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How I Lost $35,000 in a Day and Still Came Back Stronger

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Manage episode 476038735 series 3547803
Content provided by Derrick Abaitey. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Derrick Abaitey or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Trading success requires proper education, risk management, and understanding your financial goals before investing real money in the forex market.
• Financial freedom is the ultimate goal of forex trading - working from anywhere while making enough to cover expenses
• New traders must prioritize education and finding a good mentor before placing trades
• Using a small live account rather than a demo helps develop crucial emotional stability
• Professional traders experience significant losses too - one trader lost $35,000 in a single day on gold
• Risk management means knowing your monthly expenses and targeting realistic returns (10-20% monthly)
• Finding your niche can lead to consistent profits - for some traders, gold becomes their specialty
• Understanding lot sizes and leverage is essential - higher numbers mean both higher reward potential and higher risk
If you want to learn more about forex trading, take time to educate yourself, find a regulated broker, and practice with appropriate account sizes before committing significant capital.
Support the show

Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds

  continue reading

Chapters

1. Account Size and Financial Freedom (00:00:00)

2. Steps for New Traders (00:01:05)

3. Demo vs. Live Account Trading (00:03:01)

4. Worst Market Losses and Recovery (00:06:10)

5. Best Trading Moments and Favorite Pairs (00:09:32)

6. Understanding Lot Size and Leverage (00:11:15)

134 episodes

Artwork
iconShare
 
Manage episode 476038735 series 3547803
Content provided by Derrick Abaitey. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by Derrick Abaitey or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

Trading success requires proper education, risk management, and understanding your financial goals before investing real money in the forex market.
• Financial freedom is the ultimate goal of forex trading - working from anywhere while making enough to cover expenses
• New traders must prioritize education and finding a good mentor before placing trades
• Using a small live account rather than a demo helps develop crucial emotional stability
• Professional traders experience significant losses too - one trader lost $35,000 in a single day on gold
• Risk management means knowing your monthly expenses and targeting realistic returns (10-20% monthly)
• Finding your niche can lead to consistent profits - for some traders, gold becomes their specialty
• Understanding lot sizes and leverage is essential - higher numbers mean both higher reward potential and higher risk
If you want to learn more about forex trading, take time to educate yourself, find a regulated broker, and practice with appropriate account sizes before committing significant capital.
Support the show

Watch the video episode of this on YouTube - https://linktr.ee/konnectedminds

  continue reading

Chapters

1. Account Size and Financial Freedom (00:00:00)

2. Steps for New Traders (00:01:05)

3. Demo vs. Live Account Trading (00:03:01)

4. Worst Market Losses and Recovery (00:06:10)

5. Best Trading Moments and Favorite Pairs (00:09:32)

6. Understanding Lot Size and Leverage (00:11:15)

134 episodes

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