Forex Trading Wrecked me
Let me share a story with you all that took place outside of crypto, while I was keeping an eye on crypto, this is when I started learning about "currencies and commodities.
It was 2014, The same year I returned from my tip from Turkey, if you read the last article in this series you would know I had a trip overseas, had great crypto discussions and how it's the future, funny how I still chose to do leverage trading with as less as possible money in forex, this is how it went.
The Beginning
Gold & Silver - I started trading Gold and Silver because they're "Stable" and "Secure" and all that stuff, I made $5-$25 on each trade then got a little cocky so I decided to start trading foreign currency pairs.
AUD/USD
USD/JPY
EUR/USD
USD/CAD
I started with $250 eventually got to $380 then started to trade with AUD/USD and all them other pairs, I made okay profits for someone that had no idea what they were doing, watching Youtube video's and Google Images are only good if they actually worked, as we learn in time, the market does whatever it wants to, only thing an investor can predict is that the chart will go up and down, nothing else.
This event took around 3 years. 2014-2017. 3 years of trading forex while I watched Bitcoin rise, yeah, you read that right, I was watching crypto take over the market while losing my trades to Fiat currencies.
The Big Mistake
You may be wondering, "lose? Following crypto but trading forex?" now, the first mistake was I entered leverage trading with $250 and with each loss I would enter again with $250.... now did I lose every time? No! But I did get greedy when I flipped the $250 to $500-$1000+ and there were times where I would flip $500 into $1500. The problem I got attacked with was greed and ego, I thought I knew what I was doing and wanted to speed up the process, It took me roughly 4 weeks to flip $250 into $1000-$2000+ (I was working in the family business, you know how the common family business runs, no need to talk about that) It is what it is, it's history but on behalf of what I was doing on the side, I sabotaged myself, each and everysingle time.
You know how they say "Don't do more than 3-4 trades a week" or "Don't try to double your profits" I was doing roughly 8-12 trades a week and I must be honest I always tried to double my profits and that's when I lost, I was secretly trying to make up for the Saturday and Sunday's Forex had off. This didn't go on for 3 years straight but 2017 was when I called it quits, that's when I bought $BTC with $250 and double my money then, took my profits out, didn't buy anymore and that's when Bitcoin hit $20,000USD. I could've made all my forex losses back with that bull run and to top it off could've literally 3x my money. As mentioned earlier, it is what it is, no need to be salty but it hits heavy sometimes during the current bear market we're living in right now.
The Irony
The part that was most crooked about everything I was doing was me advocating for Bitcoin the whole time, yes people would tell me it's all a façade, it's a gimmick to launder people's cash, to get people caught in a bubble, here we are 2018, Bitcoin at $20,000 per coin and all those $250 trades are gone... let's just say in 1 year I spent $2000 on forex trading, If I put that on Bitcoin in 2014, when I got back from Turkey, the price dropped to about $111 in February 2014, that $2000 buy would've gotten me 18 Bitcoin's, when Bitcoin hit it's ATH in 2017-2018 of $20,000 that same $2000 would've been around $360,000. Let's say that did happen and I didn't take the profit's for whatever the reason may be "I'm a HODLer", In 2021 those same 18 Bitcoin's would've been $1M!
It's honestly killing me thinking that in a measly 7-8 years I could've been a millionaire if I wasn't looking for quick cash. My mistakes don't end there, I have a lot more mistakes that I would like you to know about when the time comes. After all, I can't tell you everything in the one go, haha!
Conclusion
Without getting into the crypto side of thing's which you will all very much enjoy, I would like to end my forex ted talk here right now.
- Leverage Trading Is Bad If You're Broke
- Stick To What You Know
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