Thursday, January 1, 2009

How I became a successful part time trader


Introduction

I am Joe Chalhoub, a computer engineer, Forex trader and strategy builder. I began trading currencies 3 years ago. The first 3 months trading were complete failure, I remember I lost all my money and I was about to quit, but I couldn’t, I felt if I quit now maybe I am missing the chance of having my own business. So I stopped trading and began observing, studying, analyzing and practicing.

Observing: I began observing the market, what causes movement, reaction, ranging and trading.

Analyzing: I began working with technical and fundamental analysis; how each analysis can predict and redirect the market and how I can use them both for my own benefit. I will talk about these analyses in the following paragraph.

Reading: I bought Forex Trading Books and read them, books explaining different strategies and tactics used by experienced traders.

Practicing: I created free accounts and began trading virtually and each technique I invent I tried it and monitored its performance and validity.

After one year of studies, analysis and practicing trading techniques and after many failure and frustration I reached my own strategy and it is working very well and each month my profit is positive.

Implementation

I reached my targets and I built a successful strategy, but that’s not enough; to make profit I must not miss any opportunity and forex market is full of opportunities because it is the most active market in the world, for that reason I must sit all time and watch and detect opportunities all day long from Monday to Friday.

How to resolve this problem, I can’t sit and observe the market hours and hours, I have my career and my family, so I thought I must program my strategy, let the Information Technology do the hard work for me, and nobody is discipline as a software, so I created an artificial intelligent software which collects data from the market and implement my strategy on this data and detect opportunities 24/24.

This program analyzes fundamental and technical data and generates forex signals which are forwarded automatically to my broker platform where the signals are executed automatically and forwarded also to my website members. All this is done without my interfering, I just run the program, it analyzes and makes its decisions (Buying, Selling or stay aside).

How to succeed in Forex Trading

Five over hundred traders succeed in this business, what differentiate those five successful from the 95 others is one thing, it is the HARD WORK. Forex trading is not an easy business, and who tells you that he can make you rich in one night is one of those 95. Only one thing can make you a successful trader, HARD WORK, and nothing else. Don’t rely on other traders or advisers to help you, rely and have confidence on yourself.

No comments: