Hi I am Nii Odartey Lamptey from Ghana, I am new to Forex Trading I had to learn to trade because I needed money to take care of my three beautiful daughters and to pay my tuition at Atlantic International University, I enrolled online September last year.
I have been making good trades however in all my winnings one bad trade and all my capital is gone.
I decided to join babypips to learn more. I intend to make a living with Forex Trading and I am looking at making my first $50,000.00 at the end of the year
Thanks for the opportunity to be part of this family.
Hi and Welcome to Babypips
I am sorry to hear you have lost your money gambling. It is a harsh lesson. I say gambling because anyone who participates in Forex without knowing what the statistical outcome of his endeavours will be is a gambler.
Please start with the Education section - School of Pipsology - on this site, and go from there. Do not spend a further penny on a trading account, mentoring, training or anything else until you have finished School of Pipsology. By all means open a broker demo account that you will need to gain practical experience after your first unsuccessful attempt. But have patience. Unless you can back test that your strategy will make money, there is absolutely no point in throwing good money after bad.
You did not have to learn how to trade. That was a life choice. There are always other options and most of them do not result in you losing all your money either. That is a good life lesson.
Focus on learning how to be a competent trader, first and foremost. Your losses are learning material, analyse what went wrong. High risk, no stop loss, overtrading, revenge trading or gambling?
The key to success is to protect your capital ALL the time. Set yourself a daily risk limit and stick to it like glue. Unless your capital is around a million it will be unlikely you’ll make your target, without gambling it.
That’s the reality.
Welcome to the community, @Creativity64. Sorry about what happened to you. I suggest that you practice with a demo account first. This way you avoid losing real money while you’re still learning.