Forex knowledge and live trading journal

Good day!

I've spent 8-20 hours a day studying and trading the FOREX market for almost a year now. Some days I'd get up before 5:00 am Pacific time, study and trade all day, and all night, go to bed, then be waking up several times a night checking trades.

So, I was pretty determined to learn how to trade. I've never paid for any training, as I was too busy losing all of my money trading, and I didn't want to waste any more money on a class taught by someone I didn't trust. If these mentors are so good at trading, why charge so much much money to help others? Why charge at all?

And as I learned more about the Forex market, I realized probably why people charge money for training. It's much easier to train others to do something, than actually do it yourself. I could tell you how to trade, after learning forex for 3 months. I knew how to trade, but I couldn't actually trade successfully.

The next 6 months were very frustrating to say the least, knowing what to do and not realizing why I couldn't actually do it.

There were a lot of things that held me back from success, but I will tell you the most important things I had to learn to become consistently profitable. Patience, discipline, and control over emotions. Once I focused on that, it allowed me to implement my knowledge of trading….

So, now that I feel as though I'm a successful trader, I want to share what I've learned over the past year. I thought of starting a business of training others, like so many before me and charging others for my knowledge. I decided not to charge people money for the following reasons:

1) I learned everything I needed to know for free on the internet, and through my own experience. There was much pain involved in this learning process. For others who are experiencing that pain, I don't want to add to that by charging you money to help you.

2) If I'm a successful trader, why would I need to charge people anything? If I can make enough money trading, no need to charge people money

3) I was so sick of all of the advertisements, scams, and dishonesty I encountered searching for any beneficial knowledge, that I want to help others to avoid that kind of pain, and benefit from what I've learned. Hopefully your journey can be less painful than mine was.

I've got lots more to say, but I'll spare you the details… for now.

Except, I will say that this will also benefit me, since it will help me to maintain my discipline with my trading when I am walking through my analysis in a video and sharing it with others. Otherwise, I'm at home by myself with no one to talk to and bounce ideas off of, so it's easy to just enter trade on a whim, and not apply the patience, discipline and control that is needed. So, I do get something out of this. In addition to the fact that I just can't shut up, when I feel that I've learned something of value, I have to share it with others…

Here's my first video I'm sharing on my trade on the EURJPY. In order to follow what I talk about in this video, you'll need to have a basic understanding of trading, moving averages, and price action.

http://www.youtube.com/watch?v=Ybd1Jkxrf-c

I added my comments on my trades on the USDJPY pair a few days ago...

http://www.youtube.com/watch?v=UExUzCQoqd0

The EURNZD pair…

http://www.youtube.com/watch?v=eE4LPEl1tYI

The EURAUD…

http://www.youtube.com/watch?v=l37u2n1fcho

The GBPAUD...

http://www.youtube.com/watch?v=2ErcO7QEDjk&feature=youtu.be

Hope this helps

I wish you good luck on your trading journey. Many new traders think that after a few months etc of intensive study you will be well on the way. Unfortunately. it is not quite like that and if you do a similar time analogue to training to be a Doctor / Lawyer / Engineer / Teacher / Electrician - etc - it takes many years.

Next year, I will be on my 12th yr of retail forex trading - 5 yrs part time and by then 7 yrs full time.

i was not consistent during my first 2 years and then became profitable after 3 yrs and even during 3-5 yrs many time thought - that's it - not working and thought about giving up.

At that time I had businesses to help me keep going and then after i went full time - I started to develop and gained "edges" to improve my results.

The last 3 years have been very good and i have earned well - but will still admit there is still more I learn every year.

Be warned - it is an ongoing journey - expect the unexpected - as it will happen - but if you are resolute and have money to keep you ticking over - go for it and eventually join the small percentage who make monies very consistently

All the best

Regards

Forexmospherian

Forexmospherian said:

I wish you good luck on your trading journey. Many new traders think that after a few months etc of intensive study you will be well on the way. Unfortunately. it is not quite like that and if you do a similar time analogue to training to be a Doctor / Lawyer / Engineer / Teacher / Electrician - etc - it takes many years.

Next year, I will be on my 12th yr of retail forex trading - 5 yrs part time and by then 7 yrs full time.

i was not consistent during my first 2 years and then became profitable after 3 yrs and even during 3-5 yrs many time thought - that's it - not working and thought about giving up.

At that time I had businesses to help me keep going and then after i went full time - I started to develop and gained "edges" to improve my results.

The last 3 years have been very good and i have earned well - but will still admit there is still more I learn every year.

Be warned - it is an ongoing journey - expect the unexpected - as it will happen - but if you are resolute and have money to keep you ticking over - go for it and eventually join the small percentage who make monies very consistently

All the best

Regards

Forexmospherian

Click to expand...

Okay, well… It does not need to take many years. As I mentioned in my post, I am already successful. After 1 year. I spent a lot of time though learning. And I did not work another job at the same time, so I could learn. All in all, I've spent between 4000-6000 hours studying.

Many people will tell you it will take many years I never believed that, and am proof that it does not need to take that long if you spend the time and put forth the effort to be successful.

I certainly don't want to get into any debate with anyone on how long it takes. If you are successful, then certainly I'm happy for you and you don't need me. My videos will be posted for those who want help. However, if you are curious, or want to learn how I trade, feel free to check my video.

My average weekly gain is about 20% over the past 6 weeks. Although, I am still improving, and believe I can very easily triple my weekly gain or better. When I make mistakes, I understand what I did wrong, and why I did it. So, it is possible to keep improving and increasing my winning percentage by avoiding mistakes. My goal is an 80-90 percent winning percentage. Think that is impossible? Watch and see. I will be sharing my trades live as I trade them...

aliasentric said:

Okay, well… It does not need to take many years. As I mentioned in my post, I am already successful. After 1 year. I spent a lot of time though learning. And I did not work another job at the same time, so I could learn. All in all, I've spent between 4000-6000 hours studying.

Many people will tell you it will take many years I never believed that, and am proof that it does not need to take that long if you spend the time and put forth the effort to be successful.

I certainly don't want to get into any debate with anyone on how long it takes. If you are successful, then certainly I'm happy for you don't need me. My videos will be posted for those who want help. However, if you are curious, or want to learn how I trade, feel free to check my video.

My average weekly gain is about 20% over the past 6 weeks. Although, I am still improving, and believe I can very easily triple my weekly gain or better. When I make mistakes, I understand what I did wrong, and why I did it. So, it is possible to keep improving and increasing my winning percentage by avoiding mistakes. My goal is an 80-90 percent winning percentage. Think that is impossible? Watch and see. I will be sharing my trades live as I trade them...

Click to expand...

very easily get to 60% a week eh? That will get them interested.

Good luck with the journal, we don't have enough of this sort of thing.

1 year trading ? ...........glad you are so confident in your talents and ability dude .........good to see someone who knows the ropes and is not afraid to say it...full marks to you

and training people as well ? ..........well its good to share ...I will take a look at the videos...you certainly have ambition.....its good to have goals

ive been involved in Gambling since I was about 5**....and been Trading since the early 80's after my time supporting the Shell Oil desks in London.....made my home in forex in the early 2000's inbetween jobs .........still part time as my corporate work keeps my busy sadly ........one day I will go Pro ...no rush

my motto to this day is still

The more I learn the less I know

good luck........going public is a very good way of learning I must confess....sorts out the men from the boys

N

**Growing up with a father and Grandfather who were sucessful bookmakers and professional Gamblers - it was hard not to get involved at an early age ! .......

aliasentric said:

My average weekly gain is about 20% over the past 6 weeks. Although, I am still improving, and believe I can very easily triple my weekly gain or better. When I make mistakes, I understand what I did wrong, and why I did it. So, it is possible to keep improving and increasing my winning percentage by avoiding mistakes. My goal is an 80-90 percent winning percentage. Think that is impossible? Watch and see. I will be sharing my trades live as I trade them...

Click to expand...

man on man ....this is going to be interesting ........what is your market of choice my friend ?

N

NVP said:

I never get out of bed for less than 100% a week ........

N

Click to expand...

Then you obviously don't need any help. Good for you.

aliasentric said:

Then you obviously don't need any help. Good for you.

Click to expand...

In fact, if you want to share with us how you do it, then start your own thread, and I can come and learn from you. Till then, I continue with my own thread...

NVP said:

man on man ....this is going to be interesting ........what is your market of choice my friend ?

N

Click to expand...

I trade forex, my favorite pairs are:

GBPJPY
GBPAUD
GBPNZD
EURAUD
EURNZD
USDJPY
EURJPY

aliasentric said:

In fact, if you want to share with us how you do it, then start your own thread, and I can come and learn from you. Till then, I continue with my own thread...

Click to expand...

start a thread at T2W ?

let me think about that ....good idea

Jees Forexperian ....and I thought you had Sphericals as big as a truck when you walked in the door ?

is this dude related to you at all ?

N

aliasentric said:

I trade forex, my favorite pairs are:

GBPJPY
GBPAUD
GBPNZD
EURAUD
EURNZD
USDJPY
EURJPY

Click to expand...

excellent ........I like a little forex myself

looking fporward to the lessons

N

I posted my first trade linked on the first post, and I will be back later today to post all of my other trades that I am currently in. My goal is to make a video of every trade moving forward, assuming I have the time and storage space. Currently using youtube...

I spent a lot of time though learning. And I did not work another job at the same time, so I could learn. All in all, I've spent between 4000-6000 hours studying.

Hi Aliasentric

Your comment 4000 - 6000 hrs studying - ? what in a year ?

If you spent 10 hrs a day deep in study - everyday that's a maximum of 3500 hrs in a year ;-)

More than likely - if you did even 6 hrs a day 5 days a week for a year - that's only 1500 or so hrs a year - so 3 yrs like that and you will be up to your 4000 - 6000 hrs.

Then the next point - the study - its no good just reading and back testing - you need 1000's of hrs watching live movements on live charts - ideally on the small frames. You will need over 500 real live trades to see if you strategy works - not 20 -50 trades - they do not mean much ;-)

You will also find out that you may think you might have discovered the "holy grail" especially if you get say 15 or 20+ winning trades in a row ;-)

Then one day or week - you will have maybe 4 or 5 - or if really a bad session 7 bad trades in a row - and you will do your head in - and realise - that there is no holy grail - and that far cleverer, wiser and knowledgeable traders fail as well .

You are up against super computers etc and the best brains in the world - after your money . Never think it's easy or that you can make it without doing the time - ie years and years of trading etc - going through hell.

Then if you have survived - both financially and mentally - you could be there - and if you are very lucky - it might only take 3 - 4 yrs instead of 6 -10 yrs +

Meanwhile look forward to your trading thread and then you will be able to prove us all wrong

Good Luck and stay positive

Regards

F

Forexmospherian said:

I spent a lot of time though learning. And I did not work another job at the same time, so I could learn. All in all, I've spent between 4000-6000 hours studying.

Hi Aliasentric

Your comment 4000 - 6000 hrs studying - ? what in a year ?

If you spent 10 hrs a day deep in study - everyday that's a maximum of 3500 hrs in a year ;-)

More than likely - if you did even 6 hrs a day 5 days a week for a year - that's only 1500 or so hrs a year - so 3 yrs like that and you will be up to your 4000 - 6000 hrs.

Then the next point - the study - its no good just reading and back testing - you need 1000's of hrs watching live movements on live charts - ideally on the small frames. You will need over 500 real live trades to see if you strategy works - not 20 -50 trades - they do not mean much ;-)

You will also find out that you may think you might have discovered the "holy grail" especially if you get say 15 or 20+ winning trades in a row ;-)

Then one day or week - you will have maybe 4 or 5 - or if really a bad session 7 bad trades in a row - and you will do your head in - and realise - that there is no holy grail - and that far cleverer, wiser and knowledgeable traders fail as well .

You are up against super computers etc and the best brains in the world - after your money . Never think it's easy or that you can make it without doing the time - ie years and years of trading etc - going through hell.

Then if you have survived - both financially and mentally - you could be there - and if you are very lucky - it might only take 3 - 4 yrs instead of 6 -10 yrs +

Meanwhile look forward to your trading thread and then you will be able to prove us all wrong

Good Luck and stay positive

Regards

F

Click to expand...

Thanks for the reply. I spent way more than 10 hours a day. Between 8-18 hours. Then waking up at night checking trades as well. Not recommending this, but it's my nature, I latch on until I see it to completion...

I do 20-30 trades per week (so about 150 trades over the past 6 weeks). I still make mistakes, but when I do, I know exactly what I did, and why I made the mistake. And I learn from them.

My strategy is to only take trades that would need to break at least 2 or 3 strong support/resistance levels to fail. So, only high-probability trades. But they are there to trade almost every day...

NVP said:

start a thread at T2W ?

let me think about that ....good idea

Jees Forexperian ....and I thought you had Sphericals as big as a truck when you walked in the door ?

is this dude related to you at all ?

N

Click to expand...

Hi N

LOL - no don't know the guy at all - but he makes me look meek and mild and totally without confidence ;-)

At least I was able to back mine up with the years and years etc ( although I see now nothing compared to your background) - and even at year four - i was having serious thoughts I might not make it - or if I did it might only be for 30 -60% gains a year on 100k account - and that would just not be enough to keep spending the hours of commitment etc ( it would be great on a 5 or 10 million capital though lol)

This will be good and i am sure within the first 30 trades we will know if he might make it. For me one hr charts with MA's and normal stuff - only might work for traders who have been reading PA for multi years - ie 5-7 yrs plus

He's not mentioned money management and what is "edge" or edges" might be yet - so we will all after wait ;-)

Should be interesting - but like us all - I wish him well

Regards

F

Forexmospherian said:

Hi N

LOL - no don't know the guy at all - but he makes me look meek and mild and totally without confidence ;-)

At least I was able to back mine up with the years and years etc (although I see now nothing compared to your background) - and even at year four - i was having serious thoughts I might not make it - or if I did it might only be for 30 -60% gains a year on 100k account - and that would just not be enough to keep spending the hours of commitment etc ( it would be great on a 5 or 10 million capital though lol)

This will be good and i am sure within the first 30 trades we will know if he might make it. For me one hr charts with MA's and normal stuff - only might work for traders who have been reading PA for multi years - ie 5-7 yrs plus

He's not mentioned money management and what is "edge" or edges" might be yet - so we will all after wait ;-)

Should be interesting - but like us all - I wish him well

Regards

F

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Yeah, that was convincing.

Anyone who can't make circa 60% a week is a fooking fooktard!!!!!................
Meanwhile back on planet earth.

Pondlifedregsbutler said:

Anyone who can't make circa 60% a week is a fooking fooktard!!!!!................
Meanwhile back on planet earth.

Click to expand...

Hehe - 60% a week on a $100 or 500 or even $1000 live account is easy - especially if you don't mind blowing it ;-)

But then 60% a week on a live 10k account is totally different - unless its not your money and who's ever it is as said - no I don't mind you blowing half or all of it trying ;-)

Then trying to do 60% a week on a $100k account - I would fail by the fifth or eighth trade - as I would have a mental blockage along with sweaty hands and palpitations - thinking what happened to me before - yes I cracked and failed and felt an idiot - so never tried it again - why bother 10 or 15% a week is enough for any retail trader with a 100k live account ;-)

See I know my limits - I have found out the hard way and I am a coward playing with big bucks if it means using my own money ;-))

Forexmospherian said:

Hehe - 60% a week on a $100 or 500 or even $1000 live account is easy - especially if you don't mind blowing it ;-)

But then 60% a week on a live 10k account is totally different - unless its not your money and who's ever it is as said - no I don't mind you blowing half or all of it trying ;-)

Then trying to do 60% a week on a $100k account - I would fail by the fifth or eighth trade - as I would have a mental blockage along with sweaty hands and palpitations - thinking what happened to me before - yes I cracked and failed and felt an idiot - so never tried it again - why bother 10 or 15% a week is enough for any retail trader with a 100k live account ;-)

See I know my limits - I have found out the hard way and I am a coward playing with big bucks if it means using my own money ;-))

Click to expand...

Yeah, well, 4xmopho it's obvious to me that you need to get yourself match hardened and get your nut in the game son 4fs, kinnnnnelllll......

I've added videos…

All new videos will be added to the first post of this thread to make it easier to find them…

I won't necessarily be posting a notification of new videos each time, so if you want to, check back and see if anything new, not sure if TW2 will send out an email if a post is just updated but is not a new post...