Episode #2 My Forex Trading Journal

Forex Trading Journal – Episode #2 Week ending Friday 27th September 2019.

So 6 weeks into this Forex trading journey, and the penny is starting to drop in a number of different ways.

Firstly, the live coaching is wonderfully repetitive to the point, where I can feel my knowledge and confidence building. I'm surprising myself that I use the terminology in coaching sessions. So at the 4-week point of this journey (around mid-September), I still feel I have much to learn before I switch from my demo account to using my real hard-earned ill-got & gains.

What I find exciting about Forex trading is the power it gives ordinary people.  For too long, the big financial institutions have been dictating the financial forecast.

Secondly, as your knowledge of finance increases, you can build in safeguards to protect yourself. Some analysts say we're heading for a financial crash worse than the 2007/8 credit crunch. I suppose ‘quantitative easing', fractional reserve banking and dependency on fiat currencies doesn't help. What I'm learning about the Forex markets is when you learn to trade, you can profit in both good and bad financial climates.

➡️ Have a look at this video I uploaded to Facebook to see what I learned in 6 weeks.

So a couple of weeks ago, our coaching group switched strategies to be your own bank. The strategy is shocking in its simplicity and as a group, we currently have a 94% win rate.

I placed a lot of trades on the demo account, which saw me lose more trades than I won. Losing trades bothered me, I know it was just a Forex demo account, but my trading psychology was being tested. While the BYOB strategy is simple, there are nuances and interpretations that are learned by trading with a demo account.

Slowly, my personal win ratio increased. This gave me the confidence to venture away from the coaching group, taking 3 successful trades on a particular day of 24 PIPS.

The coaching group trades together each morning and has a 94% win rate. The intention of the group is to learn the skills and be a successful, independent trader for life.

I never thought I would be able to trade Forex because I never understood it. Let's see just how far I can go with trading. With a steady head, help, and guidance all the way the future looks interesting.

Until next week…

Speak soon