They Say FX is a Lucrative Market. I Say Consistency, Discipline and Patience are Virtues

[nickaarizomar]

Good day and good evening (GMT+8) traders

Im Nick from Kuala Lumpur. I joined a month ago but i did not introduce due to busy schedule and i am a student. I am trading for more than one and a half year but i can say i am still beginner compare to traders have same trading years as me. At beginning, i was trading solely using fancy candy indicator without realise market real price action & behaviour hence resulting few profit & some break even plus i straight away jump in with real dollars. I was very cautios in trading and risk management at the time because i did not want to lose all my money and luckily never got into margin call.

Time to time, i keep learn more on economy & FX and at the same time i have witness three or more highly impact events that nuclear bomb FX market such Swissy negative interest rates, Yuan deappreciation, and sadly for me because i got owned in less than 4 hours which is ECB depo facility rate cut at 3rd Dec 2015.

I will not forgot the moment and i learnt something important. Eventhough you have a great technique with great chances of winning rate, you will lose if you dont have stop loss or proper money & risk management. Anything can happen.

At the time, i was trading mainly with market price itself by drawing and mapping on chart and i got a lot winning trades which turn myself greed for more yet less patience and it kills me in the end. I take time for myself rest and calming down before i start trading again. That is my trading experience and i would like to write more but this is an introduction section and i should keep it short.

I am grateful for establishment of FPA website, a trader community that give education, information and stand together against evil marketing wizard out there whom using all sorts of magic to steal, delaytoforever and gamble clients money. I hope and will to educate myself more and active participating with FPA community.

Lastly, my advice to myself and traders:
1. Education is important and be an educated investor/ businessman.
2. Create goals, trading plan and trading journal.
3. Discipline, consistency and patience are powerful factors.
4. Do not think how much greenback i can make but think how much money im going to risk.
5. Do not forget to help community by giving votes on ongoing cases. Thanks FPA for having this court to help traders in need.

Thats it for now and thank you.

Sincerely
Nick

 

[Pharaoh]

Good first post.

For education, I hope you've taken a look at Forex Military School here at the FPA.

 

[nickaarizomar]

Good first post.

For education, I hope you've taken a look at Forex Military School here at the FPA.

Good day Pharaoh

Thanks and yes i did and i am still studying with it. I say its a great education resources covering basic to advanced topics on FX and probably having better quality than selling resources out there. I would definitely introduce FPA to my family and friends whom interested in FX. Give big thumbs up for Mr Sive Morten and FPA.

 

[arigoldman]

Good day to you too, best of luck.

 

[TemperTemkin]

Pretty sound advice. Also got caught in 2013 on the AUDUSD when George Soros had a field day with the markets. Keep that journal happening!

 

[pastajoy]

Good day and good evening (GMT+8) traders

Im Nick from Kuala Lumpur. I joined a month ago but i did not introduce due to busy schedule and i am a student. I am trading for more than one and a half year but i can say i am still beginner compare to traders have same trading years as me. At beginning, i was trading solely using fancy candy indicator without realise market real price action & behaviour hence resulting few profit & some break even plus i straight away jump in with real dollars. I was very cautios in trading and risk management at the time because i did not want to lose all my money and luckily never got into margin call.

Time to time, i keep learn more on economy & FX and at the same time i have witness three or more highly impact events that nuclear bomb FX market such Swissy negative interest rates, Yuan deappreciation, and sadly for me because i got owned in less than 4 hours which is ECB depo facility rate cut at 3rd Dec 2015.

I will not forgot the moment and i learnt something important. Eventhough you have a great technique with great chances of winning rate, you will lose if you dont have stop loss or proper money & risk management. Anything can happen.

At the time, i was trading mainly with market price itself by drawing and mapping on chart and i got a lot winning trades which turn myself greed for more yet less patience and it kills me in the end. I take time for myself rest and calming down before i start trading again. That is my trading experience and i would like to write more but this is an introduction section and i should keep it short.

I am grateful for establishment of FPA website, a trader community that give education, information and stand together against evil marketing wizard out there whom using all sorts of magic to steal, delaytoforever and gamble clients money. I hope and will to educate myself more and active participating with FPA community.

Lastly, my advice to myself and traders:
1. Education is important and be an educated investor/ businessman.
2. Create goals, trading plan and trading journal.
3. Discipline, consistency and patience are powerful factors.
4. Do not think how much greenback i can make but think how much money im going to risk.
5. Do not forget to help community by giving votes on ongoing cases. Thanks FPA for having this court to help traders in need.

Thats it for now and thank you.

Sincerely
Nick

Hey Nick,

Your story seems very familiar with a lot of others I have read and myself. Good solid advice, I am studying all of my trades good and bad and am learning a lot just by reviewing my techniques and habits, in the hope of evolving my own trading strategy.
If I also may add, a point that I came across when I first started to research was handling ones own emotions. I did not think much about this before I started but it hit my like a tonne of bricks when I started to trade with real money, I did this first before using any simulator.
After more downs than ups you can imagine my mood! It really does effect your decision making abilities dealing with such emotions when starting out with real money, even a small amount.
Another point to add is to know the platform, I started to trade without really knowing some of the platforms, lost money and stupidity on my part. Just makes me wonder how beginners fall into the same trap, my advice is know your platform better than any other piece of software you have ever used.

Cheers

 

[nick.bern]

Great post! And thanks for Forex military school link, i am new here and I'll make sure to check it out.