Daily Forex #44 - Paying $8,000 For A Forex Course!

A few days ago I shared about how I accidentally stumbled on Forex and made a career out of it. To read that blog post, you can go HERE.

Yesterday (<-- Click this link to read yesterday's story), I talked about my first month in business and how I was able to make more money by leveraging on other people's money (OPM). Everything seem to be going smoothly and I had settled into my new lifestyle of working from home.

And then it happened...

I started off at the beginning of the month with a losing week. This was the first time I didn't make any profits since I lost that $20,000 in 1 trade. And then the second week resulted in an overall loss again. Although the combined losses were little, I was down about 5%. The third week was a breakeven week and the fourth week finally was profitable. The month ended at a breakeven.

This meant that I didn't make any profits at all the whole month. Zero income.

And then the next month it happened again. Zero income.

Third month and still zero income.

I was getting desperate. Although I wasn't losing, I wasn't making money as well. And this was just as bad since this is my full time "job". I had gone 3 months without any income.

I searched online and tried to seek solutions to this problem. That's when I met a friend who introduced me to a Forex school here in Singapore. They had a basic course and an advance course. Well I wasn't interested in the basic one since I didn't consider myself a novice trader. The advance course sounded very attractive because the person conducting the class trades without indicators. This suits me perfectly! The only issue was it cost $8,000!

This was really expensive. But at the same time, I felt that if they dare to charge $8,000, this was probably something really really good. So at the end of the presentation, I paid the course fee and waited eagerly for the course date which was about 2 weeks later.

The finally came and I just couldn't wait to get started. It was a 2 day 1 night event at Sentosa, island off Singapore, in a 5 star hotel. The price included all meals and a free room for all participants. There were about 10 other first time students and another 10 who had attended previously but came back for refresher class.

Day 1 : All theory. I gained the most from the trading psychology lessons. Some of the stuff I had already read online before and implemented already. It was all about getting your mindset right and focused on trading.

Day 2 : 1 strategy was taught. It was a really simple strategy and definitely not worth $8,000 but it gave me a different perspective of looking at the charts.

After the class ended, I traded the strategy and made back my course fee within 2 weeks. Not too bad. At least I didn't lose my initial investment. Other students who attended the class were not so lucky. Some of them were not able to comprehend the strategy and some others were trading with small account sizes like $1,000 to $5,000 and it was impossible to make back $8,000 even in 1 to 2 months.

Overall, I felt the course fee was too pricey but at least I gained something from it. I used the strategy occasionally for the next 2 years but it didn't really work very well in the long run. What I gained was a different perspective of looking at the charts and the trading psychology which I felt was what make me the trader I am today.

Although I had started a company, it was used purely for signing agreements with my investors. I had to learn how to start treating Forex As A Business!

How did I implement the new found trading psychology knowledge to my trading? Find out tomorrow!

Hope you enjoy today's blog post and if you have any questions please feel free to ask in the comments below and I will definitely respond to you.

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Daily Forex is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.

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Here are some interesting topics to start you off :

• Daily Forex #20 - Can You Really Make Money Trading Forex?
• Daily Forex #13 - Make Your First $100,000 Trading Forex
• Daily Forex #12 - Forex Is Not a Get-Rich-Quick Scheme
• Daily Forex #9 - 2 Main Reasons Traders Fail

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