A Very Flat June

When June started, I said that I was going to try to be consistent in following my forex trading systems.  Fast forward one month and I did nothing I said I was going to.  Fortunately I know what the problem is.  I’ve been putting in overtime at my job and when I do have free time, I spend it concentrating on subjects relevant to my job.  How did this happen.  I’ve been trading forex over the last three years to become less dependent on corporate America yet I now find myself more dependent than ever.  Today I reflected on the last couple of months and came to this realization.  I’ve strayed far off the path to self sufficiency.  I want to get back on that path.  I’m going to try to do this now before it’s too late.

Six months through the year, my forex trading has produced a return of 3.6%.  I could have just as easily deposited the funds in a money market account and got about the same return in interest.  I have to pick it up over the next six months.  I plan on trading more by bringing additional systems online this month.  I still won’t risk more than 2% on any given trade but I believe that I have to trade more frequently than I have been.

I’ve updated all of my forex trading graphs that show my monthly profit/loss in USD, equity curve, monthly profit/loss percentage, rolling 12 month profit/loss percentage. http://www.forexproject.com/My_Forex_Graphs/

Rankings of the most visited forex websites were updated last week.  http://www.forexontop.com

All Financial Commission Merchant reports have been processed at Broker on Top.  See where forex brokers rank based on excess net capital and see trend data associated with this. http://www.brokerontop.com


12 Responses to “A Very Flat June”

  1. Rob Booker on July 9th, 2008 9:41 pm

    I am not sure we ever get away from the disconnect between what we want to accomplish at the beginning of the month, and what we are able to — as traders. Regular (job) life is so much different in this regard. You make a plan and the entire organization is supposed to work for the common goal.

    But in trading, even if it is the full time job, I’ve found that it’s really tough to keep on track, especially because it’s just me. The paradox for me is that the freedom to trade (supposedly the freedom from work) carries with it a huge burden to carry through with a plan (and a schedule, and a commitment to a system or method) and have the energy to do it.

  2. Bill on July 11th, 2008 3:54 am

    Hi Rich,

    You mentioned that you would be trading more with more systems this coming month. Sorry to sound a lil bit negative here, but would you not think adding more systems and more trades is usually not advisable? Overtrading? Oh well, maybe I am myself wrong 😀

    Cheers! And hope you have better months ahead!

  3. SimonSuperTrader on July 21st, 2008 10:42 pm

    Rich is there no way you can seperate your actual desired outcome from Forex trading? Your goal seems to me to be to change your job into something that is more financially rewarding and most of all has more security. You seem to have decided that forex is the only way to achieve this. Perhaps you should think about separating these things.

    The example springs to mind of a guy who wanted to lose weight, so he decided he had to run 10 miles a day. He obsesses about running the 10 miles and blogs his struggles to achieve it, but really his aim was to lose weight. He could diet, swim etc.

    I guess I always hear in your posts another desired outcome, but forex as being the only means… Maybe it isn’t. If you had job satisfaction and felt totally secure in it and loved your job, where would that put Forex? Maybe into an area such as additional income or a longer term project? The pressure would be off.

  4. David G. on August 2nd, 2008 4:15 am

    I’m in a similar position. I actually like my job but have an entrepreneurial streak and want to strive for true financial independence. I just have to get over my skepticism as EVERYONE I’ve met that traded Forex has not met their goals and most have stopped. (many very intelligent and disciplined people too). Then the online people touting trading systems seem to make more money on training people than actually on forex. I’m determined to give this a serious try though. I noticed Rob Booker post here as well. I have to say, his book was one of my favorites and I couldn’t put it down. The character went through everything I struggled with and my main take away from that book was to recognize my lack of discipline. That is why I started the forex website http://www.forexdiscipline.com to provide some accountability to my trades. We’ll see how it goes. Keep posting though. It is comforting to know someone else going through similar situations.

  5. Forex Trader on July 7th, 2008 11:56 am

    I feel your pain. It’s hard to stay motivated when returns are low – why bother? Higher returns usually equal higher volatility though, and a large drawdown can be psychologically crippling. Are you still focusing on a single currency pair – if so, you can extend your technical analysis to additional pairs. You’ll have to spend more time in the fundamentals, but if you add USDJPY or EURJPY to your EURUSD then you only need to track one more currency. A JPY pair will add a different market cycle to your trading which will give you more opportunities to trade.

  6. Forex trading software on July 22nd, 2008 10:19 am

    I just wanted to tell you that your site is really awesome and is of a fantastic quality. The content is great and I will be returning.

  7. Forex Trader on July 24th, 2008 5:49 pm

    I do not fault Rich for thinking his job sucks. Most of us HATE our jobs. Honestly, if you won the lottery, would you come back to work? I do not think so. I trade Forex now after getting ripped off by a really lousy training company, but I learned enough to get into it. Now, I hedge (which, yeah, I know most people think is impossible). But I do. RICH– YOU CAN DO THIS AND QUIT YOUR STINKING JOB! I feel your pain…I lived it! So. Check out my website, man. http://www.fxpowerhedge.com The up and down life of technical trading made me nuts, so I figured out a way to hedge and recoup the spread plus profit. That’s the game. Good luck.

  8. Alex on July 27th, 2008 9:14 pm

    Hey Rich,
    You mentioned that you’ll be bringing more systems, check this one out: http://www.forexfactory.com/showthread.php?t=86429
    I personally made some progress with my trading after I began trading according to that system, not to say that it is some kind of holy grail but I think it’s worth of checking out. Take care, Alex

  9. Forex Trader on August 7th, 2008 12:20 pm

    You can get programs / systems which help you trade forex on “autopilot” however *most* of them are scams.

    You’ve got to be careful about what you trust in this industry 🙂

  10. ForexAutopilot on August 7th, 2008 8:48 pm

    Check out the website for details about how a ForexAutopilot can help you.

  11. Forex Trading System on August 18th, 2008 2:29 pm

    I would hope anyone wanting to get into all this, learns about it’s pros and cons. No one wants to get burned. Have seen it all and been burnt a couple of times. Comparatively, it is a small loss but it remain evergreen in my memory when i look back and think about the circumstances. I should have known it better. As for a forex adviser, it is important that people are made aware of what they are getting into before it is too late.

  12. sully on November 22nd, 2008 9:09 am

    Hope your returns go up this quarter!

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