Daily Forex #52 - The Day I Made £3,000 In 2 hours!
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 came to a realization that brokers do not want you to win. When a trader is making big profits, he is actually eating into the profits of the broker. The fact is that 95% of the brokers out there are run like a casino. They accept all your
bets trades because they know majority of traders are going to lose. They make their profits from our losses!
Today, I am going to talk about the time I traded using a GBP account instead of a USD account.
This happened about 9 years ago and I was trading a particular breakout strategy at that time. I had funded an account with a UK broker and deposited £1,000. I usually funded my accounts in USD but I thought I would fund one in GBP for fun. The idea of telling people I was making Pounds rather than Dollar sounded really appealing. I thought it might impress people since the exchange rate was higher. 1 US Dollar was about 1.50 SG Dollar whereas 1 GB Pound was nearly 3 SG Dollar!
So anyway, back to the story. During this period of time, I would wake up at 5am in the morning to trade this particular strategy. The day before I had lost a few trades on different pairs and I knew that based on my own winning percentage/probability, I was going to win today. I had woke up feeling excited and quickly rushed to my office. Actually it was another room in my house, just a few steps away from my bedroom.
As usual, I would shut the door of my room whenever I was trading so that there will not be any distractions. My parents were living with me temporarily at that time too as they were renovating their own house. So whenever my door was shut, nobody was suppose to disturb me. Unless there was an emergency. You know, like the building is on fire or the hamsters are having sex or money dropping from the sky.
I was looking intently on my charts. I had 3 monitors, each 27" and I was fully focused on the different market movements. I had marked down on my charts the Entry Prices and Stop Losses. The markets seem slightly volatile today and the movements were bigger than usual. Normally in the morning, the movements are quite small as the European and US markets were closed and only the Asian market is open.
I had 5 trade set ups and I took them all. After the trades triggered, the prices started moving even faster. I heart was beating very faster and faster as I looked at the trades. It seem like a few hours but actually only a few minutes had passed. I saw 1 trade hit a loss quite fast and was feeling frustrated. It was a whipsaw and immediately after hitting my Stop Loss, it started to move in the opposite direction towards my profit. I wanted to punch the screen but I told myself to calm down and focus on the remaining 4 trades.
Then 1 trade hit the profit and I did a mini celebration by punching the air. YES!!
Another trade hit the profit too and then another and then the last one also hit the profit. I was over the moon. I ended the trading session with 1 loss and 4 wins. A profitable day. I looked at my watch and it was 7am. I looked at my account balance and could barely contain myself.
I made about £3,000 in 2 hours!
I walked to the door and opened it. My father had just woken up. He looked at me groggily and saw me smiling like a fool. He asked me why was the door open, wasn't I suppose to be working at this time?
I happily told him that I was done for the day. I had made £3,000 in 2 hours! Let's go for breakfast!
This was a rare occasion. I rarely went for breakfast until about 11am as I would be inside my office trading the entire morning.
Back in those days, I had no work life balance. I would wake up and start trading immediately. Some days I skipped breakfast AND lunch as I was just trading non stop.
Compared to today, I lead a more stress free lifestyle. I would do some morning exercises first and have a light breakfast before I sat down in front of the computer screen. I would also set a specific time to work and to have a break. It has made me more productive and my mind is able to focus better as well.
Tomorrow I will share some other incidents that I have gone through before during my early trading days so that you can learn from my experiences too! Stay tuned! Remember to follow me if you want to be notified once the post is up.
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.
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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