The $25 Forex Trading Experience
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Yes, you read that right. I found a Web-based Forex Trading platform that requires only a minimum of US$25 to start trading. Credit card and paypal payments accepted. And silly me, I did join and deposited $25 via paypal. An hour or two later, I was trading forex for real for the first time (I had a few practice accounts before). The PBA Fantasy League website must feel so lucky I clicked on the AdSense banner that led me to Finexo (the forex trading platform). They got one conversion there. Anyways, I am posting this to share my experience with my new hobby, forex trading. Here it goes:
Paypal charges a receiving fee to Finexo. Finexo then passes on the fee to me. My $25 is down to $23.85.
I have no technical or fundamental know-how with forex trading so I figured, “what the heck, let’s just play with it!”
My first transaction was to BUY 1000 EUR for EURUSD at 1.3625. It was losing. I bought another 1000 EUR this time at 1.3597. I was just playing with it so I sold at 1.3600 and gained $0.30. Then I bought another 1000 EUR at 1.3598 and then sold them at 1.3602. That’s an additional profit of $0.40.
I was thinking, man this is fun. I’m gonna buy again. And buy I did the fourth time around. 1000 EUR at 1.3601. The price went down that I was losing as much $8 already. But I held on to my positions.
It was already 7pm at the office and I had to go. So I just put a take profit order at 1.3650. Just before I wrote this, I had realized gains of $7.40. The total profit for today is $8.10. And at $23.85 starting capital, that’s around 34% gain in less than 6 hours. While writing this, I had three additional positions. Just right before publishing this post, I thought whatever I earned would be lost. But total earnings is now at $21.80 or 91% gains in less than 12 hours. Not bad for a newbie.
Okay I just got lucky. Hopefully, I get to learn the ins and outs, the technical and fundamental, and all that **** about foreign currency trading so that next time I’m not just lucky, I’m gonna be just damn good. For now, I’m gonna enjoy the cheers and praises I’ll get from my friends and colleagues. Happy forex trading everyone.
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12 Comments on this post
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Currency Trader said:
Wow! From someone in the industry, I must say that is indeed lucky! You may have a knack for this kind of stuff. I wish you such luck in the future!
October 13th, 2008 at 5:49 pm -
admin said:
Hi Currency Trader! Thanks for visiting my site. I guess I just got luckier. Six hours after initial posting and we have an update. My earnings are now at 91.4%.
Relying on luck and cost averaging alone almost doubled my money in just one day. I know I can’t sustain this lucky streak with just that. And I could only imagine what earning potential I would have if I knew what I should about foreign currency trading.
October 13th, 2008 at 6:20 pm
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