the daily chartist

Refreshing your knowledge is a good thing

published 1 year ago

 Do you remember the first moment when you started reading about Economics, markets, and trading? I remember that moment. It was mid - June 2008. Right when the Financial Crisis start to unwrap rapidly and taking its negative grip on the Global economy. I was still in High school back then and was already into Economics a bit, laying my plan to study the field after I graduate from High school. At that time I was finishing a paid FOREX trading course as well. There I learned about Meta Trader software and received the basic knowledge in trading itself. The course shifter to an advanced stage and me and my mentor started extensively to trade on a demo account. The course ended successfully and after that, I was offered to open a live account with the broker who made the courses as well. I declined because I didn't felt ready to begin even with a small amount such as $150. I continued to learn more from different sources and to explore on my own the world of trading and started trying out more and more different trading platforms, strategies and brokers and to learn and to be aware of what is actually going on. 

 In 2009 I've started trading on a real account with $400 deposit. It was a disaster, complete massacre. I was ready theoretically, but emotionally and psychologically - not at all. This shock that I have experienced with losing money made me pause my trading for a moment and it made me study more the emotional side and the psychology of the trader. This took me 7 months to regain my discipline back and to recover not only emotionally, but financial wise as well. The account grew at a steady pace and in the meantime, I was making new friends who have the same interest, started sharing ideas and thoughts and it led to trade together via skype conferences and chats. It was very exciting. I was on one broker, loyal to it, but they shifted to a Market Maker status, which I disliked and for the first time I thought of changing the broker. This kind of group trading made us grow and I started to afford to make small withdraws from the account such as $40, $30, $50, something like that. Back then when still living with my parents it was amazing. In 2011 I went to University with my desired specialty - Economics. I had no time to trade anymore. I decided to experiment with trading bots, and of course, I've tested them on a demo account. All were amazing on the demo, but on live not so much, so I started losing money again. So I stopped the trading bots and threw them away. In my student years, I almost didn't trade so I have decided to withdraw the remaining amount, which I think it was $790 and I invested the money in my education. Education in Bulgaria is cheap. Very cheap...

 In 5 years I graduated with my Bachelor's degree. In 2016 I was invited by one of my trading friends to a conference organized by a different broker and of course I've accepted the invitation. That year also I created this blog. There was a prise event at the end of the conference where every guest participated. Everyone had a number which was picked up randomly. There I won the grand prize of $200 to start live trading. So then I renewed trading once again. I followed with my Master's degree, which ended in 2017. The trading continued, I even invested more into the account to bring more volume and to be more satisfied with the profits. My friend designed a trading algorithm which now trades for us and it is doing fine, we are not millionaires, but we don't complain of the extra income. With the Bitcoin euphoria, I started to show interest there as well. Making small investments, because even today I don't fully trust the Crypto market, but I have a small share in Ethereum and several Altcoins and a modest money toss in a Cloud mining service. Back then when all started I only observed and it was hard to get any bitcoins. 

 My 10-year path has led me to see much gains and severe losses, but all the time I was learning. Gaining new knowledge. The experience filtered everything I have learned to a couple of useful things which I apply today and not only in trading. I apply them in everyday life as well. Because trading forms out a character which has its consequences. I have used different FOREX learning sites I bought a couple of trading (not biography) books and shaped my own view and understanding of the trading world. Though you may think you know everything, you don't. Sometimes you may even learn something new that you've missed out previously. As in life as well as everything changes constantly and you need to refresh your knowledge, gain new experience and adapt. Adapt to the Bull market, adapt to the Bear market. Adapt to a range, hold and just watch if it's needed as well. You don't need to rush it. You need patience and discipline. Because we are talking about money here. Your real money. The money that you've moved aside only for trading. 

 So as taking this responsibility of managing your money for trading, you need to invest time and effort to understand where you are actually putting your money and what do you want to do, what do you want to accomplish. I have friends who left out trading and moved along. I have friends that just let go after getting several hits. So it is different for each person how much they are motivated to succeed. Though for me there isn't a determined success in trading. You need to succeed every day, week or month, feeling psychologically satisfied of the profits. Every time you make a profit you succeed. In the moments where you took a calculated loss - you succeed too. You will fail only when you go into a margin call. 

 Learn, study, always refresh what you already know and trade with confidence with a good state of mind and everything will come into place.