Hi Faith (I know that's not really your name, lol),
How long did you have to practice Forex before you went live? I don't know anything about currencies but I've been able to do OK virtually on just technical analysis. Do you think one can just do this based on TA? Finally, are you a career trader? That is my dream for retirement.
Thanks,
Mimi
Anonymous
Hey Mimi, thanks for your questions. Faith has become something like a pen name lol so no worries!
I went live 2 months after trading demo. And that was WAY TOO soon! I would never advise that. Inevitably, I blew up that account and several thereafter before putting down my ego and returning to demo. It wasn’t until I could really understand risk and how I use it and manage it in my trading before I could make the successful transition to real money trading.
There are many technical traders who do very well without the fundamentals. So can you be successful solely using technical analysis? ABSOLUTELY! As you trade you will learn the fundamentals and learn more about currencies, so just keep trading and staying disciplined to your rules. If you are successful doing what you do as you say you are, why change it? Too many times, we learn another’s approach because it works for that trader. So test new techniques in demo and if it doesn’t work TOSS IT. Most importantly, TRADE YOU! Much like the saying, “trade your style, not your mentor’s.”
I like your choice of “career” trader. Yes, I am a career trader. However, I am not yet a full-time trader. I think I am making a transition in that direction but I have interests and talents right now that I am blessed to do while trading. I’m enjoying life as it comes!
Best of everything for you in your trading :)
Lydia
