This is a summary of my dismal performance trading Currency Market markets. I am hoping that by posting this I will get within the markets and proceed.
Also to publicly expose this dismal performance as a wake up call for me personally.
Some self-employed therapy if you will.
And it could help newbies learn from a true example of what can happen if you lack patience, discipline and the ability to stick to a plan or have a plan. Even though you might have alot of devotion, which I surely do not lack.
I began out demoing late last year for 3mths with amazing results (see below). This gave me the confidence to start a live account with a minimum quantity of money (2000) as advised. Nevertheless, the market generated nothing but headaches for me. My original trading account has gone within the last 6 mths plus the few hundred extra dollars I put on top to cover losses.
The market has taken over my entire life. It is all I think about. I spend all of my available time working on it, watching it and wanting to trade it profitably.
But whether there was not enough capital or time or anything, I would always simply miss the ship and things have gradually but definitely deteriorated.
My original demo egy (the one that produced heaps of money) didn't operate in the actual market.
So afterward I was jumping from 1 egy to another on a weekly basis, because the egies weren't producing the required outcomes.
I already knew that this was not the right thing to do. I already knew all of the mistakes that I was making and why I was making them. . Even before I left them.... Because I'd spent so much time exploring and learning about Currency Market. But theory and practice are separated from the chasm of experience.
I must acknowledge, however, that some of the most promising egies seem to be here on the factory. However, by the time I'd found this forum, I think that it might have been too late (story of my life) because my confidence and my account were at a critical degree....
21/09/2006
Well I just got my third margin call in 6mths (the second in 2 weeks ), thankfully its accepted my account below $50 so now I can not trade till I have learnt to trade correctly - whatever that means. If I withdraw that money now, it will cost me 50 percent to get the money out, not worth it.
It only seemed to make sense that if you consistently traded a demo account from 50,000 to 4 million in 30 days (sometimes less), for 3 mths running, that you may have a small probability of acheiving at a somewhat profitable outcome in the actual market.
Certainly not the case. I've obviously not demo-ed for long . However, what is the purpose of demoing in case the true market produces different outcomes. And 2000% a week return isn't good enough to begin!!!
You can never know this unless you trade the true market. But by then you're trapped with a crap egy or method which doesn't work, so you want to test a thousand other crap egies to compensate, but you'll run out of money before you find the best one, because there is not one.
Why on earth was retail Currency Market brokering offered in the first place. From what I've been reading, brokers do not bother hedging opposing places with their clients because they know that the customer will lose, because the clients do not know how to trade correctly. And nobody is going to let their clients know how to trade correctly. Happily, as advised, I've only used a very tiny amount of my money with this crazy endeavour.
Perhaps I'll come back after 10 decades of demoing and we may see afterward. Perhaps I will not waste another moment of my precious life doing something which, if you fail, leaves you with absolutely nothing to show for your efforts. At least when I was a failed artist, I would have some crappy art functions to hang around the house.
Maybe I'm not dumb enough to trade the markets. Maybe its best if little guys stay from the markets entirely.
I will attain a much greater return on my capital by leaving it at a savings account than I could trading the markets. The market provides you a guaranteed minus (-)100% return on capital within the first 3 minutes versus a guaranteed 6% p/a by a bank. That means that after a few minutes you'll be roughly 100% before the market. Wow, no retail Currency Market broker sales pitch mentions that fact.
I've persisted with the market simply to give it a chance that perhaps things will improve, but they only got worse.
I tested different egies, obtained more information (how much do you need - is not the golden rule that'price = information'.) Finally it was impatience to recuperate from losses.... That were allowed to grow too big.... Because I would sit there like a stunned rabbit in the headlights, hoping for the transaction to turn.... And trading fearful by taking off small (but potentially large) profits because the market was going back the other way, but only breifly, that has caused the most severe damage.
I shouldn't have bothered however, because the market will not provide you with a opportunity.
The tiniest of mistakes gets penalised greatly. Even in the event that you make the right call on a transaction, your implementation has to be precise.
There is really no point in starting a trade because there's a 100% probability that it will instantly turn . This will always be the case.
's golden rule You will always lose in the market, always.
Even luck is not a factor. Even in the event that you win, you've still lost, because you'll get overconfident and drop tomorrow.
Whatever I saw was the most obvious method for the market to proceed, it'd go the other way, and then when I tried to apply reverse plogy to that egy (the most plausible decision )... it still went the other way.
There it is. No way that anyone can ever win in the market.
I challenged you to prove me wrong.
If anybody on this forum wants to trade my live account for half or even more (negotiable) of their profits to prove me wrong, you can contact me at. The results could be printed in this journal.
Here I go again... a Currency Market junky searching for another fix...
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