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.
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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.