: 0.30

    Thursday Total Balance: $0

    Record: 1-1 (LOST) (I was greedy as fuck! :D:D)

    _____________________________

    Friday, March 27, 2020

    Friday Starting Balance: $20

    Friday Profit: $1.78

    Lot Size: 0.01

    Friday Total Balance: $21.78

    Sunday's Starting Balance: $47.10 (Deposited $26 to start the new week and will use a bigger lot size)

    Overall Record: 1-1
    ____________________________________________________________________________________


    Here's what happened on Thursday I actually started out very good but made some rookie mistakes. I actually could've had $210 and would've profited $82 that day but I made a few mistakes as I'm getting to right now. The first two mistakes happened due to greed. The first mistake happened with the pips getting up to $40 and I could've stopped there but I let it get all the way down to $20 before I sold that trade then the second one was more of the same except the pip reached $20 and I netted $0 profit on that trade when I finally sold it. I was using a 0.30 cent lot so the market was moving super fast and I could sell those trades on time. I was left with $94 in my balance as I lost some more money on trades behind that one because I revenge trading then I had Wednesday's earnings in withdrawing and when I let my balance slip below $50 the broker took away the rest of the money I had in the account so I basically ended up blowing that account but luckily I disputed both $50 deposits I made with that broker with my bank so I can get my money within 1-2 weeks from now, that bank works really fast on disputes. Due to that, I had to change brokers yesterday and now I got $47.10 sitting in that balance when the new trade week starts tomorrow night. The broker I was using before is not bad but I'm scamming them with those disputes so it'd be awkward to use them while I get my money back from them through my bank. They didn't do anything wrong I just had to get my money back from my mistakes.

    Definitely a lesson learned on this one don't get greedy guys that was my downfall after a promising Thursday but due to those mistakes, I did learn it's better to use cryptocurrency for deposits and withdrawals when you're using these brokers and I learned that GBP has the biggest pips so if I used the GBP markets I would've taken away enough money to be satisfied and not risked more money on the markets which were falling.

    There's no need to be worried about me I'm still in the game and I'm going to learn my lessons from being stupid. I was warned several times while doing my research is that the biggest killer to forex traders is GREED no doubt about it.

    The biggest problem that I've got to overcome is knowing when to stop for the day and take what you got. Like on Thursday I could've settled for a $50 profit day but because I didn't sell those first two trades correctly I was revenge trading and that was the main cause of my downfall. Sometimes when you feel like you're on fire and you got all of that momentum you just want to continue plus forex is like gambling it's very addictive it feels like you're playing your favorite videogame and you just don't want to stop. Forex is very fun but dangerous so for anybody following my journey please learn from mistakes and don't be greedy take what you can get for the day and just be done. When I get back on tomorrow night I'm gonna take what I can get and continue on Monday. Once I start getting used to that habit I'll have more wins than losses so right now I'm 1-1 as I don't really count Friday.

    On Friday I was forced to bet with a 0.01 lot size and let me tell you guys this it's not worth trading on the smallest lot in the game it will take you an hour to get to a $1 and it's not worth it. Always use a lot size that's 0.03 or higher so when your pips are going up you'll make more money. Smaller lot sizes are only beneficial for when your markets go down so you don't lose so much money. I am also learning the more you have your in your balance the better chance of winning more money.

    If you're going to be scared to tackle bigger lot sizes then you shouldn't be trading on forex. I think on Sunday I'm gonna try 0.06 lot size and I'll use my winnings to get back 0.10-0.30 lot sizes. The money came in so fast on those standard lot sizes but the losses were also huge as well.

    I've blown through 2 accounts already but I got that Mamba Mentality you either go all in or you go home!

    Overall I'm in love with Forex and I'm not regretting any dime I've put into it yet as it's just so fun to see the money roll in.

    I'm betting on myself like Toronto Raptors baller Freddy Van Vleet.

    YA DIG!
     
    Last edited: Mar 28, 2020