If you have read our Financial and Travel Objectives of 2019, you know that our goal for this year is to earn 15.000$ passive income. In order to achieve this result, I have been plotting out different strategies to reach that goal. Since January I am executing my strategic plan to achieve this goal.
One piece of the puzzle in this action plan is FOREX trading. Mid february I wrote about the 3000$ Smartphone Challenge. Recently I also wrote a blog post about “How to earn money on a plane“. Today I am informing you about my progress in my learning track and how my demo account has evolved.
Our Learning Track
If you follow this blog, you know I always invest in my own knowledge. Several months ago I decided to subscribe to a FOREX education platform. Before subscribing to this platform, I did a lot of due diligence on this company. I did find positive but also negative feedback. Was it a scam or a system that wouldn’t fulfill my training needs ? But I never judge on somebody else negative feedback. I rather judge myself and experience myself.
So far my experience has been very positive and for two simple reasons. The webinars that I am able to take each week take my forex trading skills in a VERY SHORT time to a very high level. All the options and stock trading knowledge that I learned in the past, is also applicable here.
One educator that is taking my forex trading to a very high level is Stevenson Lindor. Twice a week, he gives a detail training how to use the tools properly and how to execute correctly. Learning a strategy from a successful trader is a requirement for success. The bootcamp in London did fast track my learning curve and this is reflected in my demo account trading. Keep on reading…
Our Demo Account
Stevenson Lindor skipped the step of trading within a demo account and lost more than 30.000$. I won’t make that mistake. In order to simulate my start with a real money account, I decided to start with a demo account of 500$.
On the 12th of February we started with a 500$ account. Today that account has grown to …..an amazing amount of 373.159 $ in one month. You can see the last three profitable trades.
What has been the key to this success ?
- Reading and drawing the charts correctly : Stevenson has improved my charting skills to a PROTRADER level. Without a correct street map, you can’t find your way in the city, right? I always compare it with reading a street map. 50% of your success depends on this skill.
- Secondly some simple tips and tricks have improved my risk management skills. Every trade is defined with a RISK/REWARD ratio and once it goes in the right direction, I simply put the Stop loss in the profit zone on my mobile phone. You can never lose money as a result.
- Third is FOCUS. I focus only on a few currency pairs today. This allows me to learn how those currency pairs move, how big are the candles, what news does impact them,…etc?
Final Words
Personally I consider myself still a BEGINNER FOREX trader. (Phase 1 in the picture below), others think I am already in phase 2. I always stay humble. I will continue to trade this demo account to 1 million dollar. That is MY GOAL for this year in my demo account. I learned once from a Canadian trader “Practice makes you perfect and robotic in your executions”.
So the goal is to reach 3000$ this year. Can I reach 373.000$ instead ? I don’t know…lol. I wish and I dream that I can. I believe that it is definitely possible. “Have you started an account with real money” is your next question, right ?
Well…the answer is YES. Since Mid of March I started a REAL MONEY account with 500$ that I can access on my smartphone wherever I am on this planet. Stay tuned how we progress in coming months…it is definitely an exciting journey.
This is the end of this blog post.
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