The reason behind my forex journey

Trading Discussion Trade Journals
1

You’ll never know how dumb it is to try something without proper knowledge of it, until you get burnt.

In regards to trading, even trading with signals as a beginner can have it’s negative effect in the long run. And it can mess up your emotions if care isn’t taken.

I have tried trading crypto severally in the past even without the proper knowledge. What I did whenever I came in front of a chart, was apply the support and resistance principle which I never mastered.

Sometimes it worked.

Then some other times, I get signals to trade with, guess what…I got burnt.

In 2021, during the bull run. I was opportuned to jump on bnb then at $20, bought about 20 of ìt. Few months after that, bnb rose to about $300 then to $600 or thereabout, before the bears took control.

Of course, looking at my account then would alway put this big smile on my face. My account rose from $400 to over $10k, which was like 6million in naira, Nigerian currency.

That gave me a lot of pride as someone who flipped such amount in just few months, then followed greed. I was then aiming for 10million naira at the end of the year.

Before the bears came to deal with me, I had already started losing money, as a result of trying to increase it, by scalping on spot with the entire money.

Of course you know what happened when the bears fully came in.

The whole money gradually evaporated till I was left with almost nothing.

I went into depression as at that time.

Fast forward to few months ago, I got into a binary options signal group, where I went from $70 to $310, then from $310 to $0. $20 was mine and $50 was for a friend.

The depression almost almost came back. :pensive:

At this point I gave up.

I gave up on trial and error, basic resistance and support knowledge and signal groups.

I thought it was time to hold the bulls by the horn and learn to run with them.

I decided to learn forex, which I started in September and ever since it’s been back to back learning.

My plan is to start becoming profitable by the end of the year with tiny accounts like $10, then to be able to flip bigger accounts by this time next year.

So, I’m here as part of my growth process and my journey to becoming a profitable trader, to make good friends and grow together.

It’s time to put excessive loss to rest and lead massive profits take over. :blush:

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2

That’s one hell of a ride. Jeez. Sorry to hear about that. But the good thing is that you realize it IS possible to make money doing this. Not just money. Crazy money.

Good job!!!

Now it’s time to rebuild yourself from the ground up, and eventually KEEP the profits.

Start here.

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That quote is why you will blow your accounts because your mindset is focused on making money. Successful traders focus on their strategies and processes and let the rewards, if any, take care of themselves. They know there is no fast track to success, it’s always hard work.

Best of luck this time around.

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Thanks a lot.

Yes, I already started learning from babypips’ Schhool of Pipsology :grin:

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6

I understand, but no one started this journey just for the fun of viewing the charts, the ultimate goal is to make money. Same with any other business.

What that statement means for me is that, I have long ran away from the process and that’s the result for my constant losses at every trial. But now that I have decide to become a trader, I am constantly learning and believing in the gradual process.

Thanks :blush:

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7

You have undoubtedly been through a rollercoaster ride. Your determination to pursue knowledge is a step in the right direction. I would only that you put aside the thoughts of massive profits until your feet are strong enough to stand firmly. You have a long road ahead of you. Wish you all the best in your trading journey.

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8

Definitely, massive profit is for the long term. It’s mastery for now.

Thanks for the encouragement :blush:

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9

Lol, letting go of losses?! Not possible in trading; i think you need to start with that.
Massive profits?! If this is your goal, then be ready for more of that excessive loss.

From your intro, i could see your revenge; you have to kill that before it kills you.

So many to learn in this journey, just take it easy on yourself.

10

No offence, but I don’t think you read my post well, because my intro is about the effect of me trading without the appropriate knowledge.

This is just me taking it gradual, and following due process.

As for making profit as my goal, what do you think should be the ultimate goal? Besides I don’t want to believe there’s anyone in this industry who’s trading because they enjoy viewing the up and down movement of the chart.

Thanks though😊

11

“Flip bigger accounts by this time next year”
Trading doesn’t work this way; if all you want to do is mount pressure on yourself, then consistent losses is knocking or perhaps its door opened.
It’s a process, follow it and ease yourself.

It’s good putting excessive losses to rest, but with massive profits taking over, don’t be surprised when excessive losses make a visit.

12

I understand your concerns, but if you feel is impossible to be able trade a big account wìthin one year, then that’s your belief.

Besides, for me now bigger accounts is like $1000. I don’t know your level and what you take to be bigger accounts.