By now you know I lost $1000 in 4 days trading forex and decided forex trading is not for me. Well, here I go again. Call me schizophrenic; but I’ve decided not to withdraw all the funds from my FXCM account. I am going to withdraw all but $500 and try to build back to my initial deposit from there. Yeah, I know. It’s an even crazier idea than the idea to get involved with trading forex to begin with. But I feel like I need to tough it out a little while longer. Maybe I picked the absolute worse time to start last Monday.We’ll see. I’ll just go for a dollar here, two dollars there for now. It will mean taking ages to build back up to my initial deposit but we’ll see. Last week I made stupid decisions. I traded like an wild idiot. I traded with fear. I kept taking chances and then hitting the panic button. It was quite embarrassing because I ended up in tears. I got so depressed I wanted to die.
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Looking to lose $1000 in 4 days? Then definitely open a forex trading account with $2500 and open trades with 200:1 leverage. Aside from simply taking $1000 and tossing it out your car window while you’re driving, there’s probably no quicker and easier and more certain way to lose $1000 in 4 days. Unless you’re a celebrity at any rate. In that case you can lose $1000 in 4 minutes buying a salad at some posh restaurant in Manhattan.
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Well, after 2 days of forex trading I have decided there are better ways to put $5000 to use than to risk losing it all in the hope of being able to make $10,000 – $30000 per month. Yes, I am quitting. Call me a quitter. I lost $335.48; but that’s not really the reason I’ve decided to quit. I’ve decided to quit because I came quickly to the realization that I don’t have the mental fortitude for forex trading. My depression has worsened in the last two days directly as a result of losing money. My stress level has hit the roof. Who knows, maybe I would have been able to make money. Just because I lost $335.48 my first two days doesn’t mean I would have kept on losing; but considering my current financial situation I am not sure it makes that much sense to take the chance of blowing money in forex trading.
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I now officially have a live trading account with FXCM. And I guess I should confess, although I’ve said I won’t start trading until the 28th, I did give in to temptation and take a test trade this morning. So that’s one mark against me for not having the discipline to wait. My test trade resulted in 11.98 gained; but it was followed by another trade which resulted in losing $4.40. That was followed by another trade which also resulted in losing $4.40; and that was followed by another trade which resulted in losing $1.67. So my $11.98 is now down to $1.10; but I don’t feel too badly about it. I still have the full amount of my deposit; and the losses would have been profits had I not closed them to prevent them from getting any bigger. So that in itself is a good sign that I had the courage to take the loss. I was thinking about the funds in my account and didn’t want to risk more than the $11.98.
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FXCM has accepted my application and I have made my first deposit. I don’t have a live trading account as yet though. They said it normally takes 1 business day to process the funding transaction but can sometimes take more than 1 day. Once the funding transaction is completed they will create a live account for me and I will be able to start trading currency in the foreign exchange market. I still intend to wait until Monday 28th to begin trading. For now I am just getting application and funding processes completed so that on Monday everything will be good to go.
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Everywhere I turn there’s some new advertisement about forex trading and how you can get rich trading currency in the foreign exchange market. There was one particularly amusing advertisement I came across while reading my email. The headline read $1,000,000,000 in a Day? I was curious what kind of BS someone would be selling with such an outrageous headline so I clicked through. It was an ad for a forex informational product. At least it was good that the vendor wasn’t trying to tell people they could make $1,000,000,000 in a day. Actually, he was trying to tell them exactly that but not directly. He had a picture of Warren Buffet underneath the question “How Did This Investor Pocket $1,000,000,000 In ONE DAY?”
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Well, I have begun the process of applying for an account to trade forex with real money via FXCM. Of course I have no guarantee they will accept me. We’ll see. If they reject me I will try OANDA. If they also reject me, well – I’ll cross that bridge when I get there.
I am both excited and terrified at the same time. Not surprisingly I am excited at the prospect of making money and terrified at the idea of losing money. But I have vowed I will follow through with this come what may.
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I recently downloaded the demo platform from dbfx.com. I downloaded it because I saw the name Deutsche Bank and figured the biggest player on the foreign exchange interbank market level would have to be running a legitimate and trustworthy enterprise; and with my concerns about FXCM, I would be happy if I came across a more reputable broker before going forward and signing up with FXCM.
But when I tried to launch the dbFX platform today I was surpised to discover that they are using the exact same trading platform as FXCM. Theirs just uses a different skin. One the one hand this is good because it means I am already familiar with the dbFX trading platform; but on the other hand, how come Deutsche Bank is using the very same trading platform as FXCM? I was curious so I did some checking and came across an interesting discussion about Deutsche Bank’s dbFX.
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Win or loose I have decided I must follow through and open a live forex-trading account and I’m pretty sure I’ll be going with FXCM albeit with some reservation; so for any of you out there trying to figure out if forex trading is worth it and if FXCM is a scam, I will be putting borrowed money on the line to find this out for myself. You can subscribe to my rss feed to keep up to date on my progress, or bookmark my site. I might even open a small account with OANDA at the same time. We’ll see; but I have decided it is important for me to see this through instead of letting fear be the deciding factor as I normally do. Yes, it will mean a strong possibility of losing $5000; and I can ill afford to lose $5000; but I borrowed the money from a friend for that purpose. They loaned it to me for that purpose and I must use it for that purpose come what may.
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Well, OANDA replied in answer to my request for clarification on some text in OANDA’s customer agreement. They were unable to locate the text I quoted in their agreement. What I find very odd is that I suddenly cannot find the document from which I copied the text. I did a search for the exact text and the only place it shows up is on my own site which is beyond odd because I did not make it up. I found the text of the agreement doing a search so the fact that I cannot find it now (except on my own site)) doing a search seems a bit mysterious. Where did the document disappear to and why is it suddenly nowhere to be found?
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