I have been developing as a professional trader for more than 1 year and a half, I have taken and failed challenges due to psychological mistakes and finally when I was in a good direction and with a good profitability I decided to borrow $500 and pay a $100k challenge in MyForexFunds, the manipulation was remarkable and I still resisted the drawdown, then MFF had legal problems and now I am with a debt of $500 and bankrupt. I am from Venezuela and here it is not easy to earn even $100 for a small challenge, do you have any idea that can help me? My technique is good, my risk management is good and my psychology is good although with all this is a bit affected.
Work on wiping away the debt. Don’t borrow again.
Then do whatever work you need to to make some more capital. Make sure you have a consistently profitable strategy ready for when you can trade again. Make sure you have enough income or wealth so that you do not need to withdraw your trading profits in order to live. Let the account grow.
Sorry to hear your story, but I’m sure you’re not alone.
My advice would be to continue working hard at your day job and pay off your debt. Then put aside some money each week/month until you have enough to start trading micro lots. While you’re paying off your debt ensure you keep trading a demo account to keep and improve your skills and knowledge.
Also, steer clear of prop firms. They’re set up for you to lose. They make their money from people losing.
Thanks for replying, I’m trying. I’m trying to get honest money as possible but I can’t get something online, I thought about selling signals and I feel that is my best option because even though I know how to design websites with wordpress, I know about marketing and graphic design I haven’t found something and go out to work on the street, here the salary is very low and it would take years to pay that debt. I know that trading is not the solution for quick money.
Thank you very much for your comment, yes that is what I have planned I got $15 for an account and to be able to support myself trading but it is costing me a lot to move forward because I have no job, something physical would not be worth it because the pay is very very low here in Venezuela. I thought about offering signals, it’s the only option I see. Do you think Top Step is also set up to make the trader lose?.
I will keep trading in demo or simulation to further increase my skills.
What’s the possibility of moving to a neighboring country?
Very few or almost none because in order to work legally I need a visa and I literally only have $15 in my trading account and my family is also in survival mode, I think my only option is an internet job.
I don’t want to be pitiful or seem negative but I’ve been trying for days to get a solution and I can’t come up with anything, every time I offer my signals with 14 days free trial people think it’s a scam, it’s frustrating.
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Perhaps you can start a youtube channel.
This guy is doing pushups until he gets 1 million subscribers.
She worked at McDonalds and now…well, you can read the title.
This dude’s videos are often about his love for ranch dressing.
Yes, selling signals is very suspect. Try posting your signals on instagram and post videos of trading live. People are very suspicious about people posting results. Trade live and post your results, if the signals are good, then the followers will come.
Or, you can make an interesting or fun channel, and get sponsored by brands.
Of course, there’s also the more risqué route of Onlyfans…
What do you think?
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There you have it right at your fingertips literally.
There are 1000’s of companies out there who need freelance marketing/design engineers.
Choose a few US companies and create - then pitch it to their marketing director.
Look for those who clearly have deficiencies in marketing - companies with stupid logos or who ask a negative question in their marketing like “why not buy our gizmo today?” instead of “buy our gizmo today”.
Remember this - someone got paid 1000’s of dollars for taking a clever name like twitter and changing it to x.
You can do better and get paid without leaving home.
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This is your first step, get a job, any job. It doesn’t matter what you do as long as your earning money. Some money is always better than no money.
No, no, no, this is a seriously bad idea. The only people that copy someone else’s signals are people that do not know how to trade. Also, couple that with the fact you have zero track record to prove your signals are correct. By selling your signals you’re basically going to help a lot more people end up in the same situation as you. That would be highly unethical.
Let this whole situation be an education. So you’ve paid $500 to learn some valuable lessons. Which include that you should NEVER borrow money to trade, and you should never assume you can just become a trader full time with out first properly learning to trade and are profitable. Far to many people fall into the trap of thinking trading is easy and they will get rich quick. This is the opposite from the truth, trading is difficult and will not make you rich. I can go and buy a scalpel and operating table, but that doesn’t make me a surgeon, that just makes me a man with a scalpel and operating table. Just because you can open and have a brokers trading account it doesn’t make you a trader.
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That is the most rational approach. And as I was reading the comments it occurred to me that you should think what skill you have that can produce financial value to you life, like the designing that you said. For now try to use that skill and wipe te borrowings.
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I liked the idea of opening a channel and doing push ups to a million subscribers but I will be working on building loyalty to use my signals and I believe that path will not separate you from my evolution as a trader.
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Thank you for helping me to clear my mind, it’s also a very good idea.
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Yes, you are quite right. This was a great learning experience
Yes, I will focus on that. First get out of debt before entering the market again.
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Well, if you’re a profitable trader…you can grow a small amount of money, right? It might take a little time, but that’s probably your fastest and easiest route out of your situation.
As a matter of fact, you can share your story on social media. If you can show online how you managed to TRADE your way out of debt, that will be the best way to demonstrate how good your signals are.
Use this situation to your advantage!
What do you think?
Great. You know being in debt is a pain in the neck, and in this situation, trading is not advised. First, get to a level of stability, and then you can start your trading journey.
Excellent commentary, I was very motivated
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True. Paying the debt and never trade on the loan money is a great starter.
Then try to develop skills other than trading. Consider trading as an additional source of income. It will allow you to avoid the emotional roller coasters during trading. Therefore your trading routine will be much more consistent.
I hope it will help. Good luck man!