Are You a Humble Forex Trader?

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Are You a Humble Forex Trader? (A lesson of trading humility and knowledge)

By Ronald Fallas Bermúdez (@davefbtrader)

When i first start in forex, after a few years of being one more piece of my country´s work system, analyzing what was my needing and how would i pursuit my happiness, the only thing that came to my mind was that if no one else trusted in my idea of becoming a professional trader, i would become a single man army of forex trading, my dream was so simple, taking a couple of hundreds of USD, open a real trading account, learn to trade in the way to financial freedom while i was working as a sales man at Pepsico Foods in my country, i was 100% sure that my dream was going to be done, i started with a couple of hundred, exactly $250, and the first mistake was taking the money from my credit card, it was money that i couldn´t spend, and i was literally giving it to the market, i started anyway because i didn´t know the market and i didn´t know how cruel and cold it is.

I actually after three week of trading, no stop loss or take profit orders, just buying and selling because i wanted to go short or long, i really though that it was actually working because after one month of trading that way i convert my $250 in $674 almost three times my fist investments, i literally was a pip making machine, i will never know if my good results were because my ignorance of the market dangers or just a lucky shot but i can make you sure that these amount of pips in that time i actually couldn´t repeat it again, i´m still thinking about what i did to make these profits.

After a couple of months of trying to increase my trading account i realized that trading was more than entering trades and Wait for a profit, the market always recover what you take from it and even more, specially when  you don´t use stop loss, after a few trades against my direction, i loose my whole trading account and a margin call from a broker brought me back to the real life, i had only $66 in my trading account, now my plans changed in 360 degrees, i owned $250 which was pretty much for me because my economic situation wasn´t good and now i neither had the money in my trading account, i lost everything after a few weeks of trying to recover my money by trading of an aggressive way as a form of revenge.

Now i learned the lesson and my trading is much more secure than a couple of years ago, i don´t loose too much to loose my account and i don´t risk too much too but the thing is that you cannot pretend to know everything without having the capacity and patience to learn and self analysis to see what´s wrong with you. I was blind by the good results of my trading that i though that i wouldn´t need to learn more but eventually the market showed me that i was just an ignorant trader pretending to know everything by trading during a few days.