Hi, just found BabyPips through Quora. Glad I did.
My name is Rob. I became aware of this type of trading just before Dec 21. Unfortunately I was approached by a scammer who set up a dummy account and I was giving them money not knowing they had no intention of ever seeing me get it back. Very embarrassing to have been caught like that. But apparently it happens a lot. Lesson is; read the reviews, the red flags were there, I was naive.
Fast forward to now, I have a CFD account with a regulated broker. I have lost about $20k AUD in four months. But I KNOW this is going to pay off in the long run. I am curious and follow up on everything that presents as an opportunity to learn more.
I believe that trading is a specialised skill that requires time in the market and that in time I will see my losses as an investment in this new skill.
So I am very positive but am at a very early entry level to trading. I look forward to sharing your experiences and getting to know the community
Rob
Yes, that’s the right mindset, however while I’m sorry to hear of your large loss, IMO, that’s because your risk appetite and money management needs improving - a lot.
Blowing an account is mainly caused by overtrading, revenge trading, and gambling, failure to cut losing trades, and not letting winning ones run. Hence negligent emotional control which is the key to whether you succeed or fail.
Forget about social media marketing fantasyland of making money quickly, there is NO SHORT CUT. That’s the reality, and should be foremost on your list, to learn how not to lose money.
I hope that helps.
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Guilty on all counts. So plenty of improvement needed.
Working on it…online courses about strategy and technical analysis. Keeping trades small and working on the psychology as well. Lot’s to think about.
Really appreciate the honest feedback
most welcome in this community , have a very good journey on there.
you already have chosen a nice community , no doubt . just focus on your approach , you will be benefited with very short time.
so many online courses in Google , and most of them are found as scam. you can believe in this community.
you already fixed a good plan with exact mindset. good luck