I need a place to store my own trading notes and thoughts, this seems as good a spot as any.
Please don't think you will find any great wisdom in this journal. I am new to trading and so far unsuccessful. I am only losing fake pips at this time. No real money lost. It might be interesting for other new traders to see what I have gone through. I will not give up. I will learn this and I will make a profit, but it will not be quick.
Who I am?
I am a late 30s father of 3 from the upper Midwest United States. I work a 7am - 6pm job as a mid level manager in an automotive company. I make a good salary. I also have a lot of stress, travel too much, and miss my family. I am burnt out and need a change.
Why Trading?
A few years ago the world economy hand tanked. Automotive was getting torched. My companies stock dropped below $1. I knew my company was doing fine and winning a lot of new business. The stock was down purely on market sentiment not because of company results. I saw a golden opportunity. I put $10k in e-trade and talked to my wife about it before pushing the button. She gave me a seed of doubt and mentioned insider trading. Most of the stuff I knew I am sure was public knowledge, but I didn't follow the market so I didn't know what was public and what wasn't. I hesitated. The next day the stock doubled. I figured I missed out. Within a week it was near $10. 6 months later it hit $50. I missed out on a once a lifetime trade opportunity. My 10k could have been 500k.
A few months ago I attended a chef's class with my wife. We were paired up with another couple. He made his living trading futures. Short hours, tons of money ... I was hooked. My job got worse and I started researching trading at night on the road. I came around to Forex as the best opportunity with my current funds and time.
How to start?
I came across a forex instruction video by Hector Trading on youtube. It seemed simple, but the terms weren't familiar. I found babypips.com and completed their training. I then bought Hector Trading's full training series, and spent many hours listening, charting, etc. etc... I finished full of confidence and ready to retire in 5 years!
First Trades.
I tried quite a few free EAs on demo account. All lost money overall. I purchased an EA believing if they were good the author would charge. It lost as well. I decided I needed to trade on my own with Hector's methods.
I also found bitcoin. I rode a wave and doubled my initial low deposit in 2 days. That money sits in the account awaiting the next wave. I want to double it one or two more times then move it to Forex. I think bitcoin is gambling. When there is a buzz about it, it will make one money. When the buzz is gone it is just 0s and 1s in a computer.
Barriers to Success
I think it is important to understand what may prevent success.
1) Family approval. My wife believes Forex is gambling. She doesn't stand behind me or provide encouragement. She thinks it is just my latest obsession. I can trade my own money, and will, but until I make a significant profit she will feel I am wasting my time.
2) Available time. I work a lot hours. I also have 3 kids playing sports. Time in front of charts is limited. Being on New York time zone with my schedule leads me to only be able to look at charts during Tokyo open and small portion of London mid morning. I am missing most of the best trading times.
3) Knowledge. Trading is completely new to me. I feel like I can place trend lines anywhere on a chart and make a trade I want look good. It will take much practice to place trend lines correctly, and enter with the market.
Please don't think you will find any great wisdom in this journal. I am new to trading and so far unsuccessful. I am only losing fake pips at this time. No real money lost. It might be interesting for other new traders to see what I have gone through. I will not give up. I will learn this and I will make a profit, but it will not be quick.
Who I am?
I am a late 30s father of 3 from the upper Midwest United States. I work a 7am - 6pm job as a mid level manager in an automotive company. I make a good salary. I also have a lot of stress, travel too much, and miss my family. I am burnt out and need a change.
Why Trading?
A few years ago the world economy hand tanked. Automotive was getting torched. My companies stock dropped below $1. I knew my company was doing fine and winning a lot of new business. The stock was down purely on market sentiment not because of company results. I saw a golden opportunity. I put $10k in e-trade and talked to my wife about it before pushing the button. She gave me a seed of doubt and mentioned insider trading. Most of the stuff I knew I am sure was public knowledge, but I didn't follow the market so I didn't know what was public and what wasn't. I hesitated. The next day the stock doubled. I figured I missed out. Within a week it was near $10. 6 months later it hit $50. I missed out on a once a lifetime trade opportunity. My 10k could have been 500k.
A few months ago I attended a chef's class with my wife. We were paired up with another couple. He made his living trading futures. Short hours, tons of money ... I was hooked. My job got worse and I started researching trading at night on the road. I came around to Forex as the best opportunity with my current funds and time.
How to start?
I came across a forex instruction video by Hector Trading on youtube. It seemed simple, but the terms weren't familiar. I found babypips.com and completed their training. I then bought Hector Trading's full training series, and spent many hours listening, charting, etc. etc... I finished full of confidence and ready to retire in 5 years!
First Trades.
I tried quite a few free EAs on demo account. All lost money overall. I purchased an EA believing if they were good the author would charge. It lost as well. I decided I needed to trade on my own with Hector's methods.
I also found bitcoin. I rode a wave and doubled my initial low deposit in 2 days. That money sits in the account awaiting the next wave. I want to double it one or two more times then move it to Forex. I think bitcoin is gambling. When there is a buzz about it, it will make one money. When the buzz is gone it is just 0s and 1s in a computer.
Barriers to Success
I think it is important to understand what may prevent success.
1) Family approval. My wife believes Forex is gambling. She doesn't stand behind me or provide encouragement. She thinks it is just my latest obsession. I can trade my own money, and will, but until I make a significant profit she will feel I am wasting my time.
2) Available time. I work a lot hours. I also have 3 kids playing sports. Time in front of charts is limited. Being on New York time zone with my schedule leads me to only be able to look at charts during Tokyo open and small portion of London mid morning. I am missing most of the best trading times.
3) Knowledge. Trading is completely new to me. I feel like I can place trend lines anywhere on a chart and make a trade I want look good. It will take much practice to place trend lines correctly, and enter with the market.