My Journey Into Forex - Part 3 of 3 (The $1 MM Challenge) - Part 2
Many traders come into the Trading Game thinking they can become rich overnight. However, over 90% of traders lose money because they don’t treat trading like a business, lack a trading plan, don’t have discipline and have poor risk management rules.
Trading isn’t a sprint, but a marathon.
Trading is a choice, but it’s also a sacrifice. I have not tracked the miles I logged thus far, but I dare say, I have put in 10,000 hours in total over my trading career to learn this craft, which includes tons of early mornings and late Saturday nights. I have missed many family moments because I was sitting in my office staring at charts.
The $1 MM challenge began in July, but it was cut short after equity markets became choppy earlier this year and needed to focus on modifying my trading plan for the increased volatility environment. I also took the rest of the year to focus on my short game. So for 2019, you will see a lot of trades placed on the hourly and 4 hr chart as well.
Here's an example of a trade set-up to short the CADJPY. I was using the 4 hr and daily time frame for my higher time frame analysis, but my entry was made on the 60 min chart.
Here's another example of a trade set-up to short the EURJPY using the 60 min time frame to enter the trade that didn't work out.
So the challenge is to convert $1908.53 into over $1MM in 25 yrs which assumes a 37% ROI / yr.
My intentions are to post all trade set-ups, but at the very minimal provide monthly updates. The next trade place will be #5 as #4 was placed in the Summer.
I welcome you to join me on my journey.
My Journey Into Forex - Part 1 of 3 (Love At First Sight)
My Journey Into Forex - Part 2 of 3 (My Forex Trading Plan)
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
i was among 90% in forex but among very few successors in crypto trading!
Forex trends nicely, I like Forex a lot.
Good luck buddy! FX blows my mind!
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Thanks @newageinv
Why track miles in trade when there is a significant cash flow issue? I've met several experienced folks in this industry who have ran all of the data through the review computers. https://forexstore.com/fxhelix And machine learning will play a nasty trick on us. People can't control all of the information in the world, therefore it's worth looking at data from Merck Corporation's stock trading in 10 milliseconds. In trading, that is a perfect balance of time and the movement of change. It's a massive burden, and no one is going to ask us about the investment and the payoffs afterwards. I double-check new firms before investing in them, using the tagline "machines will cure millions of issues and present earnings on NM1." It's amusing to read newcomers now and then, but you have my respect.
Trading is a good apportunity to make big money in short time.