Don’t do this. Forex System Hopping is the kiss of death for any trader. It’s the never ending search for the Coveted Forex Holy Grail System. I try and limit my time with those who I consider time wasters / energy vampires / askholes. (I quite like Urban Dictionary’s definition of time wasters: A person who either consciously or unconsciously tries to engage you in a fruitless investment of your energy, time, money or attention.) However this past week, I admittedly gave in to meet a mutual friend, who is also a trader. I have been putting off meeting this person the past several months. The reason being is that every time we meet it’s the same story over and over again. He is a serious forex system hopper (and hoper!).
He loves to talk to me about forex trading. The issue is that he doesn’t want to hear anything I say, he only wants to hear what he is saying. When I first met him, I thought wow, he must be a pretty decent trader. He kept sending me videos and screenshots of the trades he was taking. There would be figures of $10,000-$100,000 USD in the money for the day, impressive right? He would explain to me about this new forex system he had learned and on how he was doubling, tripling his account in X months. Then, suddenly I would not hear from him and he’d vanish. But like a magician, he would reappear back and want to talk about a new different forex trading system and show his amazing results etc.
This has been going on for years. What I found out, was that the large wins that were being showcased were on a demo account and his real account was significantly smaller (5 figures under). When he was loud and sending me all his wins, it was when he was winning on his real account. Then he when he blew up his account, he would go quiet.
I have had serious conversations with him to 1, stop forex system hopping 2, stop trading the demo account and showcasing it as real wins 3, start building up real capital to trade a real forex account, instead of living in demo dream land. All of these have fallen on deaf ears. It’s a shame really, as he is a good guy.
It’s tiring, especially when the solution is so simple. Then at the end of it, he always asks me for advice. This is the askhole part. For those who don’t know what an askhole is, here is Urban Dictionary’s definition: A person who constantly ask for your advice, yet always does the opposite of what you told them.
Don’t be Forex System Hopping around, take this game seriously. There is money to be made, it require’s effort, work and dedication. If you are committed to succeeding these articles will help:
To our success,
P.S. I made my 1 post for August, just in nick of time. 😉
P.P.S. This is definitely not a one off case. There are many out there forex system hopping around.