This post is not on the topic of learning the fundamentals and technicals of trading, however it has become very important for me in success in trading.
When I first started trading I learned the basics of charts, including how to read candle sticks and indicators. Being as I was a newbie I focused only on two indicators...the RSI (relative strength index) and the MACD (Moving average).
This go me so far, however it was and up and down journey. I was telling a lot of people what I was doing because it excited me and I jumped into learning as much as possible about how to read and predict the direction of the price movement.
When the markets where going up it was easy for me to make profits, however when it was in a longer down trend I found myself getting into the upswings about 1.5 hours late. I couldn't understand why.
I also spent a lot of time looking at the 5 minute and 1 minute time frames on the charts and was making buying/selling decisions based on the RSI and MACD indicators. As I said, this worked alright on long upward movements for me, but the long downwards I was not doing so good.
Initially I started trading crypto currencies and the first one I got into was bitcoin. Then I started trading on crypto exchanges after the big boom of bitcoin. Did I mention that after the big boom there was a big correction? lol. It happened, followed by another upswing and then a very long down trend.
I started to get frustrated with trading cryptos, because when bitcoin went down so did most of the currencies in the exchanges, so the only real option to sell was to put it into USDT which sits at relatively the same price each day.
This resulted in not being able to profit from downswings, unless I was able to pick the crypto that was going to take off against the rest of the market...which would be a huge time consuming thing to sort through thousands of cryptos.
So I didn't want to waste everything I learned about charts and trends and was looking for a market that was going up and had bigger volume and I got interested in Forex.
I always thought that it was a scary thing to do Forex (because of the potential losses) but I jumped into it and started learning about it by immersion.
As I found out, the Forex market is about $4 trillion which out does that stock market and obviously crypto's buy a huge amount. As well, out of 300 or so currencies, the top 10 currencies are 80 % of the volume on Forex exchanges.
So first thing, how do I get started and not loose all my money?
I found a Forex exchange that provided a no deposit bonus, that would let me trade on the open market (as apposed to just a practice account) because trading on the live exchange has differences in trade execution than a practice account that doesn't actually make the trade.
So with the $3500 no deposit bonus, I started to make trades, some won, some didn't. I knew I still needed more training...and it did take a few days to get used to the forex platform as it was different than the exchanges I was using for cryptos...however it was well worth it.
Fast Forward A Couple Weeks
I remember watching the Millionaire Traders show where they average people, like me, and taught them the fundamentals and then they gave them accounts with real money in them to trade. They thought it was possible to train the average person in a short period of time (something like a couple weeks) and they wanted to see if they could make profits.
As the show went on, some people could take the pressure, others couldn't. But in the end a few of the people were able to come close to keeping up with the experienced hedge fund manager.
So, essentially it worked.
So my trades initially were something like 50/50 win/loose ratio and it was fluctuating. Then I got determined to find better trading advice and found it through webinars posted on youtube from Navin at Urban Forex.
I watched about 20 videos and really liked the "Pro Strategies" and "Black Towers" strategies.
From that $3500 initial free no deposit bonus I blew about $2000 playing with Binary trading. So that left me with about $1500 to try regular Forex trading...I made a bunch of trades and didn't stick to the rules and the balance dropped to about $1000 usd.
Then I Got Serious
I decided to watch the Pro Strategy and Black Towers videos again and got determined to only trade based on those theories and my win ratio increased.
I am writing this post at the end of the day and in the last 24 hours I made a profit of $138 USD from sticking to those strategies and had a 100 % win ratio.
I made a bunch of videos showing the trades and how I applied them and the results, which are available to watch below. And, once again, I have to give credit to Navin at Urban Forex for the amazing training videos and excellent strategies.
Here is my first $100 profit trade on Forex using no deposit bonus money: