Hi everyone. My name is Ruth. I am very new to forex. My story is a sad one i would say. A friend introduced me to trading, cuz i needed money quickly to settle a dept by my late brother before August ending. He promised i would be able to make the money before month end so i could pay. So i started the hunt for the 2500 dollars i needed to make. He promised me he would give me profitable signals and mentor me. I was very happy, so i deposited my lifes savings which is just 600 dollars. He said he would help me Trade. But it took only a week, my account went from 600 dollars to just 46 dollars now. And am even more desperate, cuz i dont know what to do at all and month end is cIose by. I decided to learn some things myself so i seached online and came in contact with babypips. I started learning am now in Elementary school. I am slowly learning now, but i dont know if i can get that 2500 dollars with my remaining 46 dollars before month end, and i cant add any more money to it because i am broke, that was my life savings. Am afraid to trade myself and lose the remaining 46 dollars. But am also desperate to raise that money b4 month end. From the little i have learned so far, i know its almost next to impossible to raise 2500 dollars with 46 dollars in less than a month.I am posting this because i need advice from the experience traders on what to do now. I am confused!
The markets aren’t for making quick money. And to be honest trading is a rich man’s game.
Although you can make some money even with little money you have to trade realistically for the amount of capital you have.
See if you have $100,000 to trade with 20% in a year is $20,000 you can achieve that fairly easily with experience and a strategy. But that is over 12 months.
And unfortunately 20% of $600 is about $120 for the year. You can make more than 20% in a year you can even make 20% in a month sometimes but more than doubling your money in a month? That is very unlikely and not going to be very reproducible.
Yeah, man I had the similar situation with forex, that is why, now I use mirror trading.
For example, the only way to know if you can make $10 into $11 in a year is if you already have a winning strategy in trading which gives you a profit of $1 per year. This means that if you have a deposit of $20, you can make $2. If you have a deposit of $30, you can make $3.
But your system will not make $3 profit from $10 deposit.
Trading is not the way out of this trouble.
Your friend tricked you. Now all you can do is go and work and save money to pay your debt. You may have to borrow from someone else to pay this debt then pay the second person slowly. You will not make the money from trading. Sorry.
Sadly, but it is what the forex is thought to be by many people. When I meet new people and they ask what is your business or what are you doing, I answer: I work on the forex. Then I hear, ok. You cheat people, you screw lifes, bla bla bla.
I have already written here about this problem. Will write again here. You can’t make $2500 out of $600. The chance is the same (or even lower) if you bought some lottery tickets for those six hundred bucks. Expect 10-15% net income a month as max. Everything above is very suspicious and hardly achievable on a long term basis.
If you are a newcomer, never use your life savings, never get credit to trade on the forex. The chance of losing all your money is very high. And never, never expect fast profits!
Hmmm. Well thanks everyone for their inputs. I have decided to just take a break and focus on finishing my babypips course. Before i resume trading. As for the dept, well wen i get to that bridge amma cross it one way or another. Thanks everyone.