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Juan’s FX Snorkeling Expedition
Written by: PaxForex analytics dept - Saturday, 13 April 2019 0 comments
Welcome friends to my FX Snorkeling Expedition. I’m Juan, 42 from Coxen Hole. I am sure most of you have never heard about my city. It is the largest city on the island of Roatan, the largest island of the Bay Islands of Honduras. It is also the capital of the Bay Islands Department of Honduras, one of the 18 departments of Honduras. Our city was founded in 1835 and named after famed pirate Captain John Coxen. The island of Roatan was once home to over 5,000 pirates and today my city is home to just over 5,000 citizens.
I started out working in the shipbuilding industry at Oak Ridge, but as this sector started to decline I moved into fishing which besides tourism creates the backbone of our economy. After a few years I moved from fishing into tourism as this sector is booming and I enjoy working with people from all over the world, learning new things which otherwise would remain foreign to me. This is how I was introduced to forex trading. I am shuttling tourists to reefs so they can go snorkeling and there is quite some time to get to know each other.
Until 2011 I was essentially clueless about forex trading, but on one snorkeling trip I had a quartet of forex traders on my boat. They came to Coxen Hole as they were fascinated with pirates and their history, so they travelled around to places which were once notorious during the Age of Buccaneering. I am glad they came to visit as they opened up an entire new world for me. Not only that, it has changed my life and that of my family. As I took them out to a reef, they were in a discussion about what to trade when they returned back to their office after their vacation.
As we arrived at the reef they wanted to explore, I was thinking about what they were discussing and as I drove them back to shore I asked if I could learn more about forex trading. They were a friendly group and happy to introduce me to the basics. We decided to meet at the end of their trip for a beach BBQ where I had a great first lesson into the world of forex trading: be realistic. While this sounds like common sense, I have learned throughout my 8 years as a trader that it sounds simple, but isn’t easy. They also pointed out that you need a reliable fore broker, especially as your funds start to grow. They suggested PaxForex to me and I happily followed their recommendation.
Over the next few months, as I was waiting for people to finish snorkeling, I studied as much as I could about forex trading. The good thing is that there is plenty of information available, the bad thing is that there is plenty of misleading and wrong information. I sorted through the overwhelming flow of information and caught a lucky break as the same quartet which introduced me to forex trading came for a second visit to
Coxen Hole. This time not to explore reefs, but to cruise the island were Captain John Coxen once roamed. They viewed themselves as pirates of the forex market.
They asked me to be their tour guide and offered to pay me for a full day. I accepted to be their tour guide, but instead of money I asked them to help me on my forex quest. I thought this would eventually be much more valuable to me than money. One of the first things I learned about forex trading is that you need to have a long-term mindset in order to become a profitable forex trader. They agreed to my counter-offer and it was my first “forex trade” I made. This really increased my learning curve as I was able to talk to four professional forex traders and it was a very valuable day.
The most challenging task was to create a trading strategy which would work with my regular job on the boat. As I was thinking about how to create the right approach, it struck me that trading forex is similar to snorkeling. You want to explore a reef, but you don’t know what to expect. This is the same to me as analyzing a currency pair, but as you approach your analysis you don’t know the outcome. Keeping an open mind, you can find great things on each reef you explore. The same is true for analyzing the forex market, you never know what you find. You put on a diving mask so you can see clearly below water and have a snorkel for oxygen so that you can enjoy the view and explore long-term. In forex trading, my diving mask is my trading strategy and my snorkel is risk management. Once I approached the forex market the same I approach snorkeling, the picture became clear very fast.
It took me a few years to get my strategy right, plenty of live trading, plenty of losses and learning how to deal with them. Over the past four years I have grown my portfolio at PaxForex to the size that I earn more money from trading forex than I do from tourism. It has really improved my life and that of my family. Our next goal is to buy a nicer boat, on which we will also live. This will reduce our expenses and boost our earnings. I will continue to take tourists to the reefs, as you never know what you may come across. My wife is managing our forex accounts and I am in charge of analysis. We are now also exploring to offer our trading services to others around Coxen Hole and see where this takes us. PaxForex is a partner you can trust to handle everything forex related so that you can grow your balance in comfort. The best advice I can give you is to compare forex trading to something which is very familiar to you and take it from there.