Hi Asif and thank you for sharing with us something about your trading style. If you don't mind, i'd like to ask you a couple of questions.
1) which broker do you use? (if it's safe for you it would be also for me
)
2) how did you started in the forex business? I mean, in a single transaction you traded more than the total amount of lots i traded, till now, in my entire trader career
(so you should have a much, much bigger account than mine, which is still very tiny nowadays). Here is the real question: did you started trading, 5 years ago, with a big (or, at least, considerable) amount of money or have you made your fortune only by trading (starting with little capital)?
Btw, you (and, of course, Sive!) are my hero
i wish one day i'll be like you
thank you!
Thanks Buddy,
Started 2007 as a novice trader as i had a big chauffeur business dealing with investment banks Bear Stearns and Lehman Brothers... YES! we all know what happened
anyway during my time with these guys i used to hear a lot of talk on Speculation and how they had made a lot of money on various trades that they had done ...
Used to hear Bears Bulls and had no idea what these phrases meant....
When they went pop some of the top people were not even touched by this event of a bank going down or was taken by JP Morgan for a few dollars.... Heard one guy say i shorted them...
Anyway i had virtually no business left and i also had another business partner at the time who was panicking like anything!! saying we have to look at other contracts etc etc but i knew this would be not worthwhile as all the big banks were not interested in high class chauffeur companies and wanted the nice cars but were not prepared to pay!!
So i decided to say to my partner i am out or he goes out as was not prepared to work as a slave!! anyway long story short he went...
I then had to look at a way to create another source of income...And thats how it started ...started doing research on what trading was etc etc etc..
Asked a few questions as i knew some of the bankers very well on what they did and what trading was etc etc..
They told me a bit ... I then started trading initially as i had really no idea what i was doing thought i had a system in fact the system part was ok as i have fine tuned it after getting to understand who i was as a trader...(its mind training)
The part i made a total mess of was the money risk side as beginners luck initially from a £15000 account i doubled my account in a month!!! i thought i was god!!! lol ... anyway in 3 months had nearly tripled it!!! so this was my mistake as i had a good luck in the beginning i started to risk very high lots and yes then the losses started!!! and as i had no training of my emotions within 3 months i had blown the account..
Then it was that emotion REVENGE how the hell can the market do this to me so i then funded again same story
((
Then i had enough and thought this is not for me.... i also attended the courses and seminars as i thought i may learn from professionals all bull ****ers!!..
I had been always watching Sives anyalis for a while but never took it seriously as it was free
so cant be any good as thats how we unfortunately are conditioned in our earlier lifes growing up!!!
I always had a feeling that this has to work as there must be a few making loads of money..
I then started looking at a traders phycolgy how a professional thinks and stumbled on a book called Trading in The Zone and studied this for a couple of months.. and for me all the answers were there what i had done etc etc..
So i then devised a trading plan based on my trading style using Sives anyalis and it been working very well...
Its a business for me and there a lot of myths on brokers yes some of the non regulated ones one must keep away from..
I personally used Alapri Uk had no issues with them..But as i am a uk resident i opened an account with IG Index in the uk As i dont pay any tax on my profits as its classed as a spread bet account which in the uk is free from tax!! its just a technicality but i love it as no tax...
There are also a FSA regulated and i have had a lot of money with them and never have problems as i take on a monthly basis 50% of my profits and leave the rest for my account to grow and use compounding sensiablily ...
Works well for me..
I am sorry for such a long message but hope that helps and answers your questions...
Asif