New to Trading Introduction

Hello everyone, I am Emmanuel and i’m new to trading, mainly Forex trading. Trading Forex is something I’ve thought of doing for a long time but haven’t got the chance to get started. I spend most of the time binge-watching trading course videos on YouTube, reading online articles, etc. Though they give me a general insight of trading, as well as knowing general tips and tricks to trade, it discourages me to make a start with the fear that I might end up doing something stupid and boom, money’s all gone. As humans, we must ‘fail to suceed’, as the saying goes. I made a stupid mistake of placing £5000 in a trading platform that was aimed to help me boost my profits, but the trading mentor I had was a complete scammer. I know, i know, I was stupid, or rather, naive, as I didn’t know what I was getting myself to at the time. All I thought was, ‘I put £5000 in, in the next few weeks, make a huge profit and then withdraw all that cash to my bank account’. That was the mindset I had back then. I couldn’t be more wrong, not to mention the tax involved. Luckily, I was able to take myself from that, which came at a huge price of losing all that money I put in to begin with. I have learned a lot since then. And then I told myself, ‘if you really want something done, you do it yourself.’ And I am someone who quickly learns new skills and I hope that this will pay off eventually. That was a little bit of my financial situation, but I digress. Enough of the binge-watching of YouTube tutorials!! Time to actually DO something about it and take action. This was the reason that landed me here in this platform to begin with. I aim to become a part-time trader, earning some additional income on the side to support myself and my family whilst learning and honing my trading skills along the way to become an even more confident trader, and I believe that this trading course will guide me in the right direction. You are more than welcome to comment down below if you like. Thank you for taking the time to read my intro. :smiley:

To be honest, your mindset is still not capable of trading FX properly and proficiently. You have to put the work in over months, if not years, to become profitable.

Start by learning how NOT TO LOSE MONEY, which is critical., but which you failed big time to protect your account - probably by gambling, overtrading and revenge trading. Which means understanding yourself and whether your emotional control is solid or not.

If you need advice on how to control emotions whle trading FX ask the group here. best of luck.

1 Like

I appreciate the criticism, and I believe that there’s more to be learnt in trading. It won’t be a walk in the park, that I know well, but I believe it’s one of many steps to become financially independent in the long run. I learnt the hard way and I do not intend for history to repeat itself again. That said, I appreciate your words of wisdom, Steve. If anything, I won’t hesitate to ask around. So thank you!!!

Welcome, and good luck :slight_smile:

1 Like

Thank you, Petezaa :slight_smile: