The purpose of this website is to be a place for learning and discussion. The website and each tutorial topics do not encourage anyone to participate in trading or investment of any kind.
Any information shown in any part of this website do not promise any movement, gains, or profit for any trader or non-trader.

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Author Topic: My sad journey in Forex  (Read 194 times)

Cadray

  • Guest
on: June 01, 2023, 10:20:24 AM
Hello everyone. My name is Cad. I am very new to forex. My story is sad I would say. A friend of mine started trading because I needed money fast to settle my late brother's debts before the end of August. He promised that I would be able to make money before the end of the month so that I could pay. So I started looking for the $2,500 I needed to earn. He promised me that he would give me profitable signs and guide me. I was really excited, so I just deposited my $600 savings. He said he would help me in business. But it only took one week, and my account went from $600 to $46 now. And I'm even more desperate, because I don't know what to do at all and the end of the month is near. I decided to learn a few things myself, so I searched online and contacted. I started learning and I'm in primary school now. I'm slowly learning now, but I don't know if I can get $2500 with the $46 I have left before the end of the month, and I can't add more money because I'm broke, this was my life savings. I'm afraid I'll trade myself and lose the remaining $46. But I am also desperate to have that money by the end of the fourth month. From the little I've learned so far, I know it's nearly impossible to raise $2,500 with $46 in less than a month. I am posting this because I need advice from experienced traders on what to do now. I'm upset!



AmbroseEet

  • Guest
Reply #1 on: July 28, 2023, 06:06:13 AM
Unfortunately, this is what many people think about Forex. When I meet new people and they ask me what you do or what you do, I answer: I work in Forex. Then I heard, okay. You lie to people, ruin lives, blah blah blah.
I wrote here about this issue. I will write again here. You can't make $2,500 from $600. The chances are the same (or even lower) if you buy a few lottery tickets for that $600. Expect a maximum net income of 10-15% per month. All of the above are very questionable and difficult to achieve in the long term.
If you are new, never use your savings and never take credit to trade in the Forex market. The possibility of losing all your money is very high. And never expect quick profits!



AnthinyCaply

  • Guest
Reply #2 on: February 28, 2024, 08:17:31 AM
The market is not about making quick money. And let's be honest, trading is a rich man's game.

Although you can earn some money even with a small amount, you have to realistically trade the capital you have.

See if you have $100,000 to trade at 20% a year for $20,000, you can do that quite easily with experience and strategy. But that's over 12 months.

Unfortunately, 20% of $600 is about $120 for the year. Can you earn more than 20% in a year, sometimes you can even earn 20% in a month but more than double your money in a month? This is highly unlikely and would not be highly repeatable.



 

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