This is the second part of my investment story.
If you have not read the first part check it: HERE
I will focus here on my mistakes I made.
You may learn something from them :-)
Passive income – HYIPy?
At the beginning of college I read Robert Kiyosaki's book. They have changed my view of many monetization issues. Especially the appearance of passive income concept.
I started looking for a way to make passive income online.
I got hit on something like: Just Been Paid or some "business" that paid 2% per day from paid capital.
Of course, it was only after time that I learned that it was a typical HYIP bearing the financial pyramid. I met what this HYIP is. I was lucky to have paid off my capital, which was not big enough anyway. At the same time I also had adventures with other HYIPs.
I learned that any "investment" that gives you regular earnings a few % a day is something too beautiful to be true - at least in the long run.
Trade in currencies – VladimirFX
In that case, I started looking for something "real" that was able to generate passive income.
I was interested in currency trading because I heard that you could earn an average of 10-20% per month on invested capital. It was not a good result compared to the HYIPs, but it was still bigger than the bank deposit interest rate.
There was no need to do anything just to pay the capital to such trader "Vladimir" and he was already trading in currencies and paid a weekly profit. Nobody saw him - there was only a website with published results and photos to check - an extract from his forex account or what transactions he made. Theoretically, everything is ok.
In this program I also paid a small part of my student savings and for several months I was enjoying the benefits until the site and money disappeared forever. One could say the classic.
Of course, it was my fault that I trusted someone I did not know and poured money into. Today results in photos and extracts from your forex account can be crafted in Photoshop. So now I'm wondering several times before I entrust my capital to someone over whom I will not have control.
PAMM account for Forex and Social Trading
Forex topic was always interesting to me. I had it all on radar and one day I got a message that a Polish trader has very high results of 700% per month.
These data can be checked on the Internet. A webinar was organized with a presentation on how you could "hook up" to this Trader and make money like him.
It was about a PAMM account on the forex platform where we put money into our account and have control over them. Then we connect our account to this trader and all transactions he makes will automatically be copied into our account. Something in the style of Social Trading. He did not have access to my money. In addition, it was ensured that the maximum daily loss could be as high as 10% of the capital and the trader would stop trading in that day.
For me it was a great solution - I learned from previous mistakes that it was quite safe. So I paid the minimum amount required (not large) and every day I earned a few percent. Real transactions, all monitored on a real brokerage account. Just keep your fingers crossed for a talented trader who earned us - of course he took for himself about 30% of the profits he generated.
Making money does not take long. After a few weeks our trader had a worse day and lost 80% of capital in a few hours! As my account was obviously linked to his transactions, the same amount of money had evaporated from my account. Despite the assurances that you can lose up to 10% per day. Then again I got a lesson.
Then I guess I really realized that even if everything looks safe and reliable it can always be something I did not anticipate. Fortunately I did not invest large sums but there were people who lost a lot of money.
In addition, I learned that I am always responsible for everything myself. I can not blame whether this trader "lost our money" or instructors on the platform that they did not tell us how to set up their own block 10% of daily losses.
Then I decided that it was too much to entrust someone with their capital either directly or by copying through Social Trading. I decided to learn and be responsible for my result.
There were a lot of mistakes and they did not fit into one easy-to-read article. At this point I have to stop and invite you to the next part :-)
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