-DC
Monday 23 June 2014
Progress Update
I have decided that I need to record down my progress at least once a month. Doing this will help me have a snapshot of history and how things have grown for myself and others to reference..Here's the first step..
Risk of Trading
In recent weeks, post the announcement of my success of turning $1000 to $10,000 many have shown the desire to do the same thing. Some have asked how it was done as they too desire to replicate the success. Though it may not be magic nor is there a secret to it, there is the risk that every trader takes when they venture on the journey of earning Pips in Forex.
When money is of concern, gambling is how one should perceive things. When one knows not what they do, the word "Trade" evolves to "Gamble". When "Greed" comes into picture, "Gambling" is what we will be doing. Only when one can isolate emotions, desire and pride and trade like a robot, it would be difficult to be successful. Trading with analysis and making sound decision without hesitation and attachment to what one can and will lose; that is the only way I know how a successful trader perceive trading.
Every trader loses money, there will always be a losing trade among the vast winners that any successful trader achieved. If anyone promise you that you will never have a losing trade and all you need to do is to follow their method, RUN AWAY! There is no way that we will not have losers in trading. Trading is about probability, using analysis to gain more winners than losers. Objectively targeting bigger profit than risk ratio in every position taken.
Before even considering Forex as a means of even being a side income. One should consider the amount of risk they are willing to take. No one should be trading money that they can not afford to lose. NEVER ever ever enter Forex with the money you can not part with. Once you place the money into the broker for trading, be prepared to lose everything. Be prepared that everything can go wrong, the broker can shut down, the government can put up laws and restriction that will hold you back, the market can go against you. This is very real, we will lose money in Forex. I have friends whom have made plenty and give it back the next day. I known of people whom have lost their life savings to Forex. I've personally know some whom have lost over $200,000.
Trading is a risky business, what makes it worst is that when one is addicted to it. The excitement of opening a winning trade would easily get you hooked and turn you into a degenerated Forex Gambler. Not able to stop and always putting more, trading bigger position in hopes to make more or win back what you have lost. Never Gamble in Forex. Always know your limit.
If you have gain nothing from my blog, at the very least remember this..
It is not difficult to make money in Forex, but it is definitely VERY easy to lose money. -Desmond Cheah
-DC
IMPORTANT: Trading is risky, this activity may not be suitable for everyone. Trading can result in losses that exceed your initial investment. Please ensure that you fully understand the risk and cost involved before investing money, time and energy. It should not be assumed that the method, techniques or indicator presented in this blog will be profitable or that it will not result in lost.Past performance is not necessarily indicative of future results. The publisher and all affiliates assume no responsiblity for your trading result. There is a high degree of risk in trading.
Thursday 5 June 2014
My Journey - Becoming a successful trader
I have been trading Forex since March 2011, there were good days and bad days. Like many others who have tried Forex, I have had the privilege of blowing my account, not once but twice. The only good thing that came out of it was that with every failure I gain knowledge and experience. One would tribute the lost we trader experience as the education fees to success.
Truth be told, we do learn better from our mistakes.
Having said that, there are still ways we can learn without going through the same amount of pain and be as experience and successful in the end. One of this way is to learn from others; with ample amount of practice one would eventually be successful.
Why am I starting this blog today? It is because Today is the day I declare myself a full time foreign currency trader. I have accomplished my first milestone and I am finally confident enough to announce that I am considerably a profitable full time trader. I have been able to turn $1,000 to $10,000 in just a matter of 10 weeks and I will be slowly blogging about how I did it - my journey as a Full Time Foreign Currency Trader.
Those who stumble upon this blog can either be amused by it, be judgmental and criticize what I have to share or take this with a pinch of salt. Take what is good and put it to use but most importantly avoid all the mistakes I have and will continue to make as the journey to success is never easy.
Till the next entry.. enjoy your day..
-DC
Truth be told, we do learn better from our mistakes.
Having said that, there are still ways we can learn without going through the same amount of pain and be as experience and successful in the end. One of this way is to learn from others; with ample amount of practice one would eventually be successful.
--------------------
Why am I starting this blog today? It is because Today is the day I declare myself a full time foreign currency trader. I have accomplished my first milestone and I am finally confident enough to announce that I am considerably a profitable full time trader. I have been able to turn $1,000 to $10,000 in just a matter of 10 weeks and I will be slowly blogging about how I did it - my journey as a Full Time Foreign Currency Trader.
Those who stumble upon this blog can either be amused by it, be judgmental and criticize what I have to share or take this with a pinch of salt. Take what is good and put it to use but most importantly avoid all the mistakes I have and will continue to make as the journey to success is never easy.
Till the next entry.. enjoy your day..
-DC
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