A False Sense of Confidence — Jacob’s Trading Journey (Part 1)
This 4 part series is written by Jacob Richardson, a member of the Duomo Initiative team. This series will give a revealing and honest insight into his challenging journey towards becoming a profitable trader.
Like many new forex traders, when I first started trading I blew up my account. Unfortunately, that included my entire life savings.
Let’s go back a few years, so I can tell you how it began.
Strangely, before trading came into my life, it would seem I had my head screwed on. I was saving every penny I could, studying business at university and running my own small business; manufacturing gymnastic equipment. Somehow, in my final year of university, I even managed to balance all of this with a full-time job.
I was pretty dedicated to making money. I always knew I needed money to make money, but I never had a clear goal in mind.
I graduated from university with a 2:1 and landed myself a decent job in recruitment. I had made my family proud.
But, was I happy?
How it all started
I first came across trading on YouTube. In particular, it was forex trading that caught my eye. I’d already made some investments in the past, so it immediately took my interest.
It wasn’t long before I signed up for the trading course at The Duomo Initiative. I was going to study and gain my edge, like everyone on YouTube was talking about.
I became enthralled in this new world of trading. The idea of it just amazed me…
What? You can make profits from anywhere in the world, with an internet connection and just the click of a button?
I’d hear stories of traders making millions… I wanted in!
I’m from a relatively small town in the middle of nowhere, in the heart of Yorkshire. Something like this wasn’t heard of. To even speak of such madness— people would just think you were crazy!
Crazy?! I’ll show you crazy…
24 hours passed after enrolling on the course. I was so excited about my potential future with trading that I decided to quit my job there and then without a flicker of doubt.
I left a secure job with amazing potential, to study trading. It’s a move I don’t regret, but I could never recommend someone else to do. (This is something I’ll go into more detail about later).
Surprisingly (or not), my family went nuts! My friends thought I was stupid. I had a boatload of negativity to deal with.
That didn’t matter though… I knew I could make a living from this.
Getting lured in
My first course of action as a newly self-employed trader (read: unemployed) was to actually learn how to trade.
However, instead of studying, I found myself battling the voices in my head.
“I’ve just quit my job, what am I going to do about money?… I can’t wait to learn. I need to start trading now!”
I was simply too eager. Like most young kids learning to trade, I wanted the world and I wanted it now!
I was soon led down a dark path to the fake Instagram world of trading and signalling services. I thought to myself, if I could earn some money from these signals while I learn to trade for myself, I’ll be onto a winner.
“Turn £300 into £3000 in a week” Woahhh sign me up, I knew this trading stuff was good!
Have you ever heard that saying, “If it sounds too good to be true, it probably is”? Yeah… apparently I hadn’t!
At the start, things looked promising…
The first few signals went well. I managed to turn a £1,000 account into £1,500 in the space of a week.
I then did the maths…
“Wait a minute… if that was £10,000 I would have made £5,000 this week!”
So what did I do next?
I deposited my £10,000.
…And then guess what happened.
Of course, I must have lost it all, right?
No, worse… I made even more money!
It was a crazy time! I was 22 and had just made thousands of pounds in a matter of days as if it was nothing.
I was on top of the world. I saw my life flash before my eyes. It could only get better from here.
I deposited the rest of my life savings.
…And that’s when things took a terrible turn for the worse.
To be continued in Part II (coming soon)
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