Hi guys, I hope you’re having a wonderful and prolific day.
Today’s gist is specifically on Trading.
Nowadays, trading is what’s “popping” in gen z term lol and almost everyone wants to be a trader but I don’t think they know about the disadvantages.
My trading life is full of ups and downs but mostly downs. I made a lot of mistakes and errors of which of course I will share. don’t worry I got you 😉
I’m talking about currency pairs by the way.
- Mistake number 1: Starting with little capital.
I started trading with a $100 account because I saw a lot of testimonies on Instagram and YouTube on how people flipped $30 and less to 5k and let me tell you, my naive self was convinced.
At that time any trade I took, the loss would really affect my capital and I ended up funding my account almost weekly. I then realized if I made $30 worth of loss twice, my account is almost wiped plus the profits wasn’t that great either.
- Mistake number 2: Little knowledge and not necessarily important information on the charts.
I didn’t really have a mentor nor an academy I enrolled in. I just kinda went in head first into trading. Surely I read from websites and watched informative videos but turns out that wasn’t all there was to become a successful trader. I mean I knew the basics and all, for example; forex patterns, indicators etc. but I came to realize that although those informations could help, they also weren’t really what backed up trading currency pairs. Till now, I never really understand how some successful traders come out to say they were self taught. I mean if that is true then they really are the OGs lol.
- Mistake number 3: Greed.
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Ok before going into this, let he who has no sin cast the first stone. lol. Because I believe a lot of traders are also guilty of this so don’t judge me😂
Greed made me take some trades I shouldn’t have taken and it actually cost me. One time the market was really volatile and if I remember correctly, I think it was Gold pair so I tried to scalp from it, that is I decided to put my money in the same direction as price was going, I was able to catch some pips and then instead of me to stop there and call it a day, trust that I took the risk again then I ended up loosing both my profit and some money from my capital ouu I was furious but that day I learnt a huge lesson and I’m proud to say I didn’t let it happen again. Of course thanks to some psychological books I had to read.
- Mistake number 4: Guessing/Gambling.
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So one time I made a guess trade and this will shock you guys but I did win the trade. Trust that I did it again and again, and I’m here to tell you that after that first win it had been losing streak back to back.
After all these mistakes, I just had to take a break from trading so now I’m building towards getting a larger capital and learning more before I’ll start again.
Well despite these few mistakes, I know I’m still gonna make more but then it’ll be smarter than the last ones.
Hivers feel free to share your experience in the comment section! I would love to hear yours.