On Saturday I met I guy. While I was in his home I noticed his trading books on the shelf.
When I say trading they were more generic money/investment, George Soros and other books.
We got chatting and he told me how he had tried trading, lost and has now stopped.
He was the nicest guy and wife you could want to meet.
He was a man of modest income, who had just retired and wanted to see if he could become a trader and make something of his £60,000 retirement lump sum. He lost the lot, within a few weeks, £12k in one day.
He was very open about it, he said how stupid he had been and his wife stood by him. I felt sorry for him because he was so nice and it was his life retirement lump sum.
He told me he had traded at £200 a pip on forex. I do not know his timeframe, but even on a modest 20pip stop that puts him at 6-7% risk of account.
This is posted in the First Steps section. So if you are new to trading, please ask yourself if professionals with years and years of experience normally won’t risk more than 0.5-2% of their account, then why should you? You with next to no experience and no track record. (It does not matter the size of your account £60k or £100, risk to much at any one time and you are likley to blow your money in the account.)
When I say trading they were more generic money/investment, George Soros and other books.
We got chatting and he told me how he had tried trading, lost and has now stopped.
He was the nicest guy and wife you could want to meet.
He was a man of modest income, who had just retired and wanted to see if he could become a trader and make something of his £60,000 retirement lump sum. He lost the lot, within a few weeks, £12k in one day.
He was very open about it, he said how stupid he had been and his wife stood by him. I felt sorry for him because he was so nice and it was his life retirement lump sum.
He told me he had traded at £200 a pip on forex. I do not know his timeframe, but even on a modest 20pip stop that puts him at 6-7% risk of account.
This is posted in the First Steps section. So if you are new to trading, please ask yourself if professionals with years and years of experience normally won’t risk more than 0.5-2% of their account, then why should you? You with next to no experience and no track record. (It does not matter the size of your account £60k or £100, risk to much at any one time and you are likley to blow your money in the account.)
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