My first whiff of the FOREX market dated back to 2009. At the time I was few years graduated from business college but still desperately seeking for a job. At the time in my country, internet is booming, and i tried to seek online business.
I didn’t know anything about FOREX at the time.
So there I was back to square one, back to where I started from the very beginning, and I still wasn’t making the kind of money that I thought I would. In fact I wasn’t making any money at all, I was actually losing money. I knew I had to do something before I wipe out every cent in my account, so I begin searching all over the internet looking for a reliable FOREX program that would solve my trading predicament. This was back in 2009, and there weren’t a lot of FOREX courses then as there do now. So finding one wasn’t going to be an easy task. However, I did manage to come across one on eBay which I thought might be worth looking into.
It was a book entitles” ######” and it was written by #####. The book cost USD$199.97, which I thought was kind of pricey. But I bought it nonetheless. I figure if it would help turn my pathetic trading around, what’s 200 buck anyways. 2 weeks later when I finally receive the book, I was utterly disappointed by what I see. It wasn’t really a book as describe by the author, but merely a cheap spiral bound manual printed on low quality papers. Not the best first impression. But I gave it the benefit of the doubt. After going through the whole manual, I was shock to learn that the actual system itself was only 7 pages, that’s 7 out of over 200 pages! The rest were nothing more than useless filler to bulk up the manual and jack up the price. But that’s not the worse of it. Turns out the author have misrepresented his product as being a “system”, when in fact it is a subscription to a daily trend line services that he provides at a separate cost. The 7 pages contain in the manual were not really a system, but rules & instruction on how to trade with the trend line that he provide. The “system” as he likes to refer it, is useless without the daily trend line signal subscription, and that cost an additional hundred buck a month. Had I known about this earlier, I probably wouldn’t have bought it.
Luckily, the author has the decency to give a 3 months free subscription as part of the purchase. So I figure what the heck, no harm giving this system a try, right? So I immediately open a separate live account with USD5, 000 specifically to trade this system. Now any experience traders would tell you that’s a big No, No. But I was desperate, and desperate men do desperate things. So I started trading the system.
I follow all the rules and instruction as outline in those 7 pages. And I plot and traded the daily trend line level everyday without fail. I wasn’t expecting to win them all, one or two good trades would be more than enough to convince me that I haven’t wasted 200 bucks. But 2 weeks later guess what happen? I ignited the bomb that completely blew my account to kingdom come! That’s right my account was gone, finish, kaput, down the freaking drain pipe. And I’ve only taken 6 trades with it, all of which were huge loser. Now do you know of anyone who had lost that much money in such a short period of time? if you don’t, you do now.
The point of me sharing this story with you is to stress the importance of acquiring the right knowledge from the right source. The first years of my trading career I’ve made a lot of bad decision which took a toll on me financially, decision which could easily be avoided had I received the appropriate education in the market early on. But since I never gotten one; I had to learn it the hard way, via the trenches of the unforgiving market. no matter who you are, if you don’t come prepare to handle the raft that it bring fourth, its going to make you pay dearly through the nose.
That is exactly what happens to yours truly. I knew I wasn’t equipped to tackle the market when I got in it the first place. But my mind was so clouded by financial gains that I totally ignore the fact and dive right in anyway, a decision which I would eventually come to regret.
3 years later, I finally achieve my objective of being a full time FOREX trader, but not before shelling out over $55,000 dollars along the way. It’s hard to believe that anyone who had loss hat kind of money would still be hanging around for so long. But as the old saying goes, what doesn’t kill you makes you stronger. And I believe that summarize my situation quite nicely.