100% Rebate XM automatic Transfer to Your MyWallet Account everyday! , The Biggest XM Cashback Rebate in the World..!

Select you Language

EN - English ID - Bahasa Indonesia AR - العربيّة ZH - 简体中文 HI - हिंदी UR - اردو BN - বাংলা VI - Tiếng Việt TH - ไทย KO - 한국어z


A Forex Trader's Journey: From Long-Term to Scalping

I'd like to share my real-life experience in forex trading, starting from when I first encountered an ECN broker. I'm sure many people are interested in hearing the story of a genuine trader, rather than just the broker's marketing spiel. Let me narrate my journey in the world of forex trading.

August 7, 2015

I became intrigued by a new broker offering TRUE ECN services. Eventually, I opened a trading account with them. However, I chose not to deposit immediately. Instead, I experimented with BUY and SELL orders on the demo account. I found out that the minimum deposit to open an account was $200, and we could choose a different base currency such as AUD, GBP, CHF, JPY, NZD, EUR, or SGD.

February 28, 2017

After a few months had passed, I decided to try Long-Term trading with the ECN account. I downloaded trading documents/data from the broker and installed their MT4 platform.

March 13, 2017

With limited English proficiency, I attempted to communicate with the broker's Customer Service (CS) team. After introductions and discussions, I finally made a $150 deposit into a USD account. Although I had planned to add another $50, I encountered issues with the remaining funds in Paypal and Payco. Consequently, I chose to proceed with the initial $150 capital.

March 17, 2017

I began studying indicators and conducting analyses. I opened a SELL position on GBP/USD with a lot size of 0.01, targeting 500 pips and setting a Stop Loss of 5000 pips at the level of 1.23393.

March 20, 2017

The price didn't move according to my prediction and instead went up. I felt hesitant, but I recalled the saying "A patient trader will surely profit" and decided to maintain my position.

March 31, 2017

Despite having made mistakes in determining the lot size, I managed to secure a profit. I also attempted to perform an internal transfer from the NZD account to the USD account. I evaluated my monthly trading results and realized that transitioning trading strategies takes time. The psychologies of Scalping, Intraday, and Long-Term trading are vastly different.

I learned that there needs to be a distinction between Scalping and Long-Term trading. Scalping on an ECN account can result in significant commission cuts. Since I began trading with this broker, my commission deductions had reached 29.51 NZD by April 6, 2017. Meanwhile, my total balance was 266.68 in the NZD account and 14.38 in the USD account.

From this experience, I realized the importance of selecting a broker that aligns with our trading style. I also started using Hedging Correlation as an alternative to rarely using Stop Loss orders. From Long-Term trading, I eventually transitioned into Scalping. Every experience in forex trading has helped me continually grow and refine my trading strategy.

I hope my trading experience story can provide inspiration and learning for other forex traders. Thank you for reading.

Share:



Download Platforms

(MetaTrader for PC, Mac, Multiterminal, WebTrader, iPad, iPhone, Android and Tablet)


Popular Posts