Here's my story.
Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore.
Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and I managed to exit with a small profit. From then I got bold and began to trade bigger lost and guess what? I began averaging returns of almost $500 per week until last week when I got greedy and took a bad trade on a friday which subsequently wiped half of my profits - $800.
I thought to myself, okay maybe this is a sign to stop and cashout this neat bonus to get myself something nice. But when the week started, I couldn't get my mind off the $800 I blew and I became hell bent on getting it back so I loaded even more money to trade.
I was in the right direction, just the wrong timing and when the trade went against me, I became nervy and wanted to exit ASAP. when it finally came down, I exited with a small profit and switched direction. Needlessly to say, the pair proceeded to fall another 170 pips without and against me. By the time I woke to my senses, it was too late and I had to do what I had to do, I closed my position. Losing the other $800 profit I could have kept plus another $700 extra.
It's really a hard pill to swallow but I have no one else to blame but myself. No point lamenting on what could have gone better but I guess it's a sign that I'm not made for this or at least ready for it yet.
Maybe it's a goo thing though because I was so addicted and distracted to this whole thing, I sat and looked at the charts almost every minute and even if I was doing something else, I would check on the charts every 10 minutes. It was to the point where I couldn't concentrate at all, it affected my studies, my appetite, and even my social life as I locked myself in my room all day. I even had a dream that my last trade closed at a small profit.
In a few years time, this money would probably mean nothing to me and be a reminder of the dangers of forex as this additional $700 loss I just incurred, effectively put me in a debt that would take me 2 months to pay off along with certain plans that I had made.
There's nothing much left for me to say but I just needed an outlet to vent and let off the steam and also, share my story with the new traders, hopefully you guys would avoid the trap I fell into.
Started on forex almost 3 years ago as a get rich quick method and things got ugly pretty fast, within months I blew accounts worth of 1.5k and I stopped because I didn't wanna lose anymore.
Fast forward to today, I got back into trading with a small account of $200 and did okay for 2 weeks, managing about $40 to $50 returns until a week where one of my trade which I overleverage went deep into the red and I loaded more money into the account to hedge and thankfully within days, the trade went back to my initially direction and I managed to exit with a small profit. From then I got bold and began to trade bigger lost and guess what? I began averaging returns of almost $500 per week until last week when I got greedy and took a bad trade on a friday which subsequently wiped half of my profits - $800.
I thought to myself, okay maybe this is a sign to stop and cashout this neat bonus to get myself something nice. But when the week started, I couldn't get my mind off the $800 I blew and I became hell bent on getting it back so I loaded even more money to trade.
I was in the right direction, just the wrong timing and when the trade went against me, I became nervy and wanted to exit ASAP. when it finally came down, I exited with a small profit and switched direction. Needlessly to say, the pair proceeded to fall another 170 pips without and against me. By the time I woke to my senses, it was too late and I had to do what I had to do, I closed my position. Losing the other $800 profit I could have kept plus another $700 extra.
It's really a hard pill to swallow but I have no one else to blame but myself. No point lamenting on what could have gone better but I guess it's a sign that I'm not made for this or at least ready for it yet.
Maybe it's a goo thing though because I was so addicted and distracted to this whole thing, I sat and looked at the charts almost every minute and even if I was doing something else, I would check on the charts every 10 minutes. It was to the point where I couldn't concentrate at all, it affected my studies, my appetite, and even my social life as I locked myself in my room all day. I even had a dream that my last trade closed at a small profit.
In a few years time, this money would probably mean nothing to me and be a reminder of the dangers of forex as this additional $700 loss I just incurred, effectively put me in a debt that would take me 2 months to pay off along with certain plans that I had made.
There's nothing much left for me to say but I just needed an outlet to vent and let off the steam and also, share my story with the new traders, hopefully you guys would avoid the trap I fell into.
