The Investor Diary Entry #44: June 26, 2023
It has been a very hectic month. Normally, an eventful period would mean a lot to talk about in the diary. Yet the past month was overwhelming to the point that I rarely had time to open the laptop. Still, something weird happened just while May was about to leave.
I met someone who recently established a training center that focuses on Forex Trading. I thought I shut the door on this part a long time ago, specifically in 2012. That was the year that I lost my fourth account since 2004. I realized that all those years of trying to find a strategy, I was deceiving myself into thinking that know what I was doing.
The fact is that I am passionate about the world of Forex to the point that I kept a demo account even after my decision not to trade. The fact I faced myself with is that I didn’t know how to do it, and I couldn’t find a place where I can learn it systematically.
At the end of May, I met a young guy who recently established a trading training center. I went to his office and chatted a bit. During our chat, he told me about a course he was about to start by the beginning of June 2023.
I took a few days to think about the details that we talked about. Now I am embarking on an unexpected journey into the world of forex, but this time through proper knowledge.
Why Trading?
I simply love it. I don’t want to deceive myself again. I just know that I love the world of trading. I know I lack the knowledge on how to do it. This is why I encouraged myself to take the training course when the opportunity arose.
Why trading? I want to make another revenue stream for myself by doing something I like to do. I also want to diversify my income streams to become all areas of things that I like doing.
Within my current income streams, there are areas that I am very good at, but I would rather substitute them with others if I had the chance. Yet, I have to be very careful with this plan.
Those current income streams are more sociable, they expose me to ample case studies and experiences at various levels. If I am truly on the way to substituting them, I need to look deeper into what I am actually doing if I succeeded.
Income Stream Diversification
Income stream diversification is what I am aiming for. Better yet, passive income stream diversification is truly what I am after. This strategy is something that my wife and I are working on to achieve as soon as we can.
Each one of us is handling an area of expertise, and we are working together to finally generate a diversified passive income for generating the following; a decent investable stream, and a decent amount for our expenses.
We have said it a lot in this diary, Trading is not investing. Trading is considered an income-generating stream for which one can create investable money.
Therefore, we are trying to diversify both; our income streams and investment areas.
Income Stream Nature
My current income streams are in three main areas; consultancy, training, and coaching. The areas that I am building now are trading and blogging.
Notice the difference. The current income streams require my existence at all times. The streams that I am building can reach a point that do not require such continuous attention.
In blogging there is a tipping point for any website once reached it can generate organic traffic on its own and will not require the attention that it requires in the building process until reaching that desired tipping point.
In trading, I am now getting enough hints on how the process can become more hands-free, and it does not involve automating my strategies through coding.
The Trading Training Course
The trading course that I am taking now covers the basics of trading. It was essential for me to unlearn everything from my past experience, and approach my attendance and focus as if I know nothing about the topic. This is exactly what I am doing.
There will be a follow-up course on getting deeper into the technical analysis which I am already thinking of attending. I am also planning to attend another one that tackles the role of fundamental analysis in trading. This last one, I am still not sure about. I still need to ask a few questions about it before I make my final decision.
Conclusion
Yesterday I built my support and resistance levels on the EUR/USD pair. I color-coded the drawings where it is a different color of lines for each time frame.
Today the plan was to work on building the USD/JPY, but it seems that I won’t have enough time for that.
For those who have knowledge of Forex Trading, I took a demo trade Buy at 1.0911 with a stop loss at 1.0890 and take profit at 1.0940. Here is my chart which I build on Tradingview platform:
In future diary entries, I will explain my color codes.
The Investor
Monday 26 June 2023
About The Author
I started to look into individual stocks in January 2022. I created this diary initially for myself to track my investing progress, and second, as a place where I can share my ideas publicly hoping that others will share their ideas and learn from each other, and lastly, as an online business where some links that I share are affiliate links, and if anybody bought anything by clicking those links I will get a commission based on that successful sale, which of course will not affect the price that you are buying the product or service at.
For more detailed information on my affiliate disclosure please refer to the Full Affiliate Disclosure page, and if you are interested in building your own online business you can check this post here.
Furthermore, this site is in no way or form giving any financial or investment advice, nor it is encouraging or discouraging people to buy or sell any financial instrument. This is a personal diary in which I track my progress and share it for informational, educational, and entertainment purposes.