DislikedYou're right. It's a sad truth, but it's real. Retail Forex is a scam, a self-perpetuating scam kept alive by the constant supply of desperate, mostly intelligent, suckers hoping to carve their dream life out of the seemingly simple but Alchemist pursuit. Brokers fan the flame to keep the money coming in. The super traders you've read about and idolize, the money managers, commodity manager and bond fund managers all know that currency speculation is a risky business, that's why they leave it to currency overlay specialists and stick to the assets...Ignored
I entered this world of investment many years ago, maybe 8 or 9. And it's a tough environment with ups and down, even it can have great rewards in terms of money and satisfaction it's heavier to nearly impossible for the most of the "traders" - I'm sorry to say this, even if it sounds arrogant, but it's not for everyone. To cut to the chase, I tell that this year I've made a big jump and I've assumed a great responsibility: it became for me, unexpectable dream/result. I've deposited some 700 USD and almost lost it all while trading with high-risk on EUR/JPY, there were so many abrupt up and downside moves, therefore I was dizzy and I've been hedged for locking some early losses I've lost control and a very strong movement caught me not-hedged enough and I've lost almost all of my money. When my I almost lost it all, I have deposited 100 plus dollars and I've looked for potential strong moves on few currency pairs. I've made an Elliot waves-based analysis even if I am not an expert and I've risked it all 100 and something dollars on a "presumably" future downside movement from its very top.
I began to add risky positions as the currency pair was firmly melting. And I've recovered it all the loss and made some profit out of it. I remember that from almost 97% drawdown on equity I've come back. And after regaining my losing money and achieving almost an impossible task, I've decided that I have to quit my job which I did. Since June, this year, my only income is from trading.
I've assumed a great risk trading for a living but it's worth it, despite some bad days - my overall performance it's great and I am proud I've exchanged the comfort of a job for trading. I've caught all big moves on GBPUSD. I had some troubled trades sometimes but when I consider that a certain trade isn't worth expecting and there is not price coming back soon I cut the losses in "flesh": like I did on GBP/USD few days before BREXIT vote - I cut almost 60% in losses, when I've decided not to be short anymore until the BREXIT vote.
In order to survive in this field, you need to make deep cuts in the flesh - when is needed, if not you are doomed. This is not working for perpetual denial people and for the weak gizzard people - definitively not!
You need to be strong to survive as a retail trader!