Monday, March 31, 2008

OK Here we go!

Can my forex account stay alive for at least a year with the short-term way of trading?
Tons of books studied, thousands of links checked... Finally I made a decision to TRADE.
What do I need for it? I will put it in the order I see it personally:

1. Me (my emotions, my IQ, my ego, my hands to "pull the trigger", whatever else...).
2. Free time for trading. I must have time to be glued to my monitor without disturbing me.
3. Right broker.
4. Trading strategy(trading plan).
5. Charting software+order execution software.
6. Some money to risk with.

Seems that is all. I did not add any "Luck/Fortune" to this list. Trading seems to be the job. If I would like to check if I am lucky it seems better do this in LasVegas :)

Frankly speaking I decided to start trading September 2007 with US$1030. Now my trade balance is about US$700. But i can surely say the short-time trading can be viable (profitable) if I will check/recheck/upgrade/.... the #1 in my list. Me.

So I spent about US$500 losses for my education... The common errors made by the amateurs were done. The main were : "letting your losses run" and "I must be there in the market".

So the main question you ask yourself when you start any financial activity (FX, stocks, futures, whatever...) must be not "CAN I EARN SOME HERE?" but rather "CAN MY BALANCE STAY ALIVE IN THE LONG RUN?"