I am a week into learning how to trade Futures working with a new trading methodology and so far things have been going very well. Two for three actual trading days, I have made money for the first time in my simulated account. And not just my daily goal, X5 and X2 my daily goal! I’ll write a separate post for these… I want to share my experience from Forex to Futures.
I previously traded Forex on and off for about a year and never could quit give it the attention it needed to become successful. Since college I have always been fascinated by the markets and the movement of global currencies. In January (2017), I decided I was going to give this a real shot and left a very secure and specialized career in the medical device world. One month later I have now moved to Barcelona to trade full time. First week of jumping into this very large ocean as a little drifting piece of plankton, I had to endure one of the most frustrating experiences someone could face when trading becomes your life line. My Forex broker, FXCM, one of the largest and “most trusted” Forex brokers in the business was banned from doing business in the USA. In a nut shell, they were taking the other side of clients trades and saying they were not. More about that if you want to read, here you go…FXCM Baned in US. This is one of the risks or you could even call it “shadiness” of trading in the spot market of Forex with no centralized exchange that all us Forex traders take.
Week two I spent contemplating which broker would be best to go with for what I needed. I knew I eventually wanted to be an all asset trader utilizing Options and Futures plus talking with some fellow trader friends I decided to switch to TD Ameritrade in order to use their ThinkorSwim platform where I could trade everything from one place. Well it was a great plan until I applied for my Forex account under my LLC and lucky me TD Ameritrade is not able to offer Forex accounts in Arizona or Ohio. I am sure that it is stated somewhere in the thousands of pages of disclaimers and paperwork we ALL READ 😉 when setting up our accounts… Oh yay found it! TDAmeritrade Info
Now three weeks have gone by and I still did not have an account I could trade out of. Lesson #1 of a beginner trader, never get into a situation where you are ill-liquid and SOL. That’s when I decided… time to learn to trade Futures AND always have multiple accounts with more than one broker to trade from. Time to grow from a Plankton to a very small Krill.