Question:
Yesterday was my first day of live trading (after 2.5 weeks of demo account practice), and I lost 18K out of 25K deposit. I got trained by a guy I paid $5000. He asked to follow signals coming from GFSignals.com. The signals did well in the demo account but failed miserably last night, losing me 70% of my deposit. Please advise me how I can muster the courage to get back into the trading game. I thought I could make a living out of it.
Saurab from Scamville
Answer:
Saurab, I feel for you. Losing that much money in a single day is more than a drag; it is devastating. I don’t know what market you traded, but my guess is futures.
The larger point here is the trust you have in someone else’s work. Recently, I wrote in this column … Think about this—you were willing to trust someone else to lose your money, why not trust yourself to do the same.
What I meant is that if you are going to trade, you should be responsible for what and how you trade. I don’t know anything about GF signals.com, but I have tried similar “systems” in the past, and none of them worked for me.
My advice to you is stop trading immediately. Take a breather, and then decide whether you want to continue with your current program. If you decide to discontinue your current trading program, and you want to continue trading, then you must begin the long journey of learning how to trade, especially if you harbor the dream of making a living at it.
Folks, I have said this before, there is no easy way to become a successful trader. No system or program that another will sell you can ever replace knowledge, experience, and intuition when it comes to trading. If you want to trade successfully, you must pay the price, and that price is time and effort on your part. In my opinion, any other price you pay is throwing your money away.
Trade in the day; invest in your life …
