So, as the title says: Have You Ever Tried Forex Trading ? If yes, why don’t you share your story with us.
Why Am I Posting This:
I’m posting this as a warning to all our community members so they can learn from my mistake and from other members stories as well if there are others who tried it and don’t end up losing money just like that.
Let’s start with mine:
2 years ago, I tried Etoro and lost about $1200 because I didn’t respect the Money Management Rules. Where you shouldn’t risk anything more than 3 - 5% of the money you have in your account and because of greed I risked everything and lost it of course
The funny part is that I got it to more than $1700 in about 3 days and then to $0 in less than 6 hours.
If you are risking almost all your money in every trade you open you will lose everything at the end even if you make 99% winning trades (which is impossible) because once you will lose 1 trade you will lose the whole money, but if you respect the 3 - 5% rule, you will need a lot more than 50 trades before losing your money which will keep you safe for the long run.
I started this one just two weeks ago and ended it just today, this time I didn’t trade for myself but copied successful traders, not in etoro this time but in 1broker. Some of those traders had +200%, +400% and even +500% in this month.
But when I started all of them started losing trades lol. I got down from $1200 to $800 in less than 2 weeks and I stopped it today and withdraw the rest of the money so I don’t end up losing all $1200.
Why Forex Sucks:
It sucks because you are trading against robots and you will probably end us losing more money than what you make as a beginner.
As a small trader, you will need to go through a broker and most of those brokers are market makers which means they don’t send your trades to the market but they keep them at their end and wait for you until you lose.
Also a big trader named Mustapha Belkhayat adviced everyone to stop trading Forex and stick with futures trading instead but now he’s recommending crypto currencies trading among all others.
No One Is Making Money From Forex? :
No, some people are making money from Forex for sure but probably 98% end up losing their money. For example @Adnan knows a friend of his who is making a living from forex.
But his friend have an economy degree and was the first of his generation. So, unless you spend 1 - 2 years to learn how to trade please don’t burn your money
What is your story?
If you ever tried Forex, please share your story with us so others don’t fall in the same mistake and end up losing their money.
And at the end please stay away from Forex