I assumed that trading is all about the markets and making easy money, but I was taken back when I realized how easily you can ‘blow’ your account.
Trading Forex has different terms that only a few can understand, especially when traders refer to “blowing my account’’, which simply means the broker I used by that time beat me at my own game. “Blowing’’ one’s account also comes with greed, which is another thing I got to learn is detrimental to making money, as it consumes you if you’re in a rush to make quick money. I never bothered to learn the different basic elements of trading because I felt like I knew what I was doing.
I started my account with R100 but I always had this concept in mind that I’ll double the amount on a daily by making R200 every day, which summed up to R600 in one week. This is because the markets are closed from Friday to Sunday at midnight. Although I was ambitious to make money, my own medicine tasted bitter when I blew my account due to greed.
After consulting with one of my friends who is also a Forex trader, I learnt that it was possible to invest in forex by using different time frames and predicting the market.
My lack of experience in trading made be believe that trading throughout the day was more lucrative, but it wasn’t. I took his advice and learnt that I’d invest instead than competing with the market, and that’s when ‘’XM Brokers’’ won me over. They predicted that I was new in the market and through them, I learnt that no broker wants you to make money out of them, they’ll always challenge you.