Thursday, September 6, 2007

My Foray with FOREX

Who would have thought that I would be using my Fibonacci, Elliot waves and what not in my later life as I deal with Forex. I was a Mathematics major in University a long time ago and my less than able nerdy professors were teaching me something useless or so I thought.

This "my nerdy professors teaching me something useless" stuck on though I was teaching Mathematics at the university much later. Engineering Mathematics to be most precise and wrote some books and manuals on the subject. However, my observation of my practicing engineer husband who has not touched a calculator and probably does not know where the calculator is located at the PC strengthen that deep level maths I was involved with would not have been of much use except to ensure whether you are ‘smart’ or not.

And again ‘smart’ has many definitions. Bill Gates was smart enough to drop out from college to start up his own business. I actually increase my ‘myopic’ness going through university. I can understand Gate’s decision because the Maths professors, at least mine than were actually talking to the board. These lecturers were writing on the board without even bordering to turn back to look at the students way back during my time and an equation most often take up two to three lines. Nowadays, whoa and betide to lecturers who failed to deliver because students write an assessment report on their lecturers at the end of every semester.

However, my recent foray with FOREX has reversed my stand on the sound fundamental knowledge on Mathematics that I had received. This goes to say that no knowledge is wasteful and it did come handy years later - 26 years later for that matter. A deserving salute to my university lecturers is of course in order.

I use Marketiva as my platform as there is practically zero downtime. You can use many platforms to trade Forex like FXDD, Interbank FX and a host of other websites, maybe more than a hundred. Kudos to 'Metatrader' for their more than comprehensive and interactive charting. There is actually a host of good software you can subscribe to. Their demos are actually more than useful for the novice entree. I actually went through two weeks of intensive grilling to understand what the trade is all about. So much so that I live and breath Forex. I did not sleep or even blink, make my losses mostly though despite my diligence but somehow I survived. I now felt I have graduated and though I still sometimes make losses, I can confidently say mostly it is on the upside. Well, it is only two weeks.

I have been flooded by a lot of the spam adverts that beckon you to buy their eBooks on 'Riches to no where'. Fallen for one once which turned out to be a whole lot of rubbish but this FOREX trading is for real and most importantly FREE.

I owe my knowledge to two young gentlemen patient enough to help me through. We use our YM regularly and there is a group out there. One called 'Philipnels' I would mention has a positive effect on my analysis of the charts. Next time when you see young people hooked on their laptop, they are actually working and FOREX is work. Like any work, there is the discipline factor. If you are not discipline enough, you will be lost in the abyss of uncertainty and I would say you are totally done in. There are supportive forums that come out with complete charting but don’t be too enthusiastic as it involves too many factors – talk about emotions when you look at the figures. ‘Pips’ they call them means money. You have to control your emotion. A seasoned trader once told me that half of the battle is won when you can control your emotions. As such, I must warn you that FOREX is not for those faint-hearted ones. Keeping abreast with the market is the key-word and patience, knowledge and a whole myriad of positive features comes in a lot handy.

My foray with Forex did not start just two weeks ago but a long time ago maybe 12 years or more. Once upon a time, they had a Forex office in Singapore and I have lost every single penny there. You placed some money with them and they trade for you. Now, with the advent of technology, trading in Forex is as easy as reciting ABC. I signed up with Marketiva about 9 months ago though I did not start any LIVE trading than. Well, for starters, you can get signed up with Marketiva by pressing their banner on this website or even the title of my post. They give you free live 5US Dollar and 10000US Dollar in virtual money for you to start trading. Their Live chat is supportive and instantaneous and this definitely beats investing in HYIPs which are mostly scammers. And of course there is me and my team to help you. Sorry about the sales pitch but the point I am driving is you can make friends and money with FOREX. Note that I place friends before money. I am not professing to be an expert but benevolent by nature is how I am.