Recruit Reign Reporting For Duty

Reign

Corporal
Messages
42
How The Mighty Have Fallen

It's amazing how the mighty have fallen, EA's I mean, when I look back and realize how I too was a victim of these massive "greed induced" schemes, I have to laugh at myself.

"I made $20,000.00 in 2 weeks, it's amazing. All I did was load it up on the machine, left it running, and when I got home from vacation, I had a wonderful surprise. It's amazing, who would have thought it was this easy?"

In the beginning of your career, as an investor, the possibilities seem endless. As you can see from my previous post, I had to learn some things the hard way. Money Management, Risk Management, or simply put, R&MM. You have to understand that the possibilities of $1000 days might be a reality, but the journey begins with a single step right?

There I was, my Senior year of college majoring in Construction Management and Civil Engineering, when I changed my major to Finance. What the hell right?! Well, I had to follow my heart, and if I'm going to pay for a degree, I rather pay for something I actually want to use and have a passion for.

Still in college, but at least I'll be learning something that will further my advancement as an investor. Theres this thing that's known as fear, and while allowing it to take advantage of our circumstances, once you embrace it and learn to harness its hindering force, the power of true investing is revealed. Forgive me for sounding like Yoda, lol, I've had a long time to think about this.

I'm starting my career again in Forex, but this time with a deeper appreciation for Breakouts and understanding price trends. Everything that I've purchased, from pointless EA's, trading systems, books, etc, I don't feel bad about them anymore, because each one has taught me something.

So, I've started my own little website:

Shogunatrix.com

And hopefully one day it'll turn into something major with the guidance of this forum. Eventually I'll have pics of charts that I use and everything else, almost similar to the way Ricex does his set up. ;)

My Starting Focus is:

EURUSD
EURJPY
USDJPY
GBPJPY
GBPUSD
EURGBP

With that said, I hope you all have a great day.
 

Reign

Corporal
Messages
42
It's funny, I see these newcomers on here talking about how they're just starting out and making 100+ pips a day with hardly any losses. YEAH RIGHT!!! Don't fall for that crap. I'll be happy with 10 pips a day right now, lol. I have been studying FOREX for over a year. I've had losses, many losses, to the point where it sent me to a margin call more than once. I've dealt with false brokers. I've spent money on items and training tools that I don't even use, and I'm still learning the demo right now because of the high risk that's involved.

The majority of people that actually make money in this game don't brag about it on here, lol, and if they do happen to catch a good one in the making, they come on here, or to their respected sites, and give everyone else the heads up.

Don't believe the hype I guess is the point of this entry. If I can keep one person from spending their money in all of this bs out here, then I've done my part for the community, lol.


l8r :cute:
 

PipBiker

Private, 1st Class
Messages
54
I would just encourage you to continue your quest for understanding. There ARE people who make money in Retail Forex ;) You don't have to understand the whole market and all the currency pairs, but it does help. Most people starting (ie less than 2 years of trading) are just looking for profitable trading strategies. But as a trader you need to understand the currencies. Understand their relationships and their tendencies. Take a look at them all on different time periods. Look at their history. Compare their history. Notice what times of the days they are active and not. THEN, you will start to see opportunities for trading. And trade YOUR game, not a someone else's game:
1. Specialize on a few pairs (or even 1), but review them all.
2. Find one time period to trade in (long, short, day, scalp), but look at all the time periods.
3. Control your risk. If you are getting margin calls you are risking too much.
4. Relax. It's a business, not a competition. "Steady plodding brings prosperity". You won't get rich overnight. But you can double your money in a month or two with steady, consistent trading.

Good luck and happy pip hunting. Oh, and EA's DO make money. But write your own, don't buy them from someone. There is usually a reason why they are selling them...
 

Reign

Corporal
Messages
42
I would just encourage you to continue your quest for understanding. There ARE people who make money in Retail Forex ;) You don't have to understand the whole market and all the currency pairs, but it does help. Most people starting (ie less than 2 years of trading) are just looking for profitable trading strategies. But as a trader you need to understand the currencies. Understand their relationships and their tendencies. Take a look at them all on different time periods. Look at their history. Compare their history. Notice what times of the days they are active and not. THEN, you will start to see opportunities for trading. And trade YOUR game, not a someone else's game:
1. Specialize on a few pairs (or even 1), but review them all.
2. Find one time period to trade in (long, short, day, scalp), but look at all the time periods.
3. Control your risk. If you are getting margin calls you are risking too much.
4. Relax. It's a business, not a competition. "Steady plodding brings prosperity". You won't get rich overnight. But you can double your money in a month or two with steady, consistent trading.

Good luck and happy pip hunting. Oh, and EA's DO make money. But write your own, don't buy them from someone. There is usually a reason why they are selling them...
Thanks for that Pipbiker, a lot of info there. That's what I'm learning, I've heard that I shouldn't just focus on one currency pair, but then again, with this mornings "Long" position of the EURUSD, I have been giving it all my attention.

Greed, yes, it can control every aspect of the mind when in desperate need, and that was my story. I won't even mention as to how much I was making, but lets just say some people on this board open accounts bigger than my yearly earnings, and I'm talking in the smaller double digits, very small, lol.

I have grown past the "want" aspect of my life, and Now I'm in the "need" portion of it. Seriously though, thank you for that. I download it all to the brain I assure you.
;)
 
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