One Simple Habit That Will Help You Save $24,403 Trading Forex

When I was 24, I made $24,000 in my first month of trading foreign currencies, also known as Forex. 

The sudden rush of power and excitement was hardly something I could explain in words. The idea that I could win a life-changing amount of cash with a few clicks made me feel unstoppable and cocky. In truth, I was about to hit a brick wall at full speed, with no traces of breaking.

I was gambling my money away, thinking that more risk equals more rewards.

What happened next felt exactly how crash test dummies would feel if they were alive.

I was flying too high for my own good. 

I dated girls way out of my league and fantasized about dropping out of my Master's Degree. Dreams of living and trading from a villa in Punta Cana right next to Warren Buffett's vacation house was the new fantasy. 

Then, a safety pair, the one that was supposed to make me another $1,000 over the next few minutes, cost me the initial $15,403. 

I bought the AUD/USD pair that was deep in the oversold territory. Even the news anchor and the financial guru on Bloomberg misrepresented the whole story. The value of AUD sharply dropped and continued dropping until it wiped my whole account. 

The stop/loss order? The common sense of not risking all my money on one risky trade? I guess I wasn't that smart. To make things worse, I paid another $5,000 to get myself out of the situation, then when I lost that, I put another $4,000 and lost it the same way. 

I wasn't a good trader, because I forgot the essentials.

Before August, I lost all my money. 

On August 6, my birthday, a girl I was dating at the time took me out to dinner and had to pay the whole thing herself. I never saw her again after that night. The rest of the summer was ruined. 

I had to swallow a hard pill about my behavior and own up to my mistakes. 

I got carried away with the wild market swings and leveraged positions.

I made $2,107 in 19 seconds with a USD/JPY pair that summer.

My broker offered high leverage on every sale. I could put a bit of money upfront, and they would add 10x the original amount. I could make 10x profits with lighting speed, but also lose 10x as much just as fast. Sometimes you can win obscene amounts of money in seconds, and other times you can lose your car. 

That's why investors use stop-loss orders. You can tell your broker to stop the trade before it can do any real damage to your account. I knew all that, but somewhere along the way, I forgot to remind myself of the very basic but costly mistakes you can make trading currencies and stocks.

Even the people that are in the know-how with financial markets often fail to pray to the basic mistakes. 

Whatever happens, always use the stop-loss order. Win big, and lose small.

The Trading Game is everything you need to start, and much more.

Nowadays, you can download the app that delivers all the invaluable advice to start trading like a professional.

The Trading Game brings fun challenges, trading sessions, and a simulated market. You're constantly reminded about the best practices in the industry:

• The best times to trade.
• Advice on picking pairs.
• How to execute each order.
• Signals and social trading.
• Tips on how news affects markets.
• Quizzes to jog your memory and determination.
• List of trusted brokers and pro traders, if you decide to try the real markets. 

You can easily be lucky and win $10,000 in one week on the markets.

Some people win the lottery too, no question about it. But if you don't know what you're doing, you're risking giving all the money back to the markets. Smart people get to keep the money, while fools give it all back the same way they earned it.

The Trading Game is that simple detail that teaches you how to keep the money you earn.