Hello everyone, I’m Si-woo from Busan in South Korea. Many of you may not know this, but over the past twenty years South Korea’s film industry is thriving and earned international recognition. I entered this exciting growth market as I was looking for something different to do that the majority. I became a video editor which to me is the greatest job I could have asked for. I get to travel around quite a bit which adds to the perks and living in Busan is a great inspiration. I spend most of my free time with friends around Nampo-dong which is where I first came across another great world, the world of forex trading.
My friend was browsing on his phone as we waited for our drinks and came across an offer to open a free trading account with a $100 no deposit bonus. We knew it was a marketing trick, but with nothing better to do and out of curiosity he opened the account. He played around it and grew his demo balance rather nice. At the end of three week’s he made more than his monthly salary and after he shared his success we took an evening to consider this. We knew that what happened in demo wasn’t real, but we discussed the viability and real world potential of forex trading.
Reality looked a lot different than demo, but it was indeed encouraging. We spend some weeks researching it and found out two distinct camps of forex traders. Scammers who promise great returns with little investment and real traders who point out that earning 20% per year is a great performance to be proud of. From the very start we decided to embark on this new path together and we enlisted two more friends who slowly grew curious about what we may achieve together. I think one of the most underrated facts about trading is that scale matters.
When it comes to finance in general, percentages matter and not actual currency values. For example, if a trader states that he earns $10,000 per month, but has a portfolio of over $1,000,0000 then he is doing much worse than someone who earns $500 per month from a $2,000 portfolio. In order to achieve scale, you either go solo if you have the capital, which most don’t do. The other way is to team up with others you trust and pool your resources together. We all agreed to deposit $5,000 into one joint account and had a $20,000 portfolio to start with.
That was the easy part, the hard part was to make sure we grow our account balance. After we made the deposits, we agreed not to make any withdrawals for at least four years in order to grow the balance. I think one of the biggest mistakes is that new forex traders are so focused on withdrawing money that they fail to earn any. Long-term longevity should be the focus, you don’t plant a tree and get shade the next month. It takes years and the same is applicable to forex trading. Plan for the long-term, start early and remain patient. Your overall profitability will be greatly enhanced.
As far as trading strategy is concerned, I have come across a lot of traders who make their life harder than it has to be; especially as a forex trader. My friends and I create a strategy based on what we already knew from our careers. We spend years acquiring those skills and more years perfecting them. I am a video editor which means I get great content and then cut it down to the best parts of it. I deployed the same principles to forex trading. I don’t have the time to conduct my own analysis and neither do my friends. Forex trading is a full-time profession and I don’t think it can be done in the evening with a few hours to spare.
We rely on trading signals provided by different providers which we learned to trust over a two-year period. Our favorite one is the analytics department of PaxForex where we also operate our joint trading account. The fundamental analysis covers both sides of each trade and has provided us with great and consistent trading signals. We have two other providers as well in order to diversify and often compare point of views. Each weekend we get together and spend eight to ten hours reading through all reports. This is like me getting raw footage to edit.
The final step is to edit the trading recommendations and create a profitable mix of research reports on which we act. We prefer to have no more than four open trading positions with higher lot sizes and never add the same currency twice. For example, if we have a EURUSD buy position, we will not enter a EURCHF buy position. We may have multiple orders in the same currency pair, for example five EURUSD buy positions as we slice our total lot size in order to reduce our risk per trade. We also prefer trading on the D1 or W1 chart and ignore the smaller time-frames as there is too much noise for our trading approach. This FX Mix has provided us with consistent results over the past nine years and we average over 32% in annualized returns, hassle free and with a part-time approach thanks to the great work of our signal providers. Get your own forex portfolio generating profits today and take the first step by singing up to trading recommendations by PaxForex which are free of charge and open your own trading account with this great forex broker!
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