I have been developing as a professional trader for more than 1 year and a half, I have taken and failed challenges due to psychological mistakes and finally when I was in a good direction and with a good profitability I decided to borrow $500 and pay a $100k challenge in MyForexFunds, the manipulation was remarkable and I still resisted the drawdown, then MFF had legal problems and now I am with a debt of $500 and bankrupt. I am from Venezuela and here it is not easy to earn even $100 for a small challenge, do you have any idea that can help me? My technique is good, my risk management is good and my psychology is good although with all this is a bit affected.
MyForexFunds hit me hard
- Thread starter MarketSniper
- Start date
How long have you been
reading about trading / doing demo trading/ doing live trading?
You have to spend a minimum
12 hours per day X
250 days per year X
10 years
= 30 000 hours to develop the holy grail.
But that doesn't guarantee success.
For those who are gifted, then time needed will be less.
reading about trading / doing demo trading/ doing live trading?
You have to spend a minimum
12 hours per day X
250 days per year X
10 years
= 30 000 hours to develop the holy grail.
But that doesn't guarantee success.
For those who are gifted, then time needed will be less.
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Sorry to hear you got caught up in the MFF scandal, but if you are bankrupt by being $500 in debt, and it is not easy to earn $100 for you, then the only possible way you could mess around in the trading space would be binary options, I reckon'.
Check this thread...
https://www.elitetrader.com/et/threads/binary-options-with-pocket-options.376454/
You have to be told a few harsh things if you want to fix yourself.
"I have been developing as a professional trader."
No, you haven't, you are a gambler. You are nowhere near a professional trader. Someone who is professional would have understood the risk of gambling five times his monthly salary and would have never sent his funds to that company.
"I decided to borrow $500"
Never ever trade funds that you don't have and can't afford to lose, another sign of a newbie.
"My technique is good, my risk management is good and my psychology is good"
No, they are not, your failures show that your "technique" is far away from good.
Stop thinking about trading altogether, that is not for you, at least for now. Learn how to trade for a few years with a demo account and when you can show a profitable and consistent record add your own funds to a real account.
And for fuck sake do not even touch any kind of options, especially binary options, that is not for you.
Of possible interest re binary options:
https://www.timesofisrael.com/the-w...aels-vast-amoral-binary-options-scam-exposed/
Pay attention to Drawdown Addcit's post above. And also please be aware that although Drawdown Addicts advice to learn using a demo account is excellent advice, profits in simulated trades do not necessarily mean you will make money in real trades.. Demo account orders will not actually be executed in the market, i.e., the execution will be simulated. It is not unusual for simulated fills to give a false sense of how easy it is to make money trading. For example, the Thinkorswim trade simulation platform (available via Charles Schwab) fills buy orders on the bid and sell orders on the offer, just the opposite of what most retail traders using the Thinkorswim platform will experience in actual execution. This makes it trivial to become a paper trading genius, as your simulated profits will be like those of the market maker who pockets the spread between bid and offer. If you have a trade simulation platform like that, you must increase per-round-trip trade loses by twice the bid-ask spread and reduce profits by twice the spread. This is perhaps the single biggest contributor to day trader loses and the reason most of them using the commonly available execution platforms provided by the brokers at "no cost" can't make significant money.
I’m sorry for what happened to you.
First of all, a bad decision while you were under a financial pressure does not make you a gambler. More than one market wizards were facing bankruptcy and borrowed money.
Secondly, your decision is consistent with Nobel prize winning Daniel Kahneman’s ‘prospect theory. This bias applies to all of us, and most people in your situation would make similar decision, especially if under pressure. Nevertheless, your decision was unrealistic and on the gambling side.
Borrowing money if you’re poor can very easily lead to gambling, therefore make sure that you do NOT cross the line again, and do NOT borrow money again. Besides, trading with money which you cannot afford to lose is a recipe for disaster, it’s too much pressure, and almost impossible to handle for most newbies, especially if your psychology is not 100%.
If your technique, risk management, and my psychology is good as you claim, then a good forex trader can make consistently on average minimum of >2R per week, therefore triple digit annual return is very realistic. If you can prove similar figure over the last 1 ½ years (at least on a demo), then some people will take you seriously even though you might choke when it comes to live trading.
If you can prove such consistency at least on a demo account, then I’m sure that someone would risk few hundred dollars on you for a 50/50 business venture and back you up so you can try going live, and if you can handle that even with live trading then attracting larger capital should not be that big of a deal if you’re genuinely good. Because $100 in your country is lots of money, then you don’t need large amount to back you up.
Or you could enter FOREX demo contests and competitions https://allforexbonus.com/forex-competition/forex-demo-contest/
Whatever you do, do NOT borrow money again, or you’ll become a gambler. Learn from your mistake, start studying psychology of risk and decision making under uncertainty, work on your mental game, and create a consistent, verifiable track record.
But right now, you need to take a break, refocus, create a trading and business plan, and then take it one step at a time.
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Thank you
It is not my fault that MFF has been a scam.