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What would you do if you had to start over?

  • #81
  • Jan 30, 2019 9:42am Jan 30, 2019 9:42am
Quoting newbietofx
I just came across this on my Facebook feed. I started in post dotcom bubble. 10 years later. I've spent $30k and nothing to show for. But I've accumulated a library of resources, knowledge and experience. I'm thinking if I should move on. What about you. What have you accomplished? What will you tell your younger self? {image}
Success in FX? Alright. I'll show you one way:

1. Your first problem is not the lack of a good method; nor the persistence to stick to it; nor proper risk management strategies; nor the lack of any kind of tool..

Your FIRST problem is CAPITAL!!!

You are very very very likely to fail if youre starting with 2000. I'm not saying success cant be achieved if you begun with peanuts...but the degree of skill or luck it takes to succeed with that kind of initial capitalization is off the charts. (I'm not sure if the pun is intended)

Possible Solution: Get 20 people together to put down 5K each; and start with a 100K account. (The figures are fluid but you get the idea)

2. Once you've got Capital sorted; GET TWO MENTOR TRADERS. FF is full of brilliant minds that do make money from the markets. Trawl through the forum and fish them out. This is probably going to be the most difficult part of the process; but once you find a WORTHY Mentor; ask if he or she would trade 25K for you in a partnership. If they agree, and they are as good as you thought; learn everything from them that you can.

Figure the rest out from there..
  • #82
  • Last Post: Jan 30, 2019 10:15am Jan 30, 2019 10:15am
I have been trading for 10 years, the first 2 were where I lost the most money - from being advised to switch from a demo to live account after 2 days - to being part of a copier trading account where the operator blew the account - and a mixture of bad luck/inexperience/lack of discipline etc.

I never really recovered from those first years, I reduced my stakes to such tiny amounts that 100 pips might buy me a coffee out! In some ways this tiny size was good - better than demo - but I got stuck. Every time I increased the stakes was the trade that went wrong. So my confidence kept getting knocked.

My biggest fault is lack of discipline - I have good intentions I don't stick to. I know all about money management, but I don't stick to my plan.

I doubt whether I will ever make back my losses - I don't blow accounts, but the progress is pitifully slow. My adult kids think I am mental to stick at it after 10 years - actually they thought mum was just a "bit stupid" not to have cracked it by now - until I suggested they started off with a £50 account and they blew it almost immediately! Then they decided it was not do-able!

I wouldn't go down this path again with hindsight - but to be truthful I enjoy it - and at the end of the day you have to enjoy what you do. I do some sports betting which is much more profitable, but I hate it. I only hope that they don't ban retail traders or increase the stakes required before I prove myself successful.
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