Forex Social Trading: Thank God I lost 120 Dollars in a Few Hours

When I lost USD120 in only a couple of hours I had two options: (A) Wimp out and go home, or (B) Learn from my mistakes, get up and get going again. I bet you want to know what I did. Read on!

Social Trading- a concept of collaboration between experienced Forex Traders and Investors who work together with the hope of profit sharing- has only been popular for a few years. The Investors rely on the skills of their Traders because they either have to skills or no time to trade.


I was introduced to the business by a dear friend who is a professional trader. He took charge of my account, while tutoring me at the same time. But when I met someone on the internet who claimed he could make bigger profits at a quicker rate I was driven mad by greed, and as a consequence I watched in horror as my 120 Dollars evaporated.

Forex Trading is very tricky business- especially Social Trading. The sheer popularity of the thing makes it attractive to both honest and evil people alike. The sad thing is that more people lose their money than those who make profits. This could be caused by unscrupulous brokers, by lack of experience, or more commonly by greed.


In my case it was greed. Instead of verifying the guy's claims through a demonstration, and then, after being satisfied about his trading skills opening another account for him to trade; I just jumped in with my money like a fool, and lost it before I could say 'I need a drink!'

However, Social Trading does not have to mean losing your money; if you can abide by the rules of Common Sense 101, as stated in the book of Investing chapter 1 verse 1 and 2 which says 'Thou shalt not entrust thy money to strangers' and 'Thou shalt verify a trader's claims before handing him thy money,' then you could have a 50-50 chance of a fair profit.

Here are a few tips I gathered to guide you through your Social Trading venture.

1. Regardless of how you got to meet your trader, always request for a demonstration. Always! Do this or regret!

2. Even if you are an experienced trader do not try to go on the journey alone. You should join a forum of Professional traders where you can get tips on winning strategy, innovative brokers, and so on. The Forex market or Forex industry is constantly changing so you will need a forum to keep you up-to-date. I say you join the forexpeacearmy, as just the mention of the name can make a sneaky broker behave.

3. Fix a restriction on the daily stake. Traders sometimes become over-confident after winning a few trades so it is a very good idea to let your trader know that you are not trying to get rich in one day. You should make an agreement the with your trader to stake only a portion of your total balance on a daily basis. That means if you have 200 Dollars in your account then he may only make trades which total a risk of 50 Dollars on any given day. Sadly, a gentleman's agreement may not be enough; men are easily driven to greed, and often ignore all warnings in a mad bid to grab as much money as possible. Therefore you have to enforce this by going to 'settings' on the account. If you do not know how to do this then you should ask. Whichever broker you may choose, all you have to do is talk to a customer care agent. Many brokers do live-chats.

4. Meet your traders in a public site. There are many expensive Forex Managed Account services all over the place, but I prefer a small group or community of Traders and Investors where we can invest small, and grow our accounts over time. One such group I found on facebook and they are called Forex and Binary Options looking for Traders.

5. Smile when you lose. In his book The Conquest of Gaul, Gaius Julius Caesar quoted the Great Gallic leader Vercingetorix as saying 'It is idle to expect invariable success in war.' Well, same goes for Forex, and I dare say almost any endeavor in life. So do not expect to see only wins in your statement; expect to see some losses. Losses do not mean that your trader does not know the game; they are simply to remind you that wins are not the only side of the coin. If you had traded the account yourself you too would make losses.

So to conclude my story I made 200 Dollars in profit just one week after I lost the 120 Dollars I mentioned earlier. The same guy who helped me lose the money started threatening to wreck havoc on my account unless I paid him money. I don't negotiate with terrorists so I blocked all messages from him.

Thank God I lost money because the loss has forced me to get off my butt and do some research. Writing is my first love, so as usual I have put my experiences into Writing for your benefit, with the hope that it helps. If it does, then I hope you will spread the gospel by hitting the share button on your favorite social media so that all your friends can read, and so have a 50-50 chance of making some profit.

I refrained from adding a list of Forex or Binary Options brokers in this article. This is because people and organizations can change over time. Besides those companies make huge yearly profits, so why should I give them free publicity?! But then maybe I should save that for another article or the comments section right below this article.

PS: I leave you with a disclaimer: Trading Forex or Binary Options can be an exciting activity. An exciting activity can easily become Addictive. Trading Forex and Binary Options carries Risk. It is possible to lose part or all of your Investment. Do not trade with money you cannot afford to lose, do not trade with borrowed money, and for some people , just do not trade at all.

@ikepius

If you are a trader looking an opportunity then text me on 08136561003.

If you are a newbie looking for guidance then download my FREE e book https://www.google.com/search?q=tipping+point+by+ike+pius+&ie=utf-8&oe=utf-8&client=firefox-b

very true
though, haven't found trustworthy guys to trade with
doing a bit of bitcoin mining @the moment (as an hobby nuffin serious)

Forex Trading is not for the lazy or those who want brain-on-autopilot businesses, no sir, no!

Yet, its one of the most profitable ventures worldwide

I am LOOKING FOR TRADERS NOW. The accounts are likely to be small... But if anyone is interested then text me on 08136561003

guess you have read wide