Tim Black hosts the live trading room for the Asia trading session. His background is in computers and technology. He is addicted to technology, charts and technical analysis and enjoys teaching and sharing his viewpoints in these areas.
I received this email today from a valuable member of our trading room. I’ve seen him in the room go from asking “newbie” questions to providing his own (accurate) pair analysis. He will reach the seven figure level in due time as long as he keeps up this kind of progress and discipline. With his permission, I’m sharing this because I really feel this will be of value to others.
I’ve been in the trade sessions for the past 6 weeks and have noticed a definite change in my trade behaviors. I am learning new candle formations and how to use Fibonacci to target entries. I definitely have determined that I am a scalper with occasion deviation to some longer term trades. I have found Oanda to be key to me being able to maintain proper risk management and still use the trade sizes WET suggests. If you open a FX account with the minimum $100/$250 that most allow, you tend to over-leverage your account when trading micros. Oanda lets you trade as low as $0.0001 / pip so even a $50 account can trade the Asia Mirror with the trade size exposure doubling at each leg. Currently mine at 25/50/150. I also have an FXCM account that I trade the Asia Mirror 1st leg in since that is a micro size account.
I think the key is to have the right tools sized to your resources with good discipline. A lot of people get sucked into Fx trading on the hipe of turning $500 account into 1.2mil in 18 months. I look at it as a process similar to building a house. First you need a stable environment, build your foundations, build upward from there. “Rome was not built in a day” neither will your Forex fortune. Small simple changes over long periods of time guarantee the best path to success. By doing these changes over long periods of time you are altering your behavior and mindset.
My first goal is to get to a level where my trades cover the WET subscription fee. My next goal is to build my account balances to $1000. It is important to reward myself along the way so if I have a good trading week I will go out and have a nice steak dinner or plan an activity that is something I enjoy but seldom do. I think this idea helps to recharge your batteries and energize your focus. Starting with higher trade balance would make things easier but I have always enjoyed hard work when it leads to a goal I want to obtain. With people such as the WET Mentors, they will make the path to these goals obtainable and enjoyable along the way.
Just some thoughts.
Bruce, thanks for your testimony. You’re an inspiration to all of us.
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