Hi guys,
as the topic suggests, I have put money I can’t afford to lose for trading, and I am still learning and not trading real money.
In the mean time, I decided to study and demo trade to build a solid strategy before risking real money and at the same time use copy trading and signals so my money is at work while I’m working on my trading skills.
But, honestly I can’t handle the pressure from copy trading either. Because when I see drawdown in my account I am literally panicking.
where do you guys suggest I can transfer my saved money so it will be in a safe place and working on its own with fixed interest while I’m working on my trading skills?
Stop trying to earn while you learn. Save whatever you can from the live copy trading account and get it out. Focus on learning the skill of trading and not on making money until there is reason to believe you can risk real money. When you do, learn from your mistake and only use money you can completely lose.
In terms of making money on your money while learning you can look into something like ETFs if you go down the stocks route, staking stable coins of you go down the crypto route. All carry risk. You have to expect that risks need to be taken in order for your money to make money. Research some of these and decide which fits your risk profile.
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Surely there is no interest worth having on small investments? i would not have thought its worth the time to do the research and open an account and transfer the money.
That’s why trading is so popular. You can make a small amount of money work hard and gain greater profits than any interest-paying account. But only if you have a profitable strategy. Get a simple strategy and demo it until you are consistently profitable before you put real money in.
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@tommor thank you for your comment and yes you are right
it’s only that right now I am still taking baby steps into working on different strategies and finding which one suits me best and has a good profit factor
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Good luck with your efforts.
Keep in sight that if you only trade 20 times a month, and only 11 of each month’s 20 trades are winners, and their r:r is only 1:1.5, and you only risk 1% of your capital per trade, you will double your money in a year.
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I can`t get it… Did you put money you can’t afford to lose for trading, or you’re still learning?
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@momo3HC Actually both… I put money I can’t afford to lose on copy trading
and I am still learning how to trade by myself
@21firestar It can be quite difficult to trade while learning because there is a lot of information that you still have to make sense of. You can come across some new information which has been back-tested and promises good results, you’d obviously want to use it.I blew my account many times because of this, there are a lot of factors that influence prices to rise/fall and you need to be aware of most of them.
I’d advice you to give yourself time to study and make sense of the information that is out there(it can be a few months) and also give yourself time to Demo trade so that you are aware of live trading conditions and comfortable with the charges of your broker(also can be a few months)
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Play the long game. No quick winners in forex.
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I think it’s best to practice on demo until you’re ready with 0 real investment. When you do invest money, never invest money that you can’t afford to lose. This is only going to add to the pressure that you’re feeling. Also, keep in mind that some brokers will charge you inactivity fees if you just leave the cash sitting in your account without trading.
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You broke the golden rule of trade: trade with what you can afford to lose.
Maybe, this is the reason that you have this fear. I would recommend you to do one thing at a time and give proper time to study and trade with a demo account for a while. Also, please don’t give time to signals and bots. They don’t work in the longer run. Good luck.
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Oof there’s a lot to reflect on here. I’m glad you posted about it - at least you’re doing some self-reflection and hopefully will do everything you can to not do them again.
Trading with money you can’t afford to lose is probably the most important thing to remember.
How did you get into copy trading?
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It would have been great if you had not started trading live until you had the money that you could afford to lose. The first and the most important rule of trading forex is that one should not trade with the money that he can’t afford to lose.
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There is no such thing as money you can afford to lose.
Research, learn, plan and practice in a demo account until you are not a losing trader. Then activate a live account and put real money in.
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When you put your money, you need to understand you are in a way risking your money. If you want to make it work then dedicate your skill and efforts to it. There is no other way.
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If you want to be a good Forex trader, you must have the ability of sustaining losses as it is a common phenomenon in Forex market. If a singled loss frustrates a trader, he cannot survive in Forex for long. And every Forex trader knows it very well. Rather focusing on losses, traders should invest their time in learning.
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When you are not sure about investing your money or there are chances of losing money, then start with a small amount, until and unless you gain the confidence. Good luck.
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Read up on Terra Labs/LUNA/UST/Anchor Protocol
https://app.anchorprotocol.com/earn
Earn 19.4% APY.
And don’t trader/invest what you aren’t willing to lose.
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