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| comment | | "parent_author":"",<br>"parent_permlink":"forex",<br>"author":"ryanng",<br>"permlink":"daily-forex-47-young-rich-and-erratic",<br>"title":"Daily Forex #47 - Young,<br> Rich & Erratic",<br>"body":"![Facebook-Cover-Photo.jpg (https:\/\/steemitimages.com\/DQmYLo9jq8Eb4c8UpotnHsFnvQpWgPT734XT2UCVhcMdD1x\/Facebook-Cover-Photo.jpg)\n\nA few days ago I shared about how I accidentally stumbled on Forex and made a career out of it. To read that blog post,<br> you can go [HERE (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-32-how-i-accidentally-stumbled-into-forex-and-made-a-career-out-of-it).\n\n[Yesterday (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-46-if-it-ain-t-broke-don-t-fix-it) (<-- Click this link to read yesterday's story),<br> I implemented 3 things I learned to improve my trading skills as well as to make a more stable monthly income from Forex. I had gone 3 months without any profits and this meant I wasn't getting paid for my \"work\".\n\nThe next few months,<br> I got back into the groove of trading and making profits for my investors again. The earlier investors were happy with the results so far and started giving me more funds. Some of them even introduced their friends to me.\n\nAlmost every evening I was at a nice restaurant having dinner and talking to a prospective investor. And almost every night I was also out at a club further entertaining them. It became my new lifestyle.\n\nIn the beginning it was fun,<br> wining and dining at nice establishments everyday. People were of course impressed that I could afford to pay for expensive dinners and bottles of wine. Many were led to believe that all they had to do was invest their money with me and they would be able to lead a similar lifestyle. I was young and rich,<br> everyone wanted that.\n\nI started trading late nights during the US Market hours as I was waking up later and later each day. That's the beauty of Forex,<br> I thought. You could trade at any time of the day. If you wanted some action in the morning,<br> you could trade the Japanese and Australian pairs. If you were bored in the afternoon,<br> you could trade the Euro and Pound pairs. If you could only trade at night,<br> the US pairs were more active at that time.\n\nBefore I knew it,<br> I was waking up past lunch time and I would spend the rest of the afternoon either chatting with other traders online or looking at the charts before heading out for yet another dinner appointment.\n\nMy trading was getting more and more erratic as a result of my irregular hours too. I would have bigger than usual drawdowns,<br> this means I would suffer bigger losses. Although I would still turn in a monthly nett profit,<br> my equity curve was very bumpy with bigger dips.\n\nI knew I had to do something about it or else it would be a matter of time before I suffer a big loss which would take longer to recover from. And this time it would not be just my money but all my investors as well.\n\nOne of my solutions was to get the live statistical results of several events. I could calculate the percentage that breakouts or reversals would happen and how big would the movement be. This enabled me to make a more accurate calculation of which trades to enter.\n\nThere were 2 conflicting ideas which I found online as well. One school of thought was to skip or trade a smaller lot size for lower probability trades and to enter your normal lot size for the higher probability trades. Another idea was to maintain the same lot size for all trades regardless of the probability.\n\nI chose the second option. I felt it was important to keep all things constant and consistent.\n\nSo in summary,<br> the 3 main things I learnt today were :-\n\n- Be responsible and always protect your capital\n- Forex can be traded at any time of the day\n- Keep your lot size consistent\n\nThat's all for today. See you tomorrow!\n\nHope you enjoy today's blog post and if you have any questions please feel free to ask in the comments below and I will definitely respond to you.\n\n------\n\n![fxstartshere profile small.png (https:\/\/steemitimages.com\/DQmUQJjuCniTLPMHwv3PjK9Cu6pPweB97v8vX3qLAV5dqBX\/fxstartshere%20profile%20small.png)\n\n***Daily Forex*** is my way of sharing my personal thoughts on the Forex Industry with would-be traders as well as current traders.\n\nI thank you in advance for following my daily blog post and of course an upvote would be a nice motivation for me. It will also be a sign that my content is relevant and have given you a bit of insight on what Forex Trading is all about.\n\nHere are some interesting topics to start you off :\n\n- [Daily Forex #20 - Can You Really Make Money Trading Forex? (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-20-can-you-really-make-money-trading-forex)\n- [Daily Forex #13 - Make Your First $100,<br>000 Trading Forex (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-13-make-your-first-usd100-000-trading-forex)\n- [Daily Forex #12 - Forex Is Not a Get-Rich-Quick Scheme (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-12-forex-is-not-a-get-rich-quick-scheme)\n- [Daily Forex #9 - 2 Main Reasons Traders Fail (https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-9-2-main-reasons-traders-fail)\n\n------\n\nIf you wish to get more FREE Forex Content,<br> join my Facebook Group : [The Winners Circle By FXStartsHere (https:\/\/www.facebook.com\/groups\/144334276152737\/).\n\nSign up for a [FREE Steemit account (https:\/\/steemit.com\/pick_account) and you can thank me by coming back and upvoting this article. And guess what,<br> you will earn Steem ($$$) too for doing that! #awesome\n\nRemember to [FOLLOW (https:\/\/steemit.com\/@ryanng) me too!\n\n------\n\nFor GUARANTEED UPVOTES,<br> join [steemfollower (https:\/\/steemfollower.com\/?r=15028). You will get 2 times the value of your upvotes!\n\nThis is my referral link [https:\/\/steemfollower.com\/?r=15028 (https:\/\/steemfollower.com\/?r=15028) so that we can help upvote each other everyday and make money together!",<br>"json_metadata":" \"community\":\"busy\",<br>\"app\":\"busy\/2.4.0\",<br>\"format\":\"markdown\",<br>\"users\":[\"ryanng\" ,<br>\"links\":[\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-32-how-i-accidentally-stumbled-into-forex-and-made-a-career-out-of-it\",<br>\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-46-if-it-ain-t-broke-don-t-fix-it\",<br>\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-20-can-you-really-make-money-trading-forex\",<br>\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-13-make-your-first-usd100-000-trading-forex\",<br>\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-12-forex-is-not-a-get-rich-quick-scheme\",<br>\"https:\/\/steemit.com\/forex\/@ryanng\/daily-forex-9-2-main-reasons-traders-fail\",<br>\"https:\/\/www.facebook.com\/groups\/144334276152737\/\",<br>\"https:\/\/steemit.com\/pick_account\",<br>\"\/trending\/awesome\",<br>\"https:\/\/steemit.com\/@ryanng\" ,<br>\"tags\":[\"forex\",<br>\"busy\",<br>\"blog\",<br>\"whalepower\",<br>\"teamsingapore\" " |
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