My name is Michael and I’m an amateur currency trader living in Canada. This blog will detail my efforts to become profitable by trading online with my FXCM account, starting with $100. The finish line for this goal is when my account has reached $1,000 from profitable trades (I’ll be posting screenshots of account reports that show deposits, withdrawals, winning trades, and losing trades). I have no idea how long this will take.
Some background.
Over the last six years, I’ve traded demo accounts and blown-out a few live accounts. All of my knowledge about forex trading is from books and online resources. No need to itemize all of it. I’m reading the same stuff you’re reading. All past attempts at using a trading system relied exclusively on Technical Analysis. I’ve used Moving Averages, ADX, Bollinger Bands, RSI, MACD, and several others, always thinking I could identify patterns and signals for entering trades. Every technical strategy has failed.
I have taught myself everything, learning through trial and error. As of today, I agree with the notion that Technical Analysis shows where price has been, but cannot predict where it will go. My strategy kept in this blog will be based 95% on Fundamental Analysis, or Economic Indicators like Interest Rates, Inflation, Employment, and other data that Central Banks use to formulate the monetary policies of their nations. This is my first time using Fundamental Analysis and Economic Indicators as a strategy.
I’ll start with some backtesting, and move into live trades soon.
Why the blog? Partly to document activity of a new method. But mainly because my life coach challenged me. She suggested that I’ve failed in the past (and procrastinated and made excuses) because I don’t believe that I deserve the reward of success. I trust that she is right. This time it’s different, because this blog is for my wife and children, not for me, and I would never fail them.
More to come.
Turning $100 into $1000 