I have been through the ringer.About a yr and a half ago a "friend" of mine scammed me into letting him invest 20,000 +40,000usd after watching him day after day make a lot of money.
At that time all i had ever done was buy and hold low risk stocks. Seeing him get all excited trading gaps on the 1min charts putting 150 mini lots per trade and making 2-3000 usd in 10-20min. Man i was hooked. I own a cabinet manuf. plant so I would conveniently excuse myself "as I had an appointment with a client or looking at an upcoming job" to meet with this guy at a local coffee shop and started to demo day trade right beside him.
At the time it was profitable, while I was there we would trade 3-5 times in 2hrs. on the ny&London lap time. this went on for several months. I started to read and became totally consumed by all this, it was just to good to be true, we were making in one day what i make in a week. all the possibilities were running through my head. It didnt help that he made it sound and feel so easy.
I need to insert that I wasnt skeptical of him and I know now that alot of his trades would have large draw downs. And to this day i dont know if the account was a demo or live. I do know that the balance was 292000 usd.
He used all the forex lingo and baffled me with BS. I felt that this guy was unbelievably kind to show me all this and to teach me to trade. I also felt that i was missing the boat. So i asked him to trade an account for me while i was demoing and when time came I would take that account back. I additionally told him that I would give him 50% of the profits , as it was money i didnt have before , seemed like a great deal for me, and added to what he was already doing.
He said, "no man lets just see how good it does and you just let that be your starting capital" . Again all of this was too good to be true. I insisted that he get something and he said he didnt need the money, the joy of my company and having someone to trade with was good for him.
This attitude just made me all the more consumed and grateful. I could relate as i have mentored people in my line of work for yrs just for the gratification of watching the person succeed.
we started with 20000 usd and went from trading the strictly ny&london overlap to a little of that and mostly meeting at night to trade asia. we took the account from 20000 to 37000usd in 1 week.
It was like the switch flipped I missed a couple days of trading and the account went down to @ 15000. I was concerned but because of the kindness he had been showing me I felt that expressing that might be a form of ingratitude. He went to work on my account and told me he brought it back up to 20000usd.
I go to his house one night and we start trading the gpb jpy we margined out the account that night while i was there if i had only 10000usd more we could have saved it .
Remember I didnt know that you shouldnt have those large draw downs and all this seemed like if i had been trading an account as large as his this wouldnt have happened. so....... I put another 40000usd to go along with the 8000usd I had left... this would supposedly give me more breathing room.
My business was really needing my attention and things got crazy so I let forex rest for a minute and demo traded on my own for a little over a month.
I ran 2 demo accounts from 50000usd to over 500000usd using his method. all the while talking to my friend and getting up dates. According to him all was well and he had made back the loss of 12000usd my account was back on track. and since I had been doing so well I really didnt question him . all on the up and up...
I started to get confident and thought i could do this so I opened a 20000 usd account to trade on my own.... and would just get with my friend when i could.... this is when i started reading here on ff and really studying. a little to little a little to late. I didnt account for the emotions from demo to live. and the strategy was based on high lots low pips large draw down... knowing what i know now a better name for the strategy would be "TRAIN WRECK"
I panicked and blew the account... all of the sudden cant find my friend gone vanished........
6 months has passed... I have been totally consumed with reading all i can to the pnt that it is info overload.... I would like to acquire professional help from a mentor..
I feel that i have the guts for this and the self control as well , now that I have a better understanding of the markets and mm. I also feel that my learning curve could be expedited given a good mentor , just as I have done for people in my business and as my G-pa did for me.. I cant imagine having to learn all i know from hard knocks. Nor is it wise.....
I have the potential of trading up to 300k account and would like this time to approach this professionally rather than "friends" , although i hope a friend ship would evolve. I will want to start with a business plan and a proven strategy with good money management.. and a person with a proven track record.. Im not sure how to go about this exactly, all i know is that I do not want to be taken again and will do my best to use sound judgment... I am willing to neg. terms of payment and would like this to be a mutual benefit to both of us...
The goal is for me to trade on my own and for a living (however long it takes)
Sorry this is so long winded I felt that I needed to let the potential person know where i am coming from... No pity please that was not the pnt.
I will over come and be just fine (Lord willing) (God will provide always has and always will)
At that time all i had ever done was buy and hold low risk stocks. Seeing him get all excited trading gaps on the 1min charts putting 150 mini lots per trade and making 2-3000 usd in 10-20min. Man i was hooked. I own a cabinet manuf. plant so I would conveniently excuse myself "as I had an appointment with a client or looking at an upcoming job" to meet with this guy at a local coffee shop and started to demo day trade right beside him.
At the time it was profitable, while I was there we would trade 3-5 times in 2hrs. on the ny&London lap time. this went on for several months. I started to read and became totally consumed by all this, it was just to good to be true, we were making in one day what i make in a week. all the possibilities were running through my head. It didnt help that he made it sound and feel so easy.
I need to insert that I wasnt skeptical of him and I know now that alot of his trades would have large draw downs. And to this day i dont know if the account was a demo or live. I do know that the balance was 292000 usd.
He used all the forex lingo and baffled me with BS. I felt that this guy was unbelievably kind to show me all this and to teach me to trade. I also felt that i was missing the boat. So i asked him to trade an account for me while i was demoing and when time came I would take that account back. I additionally told him that I would give him 50% of the profits , as it was money i didnt have before , seemed like a great deal for me, and added to what he was already doing.
He said, "no man lets just see how good it does and you just let that be your starting capital" . Again all of this was too good to be true. I insisted that he get something and he said he didnt need the money, the joy of my company and having someone to trade with was good for him.
This attitude just made me all the more consumed and grateful. I could relate as i have mentored people in my line of work for yrs just for the gratification of watching the person succeed.
we started with 20000 usd and went from trading the strictly ny&london overlap to a little of that and mostly meeting at night to trade asia. we took the account from 20000 to 37000usd in 1 week.
It was like the switch flipped I missed a couple days of trading and the account went down to @ 15000. I was concerned but because of the kindness he had been showing me I felt that expressing that might be a form of ingratitude. He went to work on my account and told me he brought it back up to 20000usd.
I go to his house one night and we start trading the gpb jpy we margined out the account that night while i was there if i had only 10000usd more we could have saved it .
Remember I didnt know that you shouldnt have those large draw downs and all this seemed like if i had been trading an account as large as his this wouldnt have happened. so....... I put another 40000usd to go along with the 8000usd I had left... this would supposedly give me more breathing room.
My business was really needing my attention and things got crazy so I let forex rest for a minute and demo traded on my own for a little over a month.
I ran 2 demo accounts from 50000usd to over 500000usd using his method. all the while talking to my friend and getting up dates. According to him all was well and he had made back the loss of 12000usd my account was back on track. and since I had been doing so well I really didnt question him . all on the up and up...
I started to get confident and thought i could do this so I opened a 20000 usd account to trade on my own.... and would just get with my friend when i could.... this is when i started reading here on ff and really studying. a little to little a little to late. I didnt account for the emotions from demo to live. and the strategy was based on high lots low pips large draw down... knowing what i know now a better name for the strategy would be "TRAIN WRECK"
I panicked and blew the account... all of the sudden cant find my friend gone vanished........
6 months has passed... I have been totally consumed with reading all i can to the pnt that it is info overload.... I would like to acquire professional help from a mentor..
I feel that i have the guts for this and the self control as well , now that I have a better understanding of the markets and mm. I also feel that my learning curve could be expedited given a good mentor , just as I have done for people in my business and as my G-pa did for me.. I cant imagine having to learn all i know from hard knocks. Nor is it wise.....
I have the potential of trading up to 300k account and would like this time to approach this professionally rather than "friends" , although i hope a friend ship would evolve. I will want to start with a business plan and a proven strategy with good money management.. and a person with a proven track record.. Im not sure how to go about this exactly, all i know is that I do not want to be taken again and will do my best to use sound judgment... I am willing to neg. terms of payment and would like this to be a mutual benefit to both of us...
The goal is for me to trade on my own and for a living (however long it takes)
Sorry this is so long winded I felt that I needed to let the potential person know where i am coming from... No pity please that was not the pnt.
I will over come and be just fine (Lord willing) (God will provide always has and always will)