FOREX NEWS DAILY 01/09

FOREX NEWS DAILY 01/09

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My Forex Trading Story

My Forex Trading Story

Never attempt trading without knowledge

I did not just arrive but I started somewhere, somewhere not fun at all, and ooh!!  I haven’t even arrived yet, I am still very far from where I want to be. From the past few years that I’ve been trading Forex I struggled a lot when it comes to reading real stories about Forex trading.

Why did I start this blog?

When I started this blog I was a lonely trader looking for a space where I could share my bad experiences but unfortunately I couldn’t find any forum or group where traders shared the reality of Forex trading or rather real stories, but only flashing of possessions and selling of dreams to aspiring traders.

I therefore decided to be a “storyteller”. I started this blog to tell my Forex trading story in a real way possible since everyone out there is more interested in sharing the beautiful story and happy endings. Most of the time I get people asking me why do I hate Forex trading groups and forums? I do not hate Forex groups.

I just decided to stay away as I couldn’t find what I was looking for at the time. I was looking for real stories, for people who were willing to share what I was going through, but being there in groups made me to feel like a failure as no one would really share their worst moments or reality. I therefore became a loner (still am) and started this platform, my diary to share my Forex trading stories.

I never even thought people would read, but I am happy that people are reading and following. This place might be the right place for you, maybe you are reading here now and what I’m about to share is exactly where you are or what you are going through.

Ok I am not sure if it is me or there are Forex traders who think like me out there, everyone seem to believe that Forex trading can be learned in just 2 days, I don’t. I tried and believe me it didn’t work, maybe for someone who’s been trading for a while, someone who just need to learn a new strategy or new tricks, yes I agree 2 days might be ideal, but definitely not for a beginner because strategy is not everything, understanding the financial markets can never be achieved in 2 days, unless I am the dumbest woman on earth to ever fail to learn Forex trading in 2 days.

I know someone might be reading this and stopping right here just because I said it is impossible to learn everything in 2 days, I know it is impossible, I am yet to see a successful trader who learned in 2 days. As a mentor myself, I find it very hard to find people who are in a right state of mind, the influence from social media is too huge, only financially matured can survive.

My worst moments

There are few moments that were the most difficult in my trading life, but let me tell you about this one in particular. It was Friday, I had everything “under control”so I thought. I cannot even begin to think of how on earth did I  do something so stupid. I had $900 in my account and had 20 positions opened at the same time.

I am not exaggerating I really had 20 position. Forex trading was the only thing I spoke about to my friends and family, I was forever telling them how I’ll make my first million soon, little did I know I was about to”kiss”my trading account goodbye on that Friday, I would never forget it but I now smile as I write this, what an experience.

It was the first Friday of the month and Non Farm Payroll (NFP) was about to be released, I didn’t know what was that all about, I had never heard anything about the economic news that take place on a daily basis. I was still very naive to believe that the currencies move randomly.

I was very lucky I must say, I see a lot of traders who are just lucky, pity luck runs out in this business and when it does, it hits you very hard, back to my 20 open positions. I was watching my charts moving up and down and feeling like a “dollar queen” thinking to myself, I got this.

I was really sure I got this. I had over $900 on my balance (which I thought was everything at that time) I watched my 20 position closing one by one.I did not really think I was in trouble (when you don’t know what you don’t know I was not scared at all even when I saw the red line flashing, I didn’t know what it was or what it meant.

I got an email, before I could even finish reading it, all my open positions were automatically closed and the $900+ on balance was suddenly reduced to $0.36, still I was not scared at all as I didn’t know what was happening in fact I thought the platform was playing tricks on me (in tears laughing as I write this) I went to my broker’s live chat to ask them to rectify the error, I got the shock of my life, I was told I was on margin call. I did not even know what was a margin call. For some reason I still thought there was a solution to reverse the margin call, ooops!! there was no solution, I actually lost everything.

That was the end of me and talk about my confidence being bruised, I got so embarrassed and ashamed. I got revolted and told myself I will get this one day. My trading buddy, knows how I used to tell her about my son teasing me every time he gets a mosquito bite and get that itchy red mark, he always teases me and say “mom look , I’m on margin call” and we both laugh about it, he was 9 years when it happened and that was 4 years ago.

It was so hard for me, I was so traumatized and even scared of using or looking at a microwave as I was scared of any moving numbers. At a petrol station, it was just a nightmare to see any moving numbers. I would just see my trading account vanishing before my eyes, it reminded me of the day and the flashbacks were just horrible.

Thank you for reading as I wait for real stories. Kindly share yours by leaving a comment. Thank you for stopping by, please do share the post and tell us your own story. I enjoyed telling you my story I hope you enjoyed reading. Contact me for private coaching so you can avoid the same mistakes that I made.

FOREX NEWS DAILY 01/09

ECONOMIC NEWS 24-28 AUGUST

Welcome to the economic news 24-28 August.

INFLATION EXPECTATIONS:

Date released          : 24 August

Time released         : 11pm NY (5am 25 August south African time)

Currency affected : NZD

GERMAN IFO BUSINESS CLIMATE:

Date released         : 25 August

Time released        : 4am NY (10am south African time)

Currency affected: EUR

CB CONSUMER CONFIDENCE:

Date released        : 25 August

Time released       : 10am NY (4pm south African time)

Currency affected: USD

TRADE BALANCE:

Date released        : 25 August

Time released       : 6:45pm NY (12:45am 26 August south African time)

Currency affected: NZD

RBA GOV STEVENS SPEAKS:

Date released        : 26 August

Time released       : tantantive (no specific time)

Currency affected: AUD

CORE DURABLE GOODS ORDERS:

Date released        : 26 August

Time released       : 8:30am NY (2:30pm south African time)

Currency affected: USD

PRIVATE CAPITAL EXPENDITURE:

Date releasee         : 26 August

Time released       : 9:30pm

Currency affected: AUD

PRELIM GDP:

Date released        : 27 August

Time released       :8:30am NY (2:30pm south African time)

Currency affected:USD

UNEMPLOYMENT CLAIMS:

Date releasee        : 27 August

Time released       : 8:30am NY (2:30pm south African time)

Currency affected: USD

SECOND ESTIMATE GDP:

Date released        : 28 August

Time released       : 4:30am NY (10:30am south Africa time)

Currency affected: GBP

GOODS TRADE BALANCE:

Date released        : 28 August

Time released       : 8:30am NY (2:30pm south African time)

Currency affected: USD

That’s it for this week, happy trading.

 

FOREX TRADING FAQs

Welcome back, thank you for being here, if it is your first time reading my post, welcome and I hope you enjoy and hopefully you’ll come visit again. Today it is all about the Forex trading FAQs, the questions I compiled here are from  day-to-day questions that I get from real people.

FOREX TRADING FAQs

Q:  Do I need thousands of dollars to get started in Forex trading?

A:  No Forex market is different, there is a difference between  Forex and stock market, some brokers can even allow you to start with as little as $30 (not a good idea though).

Q: I have a full-time job, can I do Forex trading while having a job? I am so  scared I won’t have time to trade as sometimes I work shifts and I always hear people saying I will have to be glued to my computer screen all the time to succeed and also I will have to miss sleep, I am really scared as I have seen one image circulating on social media where they showcase 3 beds with other professionals sleeping peacefully at night, but the empty bed is labeled as a Forex trader’s bed, do I have to stay up all night to watch over my trades?

A: No you do not need to do that, not at all, you’ll still have your 8 hour beauty sleep. Forex trading is just like any other business, you can plan your own time at which you prefer to trade, the Forex market consists of 4 sessions, so even when you work shifts you can still find time to trade and sleep, and there are very useful features like Stop loss and Take profit that you can use to set your targets. Only gamblers stay up all night worried about trades, if you trade at night it should be out of choice as I have said that the market comprises of 4 trading sessions, and they all open and close at different times of the day, hence the Forex market is open 24 hours.

Q: Do I need to be connected to the internet the whole time when I have a trade?

A: No, I like this one because I actually left my laptop connected at one time the whole night because I thought it was going to close my trade if I go offline, but no as soon as you place your trade, it remains in the market, you can go off and nothing will happen to your trade if you disconnect from the internet.

Q: I do not have economics  background, do I need to? or do I have to be a computer geek to get this business?

A: No you do not need to have any economics background, neither do you need to be a computer geek, but you do need to know how to operate a computer, you could be a qualified journalist and still master the skill with no economics background at all, Forex trading is a practical skill that can be learned by anyone.

Q: Do I need a special USD card to fund my Forex trading account? I am in south Africa and since people who trade talk about dollars a lot, can I use my local bank?

A: Yes definitely you can, most Forex brokers do accept local credit or debit cards.

Q: Do I need to put a notice every time I want to withdraw money to my bank account?

A: No, most brokers take about few hours to complete a withdrawal, no 32 days waiting period, your money is available to you when you need it anytime, make sure you use a reputable broker though, some brokers especially non regulated ones can be a problem when it comes to withdrawing your money, be careful of the broker you choose, for  FSB regulated brokers even if they are also internationally regulated.

Q: What if I start my Forex trading with small amount, can I add the funds on the existing account, is that possible?

A: Yes you can add amount at anytime you wish.

Q: Can I have multiple accounts in my name with the same broker, is that possible?

A: Yes it is possible, you can have additional accounts in your name with the same broker, most Forex brokers do allow and I know for sure that my personal Forex broker does.

Q:Can I trade Indices and Commodities on the same platform as I trade currencies?

A: Yes definitely, you can trade Gold, Silver, Ftse100, Dow Jones, Crude oil, ACM Gold  offers  at mini sizes.

Q: Can I learn everything about Forex trading in just 2 days? I see many places they offer a 2 day course for beginners, how true is that?

A: No, I do not believe it is true, I can assure you that you cannot, I  have been trading currencies for few years now and surely I did not learn that in 2 days, learning is an ongoing thing though it never stops.

I hope you have some of your questions answered through this post, the questions here are questions that I usually get in my inbox. Thank you for stopping by and please do visit again and kindly share the post using the share buttons below.

FOREX NEWS DAILY 01/09

ECONOMIC NEWS 17-21 AUGUST

Welcome to economic news for this week:

MONETARY POLICY MEETING MINUTES:

Date released        : 17 August

Time released       :9:30pm NY ( 3:30am 18 August south African time)

Currency affected: AUD

UK CPI:

Date released        : 18 August

Time released       :4:30am NY ( 10:30am south African time)

Currency affected: GBP

BUILDING PERMITS:

Date released        : 18 August

Time released       :8:30am NY ( 2:30pm south African time)

Currency affected: USD

GDT PRICE INDEX:

Date released        : 18 August

Time released       :tentative (no specific time)

Currency affected: NZD

CPI:

Date released        : 19 August

Time released       :8:30am NY ( 2:30pm south African time)

Currency affected: USD

CORE CPI:

Date released        : 19 August

Time released       :8:30am NY ( 2:30pm south African time)

Currency affected: USD

FOMC MEETINGS MINUTES:

Date released        : 19 August

Time released       :2pm NY ( 8:00pm south African time)

Currency affected: USD

MONETARY POLICY STATEMENT:

Date released        : 19 August

Time released       :tantative (no specific time)

Currency affected: JPY

BANK OF JAPAN PRESS CONFERENCE:

Date released        : 20 August

Time released       :tantative (no specific time)

Currency affected: JPY

RETAIL SALES:

Date released        : 20 August

Time released       :4:30am NY ( 10:30am south African time)

Currency affected: GBP

CANADA WHOLESALE SALES:

Date released        : 20 August

Time released       :8:30am NY ( 2:30pm south African time)

Currency affected: CAD

USA UNEMPLOYMENT CLAIMS:

Date released        : 20 August

Time released       :8:30am NY ( 2:30pm south African time)

Currency affected: USD

PHILLY FED MANUFACTURING INDEX:

Date released        : 20 August

Time released       :10am NY ( 4pm south African time)

Currency affected: USD

FRENCH FLASH MANUFACTURING PMI:

Date released        : 21 August

Time released       :3am NY ( 9am south African time)

Currency affected: EUR

GERMAN FLASH MANUFACTURING PMI:

Date released        : 21 August

Time released       :3:30am NY ( 9:30am south African time)

Currency affected: EUR

CANADA CORE CPI:

Date released        : 21 August

Time released       :8:30am NY ( 2:30am south African time)

Currency affected: CAD

CANADA CORE RETAIL SALES:

Date released        : 21 August

Time released       :8:30am NY ( 2:30am south African time)

Currency affected: CAD

 

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