Hello guys, a newbie in the forex trading here.
I got involve prematurely in this scary finance journey/adventure and tasted a short good start but eventually goes bad.
This journey started when a friend ask me to invest in forex trading because her newly opened account profits daily just relying on a subscribed trading robot.
I was persuaded and invested some money savings and it had gone well for a couple of months but then things began turning red from blue.
When the forex market got rallied a long shot, a great reversal affected my account on to the losing side and the trading robot could not handle it. We requested that the robot be turned off and started manually because the red floating trades had almost toppled my account’s equity.
Trading manually now becomes a life learning goal for me so that I could have a chance to regain my lost investment.
I am hoping that babypips and the community can help me gain confidence in continuing towards a blue path in this financial journey.
First rule of becoming a successful independent trader: Never allow someone else to spend your money.
Hi, I hope that you will learn fast.
That’s tough, sorry to hear about it. Now you face two critical situations; one is to learn how to trade FX properly and proficiently that will take a long time, maybe months - and how to control your emotions when going it alone.
This is critical as a mind set of recovering losses should be put on the back burner, while just selecting good trades all the time, which should be your new objective.
I suggest you freeze your live account in the meantime, open a demo account to practice on until you regain equanimity with yourself and are ready to plunge in again.
That’s what I’m doing now for the time being… Thanks for the advice… I will not touch that real account again unless I’m confident enough…
Forex trading is a vast concept, and you will be required to stay updated with the latest trends to make the most of the market.