QUADRUPLE “Like”!!! LOL!!!
I don’t get it either.
Well actually I do. And once again you’ve hit the nail(s) on the head. Inexperience and impatience (and the rest actually follows). I know for sure as the day is long that for many years when I first started out I wiped out account after account because I didn’t understand leverage properly, risk management was for others (not ME!!! LOL!!!), and the list goes on. As I’ve said before: I would have wiped out anyway I’m sure. But it would have taken a LOT longer (and maybe that’s an incorrect statement i.e. maybe by the time I actually learned all of these things I’d still have had capital left to implement them) (not to mention all my assets!!! LOL!!!).
I’m subject to the same regulations and restrictions as you are and also with an UK SB broker (I WONDER if it’s the same one!!! LOL!!!) and I quite frankly could not be happier. I know for as sure as I’m sitting in this chair typing this message that these restrictions are going a long way to making sure I don’t get tempted to go wild. And frankly: that’s the reason they were introduced in the first place i.e. to protect traders from themselves. It is DARN difficult to bet the farm under these conditions. And suits me 100%.
And what really is never mentioned: professional traders trade with very low leverage anyway (even lower than what you and I are trading with). In some cases: NONE. But this is how the marketing machine keeps perpetuating this myth of $100 to $100K in a year. And it’s working. And well too.