This is my first ever forum post so please go easy on me.
I started trading about a month a go and I blew my account… twice…
Afterwards I though to myself “Ok all of that could have been prevented if I had a mentor to show me what to do.” Thus my research began and I started looking at Forex courses and eventually found one. When I spoke to my friends and family about the course and that I was going to attend - them who I know haven’t made money with Forex - they had my best interests at heart and didn’t want me to lose all my money on a course that was pretty expensive and could end up costing a lot of money by possibly losing it all.
In short I am going to attend the course anyway and just feel like - I understand everyone unease about Forex given its bad rap in recent years and because there are scammers out there who do just want to steal your money, but also I just don’t want to disappoint anyone.
In all honesty I am terrified - disappointing everyone close to me if it doesn’t work out and losing money. However the potential Forex trading has to change my life around far exceeds my fear. I am ready to take that leap of faith and make great things happen.
My only question to you is. Has anyone ever gone through something similar and what did you do about it?
Are you talking about real money??? As a beginner??? Have you not really heard of a demo account???
In an industry where the brokers themselves confirm that around 80% of their clients lose money, your friends and relatives are being very wise in doubting your chances of success - which has already been proven twice! Whilst you are in this kind of mental state about trading then you’ll never get anywhere trading live - but that can be changed, of course!
Whether you take a course or learn from forums and/or BP school, you should only start out with a demo account in order to practice what you are learning, familiarise yourself with the way markets move, develop a strategy and test how it works out over time, establish your risk/money management parameters and test out all your “what if” issues in developing your approach - without any fear of losing even one cent of your own money.
The end result is self-confidence, discipline, a clear method, and a demonstrated track record of a positive edge to your strategy.
Whoa, wait a little bit:
You started directly with a live account? Please stop this now. You’re not near as skilled you assume you are.
There is a lot of studying and testing in demo accounts before spending real money. Also, there a lot of free courses online, you shouldn’t go straight to a payed one.
The person practicing years on a demo account doesnt know anything more about trading than the person doing demo 1 month and then go on with real money.
1-2 months demo is enough. As in demo you cant learn trading.
Just like you cant learn driving from GTA los angeles and smacking your whores around.
When it comes down to making huge amount of money. It usually comes down to 3 basic prerequisite.
timing
flair
benefactor
The use of the right strategy at the right place and right time. Innate talent with uncanny perception, notwithstanding the right attitude and aptitude. Lastly, the right mentor would be paramount.
Judge if you have the above prerequisite. Otherwise, all efforts will still be futile. Blind optimism can be hazardous.
Skepticism is secondary and demarcated. Naysayers will never be able to hold anyone back, especially so when one has conviction in what they do will ultimately pay off.
"You’re either with me or you’re not. And if you’re not, you’re out."
Eddie Perez
"Life is short, and if we enjoy every moment of every day, then we will be happy no matter what happens or what changes along the way."
Gretchen Bleiler
Yes I was foolish. Yes I made a rash decision because of financial and emotional factors when all of this happened. I had nobody to show or teach me, my mistakes were all my own. I was all on my own. never even heard of babypips.com when this happen. I was naive saw one off these adds that said. " Look how easy it is to make money trading." and well for it like a sucker.
Yeah I dived head first into the water without learning how to swim.
But to be fair when I did the live trades it was on a platform that was a lot like gambling and very short time frames so didn’t really know anything else or that there are better platforms out there - I have an addictive personality and that also didn’t help.
Through beginners luck I did make a profit twice as well. Demo trading I didn’t take seriously in the way I should have. I messed around with it but didn’t realize how powerful of a learning tool it actually is.
Used that profit to see what happens then blew my account only to have lost all that profit. No one was there to say: " OK take your profit and leave! your done now"
With the live trading I also made peace with the fact that it is money I am willing to lose. So I’m not upset that I tried, I am upset because I lost money - like any person would be - I really didn’t know any better.
I really enjoy trading and think it’s incredibly interesting and want to become successful with it.
Then start again from the beginning. Treat your trading as your own business. Learn about cash management/risk exposure as well as your trading strategy. Take pride in being a business owner and cherish your progress. Remain committed, patient, objective and focused. Accept that losses are just as valid and inevitable as gains - you are dealing with probabilities in everything you do - just make sure your loss exposure risk is in the right proportion to your gain probabilities.
You are not ready to trade a live account. ‘I am going to the course anyway’ sounds like you have an ego and wont listen to people. You certainly wont be teachable and therefore i don’t believe you’ll listen to anyone here. So I have no advice for you.
you do realize that 85% of people never make money from trading?
you do realize that 92% never make profits from trading?
you do realize that 99% never manage to live off trading?
so why are you here? why are you “trying” to learn “trading”?
math is against you in any immaginable way.
why are you here?
ego is a huge problem of everyone trying to make his living through “trading”. actually it is a problem of everyone involved in “trading”.
