Millionaire Tradersstopped trading because I had lost three times in a row and that
petrified me. I became so scared that I could not trade anymore
and I would only look at charts on a daily basis. Every single day
in the afternoon, I would call up charts, and I would study them.
That was when I realized that roughly 10:30a.m.and 2:30p.m.
something would happen in the market. I didn’t know what, but
I would suddenly see a big spike either going upwards or another
spike going downwards, etc. I asked the question on one the forums
about why it was happening and I never got an answer until about
two weeks later, when somebody mentioned one word: “News.”
That’s all they said and I thought to myself how on earth can it be
news. When I saw the word “news,” I was thinking about a bomb
explosion somewhere or a terrorist attack, which obviously is not
what this person meant. It was only through further research did
I discover the actual news release indicators and learned that they
came out on a daily basis. I went out and tried to find as much
information about them as I could, such as GDP, NFP and so
on, and what I would then do is avoid trading during those times.
Even if my signals came up and if I saw that it was close to let’s say
10:30a.m. or 2:30p.m., I would not enter the trade. I would
normally wait about an hour or half an hour after that period and
only then I would enter my trades. After doing that, I found slowly
but surely, my trading started to improve again.
Q: How long did you demo trade for before you actually went
live?
A: About four months.
Q: What gave you the confidence to go live, was it a series of
winners?
A: No. I first asked myself the question when I go live, how much
money would I start with? The answer was only,$1,000 because
at that point, that was all that I have saved up and all that I could
afford. I even told myself mentally that if I’m going to start with
$1,000, I need to be able to turn$1,000 into$2,000. Irrespective