In this episode of the Mo Money series, we spoke to a 27-year-old entrepreneur, who took a loan to trade in forex, in a bid to make more money for his business. He tells his story of how he got involved in forex, lost everything, and learned from his experiences.
How did this happen?
I’ve always had friends who traded forex, which I thought could give me more money because all my friends seemed to be doing so well through it.
That’s why I decided to give it a try. I took a business loan and put all the money into it. And that was the beginning of the end.
Yikes! You put everything?
Yes o. I was gingered and optimistic that it would gain x3 of what I put in. At least, that’s what I read online.
I even added extra funds from my savings.
That’s terrible!
Yes, it is o. I’m still shocked that I could be so dumb.
Did you speak to someone before making this move? Or did you depend on your research?
I spoke to some of my friends about it first. They advised me to start small, attend classes, and also be patient with it. They even told me that it will take time before I see a profit.
Why didn’t you listen to them?
Omo, I thought they weren’t truthful because I did my research and saw otherwise. See wetin greediness don cause.
Damn!
I’m telling you. I should’ve listened to them
Do you remember how much you lost?
I lost about 3 million naira
That’s terrible
It was. I was devastated and fell into depression. How will I recover? How will I pay back my loans? How will my business grow? These questions had no answers then. But I’m glad to have pulled through.
So what did you do?
I told my friends who were forex traders about it. Luckily, they understood my situation and helped me get my life together. I received donations to repay the loan I took, and I worked extra hard to make more sales from my business. I owe them.
Thank God for good friends.
Yes o, they are hard to come by.
What business are you into though?
I sell household furniture at Alaba Market.
That’s a good one. If I may ask, how long did it take you to fully recover?
It took me about a year and 6 months to make back my money and start making a profit from my business.
That’s fair. At least it’s history
I’m telling you. E no easy o.
What advice do you have for people reading this article?
Don’t be too gullible, and too greedy when it comes to money. Good things take time, especially when you are doing something right. You can never make money that quickly.
And lastly, never put all your eggs in one basket.
