How i started forex

Am jesse, i started trading forex and since then i have been losing all my money, now am broke instead of rich, am a nigerian, but based in Dubai

1 Like

I’m sorry to hear about your loss, but it’s normal for newbies, and the reality, not social media websites that promise the garden of Eden.

Now you’ve learnt how important it is to preserve your capital. Just compile a journal of all your mistakes and ho you would prevent them happening again.

Persevere, if you want to become successful. Best of luck.

To start Forex trading, you need to select the right broker. There are various websites from where you need to gain trading education. And we have to work by maintaining discipline and plan.

You should gather proper knowledge and skills to make money from this market.

If it has something to do with your knowledge and market understanding, then I believe that you should spend some more time clearing your basics. Do test your trading strategy on your demo account so that you can get an idea about how it will perform when you go live. Also, start small when you go in the live market.

Hello, Jesse, you need a strategy. I can teach you a simple one and show you how not to lose all your money. I hate reading such loss stories. Sorry man

1 Like

I agree with you buddy!
Backtesting strategies is a very crucial element of forex trading because it’s the strategy that is responsible for good or bad trades.

Don’t worry mate, practice is the key. Just focus on learning, start demo trading and you’ll get better with time. All the best mate!

1 Like

I am sorry to hear about your loss. But since you just started trading, it is really important to have your time and to figure out how things actually work in forex market. You can always practice on a demo account which will give you a fair idea. Another important thing is to find the right broker, it is crucial. So, you should do your fair amount of research on that too, I am using Coinexx, IG and XM. You can look for them and go ahead if they suit you.

Probably you didn’t manage your risk properly that’s the biggest issue for newbie traders, they play high-risk bets which produce big loss which is often hard to recover because it makes your trading emotional

Hello Jesse,

Sorry to read about what happened to you. It’s important to learn first the basics.

If you’re eager to start learning about Forex, we suggest that you make your way over to the School of Pipsology, our very own guide for teaching beginners how to trade the foreign currency exchange market.

Pipzilla :coffee:

When you get started you are inexperienced and so it is practically the norm to go through some losses. However you should not give up. The key is to be focused and learn through it all so as to gain more knowhow and do better in the future. I suggest using a demo account first.

Even if you’re broker today, it doesn’t mean tha you will broke till the end of your life, you know. Today you’re broke, tomorrow you’re rich. You have to understand that it’s prohibited to measure happiness with money, money is just a resource which presents you freedom in your actions and of course helps you to provide yourself and your closest with everything you need. Trading is just a roller-coaster at least until you master this activity. Of course there are bad day iwith huge losses, however it doesn’t meant it will last forever. There are also good days, profitable days which will fill you with energy and help you to stay motivated.

1 Like

sometimes any kind of good knowledge and experience works to fail because there is northing 100% in this trading place and no one can predict the market with certainly.

It sucks that you’ve been losing money, but you still shouldn’t give up. Perhaps you could take a step back, consider risk management, open a demo account, and start up a trading journal?

I feel bad for you genuinely. It is very important to keep a trade journal in order to analyse where you went wrong and which mistakes you should not repeat.

I think that the most optimal option for starting trading is the demo mode. At least, when I started working with a broker from Amarkets, I used just this mode.

everyone starts in different ways, in their own way, because everyone has their own initial stock of knowledge, or their lack

Very sorry. But loss is an important teacher. I have lost two deposits. And only now something has begun to work out.

Loss helps you to realize your mistakes better. Loss happened, yes, but atleast it will make you more aware from making the same mistake again.