Rogan's journal "The Way Out"

[rogan]

Greetings to all traders,
I hope you’ll join me in the ups and downs that will no doubt come with reading this journal.

I live in the UK and work as an IT Manager for a large networking corporation which means I’m very busy, so sometimes it’s hard to actually trade during the London session. But we’ll see how we go.

How I got here – this is ironic really. I first came to this site sometime in Oct/Nov last year after reading about Forex. I had a look at Nick’s method, read the eBooks and watched the video’s etc… But having previously read other eBooks with claims of “auto” set and forget systems etc I thought “man, no way I’m learning all that crap (candles, S/R lines etc ) – way to complex”

I fell into the “newbie” trap hook line and sinker – bought more eBooks with mechanical systems – if x then do y and you’ll make 100 pips ( cashcow, killer ) to name a few.

HOW I WAS SO WRONG !!!!! I burned my $500 account in weeks.

Then I found my way back to forex4noobs in Jan/Feb. Started studying Nick’s method seriously, bought his video and watched the analysis each week whilst watching the charts… I studied really hard this time and I was very excited.

I trade only GBP/JPY and 90% Nick’s method off the 4 hour charts. I have also noticed a profitable scalping method off the 15mins chart when the 4 hour is ranging.
I’m using only major S/R lines and placed lines for the 15 mins chart (sometimes T/L too)

I went live with a new $500 mini account 9th April 2008

I am + 526 pips to date which is fantastic.

Nick, if you read this I would like to say a big thank you. You have been a great inspiration so far.

I would also like to say thanks to all you guys on the forum, I love the forum and I have learnt just as much from that.

Gaz

[Rich1969]

well done rogan for taking the plunge to start your online journel, I look forward to following your progress.

best of luck rgds Richard

[Roadrat]

Hi Rogan,

Welcome back from the wilderness, most of us have, "been there done that". You've started well, hope you continue with similar success.

I notice you have your account in $, which broker are you using?
Do you realise that if you use a UK spread betting company, (they operate like any other broker) you will not have to pay any income tax on your profits.

[rogan]

Hi Roadrat,

Yeah, I just put $ as seems to be the standard "talk" when talking about broker accounts. My account in actually with GFT and in £.

I have heard of spread betting accounts, but I figured I may as well stick to the standard GFT mini account for now while I'm learning. If my account increases and I do well then yes, I'll definately be moving it.

[hassad]

Hi Rogan, thanks for posting. I also went through quite a few "scams" before finding Nicks site. I think my biggest mistake was believing the promise of instant gratification and it cost me a few thousand $. I have learned now that patience, dicipline money/risk management together with a sound system, are the only way to succeed in forex. I am also building my account slowly but surely and look forward to sharing your journal with you.

[Fetor]

Originally Posted by hassad

Hi Rogan, thanks for posting. I also went through quite a few "scams" before finding Nicks site. I think my biggest mistake was believing the promise of instant gratification and it cost me a few thousand $. I have learned now that patience, dicipline money/risk management together with a sound system, are the only way to succeed in forex. I am also building my account slowly but surely and look forward to sharing your journal with you.

I think that most people at some point fall for the "lure" of quick money in the forex. A quick humbling is always helpful and it's the people that stick with it that will make it.

[rogan]

Update to include my weekly target:

70/100 pips for S/R lines
90 pips for my 15min scalping method

I am pleased with my result today. I did not trade and that to me was a win !!!
It means I am sticking to my plan

[heks]

We have three possibilities:
win - no trading
win - positive pips
win - negative pips, but new lesson learned.

Anyway, awesome job today!

[rogan]

I guess I'm learning to "control the beast".. that being my own mind.
Feel like I need to take a trade, just for the sake of making a trade but trying to stay out of the market.

This week has been slow, what with the big move last week and a lot of news it seems this week.
I'm standing my ground on my rules for 15min scalping and won't take a trade until it's spot on. See nothing soon for S/R lines either.

I guess patience is also classed as a win in this game.

[NickB]

It is good that you are learning how not to trade when there are no trades. It is one of the biggest hurdles traders face.