Picking The Right Forex Style (Tutorial- Part IV)

So let me continue my story… So as I was selling these tennis rackets, I started thinking that there probably has to be a better way of doing it. Perhaps I could find smaller items to sell, that could conveniently be shipped to me, and I don’t have to bike to stores. And perhaps those items could be smaller, so that it’s easier to transport them on my bicycle to a post office. So I thought of brand name watches. I went online, and through some research, the same day, I found a supplier of closeouts of brand name watches in another state. Because these were mostly store returns, the prices were dirt cheap. I knew nothing about watches at that time, so I asked this supplier for a breakdown of models and prices. The guy was from Texas, and I think he figured out that he was dealing with a kid, so it was very difficult getting anything out of him, he would hang up on me all the time, because he thought I was just wasting his time. So what I had to do was I had to call him, and I asked him for his bank account information, because I wanted to send him a wire for $5,000, and after he had this money, I wanted him to talk to me in details about what he had, because I wanted to buy. After he got the $5K, he became a lot more interested, and I became one of his biggest accounts, I bought well over a $1 million dollars worth of stuff from him over the next few years. But basically this watch business was even a bigger gold mine than tennis rackets. What I would do is get a price list of available models and prices, then I would go to ebay, and search ebay’s completed items, I would see the prices of what similar watches sold for before, and based on that, I made a decision of what to buy. And this is a very important point that I will tie into my forex trading system conversation with you later. I was only buying, when I knew that I could sell it for more money later. And I had a process or a system that I was using in order to identify the items that I could literally buy low and sell high. There is also something important to learn in this story, is the way I initially sent money to this guy. Overall, in my few years of doing business on ebay, I have literally been screwed for over $100,000 worth of money. I have paid money to fake companies, I have lent money to very reliable personal friends that never gave it back, and I have been screwed by some very reliable suppliers, even after doing a lot of business with them. I put one guy into prison, though I never got any money back, I just wasted time to go through the legal process of doing it, and I forgave the debts to most others. This is a very important point, especially when it comes to forex. Every time you give your money to a forex broker, there is a relatively high chance that your funds are not safe. The broker may have the best intentions, but because of the way the forex industry is set up, they have full access to your funds, and if they have bad money management skills, and they use their clients’ money for marketing, hoping to get even more clients, at the end of the day, they may go under, and you can kiss your money bye, bye. But going back to this story. What was the biggest lesson? Yes, my initial business was selling on ebay, but I decided to pick a different niche that fit my lifestyle better. Don't you think it applies to the forex business? Of course it does, and it can make all the difference in your life! I personally really hate sitting in front of my computer several hours at a time, waiting for trading opportunities. That's why I decided to focus on a little bit different style, and that's trading the news. So I come in at a specific time, see the news, make a trade, or not make a trade, and leave. You may not like this style, and if you don't, pick another niche in forex that you will like. Like exclusively trading the first 4 hours of the London Session from 1:00 am to 5:00 am NY Time, or the New York Session from 8:00 am to 12:00 pm NY Time, or Asian Session from 6 pm to 11 pm NY Time. You must enjoy the process. What you focus on, expands.