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I’m Learning Forex Trading

May 1, 2009 by  
Filed under Forex Market

I’ve always wanted to learn how to day trade but I never had enough money to afford the high deposit amount that the SEC requires to fund a day trading account. I was lucky to find Forex where brokers allow anyone to open a demo account where they can trade for play money. The demo account is a great place to work on your trading skills without any risk of losing money. I’ve been playing with a demo account for several months and I am now ready to start trading live money in the market. Wish me luck.

I honestly understand that it takes more than luck to be successful as a trader. I’ve read every book on the subject. One of my favorite trading books is, Market Wizards. This series of books interviews several big time traders about their lives and their trading strategies. It really allows you to get inside the mind of a winning trader. I’ve found great inspiration from reading these books about the best traders in the world. My goal isn’t to be the best trader in the world but to just earn some money. I would be happy with just being a winning trader.

I know enough about trading and Forex to know that most traders go broke so in some cases, just breaking even is considered winning. I’m ready to face the ups and downs and even with my demo account trading, I tried to replicate real trading situations. One example of this is how I never used a silly amount to fuel my demo account. Demo accounts can be had with 100k work of money which is stupid, who had 100k to try Forex? I would always reduce the amount to 10k which is an amount that I can afford to trade with.

With my demo account sat at 10k, I also reduced the amount of leverage. I systematically tried out different trading methods and tried to use money management to reflect what all the pros say about trading. This has been as much a scientific experiment as it has been trying to develop a skill set called trading. Most new traders just jump in and gamble their money but I hope to bulk the trend an actually earn money during my first year of trading the Forex currency marketing part time and hopefully one day for a living.

As you can see, I’ve put in a lot of work to learn about the ins and outs of trading. I systematically learned different day trading systems, until I found one that I liked. I think that I am ready to fund my first account with 10k and start trading live. I’m both a little bit fearful and excited to trade for real money. I have been successful with my demo accounts but I know that is not the real world where emotions like fear and greed can cause you to make a bad choice. Let’ hope I don’t blow up my account!

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