Ready to get back on the horse

Hello everyone,

I’m a newbie to forex however not to investing. During the GFC, I like many at the time, lost my job while at the same time, I all of my savings ($100K) which I had tied up in managed funds coupled with a highly geared margin loan attached. In addition to losing ALL of my savings, I also incurred a negative debt to service the fund’s required when notified of a margin call from my bank.

For a long time, I blamed the financial advisor for giving me poor advice. However, I have grown to realise, and ultimately accept the real reason for my loss was not due to “poor advice”, but in fact, due to “my poor self-knowledge” of investments.

With the benefit of experience and 10-years to recover (some however unfortunately not all) of the lost savings, I believe I am ready to “get back on the horse”, so to speak. However, this time I will be focusing on forex trading and implementing a trading strategy now aligned with my goals and will include al lof the features missing from my previous failed investment attempts such as risk to reward matrix, money management strategy and developing an actionable trading plan.

The advice I can offer other newbies is obviously limited as I have not achieved any level of any success in investing. So instead I would like to offer three of my favourite quotes you may have heard before, or like me may wish to add to your trading plan or perhaps you may wish to include some of quotes of your own.

  1. [I][B]“If it sounds too good to be true, it probably is.”[/B][/I] (I relate this in context to taking time to learning about what you are doing before diving head first / blindly into it)

  2. [I][B]“What you focus on increases.”[/B][/I] (I suffer from depression, so I have a mental checklist which I have found saying this quietly to myself but out load as a mantra, helps me during the days when I am in a lower/down cycle)

  3. [I][B]“Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth.”[/B][/I] (We live in the age of information yet we freely accept much of the information we come across often without much thought given to the reliability and/or credibility of the source. I encourage everyone I meet and speak to now to be vigilant with the truth and dismiss unreliable sources as they serve no purpose but to slow down your progress.)

Thank you for reading. I wish you all the success you deserve with your trading. :slight_smile:

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