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How I Succeeded in Forex Trading

Success in Forex TradingMy name is Caroline Stevens and I am a computer programmer. Several years ago I decided that I needed to make some extra money and a relative suggested I trade currencies. Till then, I had dabbled in the stock market and I knew very little about currencies or the world of Forex.

So with some advice from a friend who I thought had plenty of experience in Forex trading, I opened an account with a Forex broker and plunked down some money. Of course, I lost the funds within days and was about to give up on the whole thing. But I am not a quitter by nature and I looked around me and saw that there were traders who were actually making money trading Forex. So I took it upon myself to stay with it but to approach it in an entirely different manner.

Before entering another trade, I started to delve deeper into what Forex was all about. I consulted with seasoned traders, read books on the subject and took several online tutorials. I also carefully observed how the market behaved, its price movement and reactions.

I learned how do use technical and fundamental analyses to pinpoint correct price movements and to better understand price fluctuations. Then I opened a demo account with another Forex broker and practiced my moves. See more on OptionFair.

It took close to a year till I felt confident to do my own analysis and to choose which strategies I would need to end up with some profits. I practiced my trades and slowly but surely, I ended each month in with some profits.

Time is Money

I came to the realization, however, that in order to really make money in Forex trading, I had to devote a lot more time to watching the markets and focusing in on the opportunities that present themselves. These opportunities are always there but I knew I had to watch for them with a keen eye.

The problem was I really didn’t have the time to sit at the computer all day and watch for signals. I had a full time career and family that took up most of my day. So I set my mind to developing a program which did most of the work for me. I ended up creating artificial intelligent software which gathered information about the Forex markets and implemented my strategy even while I was off doing other things.

It worked fantastically. It analyzed the available fundamental and technical data and generated its own Forex signals which were then sent automatically to my broker’s platform where they were immediately executed. What more could I want?

Forex trading is not easy. Those traders that succeed in this business must work hard and put in the time necessary to come out profitable. Traders should have the confidence to make the right moves. They should also be prepared to lose some money since not everyone can come out ahead with each trade.

My advice to a novice trader is always do the proper preparation before placing your first trade, move slowly and cautiously and take your time building up your own unique trading style and strategies. More important than anything: When trading, have fun and enjoy the ride.

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October 2, 2013 um 7:49 am
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