I’ve heard it said, “If you can make 6 winning trades in a row, followed by no more than 3 losing trades, you’re a guru of Forex.”
In the past seven years, I’ve crashed so many Demo Forex accounts that I can write a book on this topic, having reviewed every Fx (Forex) broker who is out there. After learning to uk forex trading see through the promises made by new brokers and trial accounts, I was almost convinced Forex trading and making profits from Forex was a big hype and nothing more. So, I stopped trading Forex for a few months…only to return ready to take on the markets once again.
In the break I took, I had mulled over the reasons for my past success with demo accounts, which had inspired me into opening live ones with registered brokers. On introspecting my past trades and analyzing the charts, I found that during the first few years of my Forex trading, I had made quite a few winning trades because I got plain lucky. Yes, it was more instinct and luck that had helped me make profits trading Forex.
However, four winning trades in a row were all I had recorded in the past, until the big crash, which left me wishing the market would improve – and with it, my dwindling profit scores. But, I learned soon enough, the Forex markets don’t work that way. If you are hoping the market will move in favor of your trade, or if you are praying that the market will change directions because you are in a bad trade, then you don’t know what you’re doing and you’re going to lose really badly.
While I jumped from one demo account to the next in 6 years, I realized I was learning all the time and even though taking this route cost me time and a fair bit of deposit money, I learned to improve my trading strategies and register consecutive winning trades consistently. I read about strategies that made traders millionaires overnight. I tried them all, the free ones, and was still poorer by the next deposit I made in a live account!
I learned about brokers, their tricks and scams, the various Forex trading platforms and I also learned about Forex competitions and why we never hear from people ever winning them. In short, I learned a lot.
I virtually became a pro at using the MT4 platform and the Currenex platform, among some other web based ones, which are crucial to serious Forex traders who are in it for the long haul. Then I learned how to trade by developing my very own Fx trading strategy and Forex money management program. I learned that sticking to the rules is the first step to successful trading.
Yes, it is possible to make 46 successive winning trades in a row, because I have done it today. I decided to write about it because I have been trying to get to the 50-mark for a couple of months now. Then I hit 46 and luck had nothing to do with it! I lost the 47th trade eventually because I committed the cardinal sin – greed.
No, I don’t believe automated trading is the answer to making profits. I’d rather trade manually, spend 8 hours before my terminal and keep an eagle eye on my hard earned money rather than have some lifeless software risk my cash on a market that runs mostly on human emotions. Besides, why would people sell software for a few miserly bucks when they can use it to make millions for themselves, as most automated Forex trading software in the market today suggests they do?
Automated Trading And Consecutive Winning Trades – I have proof that it is possible to make consistent winning trades day after day. But I’m not divulging any secrets here. It took me seven years to learn to trade successfully and I have been offered a money-making solution by my broker – Account management!
So what was the end result? 5000 USD deposit, I traded 16 half lots (50,000), 12 1/10th lots (10,000), 7 full lots (100,000), 10 5-lot trades (500,000), 1 10-lot trade (10,00,000).
Net profit US$ 2455.58.
Loss US $ 0.00.
That’s 49.112% profit…in four days!
If you can’t make more than 10 winning trades in a row, or if you feel you just can’t make it in the Forex world, I suggest you should go automatic. This means, letting an experienced Account Manager trade for you. What do you have to lose? He just takes 20% of your winnings. You make 80% doing nothing! This is the only kind of automatic trading that works – consistently.