That picture is an excellent illustration of how trading goes for a lot of people, unfortunately. I too have been there.
In general such cases aren’t so rare on forex. Practically all traders lose not just 1/3 but sometimes their entire depo. If you have strong will and a brain, then people learn from their lessons and move on.
You are not the first or last person who loose all life saving in forex. Most of the people do this mistake . They do not understand the risk involved in forex. A beginner need not to invest all his amount , he should get idea of trading and his skill with low investment. Never put all your amount at once in any business until you are not expert.
Yes a trader specially a beginner should be careful . Why people put all saving in trading they think they will surely get their amount back with profit . I think where high risk is present one should plan for lowest investment.
Before turn to live account you must feel safe with your trades and spent lot of time in a demo account. The psychology in a demo account is different and this may cost you when you went live.
I know this trade is about 4 years old, but the topic is quite an interesting one. If I have about 60K capital to trade Forex, I am sure I’ll be very rich by now. First, All new traders must start small. Start with something you can play with. If you have 10k for instance, deposit 500 usd and play with it. See if you will lose it quickly. If you do lose it, deposit another 500usd and work hard to grow that money. If you can keep 500usd in one month and not lose it, then you can keep 10k and not blow it all away.
ALL NEW TRADERS SHOULD START SMALL no matter how rich you are. GREED KILLS
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First of all you need the support of your loved ones, if you’re starting to trade. Also, you should never get into debt or credit debt, that’s a dead end from the start.
I agree. Unless one is a professional trader, trading with someone else’s money, especially loaned money, is a very poor idea.
People study and practice for many years to become Doctors, others Nuclear scientists but financial markets, one day.
This is the problem. Market makers are very successful because they know that the attitude to FX and other markets is one of childishness and boyish enthusiasm. Unfortunately I can’t be sympathetic to the post because you won’t tell someone you are a surgeon because you have scalpel. I think it is good this happens, it makes people respect the business and realise that it requires the mentality that say’s how best can I screw the broker rather than how hard can I work because that is part of the game. The broker still stands between you and success.
This is how grown-ups and professionals think that is why there will always be rate manipulations, bankers being murdered by the mob , flash crashes, etc. It is how to play and win.
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I always feel sympathetic to those who lose money to trading, even if they did it out of lack of experience. I used to be that inexperienced newbie too.
Yhat said, I think it is important to always stress to newbies that learning to trade Forex is like going through getting another university degree - it takes years of effort.
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Very bad, you should move to another work. I think Forex is not for you. You should move on.
I can only feel sorry for those who lost everything or almost everything in forex. Well, I can also ask you have you gotten a loan yet???))) Who does such things? It’s, to say the least, stupid to trade you last money.
I would go as far as to say that one should never, ever trade with money they cannot afford to lose, regardless of whether it’s their last money, someone else’s money because they took a loan, or the money one needs to pay for their essential expenses.
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Why you invested your all amount in forex. This is a big mistake why people think they will double or triple their amount what they are investing. They forget the related risk with it. One should use this much money that is affordable to loose , his life should not affected with this loss.
People make mistakes, unfortunately. Whether it’s because of naivete or simply out of lack of experience or the occasional poor judgement - we all suffer from those from time to time, it happens - the end result is that they have to deal with the consequences of those decisions. I just hope that in this case all has ended well.
I have seen that there are so many people who are actually losing money because of no proper planning and education about trading. One should understand that nothing is easy in n life.
That seems to apply to Forex trading especially. One should never trust unethical advertising promising them quick and easy profits from Forex trading, there’s nothing quick and easy about it.
But people are posting such ads everywhere. Our mind can catch them to see at least once, that is a trap that they find us. Finding the wrong one is really difficult nowadays.
Very sad to know your story! Actually, Forex trading is very dangerous for the traders who don’t know details about technical and fundamental analysis, its not possible to make enough money without deeper knowledge!
Bump bump bump by all the normal suspects. So now we know ice can be melted and reused as water.
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