I am a PhD student and the first time that I heard about Forex from my friend, was in May 2013. Since the first day, I found it very close to the ideal job that I wanted to do.
What I liked the most were the independence that it offers as a full time job and the fact that I could do trading from anywhere in the world. So I started to learn about Forex trading from babypips.com. Although the website gave me some introductory information about Forex trading but I had no success in demo trading.
Then I happened to know code-based trading on mql5.com website. I downloaded some codes from the website and started to demo trading with those code but again no real success. It was hard for me to trust the code-based trading so I did some researches and found price action trading on [unnamed competitor site].
Once I bought its course and read it, I thought now it the time to go live trading. I opened a $4,000 account and started trading. After 4 months, my account balance was $3,300. Then in the next 2 months, I started to get some gains until I recovered my $4,000. I became overconfident about my abilities and I started to oversize my positions and also overtrade.
One night I made $500 and I felt I am an awesome trader. At that point the disaster started. Over a course of 2 weeks I lost all my $4,000 plus and extra $3,000 that I deposited in the account (total of $7,000). It was one of the worst experiences I’ve ever had. I lost all my savings.
I stopped trading and started to look at websites like zulutrade.com to invest money on some “professional” traders. I borrowed $1,000 from my friend and invested on the top trader at Zulutrade. In one week my account gained $500 and I was so happy about my decision. But things changed and after 1 month and switching between several traders on the website, I lost the $1,000. It was very frustrating.
I stopped working on Forex for 3 months. I knew that I need to know some professional trader and watch closely what they do to learn how to trade like a professional.
I did some searches and found the online course on dailypriceaction.com. I loved the way that it keeps everything very simple, clear and accurate. Although, I knew price action trading from before, but the thing that is very unique about this course is the attempt to teach the way that a successful trader thinks, controls feelings, manages risk and finds confluence in analyzing the market.
Before taking this course, I thought trading is just about finding a pin bar, key levels, etc. But this course made me aware of many psychological issues that will happened to a trader. It taught me that trading is more about having discipline and consistency rather just finding a setup.
Since 5 month ago, I started to trade again and my results improved a lot. I managed to earn 2-10% monthly profit with small draw-down (<10%). I am at the end of my PhD and I got hired in a prop trading firm as a junior trader. I passed their requirements and I will start trading live for the firm from next week.
I still think of myself as a beginner trader who need to improve a lot but I know that I am much more disciplined and cautious and will not get into the emotional traps that leads to disastrous results.
It's amazing what can happen when you begin to achieve small victories as a Forex trader. The idea of being hired as a prop trader may seem lofty now, but I assure you that anything is possible with the right tools and the support of an entire like-minded community.