Forex Trade and Travel Challenge intro

Hard work is about to be put to the test.  I have booked tickets to the Canary Islands, Spain of the coast of Africa leaving July 1...the picture on the left is the view from Jarratt's place.  He is going to be my mentor on this 'creative' internship.  This challenge is a stepping stone to prove that trading post college full time is achievable.  If it goes sour...need to start drafting up plan B.

The Forex T&T Challenge:

• Trade enough to cover expenses.
• Expenses so far: $1,550 (round trip ticket), Food, and leisure...every euro-cent will be updated daily both the expenses and the trades.
• If you are in country with tradeable currency...in this case the EURO.  Make a post worthy trade on any pair tied to the EUR.
• Create a blog series to update the journey.
• Bonus Points:
• Network with YPO members around the globe.
• Create a web tv mini-series to document the challenge.
• Rack up enough pips to upgrade to first class ha!

Milestones:

• 1-2 interns are going to help with strategy optimizing this Summer.  They will be trained at my house for few days then off to back test old data and producing results on how my strategies work for different pairs.  The Idea is to be able to have the most efficient ideas for more than one currency so that money can be made everyday no excuses.
• Verbal offer from Jarratt to possibly trade for Wealthbuilder FX pending:
• Written trading plan that explains strategy and risk management.
• Positive results on their demo account for 6 months.

There is a lot to do...website will be getting a makeover shortly.  I have received feedback from some of my readers...will try to post charts of my trades.  Check back for more updates.  July is going to packed with posts!!!

I'm a Currency trader

Our everyday conversation typically leads to, "So, what do you do?" Most people do it out of curiosity and pretend to care about what the other person really does...hoping that maybe just maybe he or she is a professional base jumper or a Hollywood agent for Matt Damon.

Here have been my responses in my lifetime:

• High school student at NCSSM

Zz

• Real Estate broker

Zzzz

• Loan Officer

Zzz

• Civil Engineering student at NCSU

Zzzzzz

• with a minor in entrepreneurship

Zzz

• Professional Currency Trader

?!?!?!

Curious friend: What is that?

Me: Have you ever traveled outside of the country (typically yes)...oh really where?

CF: Names xyz country...typically one from Europe (if ever studied NLP...this has made a visual impression. The conversation has taken their mind to their overseas trip.)

Me: That's real awesome! When you visited France you had to convert your USD to Euro and when you came back to the states you converted it back...you either had more or less than Euro to USD than when you started with. The fluctuation in rates regardless if it going up or down is essentially how I make a living.

Continue asking questions about experiences and site seeing and build a conversation that wouldn't have otherwise been brought up. He or she initiated the question...it doesn't come off as a boasting or getting into people's business.

I find that talking about staying up at 2am est(Frankfurt open) to sunrise (mid-NY) fun to talk about.

Just an interesting observation I felt like sharing.

Trader Update

Mini-Term was a awesome Experience!!! School has been an opportunity killer. I've found that I can't handle managing a trade while in the middle of class...so I slowed down the number of trades I take per month. I had an awesome month in January which ended my cold streak (see picture). I'm currently a little below my peak. I plan to make some positive gains during my Spring Break!

Below is an opportunity I am ecstatic about. Sometime in November currensee.com called me and told me that they would be interested in having me as one of their first trade leaders. The site is 'like' a facebook for forex traders. The members are able to view the trades and pick a trade leader to invest in. I trade as I would normally do but the investors that are following me have my trades and risk management duplicated on their accounts. It's a great win-win-win scenario!

1. Currensee.com gets the commission from their IB business not only on my account but the investors...plus most traders lose or bust out quickly. Currensee will have longer and better residual income from TLP (Trade Leader's Program). Very Smart.
2. Traders/Investors can tap into talent that would normally be exclusive to elite (30%+ yearly gains). Also learning traders can 'hedge' their live accounts by using TLP. Say I make 30% they lose 10%. They are still up and have the live learning experience.
3. I am paid like a Wall Street fund manager. I will be taking 25% of the profits. For every 4 investors that match my account my profits will double for the same amount of risk taken...sweet RRR!

Mini-term

Mini-term - noun

An eight day intense study on a subject of interest by North Carolina Science and Mathematics students hosted by a professor or alumn. I have the privilege...nay...the honor to teach introduction to forex trading to these high school kids! The curriculum will include online education by forexmentor and live trading during the London open (3 am EST). I'm adding an interesting spin to the normal mini-term. I will be dividing the class into two-four groups that are going to complete tasks and assignments in 'The Apprentice' format. Team leaders and positions will be divided and switched up evenly. This 'game' is to add some flavor in what would be a boring mini-term. I see the benefit in creating experiences not just a class for the kids to rollover to their future. Think about it. When an employer asks for work/business/life experience: I want them have at least one interesting story under their belt to separate themselves from sheeples.

Getting IN: Dealing with Fear

How to mitigate fear of trading by desensitizing your to losses.

The bad feeling of getting stopped out feels 2x emotionally than the good feeling created from a good trade. How to psychologically 'stay' in the game?

Win twice as much as one loss. What do you mean? Shoot for RRR of at least 1:2 or develop your skills so that you have a 75% winning trade ratio (with proper money management of course). Tour trades need to offer a 1:2 psychological risk reward to keep your mental game balance.

Closing a winning trade brings a sense of relief rather than a joyous celebration. I remember my first four digit day...I thought I would be extremely excited. It was joyous for about 2 minutes after closing the position...that was it? I guess I need to shoot for a 5 digit day next!

Pull the trigger! This is tricky. It requires a few entries to build or observance that the strategy does indeed work.

Beginner: Use the smallest position possible (in my case 1 mini-lot...even better with micro-lots). Getting stopped out (20pips = $20) will still hurt because it's still a nice lunch. But the information gained will build the much needed 'faith' in the strategy.

Advance: Detachment. My suggestion is to calculate how much you are going to to risk today...and say to yourself "I have done my back testing, research, and seen this strategy perform with an EDGE on this pair. In the LONG run I will be profitable. Today I am going to throw X dollars, %, Pips, etc into the market with no expectation of the result."

We tend to go in with this mentality: "I have seen my mentor's trade this strategy with decent results. There have been times where they have been stopped out. Not sure if it's going to happen this time. Not sure if this strategy is going to be profitable because I haven't been profitable. When I enter this trade I with X% risk I expect to have a winning trade!"

With the detachment mentality...there is no expectation on profits after the trade has been set. When your trade closes at breaks even, you are NOT disappointed because you came out ahead in experience. Winners are a treat when managed properly. And Losers...you have already given your money to the market both financially...but this time mentally. Losing is to trading what pain is to life: without either, it would be a bland existence. Visualizing pain in term of ultimate profits will help you move forward.

Keep trading. Build your edge.

Series: Getting IN

Forex tuition - Food for thought NCSU Undergraduate In-State tuition is $2.8k+ (not including typical fees) per semester. Most people who trade are college educated...they have invested 4+ years and a minimum of $22.4k (unless they are on scholarship) to their education. Get a job. Pay off college loans.

I bring this up because most people who start trading do NOT take the same time and energy before throwing considerable monies into the market. This struck me because I am in my last year as senior and I have put time into a major I am working hard NOT to get into. Trading is my calling and the minute I can put ALL my time into studying and trading I can foresee my expertise increase exponentially. If you are serious about trading (options, forex, equities, etc.) invest the time and energy the same way you did for your degree. Thoughts?

My One word for 2010

Every year people around the world makes new year's resolution but it's hard to keep tabs on it after the first month. Instead of remembering a list it's much easier to remember ONE word to sum up your goals and feelings you want to project into 2010.

For 2010 it's 'Lifestyle'

By the end of 2010 I will be done with the College life. It'll be a shake down for most of my peers that enjoyed their sleeping in, classes skipping, girl chasing, and hanging out lifestyle. It doesn't help that our economy is not aiding mediocre students get jobs.

My college lifestyle will be shaken up. It's part of the reason I have invested a lot of time in forex education...to create a new and better lifestyle after what is suppose to be the best times of my life. ha.

To be true: My New Year's 5 F's are as follow:

Faith - Finish reading the Bible...I started the One Year Bible on August 1st. Almost half way through the book that has shaped the world in many ways. It's one of my most exciting goals this year!

Family - When I think about my family...make no hesitation in giving them a phone call...even if it's for a few minutes.

Friends - Build and shape quality/high caliber relationships with new and old friends. It's becoming difficult to hang out with friends after they depart school and start their new and exciting life

Fitness - Lean out to 185 lbs or get 4 pack...which ever comes first.

Finance (or forex haha):

• Raise $100k in mini-investments for my currency fund.
• Continue trading and shoot for 3.5% for month it comes out to be 51% annual return by the end of the year.
• Attempt to remove/desensitized fear and loss from trading...I am in the 5% got to have the mindset of a successful trader.
• Find niche to fill in forex blog and make more quality posts more often.
• Develop Forex Nutshell...my future blog/site.
• Place in the IBFX mini Challenge

Cheers and Happy New Year!!!

-2010 is going to be EPIC