Earlier this month I did something that most of you will probably cringe at – I opened a Forex trading account. To justify my actions (as much as I do not have to) I must state that I am a fan of having ‘fun money’ and my Forex brokerage account will be mine. For those of you who are unfamiliar with Forex the definition according to Wikipedia is:
The foreign exchange market (forex, FX, or currency market) is a form of exchange for the global decentralized trading of international currencies.
It is essentially the same as buying stocks but is much more volatile. However, what is nice about the Forex market is that there are not restrictions on who can short units. This makes it possible to make money while pairs decline or rise in value.
As with any investment having a plan is key to success. You cannot just ‘guess’ and expect to receive great returns. Luck only goes so far. I must say though, that my first few days of trading were extremely lucky. I really had no idea what I was doing but still managed to come ahead by almost $200. With this, I opened 2 other accounts and decided that I would diversify my Forex investing/day trading(whichever you prefer to call it).
One of the accounts is automated through the use of an Expert Adviser (EA for short) which is just a robot who trades for you. I will refrain from talking about this here for now as I will eventually be making a series involving them. My second account is also automated but by a signal provider. This is basically a ‘professional’ trader who sends his buy/sell signals to a signal provider who distributes them among followers. I have been having great success with both of them.
As I mentioned, I increased my account by $200 in my first week. This money I split three ways. I put $100 in each of these three accounts. I will not lie, I blew my manual trading account and do not use it anymore. Instead, if I make manual trades I do it through my EA account. Since I blew the account though, I have only been up. Mind you, there are obviously some unprofitable trades. Yet generally, I am up. I have been averaging lately about 1-3% a day. Again, I will save how I do this for another post.
To provide you with my first official account balance updates.
My EA account currently has a balance of $138.93. A 38.93% increase over my initial investment.
My signal provider account currently has a balance of $179.82. A 79.82% increase over my initial investment.
I will leave you with that