Forex made me wiser

Forex made me wiser.

After quitting the call center I had R30000 from my savings, I also had other deals beside my call center job hence the large amount and they paid off at the right time. Hence me quitting without hesitations, it was time. I was reading a lot on Investing and stocks. I remember I was so fascinated with those graphs, those candle sticks, what they meant, how to read them. They provided a promise of wealth and abundance. I wanted to understand them thoroughly, their psychology and nature. I was intrigued by what caused highs and lows. Martin Scorsese had just released “The Wolf of Wall Street” and it was a classic, I loved it! I even bought the book by Jordon Belfort. Those graphs gave me the promise of becoming Jordon Belfort and I wanted it all, the greed, drugs, big money, white Ferrari, hot blonde, the great Estate, bad morality and sex.

I read a lot on technical analysis and enrolled in a couple of courses. I tried out Forex, I decided that I’d do this full time. Forex is a battle against yourself, it’s not about the markets, observe. I put R15000 in the trading account and 5 days later my account was R65000, life was good. A month later I lost over 97% of that money. I committed horrendous mistakes! I added to losing positions. I let losing trades run hoping they would come back but they skyrocketed. Everyday I hoped it would go down but it kept going up and up. I didn’t want to terminate the trade because that is so final. I chose to live in denial and hope and everyday it got worse. Sometimes, it would go down but it was already way too high. I was in those losing trades for 3 weeks, acknowledging that I lost over R60000 was too hard for me. I kept going through. I got better at playing the game. I studied more and networked more. I got content from the top Forex college in the country at the time for free! I moved a couple of things to make that happen, the course cost R45000. I was fairly confident of my skills now. I remember one day, I was scalping, I turned $1 to $50. I was unstoppable that day. I was in complete flow. I won a lot of trades. Momentum trades and major reversal patterns. Be quick to enter trade and get out even quicker, don’t stay too long, in and out. I even started Journaling everything down, I was disciplined, it was a profession, I gave it my all. I got mediocre results though, It was disheartening but my focus was on being better. I have made over a 100K trading, my goal was always a million but it’s difficult getting to a million trading. You have to have an iron focus and discipline and even that is rarely enough because no one really knows where the market is going! I don’t care who you are, not even the greatest Investor in the world, Warren Buffet knows which direction the market is going. Forex is pure speculation. All the intersecting lines, shapes, moving averages, candle formations, oscillators don’t mean anything! All these things don’t obey any scientific or mathematical law. You are merely lucky if you win. Even if you place your stop-loss 1000 pips above range, it is going to get triggered, the market is going to spike you out and you are going to lose money – there is no exception to this law, you are going to lose every time. That’s why I preferred trading without a stop-loss, I don’t advocate it but some days it worked and some days it cleaned out my account.

Some days I won, but most days I suffered that’s why you need to have a major payoff, risk and rewards are the fundamentals of Forex. If you do it right, one position can make you a ton of money but you need to be patient with those, go into the 4Hour, Weekly, Monthly and Yearly columns, think long term, you will be rewarded handsomely. That’s what I ultimately started doing. I left the “day traders”, they are to expedient – “intraday” is more my style. Start off your analysis on 4Hr, anything other than that is just cute. You can’t be just placing too much trades, what’s the matter with you? Less is more, have a great risk/reward ratio or don’t go into the trade. Still I was good on every time frame. I decided I needed partners, I got investors, I promised them heaven on earth, 100% of your investment in the first month and 400% thereafter for 12 months! Everyone was impressed. “Mr. Forex kid”, you think I’ve just been reading at the library, foolish assessment, I’ve been making this cheddar, you niggas worry about the wrong things. Obviously, the enterprise with my partners didn’t go so well. I couldn’t deliver on that time frame. Donald Trump became President of the United States and the currency market misbehaved, and I didn’t have my stop-losses on, I was complacent, I lost most of my investors money in that way. Life just happened to me and I had to accept it. I took a lot of insults, threats and expressions of disappointments. I had to take it and I did. I took every call and responded best to every comment in the Whatsapp group, I was timid and humble.

Forex taught me suffering, emotional stability and regulation, sacrifice, resilience, commitment, iron discipline, focus, pattern recognition, rationality, psychology of market, greed, patience and the importance of asymmetrical risk/reward to garner huge payoffs. Throughout the years I pawned my personal belongings to sustain my trading account. I pawned my Laptop, my music keyboard, my projector and my digital camera. It was an active sacrifice, I knew I might not see these things again and it didn’t matter to me, the promise of being better at Forex was all the motivation that mattered. In the end I conquered Forex, I have all the content, courses and books, I forced my way to the best Stock Market and Forex college in the continent and got all their content for FREE, I devoured all their content and sold it. I was an active full-time trader for 6 years. I’ve been in the industry for 9 years. I know all the top brokers. I know all the experts on a first name basis and the truth is disturbing! Ready for it? No one knows anything! Forex is an illusion, it is not real, it is fairy-dust, a character in one of Disney’s stories.While you are trading patterns the big institutions are trading your stop-losses, it’s a different game altogether. They will get your stop-losses every time, they are experts on it, they do it because they can manipulate the market at their will. The big institutions even work together to get to your stop-losses and then they share the profits. Even if you have half a million in your account like I did at one point, it’s futile because the big financial institutions like your banks are trading in billions. They are the big players, 98% of the forex market consists of institutional investors while less than 2% is you and me(retail). Besides, 500K ain’t shit. Making money on Forex is like beating the house in Vagas – Godspeed.