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Philip’s Roadmap to Forex Success
Written by: PaxForex analytics dept - Friday, 22 June 2018 0 comments
My name is Philip, I am a 51 year old engineer from New Zealand and someone you could consider a forex veteran. I have been trading in the forex market for over 30 years now. When I graduated high school, my parents did something for me which I will always treasure and be thankful for. Instead of giving me a fancy present or cash like most my classmates, they opted instead to make a deposit into a forex trading account which they have opened for me. At first I was a bit puzzled, as I knew nothing about trading forex.
My parent’s suggested that instead of taking off during the summer to travel with my friends, that I get a part-time job in order to earn more cash and to spend some serious time on learning how to trade forex. Both my parents were professionals who traded forex which allowed them to love the luxurious life in which I grew up at. Both my parents urged me to find a profession which I will be happy to spend my valuable time at, something that gets me excited to get to work every day. Through trading forex, I could enjoy what I do without having to worry about my finances.
I agreed to their offer, found a part-time job over the summer and started to educated myself about trading forex. My parents helped me with understanding what I studied, but told me to work on my own trading strategy, rather than just follow their trades. This is a much harder route to take, but one which will pay off ultimately in the long run. That’s what the focus was, forex trading is not about short-term profits to withdraw every week. It requires plenty of patience and planning. With the help of my parents, dedication and work ethic on my part and long hours studying my summer nights away I was able to place me first trades a few months later.
My parents gave me access to my trading account, a generous deposit of $10,000 with two conditions. The first one was that I will deposit 25% of my monthly salary into my trading account and that I trade no more than 0.01 lots until I achieve three months of consecutive profits with my own trading strategy. I never touched a demo account, which I consider a trap for new traders which will never allow them to achieve profitability. In the first 18 months I sank my $10,000 account to
just below $8,000 which included my monthly deposits which averaged around $300 per month. In total I lost about $7,500, but never gave up on trading.
I continued to make my deposits, 25% of my monthly salary every month and worked hard on my trading strategy. I did this all throughout university and after I started my first employment as an engineer, my deposits increased due to the spike in my salary. I love being an engineer as I enjoy building things. I view trading forex as building something. A lot of planning, precise construction and quality materials added on top of a solid foundation. This approach allows one to create anything which will last for the long-term.
I followed the advice given to me by my parents, and in my early 30s I earned more from trading forex than from my career as an engineer. At that point I stopped making deposits into my trading account. In total I made 180 deposits, grew my trading account and never thought about making a withdrawal. Today, my account balance and monthly income is substantial. I can afford the life style I want for my family and myself, don’t have to worry about job security or the economy. I feel completely independent, and know that I build something which will provide for the well-being of my family for generations to come.
I teach my daughter the same lessons her grandparents taught me. My parents are enjoying their retirement and transferred their funds into my account. I decided to open a family office from where all our finances are being managed under the protection of a corporate entity and forex tax reasons. Trust funds have been established and we also opened a charity. This all was accomplished though dedicated work which led to a strong foundation for growth. Don’t think short-term, create a solid plan and don’t worry about when to withdraw money. Those who plan and execute well will get to withdrawals before they know it. Forex trading truly allowed my family to create a legacy to be proud off. Soon it will be my daughter’s turn to take over as the steward of our forex rooted empire.