First of all it should be made clear that that this is just the story the title describes. It is no how to get rich scheme or how to succeed in the FOREX market system. I should also point out that what I did was not actually trading but more like investing in the Euro, since I spent no more than a couple of minutes every year, for the last five years, to buy Euro/USD lots.
This is the story of how an 18 year old with some good tips, lots of luck and patience managed to make $183.470 in five years starting with a $5.000 starting capital.
By the time a became 18 my father gave me $10.000 as a present. I was also lucky enough to have a friend who traded currencies successfully for the last couple of months. When I asked him what I should buy with this money, instead of suggesting a car or something like that, he said the “Euro is pretty cheap these days” (it was the year 2002). I fist thought it was a joke but after a few hours of questions and answers he convinced me to open a FOREX trading account. I deposited $5000 and without having any idea about what I was doing, I bought one EUR/USD lot with 1:100 leverage ( I now understand that this could lead me to loose all my money but my friend said that he would monitor it every day until it was safe enough to let alone). I am not sure but I think he did some trading the first weeks with it but then he just let my one lot make my investment grow.
The price I bought was 0.8710 on March 2002. After the first few weeks I almost forgot about it, I was really busy studying at the university, until June 2002 when I logged in my account and found a huge $16.840 balance! The price was 0.8940 and I just bought another lot. I kept doing that about once a year (details are on the chart) without having any idea about what I was doing until today, when I bought my 7th lot at 1.4188 having a $183.470 balance!!
I have now graduated from the university and I did some research and studying on FOREX trading and the Euro. I think I was lucky enough to make it to here (although I could have made millions if I bought more often!!!) but I wonder what I should do next.
Should I close all positions and cash out? Should I open more than just one lot, and in smaller time intervals? should I do some kind of hedging? Please give me your advice if you like and I would also be interested in your opinion on the long term behavior of the EUR/USD pair.
