Going through all the questions, I had a bit of confusion on which one I should answer. They are all attractive options calling for my attention but I finally settled on answering Option #2.
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Reflecting on the past is always crucial as it impacts and stirs up possible changes in our present and possibly our future. This is one of those posts where I think retrospectively about what I would change if I could, lessons learned, and gratitude for these lessons learned in the past year.
Let’s dive right in…
I got a call from my nephew’s home lesson teacher and she tried to explain that the forex trader had a situation with an investor. This investor gathered people’s contributions and invested them in forex. Apparently, he wanted to make a quick buck in a month but misled the trader into thinking he was there for the whole agreement term.
After receiving his first interest payment he decided to pull out all his funds before the agreed stipulated time which the trader agreed to due to the amount of pressure mounted by the investor. The investor's fund made up about 60% of the total trading fund pool. The market was not doing so well around this time and this further affected the whole trade which consequently affected our funds.
I was norm – I started to panic as she continued talking. She assured me that I would get my funds, at least my capital back since the trader had insurance cover.
Lost in thought...
My mind drifted – I kept thinking of how I had risked it all. I should have known better. Why didn’t I diversify my investment? What if the trader is unable to recover my funds? I should have spread my eggs in different baskets. I did my due diligence on the trader and he checked out to be genuine, what could have happened? I could not help but feel so angry with myself.
A brief back story…
In January 2021, I had saved up $5,000 from my previous jobs and was looking to invest in something highly profitable. I am a skilled hairstylist, so the idea of opening up my own salon or just importing hair and hair products to sell crossed my mind but I have always wanted to launch that business in a grand style with diverse options to fully service my target market.
On this fateful day, my nephew’s home lesson teacher dropped by the house as usual to tutor my nephew. After our usual pleasantries, she told me about a forex investment that she was doing. I became curious and asked for further information which she provided. I told her I would think about it.
Giving the idea a thought!
On further pondering, I did my personal due diligence and found out that the trader actually trades for two major banks, and his records checked out. Some of my fears were allayed. I finally came to a decision after getting all the information I needed and the documents were signed.
I proceeded to make an investment in forex with a trader with over 15years of trading experience to trade on my behalf. We agreed on a 10% monthly interest rate for a 6-months payment period. I had read a bit, did my research on the forex market, and planned to eventually get trained on becoming a trader so I could do it myself but I never got the time.
Game face on!
After 2-months of receiving my agreed monthly returns, the following month’s payment was delayed, and eventually, my funds never came. I began to worry and send messages to both the trader and the teacher.
Fast-forward to months after the teacher’s call…
Apparently, the trader did insurance for a 7-year period and he was just 4-years into it. So he went back to them to try and pull some funds to pay investors back their capital. Although, documents and email exchange showed that the insurance company had approved his withdrawal request months ago but there has been no evidence of payments made to date.
Thinking about my decision...
Long story short, I am yet to receive my funds back. I only shared this with my sisters as my mom will be so livid. I am still in regular contact with the trader who still promises he is working tirelessly to pay back all my funds. I believe there is hope.
What could I have changed?
- I could have diversified my funds and not risk it all in one investment because life truly is highly uncertain and things are unpredictable.
- I could have made out time to learn how to trade, start trading small and build gradually.
Why would I change it?
Because this situation crippled my finances and plans last year. Plus 2021 taught me that great financial lesson and I would be unwise not to learn, and go on to repeat the same mistake in the future.
Retracing my steps in 2022...
In all things, I cut my losses and am truly grateful for the lessons that came along the way. Sometimes I think it could have been worse – What if I risked more? There’s no denying it was one I had to learn the hard way but my future decisions will definitely reflect this lesson learned.
I really enjoyed participating in this week’s question options. I was torn between which one I should pick and decided to share something I was not really proud of but I know someone else might learn from my experience and mistakes. Thank you so much 
Thank you all for your precious time!
Till I come your way again…
Happy Prosperous 2022 and Bye for now!
All photos are mine!