Are you fed up with Forex?

[Marty Stevens]

I blew my first account with hotforex and it was not small, it took me a couple of days to do so, well i was you average wild and crazy newbie back then, but for some reason I just couldn't let go of trading, common it is really addictive specially when you get the hang of it and start earning

So have you made the loss back?

What turned you around?

 

[Scott Masters]

its a love hate thing...when your up your up and when your down your down...the market only ever does what it says on the tin. Its just a shame the tin has instructions in a foreign language that we all need to learn to translate lol

 

[Jack Francisco]

I blew my first account with hotforex and it was not small, it took me a couple of days to do so, well i was you average wild and crazy newbie back then, but for some reason I just couldn't let go of trading, common it is really addictive specially when you get the hang of it and start earning

I am sure that you are over trading or trying to claw back your losses - that's why you have blew your first account. Over trading is another top reason for trading failure. We need to understand the root of the problem. The root of the problem usually stems from one of the following:

Setting unrealistic goals (trying to grow your account too fast)
By having set targets which you are trying to meet.
Trading for a living with an undercapitalized account.

 

[alphadude]

There are many people that are easily frustrated when they are often experience a loss - they give up. Some of them have go through sleepless night only to analyses charts what to buy and sell.

Just imagine how is your life going to be without forex trade? can you give up Forex? Be honest please.

never dude.

Forex is a cash cow. some days you milk it; and in others she milks you.

sometimes I think of Forex as a prostitute and brokers as pimps. You get to enjoy yourself when you want to; but at a cost.

 

[SimonTemplar]

I have always felt that it is a sad but inescapable fact of life that we can not all of us be good at every possible career. The most common example of this is people who grow up loving and playing a particular sport, but are not talented enough to go pro. But it is the same in any career - even joining a large company and doing okay, not every joiner will be a success. Some will be laid off at some point, some will do well but never end up particularly senior, some will end up running the place, with umpteen shades in between.

Forex is just like any other career in this respect - not everyone comes equipped with the right combination of factors in their favour to make a success of it. One of the many tests of this is whether one is emotionally and psychologically resilient enough. This can already be a pretty solitary way to spend a working life, once you dial in some losses into that - even good traders have the odd rough patch - some people will not like it and get out. Others can rationalize it, take it as part of the job and while some days will be more fun than others it does not cause them an overall problem.

Personally, I never get fed up with Forex, even when I have a losing day. A few will, and they might go and do something else with their lives because of it, because that is just how life is.

But even if someone posts on here and says yes, I'm hacked off and stopping, that won't have a negative impact on the ones on here who love it, and nor should it. Every career has the odd few people who try it and discover that it is not for them, currency trading is no different.

ST

 

[advfntrader]

funny how people always say stuff like this in Forex & trading......can't imagine people ever saying that about a gambler in a casino.....the difference ?????

its just ridiculous. of course people should give up if they have tried and failed for a while. 95% LOSE

Never give up... but if losses are hurting you financially, scale back til you get some consistency.

 

[BBPI_FXTrader]

"Success isn't the key to happiness. Happiness is the key to success. If you love what you're doing and you work hard you will be successful.":smart:

that is very true, however I also think that a positive mental attitude is needed and not let losing trades or setbacks kill your dream

 

[alphadude]

Pros never give up. they have all went through the same obstacles of losing. That is the hardest lesson you can get.

The paradox is; Pros also know when to give up..

so it's not an easy thing to do.

speaking of myself; if I have given up in the past; I wouldn't be profitable now !!!

 

[forker]

Pros never give up. they have all went through the same obstacles of losing. That is the hardest lesson you can get.

The paradox is; Pros also know when to give up..

so it's not an easy thing to do.

speaking of myself; if I have given up in the past; I wouldn't be profitable now !!!

So would you consider yourself a pro

 

[datamonkey]

funny how people always say stuff like this in Forex & trading......can't imagine people ever saying that about a gambler in a casino.....the difference ?????

its just ridiculous. of course people should give up if they have tried and failed for a while. 95% LOSE

The difference is though that a gambler in a casino always has the house edge against them so over time they will always lose.

In trading you are able to turn the tables and gain the edge yourself. By not giving up you enable yourself a chance of gaining that edge. By continuing to gamble at a casino, you never will..

 

[alphadude]

So would you consider yourself a pro

If the definition of pro is:
- trade full time (aka trade for a living)
- be "profitable" at a reasonable risk/return ratio;

then yes.

 

[advfntrader]

I would say many (if not most...95%) have no edge in trading and thats why they end up losing.

 

[BBPI_FXTrader]

I would say many (if not most...95%) have no edge in trading and thats why they end up losing.

and that's because not enough time was put into studying...at least that's my opinion

 

[avfx]

I found some pretty good reading for beginners.

http://www.trade2win.com/boards/att...nknowable-uncertainty-survivingdaytrading.pdf

While I haven't advanced beyond demos, my approach is to first have basic knowledge of all timeframe activity (from l2 & ticks to weekly chart & fundamentals) and then specialize on timeframes/style that suit one best. I think my strategy will be to have a longterm trend/fundamentals based bias, try to focus trading only the couple big moves per week and decide entries based on tick or l2 data. So a combination of position, swing and scalping tech to maximize the possible profit and minimize the free margin needed (I believe one should stick to the leverage that is allowed over weekend which is often 1:33, with tight&strict margin brokers this does require easily 10-20K to avoid margin close out). I believe also that you should be able to survive eg. eur/usd going from 1.25 to 1.35 and back without margin call, so size position accordingly. (if it goes to eg. 1.35 and you're short at 1.25, you should lose at most 10% of account if it doesn't start going back down after 2.5 months if you ended up holding for some reason during the first say 5 years of trading in order to avoid getting too emotional about it).

I'm still probably 6-12 months from starting to trade real money and I haven't tested the above guidelines for myself (with extensive back & forward test, these are made based on observations over last year) so these thoughts may still evolve.

 

[Jack Francisco]

Do you know the main reason why people fail or fed up in Forex?

All traders, forex or otherwise, lose because they take big losses and take small gains.

Whether they back test with a small sample or spend their time making their system work or whether they back test or have a system at all is completely irrelevant.

 

[avfx]

All traders, forex or otherwise, lose because they take big losses and take small gains.

There was somewhat interesting thread about this here:
Why 7% is the Difference between Failure and Success in Trading - Psychology and Money Management

 

[donaldduke]

and do what ?

Become a forex vendor.

The guys selling the shovels (vendors, bucket shops, forums etc) are ones making the big money, not the stupid suckers who are trying to the read charts in order to strike gold.

 

[ph_trader]

when you are so deep into forex, like Ive been trading live for a year with hotforex, and god knows how many yeas others have spend trading, Its hard to just give up, its hard imagining a day passing with out staring at a chart.. even when holding you daily newspaper you always check the financial section LOL.. its a life style..

 

[advfntrader]

its an ADDICTION. a gambling addiction

 

[Jack Francisco]

its an ADDICTION. a gambling addiction

Forex is one of the most safety business platform where your dreams can come true so struggle hard and start earning money here so don't waste time and come and become a successful trader

Don't take it as gambling
:clap: