I am a money manager and have been trading forex and equities for more than 4 years. Before I began my trading career, I owned and ran several businesses ranging for transportation to import export. I was looking for other business opportunities when I stumbled onto an advertisements advertising on courses on trading forex.
Like so many people blinded by the romance of trading, I too coughed out thousands to learn the skill / art of trading. After a weekend course, I thought I knew everything about trading, so I opened my first trading account, funded it with thousands and prepared my coffers for the tones of money that was about to pour into my trading account. I was even thinking about getting a boat with a bar, so I can be mixing drinks with one hand and trade with the other.
Like so many people, my account blew up, not in a good way. Instead of alchemy, turning lead into gold, my gold turned into lead.
That was one of the major turning points in my trading career. From that moment I decided on two things, I will not pay for anymore courses from the “gurus” and I will not blow up another account.
I did two main things when this happened, one was to go back to basics and start from scratch. I realized that learning from the best traders in the world was key. So I spent a lot time reading and researching on the different methods, trading plans and the mental aptitude of the worlds best traders.
The second was to sell / give up all my businesses. I figured that if I could loose this much money that fast, I thought I could make as much with the same amount of time. So like the Generals of old, as my troops moved forward to face the enemy, I burned the bridges and sank the ships. Looking back, it was much easier to loose money, and although there's a lot of money to be made, it's not the same ratio as loosing money, it takes much longer and more effort to make money than loosing money in the markets.
I strongly believe trading is easy and everyone with the right attitude and guidance can make a decent and realistic profit. I created this blog to give back what I got for free. A lot of people are looking to make profits in trading thinking it is effortless, I want to show people that losing is so easy if one is not careful. “How to fail in trading forex” is aimed at showing new traders that there are so many ways to fail, but with this knowledge, one can gather what it takes to succeed in one of the most unforgiving environments in the world.
As I have little spare time, I will update this blog at least once a week with trading ideas and what I think is needed to survive.
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