FxST Case Study – Lee Hendricks shares his Forex journey! Unedited Update provided by Lee Hendricks June 2010
I am 55 years old with two careers behind me now. I worked the first nine years after my MBA in Finance with a Fortune 500 company in acquisitions and mergers in Corporate Development. The next twenty years I taught business law and accounting at the University of Tennessee on the strength of my JD and CPA. Health problems of elderly parents made it clear that I needed a job I could drop at the spur of the moment and, better yet, take along with me when called to another state to attend my parents.
After investigating various third careers with time flexibility, I decided in August 2008 to learn how to earn a living in the Forex market. After some self study, I invested in The Insider Code which was a very expensive way to come down the learning curve without meeting my goals. The Forex Wire provided a less costly way to develop a day trading strategy. I began trading a live account in May 2009. The main problem with that strategy was the principle of modest return for huge risk. It became wearing on the nerves after the first losing trade wiped out three weeks of profit.
In November 2009 I learned that my oldest daughter was expecting her first child. It took a couple of weeks for me to realize that my chauffeuring days were about to begin again. My daughter cannot drive due to epilepsy. She is working at my wife’s office, but when the baby comes, she plans to stay at home. I am the only driver in the family not in an office job, so I will be behind the wheel for doctor’s appointments and Mom’s Day out days. Day trading was not going to work well with my new lifestyle which will begin in May, because an open trade needed some management under my system. I could not walk away from an open trade.
Scalping comes to the rescue!
I subscribed to the money map GRID early in 2009. Many hours in the large online trade room sent me to Miami twice in late winter for trading. I learned quickly to avoid the large trading room in favor of Armando Martinez’s FxMicroProfit conservative approach.
Even though I was committed to the day trading strategy at the time, I frequently tuned into Armando’s trade room to hear his comments on the market and world economy. In November 2009 I dusted off my scalping notes from Miami. My initial results were not great. I would make profits until finding myself on the wrong side of a price run without a stop loss.
Armando offered a two-day advanced seminar in February this year. He introduced us to several broad concepts, like FxMicroProfits and the profit protection plan. He reinforced the necessity to return to very passive trading rules in my business plan. I needed to learn patience and self-discipline, and Armando mapped out a way to success. I left Miami in February 2010 dedicated to applying Armando’s passive approach but privately worried that the very passive approach would not provide sufficient profit. I saw no way to achieve a 15% monthly increase in my trading account and began to consider lowering my goal.
Was I wrong to doubt Armando!
The last two weeks of February, I continued to breakeven, then to make slight profits while I learned a new trading platform and began to build the discipline required. The business plan was critical to keeping me on course. The profit protection plan and Armando’s excel spreadsheet are tremendous motivators. After making 15 pips in my primary demo account each day (hopefully), I would switch to my secondary demo account. Now at the end of March, I look at the excel spreadsheet for the month in complete disbelief. March had several of those very slow days for scalping. On the first trading day in March, I lost 1.75% of my primary demo account. However, during March my primary demo account increased by 13.8 %, and my secondary demo account increased by 12.8 %. If I had been working from one account, I would have increased my demo assets by over 26% in March.
I am still dumbfounded…and excited. It is amazing! Even with my mistakes learning a new platform, I exceeded my monthly goal by a huge margin. Yes, there were many nice trading days in the market, but there were several sleepers. Yes, I tended to stay at my computer through part of the afternoon EST. I even cranked up the computer three evenings for a couple of hours. Yes, I have been in the forex market for a year and a half. Yet the ease of trading this month has been great compared to others. I think it is important to note that none of my educational background really helped. My freshman daughter in college could scalp the market with Forex Successful Traders just as easily if she had the desire…without a year and a half of Forex market experience.
Seeing the profits accumulate has been important, but the increased understanding for market movement on the money map GRID is just as valuable. Scalping requires extended times of focus. I am seeing where the prices could go. I am more aware of how the yens really can scoot in a hurry when they have been bound in a tight range for a long time. I see over and over how the 20-point gap between entry and the one-minute boxes is critical (30 points for the yens).
Scalping is so much easier on my nerves than day trading. It is wonderful to be able to stand up and walk away from trading without worrying about a trade still ongoing.
I have a long way to go yet, but I am confident that I have found my niche in the Forex market. Stop losses are of paramount importance. I still need to learn to endure the price moving against me a few pips; by God’s grace I need to learn more patience after the trade is placed. However, it is clear that the microprofits strategy of taking small profits with small risk does work! Many thanks to Armando and his team! I now can see how I can earn income while I am caregiver-on-call to elderly parents and the chauffeur for my daughter and grandson.
Thank you, Armando and the Forex Successful Traders team!
Lee Hendricks – July 2010
Watch Lee’s Testimonial Video After Attending His First
FxST BreakThrough Live Seminar Training Event… (Feb 2010)
It was in months following the Feb 2010 that Lee Became a Forex Successful Trader!
Testimonial Update#2: 5 months after FxST Breakthrough live seminar training!
My trading assuming one account has increased 24% so far this month with the secondary demo accounting for nearly 80%. Starting with $18,000 and trading as if I only have one account, I now have over $34,000. That is an 89% increase in 2.5 months
Accounting & Law Professor
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