But it’s okay!
I traded a lot, rarely did place any stop-loss, used leverage trading, used copy-trading, and I even had a personal trading bot to help me recover my losses.
This was me 7 years ago. A plain degenerate forex and crypto trader.
At that time, I had just left a 9–5 job where I had been working for close to three years, a job that felt like it was leading nowhere.
I was eager for change, for something that would give my life a new direction, and wanted to be free from the usual 9–5 grind.
That’s when I stumbled upon Forex trading. I started small, with just $100–$200 in my account. And to my surprise, most of my trades were profitable.
Days of winning turned into weeks. I was on a roll, and it made me question the life choices I had made…..
Have I really spent five whole years in the university and three years serving in the government, just to earn a meager paycheck?
And now, here I am, making twice as much daily income simply by analyzing charts and clicking a few buttons on the screen, all while sipping coffee and playing online games on the background!?
So, from a modest Forex account of a few hundred dollars, I grew bolder and started pouring more and more money into it, even YOLOing all my savings on the line.
But then, reality struck! My account got liquidated.
It was a hard blow, one that not only wiped out my initial capital of over $4,000 but also burned the savings I had painstakingly built up over nearly three years of government service.
It was a wake-up call! At that moment, I realized I wasn’t trading, I was merely gambling!
It took me several weeks to mentally bounce back from this setback. Now, upon reflection, I’ve drawn out some important lessons from this experience:
- I was all about making quick money. The dopamine hit and the thrill of every winning trade was addictive!
- I didn’t have a solid strategy. I was relying on telegram copy-trading groups and trading bots, instead of doing my own research and analysis.
- I was using extremely high leverage and going all in, or ‘YOLOing’, on every single trade. It was a high-risk, high-reward approach, but it was also a quick way to lose everything.
- I was overtrading, opening random positions without much thought. It was more about the quantity of trades, rather than the quality.
- I couldn’t accept a loss and got greedy on winning trades. Instead of setting a target and sticking to it, I would let my emotions take over.
But here’s the thing: I’m okay with having made these mistakes. Why? Because they were my initiation into the world of trading.
They were my ‘tuition fee’, if you will. They taught me a valuable lesson, that what I was doing wasn’t really trading, but gambling.
And that’s a lesson worth having. It’s a lesson that has helped me grow as a trader and as a person.
So, if you’re out there making the same mistakes I did, remember this: It’s okay, It’s all part of the trading and Investing journey.
Learn from these experiences and make a promise to yourself to never repeat these costly mistakes.
Remember, every setback is a setup for a comeback. Keep moving forward but with the wisdom gained from your mistakes.
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Cheers!👌
I Thought I Was Trading, but in Fact, I Was Just Gambling was originally published in The Dark Side on Medium, where people are continuing the conversation by highlighting and responding to this story.
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