Sunday, August 26, 2012

Trader 8023

A new trader joined me recently and I would like to share his performance here for those aspiring traders.

This trader, a former booth clerk on the floor has been trading currencies, mini Forex for many years and has busted his account many times in the past. Since it's a mini account, he busted a few thousand dollars each time, then top up again and again once he accumulated enough money from doing some part time job. I admire his perseverance and passion for trading, never giving up despite failure after failure.

He only managed to start making money recently after he chatted with a kind soul in one of the Forex online forum, became friends, took pity on him and offerred to teach him the right way to trade.

I know this trader for many years and lost contact with him after the trading floor closed, we met up few months back on FB and we started sharing trading ideas and strategies. I'm interested in his strategies since he told me he has been profitable for the past one year after so many years of struggling.

After following his calls for 2 months, I found that he was indeed profitable and doing fine on the mini Forex account. I then offerred him to trade on one of my futures account with a 30% profit sharing. Meanwhile, he will continue trading his own mini Forex account for his living expenses and the futures account would be a bonus if he is able to make money, a win win situation for both of us.

He started off cautiously and told me he would be conservative in taking trades for this account. I am comfortable with his assurance but will still monitor him closely and guide him along.

He made a few mistakes for the first week as he was not so familiar with the trading platform, entering trades wrongly and some contracts like the CAD and YEN are the reverse between futures and Cash Forex market. It will take a bit of time for him to get use to it.

Profit for the 1st week is S$437.49 after comm. A good start!


coconut said...

haha i'm so glad that you had come back and post something.

Fat88Trader said...

Yes, dear friend, so much happened in my life during the past few months. It's something that I have not expected, something that have affected me greatly.

Bala C said...

Dear FATT,

Really nice and happy to see you in your Blog though I see you often in FB.

Looking forward to more postings :)

Fat88Trader said...

Yes Bala, thank you for the support!