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RE: Forex trading - The first educational post of many.
Looking forward to your future posts. I have friend that went broke from Forex trading, he was clearly too leveraged, so I've stayed away from it.
I'm happy that you're looking forward to my future posts. Sorry to hear about your friend, a lot of people jump into trading without the proper knowledge and with to high expectations.
Leverage can help you if you know what you're doing, have the proper knowledge about risk management and can handle the psychological part. But if you don't have those things, leverage is your worst nightmare and you shouldn't even be trading in the first place.
I lost my first account and my second account, I thought I was ready and had the proper knowledge but that was not the case. I took one step back, invested my time and effort in education and developing a proper trading plan. Now I'm making a good living out of something I really love doing and are even doing private account management that has been very successful.