My New Goals

[Nazreen]

I've recently forego my previous goals (http://www.businessadviceforum.com/showthread.php?t=852) in order to pursue forex trading instead. I'd like to share my journey in what I hope will be a successful forex endeavor of mine. I feel that this is a very large market and even though statistics show that more than 70% of forex traders are losing big time, I think that with the right knowledge, skills and discipline; I can also be successful at it.

I started reading and learning about forex on my own 2-3 months ago and now have a basic grasp on Fundamental and Technical analysis and about Forex in general. Here are the books that I've read from cover to cover, so far.


Adventures of a Currency Trader - by Rob Booker
Currency trading for dummies - by Mark Galant
Getting started in currency trading - by Michael Archer and Jim Bickford


I've also gone through all the tutorials at babypips (http://www.babypips.com/school/).

Now, here are my short-term goals:

I've just started reading the book "Forex Trading for Maximum Profit' by Raghee Horner, so I expect to finish reading it after 2 weeks or less.
Read more books on Forex.
Sign-up for dummy accounts with a few Forex brokers. I've only signed up with Saxobank, so far.
Develop a trading plan.
Backtest the trading plan and also test it real-time using the dummy accounts. Modify the trading plan accordingly.
Make the mistakes that traders most commonly make and learn from them. So far, I've already made the following mistakes while using the Saxobank dummy account:

Trying to pick tops and bottoms.
Not selling a losing position.
Getting emotionally involved in a trade.
Putting all my eggs in one basket.

Determine what kind of trading I'm more suited for - Short-term (Scalper) or Intermediate-term.
Select a broker and trade with real money but only after 2 months of trading with dummy account and with above 60% winning trades.


My long-term goal would be to become a billionaire of course LOL. Seriously speaking, my long-term goals are as follows:

Keep learning about Forex and about other money-making opportunities.
Consistently have more winning trades than losing ones.
Minimize the amount of risk on losing trades.
Adhere and stick to my trading plan no matter what.
Create and test more trading plans in the hope of arriving at my ideal trading plan.

[Fergal]

Sorry, Nazreen but I somehow missed your post and am only seeing it now.

Thanks for sharing your goal with us in such a detailed and helpful way. By the sounds of things you are very committed to your goals and you have very carefully planned out how you are going to achieve it.

Good luck with it and please keep us informed as to how it works out for you.

[Nazreen]

No worries Fergal. I sometimes miss some posts too. :)

Anyway, here's an update on my short-term goals.




I've just started reading the book "Forex Trading for Maximum Profit' by Raghee Horner, so I expect to finish reading it after 2 weeks or less.
Read more books on Forex.



Short-term goal #1 is already done. I've also taken note of Raghee's trading plan and will also backtest and test it in real time.

For Short-term goal #2, I've just started reading "The Nature of Trends" by Ray Barros. It's a very good read into strategies and concepts for successful investing and trading.

[Fergal]

Well done Nazreen, it's great to see you progressing towards your goal.

[Nazreen]

3. Read more books on Forex.
4. Sign-up for dummy accounts with a few Forex brokers. I've only signed up with Saxobank, so far.

Here's an update to my short-term goals.

3. I'm still reading "The Nature Of Trends". It's going very slow on this since every page contains what I consider important and very technical terms.
4. I've also signed up for dummy accounts in FXCM and Oanda.

[Fergal]

Well done Nazreen, have you started trading on those dummy accounts yet? If so what kind of results are you getting and what are you learning from them?

[Kay]

Nazreen, I apologise too! I don't know how I've missed this thread.

It sounds like you're doing a fantastic job in learning that, wow! That's a lot you've achieved in such a short time. I'm interested in seeing how the dummy accounts go too. :)

[Nazreen]

Well done Nazreen, have you started trading on those dummy accounts yet? If so what kind of results are you getting and what are you learning from them?



Nazreen, I apologise too! I don't know how I've missed this thread.

It sounds like you're doing a fantastic job in learning that, wow! That's a lot you've achieved in such a short time. I'm interested in seeing how the dummy accounts go too. :)

No worries Kay.

I actually made $15k for my $100k dummy account in Saxobank but that was just luck. I've made a lot of mistakes that time and was even risking about 20% of my account margin because I haven't learned about effective money management back then. So that $15k doesn't count because I wouldn't risk that much with actual money. :)

I do have to say that having a dummy account is a good learning experience. I've learned about putting orders and was able to familiarize myself with the trading platform. Aside from that, I make a lot of mistakes there and that's a good thing because I don't want to be repeating those mistakes when the time comes that I trade with real money.

[Swastik]

Hey Nazreen,

You sound well organized, and you're making good progress as much. Good luck with all you do. :)

I loved the way you explained about dummy accounts. Virtual experiences have always been something that intrigue me. I always wish I could experiment a lil' before doing the actual thing. Never had the opportunity though. :(

I'll stay in touch with this thread for updates on your goals. :D

[Fergal]

Sounds like you have the right attitude Nazreen, many people would rush in with real money if they had that type of profit on a dummy account. It's great that you have learned from your mistakes as well as recognising that you made a profit.

[Nazreen]

Here's another update on my forex goals.

I've just read that money management is the most important factor in trading. Expert and experienced traders advise to risk only about 1% to 5% of your trading capital for any given trade. From now on, for every trade I make in my dummy account I'll make sure that I will not risk more than 1% of my trading capital. I'll only increase this gradually to 2% or probably 3% when I've gotten more experience in trading with real money.

[Fergal]

When will you start trading with real money Nazreen?

[Nazreen]

I don't have definite day as to when I'm going to trade with real money, Fergal. The reason for this is that I don't want to become one of the many beginner traders out there who have lost all their trading capital during the first months or even weeks when they started trading.

Also, I'm still developing my own trading system which I'll probably mimic from some of the books and websites I've read. This will act as my business plan which determines how and when I enter and exit trade/s and also how I manage the trade/s.

[Fergal]

Best of luck with it Nazreen and thanks for sharing your experiences and so much of what you have learned with us.

[KeepSearching]

best of luck as well!

[Kay]

I don't have definite day as to when I'm going to trade with real money, Fergal. The reason for this is that I don't want to become one of the many beginner traders out there who have lost all their trading capital during the first months or even weeks when they started trading.

Also, I'm still developing my own trading system which I'll probably mimic from some of the books and websites I've read. This will act as my business plan which determines how and when I enter and exit trade/s and also how I manage the trade/s.

Smart girl! I'm really interested too in seeing how it all goes. You'll be well prepared for it, that's for sure. :) Best of luck when it all goes live.

[Nazreen]

Thank you all. The risks are high when you're trading. This is especially true when you go trading in Forex or any securities without a well thought out trading plan. Seasoned traders advise to treat trading as a business so I'm also treating it as one.

[pendelton]

Nazreen, any updates on this, have you gone live yet?