Dear Diary,It has been a busy few days and I have just finished the first Advanced Lesson in the forextamil course. Was quite hard work but I had done the Basic one too and that really helped understand some of the points they made.
I am working fulltime so have mostly been studying in the evening but managed to sneak a look at some charts at work today. As long as I look busy and nod wisely at the computer screen they think I am working hard – it is great getting paid to learn! Don’t tell the boss though...
I must admit to being a bit fed up with the 8-5 workday and same routine getting paid to make someone else money. It made me really cross when my leave got cancelled last week as we were short of staff – I had planned a few days away and everything..hmmm!
I have decided I really want to be my own boss and get rewarded for the results of my own hard work. It all came about by a chance discussion; one of my friends, Mark, told me about Currency Trading when he came back all excited and converted from a weekend course (although at $4000 for the 2 days I think he was ripped off- did not tell him that though). So I have spent some time researching on the Interweb and am getting really excited about the opportunities trading Forex could offer. The flexibility really appeals too as I can trade in different time zones and anywhere in the world. That is a real incentive for me as I would love to be able to travel around a bit and all I need is a computer and an internet connection – how good is that?
Also the cheap start up cost sounds good as I was toying with the idea of starting or buying my own business or franchise but I needed so much capital whereas I already had all the stuff I needed to trade – unfortunately except from the most important bit – knowledge and experience. The best thing is I can get those relatively cheaply while still working and look forward to heading off when I am ready and on my terms – excellent! Also if I decide I can put up with work I can trade for a couple of hours a day in the evening while still working in the day while planning for an early retirement (or that annual trip to Hawaii). Takes the pressure off leaving work entirely too as I could consider going part-time first if the trading works out OK. Work seems so much less arduous if you have a get out plan, even if you choose not to use it straight away!
But I must not get impatient as it is not an easy thing to do so I will not get ahead of myself as a lot of work to do before I am ready to trade full-time – but the reassurance that it is there for me if I am prepared to put the effort in makes it all worthwhile.
Reading up on indicators (and their fallibility) during the lesson it got me thinking that if indicators were all it took to be profitable then it should be really easy to design a system or write a program that gives the signal to open a trade when all the figures line up and in you go. The fact this has never happened and 95% of traders in Forex do not make any money leads me to believe there has to be a personal discretionary element to make it work. That and a good approach and hard work to move yourself into the 5% that are successful.
I could see how easy it is to get sucked into thinking the indicators on their own are the answer as it is appealing in a brainless sort of way as you have to just let the figures or graphs line up and away you go - so many courses use that as a selling point but how can it be true as if it was that easy then you could buy the software and sit back in the Bahamas while the money rolls in, just looking up from the cocktail to order the back massage and check your ever growing account.
Anyway, I am feeling really optimistic about the Price Action thing. I have spent some time using those expert advisors that I downloaded from some of the MetaTrader forums. They open and close positions for you automatically – on a demo account of course. Not very good results so far and I do not know if I could trust that to my account even if it went OK. I like to have some more control which is why a discretionary system, but with entry and exit rules seems to me to be the way to go. I hate to think of a minor computer glitch in the program wiping my account out while I am at work – how can some people do that? Takes all sorts I guess.
Anyway, will get off my soapbox now and lighten the mood with a little joke ---
An American trader was at the pier of a small coastal Greek village when a small boat with just one fisherman docked. Inside the small boat were several large yellow fin tuna. The American complimented the Greek on the quality of his fish and asked, "How long does it take to catch them?"
The Greek replied: "Only a little while". The American then asked why didn't he stay out longer and catch more fish? The Greek said he had enough to support his family's immediate needs. The American then asked, "But what do you do with the rest of your time?" The Greek fisherman said, "I sleep late, fish a little, play with my children, take siesta with my wife, Maria, stroll into the village each evening where I sip wine and play cards with my friends, I have a full and busy life."
The American scoffed, "I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat with the proceeds from the bigger boat you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing and distribution. You would need to leave this small coastal fishing village and move to Athens, then London and eventually New York where you will run your expanding enterprise."
The Greek fisherman asked, "But, how long will this all take?" To which the American replied, "15-25 years." "But what then?" The American laughed and said that's the best part. "When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions." "Millions ... Then what?" The American said, "Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siesta with your wife, stroll to the village in the evenings where you could sip wine and play cards with your friends."
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