You see, I have been struggling in forex for 4 years. Can You please send a private message for me on how You trade YOUR method. Please. I have been going on the computer trying out all different kinds of methods, everyday. Like, 7 hours a day. My head hurts, and I lost soo much money LIVE. I dont know what to do. Quit? 4 Years of wasting my time everyday? Please, I'm begging You, please tell me Your method. How do You trade?
Hi Dan,
I thought you're having good results using the Tlatomi method as per your posts in its thread?
Anyhow, take it easy. For sure experience traders here will have invaluable advice to help you out.
All the best.
I thought you're having good results using the Tlatomi method as per your posts in its thread?
Anyhow, take it easy. For sure experience traders here will have invaluable advice to help you out.
All the best.
-
- FXopportunist Joined Jul 2006 | 937 Posts | Status: Pay the man ! !
Profit is where readiness meets Opportunity
I think demo is a waste of time from one point. Demo is good to learn the basics and that's it.
These are/was my steps:
1. Learn the basics, all kind of indicators, all kind of free strategies - DEMO
4 - 6 Months
2. Play the basics on different pairs - DEMO
3 Months
3. Chose a strategy and a pair. so 1 strategy, 1 PAIR, this is the moment that you won't switch anymore between strategies or between pairs
1 Month
4. Play the strategy and the pair over and over and over and over again - LIVE
4 Months
5. Lose some money, get mad, take a break
2 weeks -1 month break
6. Research about money management, psihology, improve the plan
2 Months
7. Play the strategy, the pair and money manangement rules over and over and over and over again - LIVE. For the most part you should be at break even, making some, losing some, but seeing that you can, seeing better the mistakes that you have made, learning not to repeat them anymore.
6 months - 1 year
8. Make money - LIVE
...
Each point has been prescribed with time frame except eight.Is it inadvertance or deliberate omission.
Any how I like the eight one.
I know some people like to kick you when you are down, but dont let them get to you.
70% of this business is knowledge, 29% patience and 1% of all those noble things people like to say. You are probably missing some key knowledge or the the knowledge to apply it.
I would bet from your post that you not only have you been loosing money but recently you lost a large sum of money and that would be due to money management. Money management is the holy grail to the markets. If you bet to much you will wipe your account, if you bet too little you will be working at $10/hour forever.
Read up on money management. Once you can prove to yourself how it works then alot of the emotion is gone, on losses you can say "well that was my 33% chance to lose" and when you are doing well you wont bet the farm because you know the more times you win the more chances you have too loose.
keep in there and keep reading. only 0.01% of the stuff you read has value, so you need to read 1000 pages to get a good one :P
70% of this business is knowledge, 29% patience and 1% of all those noble things people like to say
. You are probably missing some key knowledge or the the knowledge to apply it. I would bet from your post that you not only have you been loosing money but recently you lost a large sum of money and that would be due to money management. Money management is the holy grail to the markets. If you bet to much you will wipe your account, if you bet too little you will be working at $10/hour forever.
Read up on money management. Once you can prove to yourself how it works then alot of the emotion is gone, on losses you can say "well that was my 33% chance to lose" and when you are doing well you wont bet the farm because you know the more times you win the more chances you have too loose.
keep in there and keep reading. only 0.01% of the stuff you read has value, so you need to read 1000 pages to get a good one :P
I know some people like to kick you when you are down, but dont let them get to you.
70% of this business is knowledge, 29% patience and 1% of all those noble things people like to say
I would bet from your post that you not only have you been loosing money but recently you lost a large sum of money and that would be due to money management. Money management is the holy grail to the markets. If you bet to much you will wipe your account, if you bet too little you will be working at $10/hour forever.
Read up on money management. Once you can prove to yourself how it works then alot of the emotion is gone, on losses you can say "well that was my 33% chance to lose" and when you are doing well you wont bet the farm because you know the more times you win the more chances you have too loose.
keep in there and keep reading. only 0.01% of the stuff you read has value, so you need to read 1000 pages to get a good one :P
agreed with all the advice rendered to dan so far.
so let me just add this:
after taking a break and digging deep inside yourself, perhaps it might be best to look at other markets for the time being. forex truely is the final frontier for any trader, so dont beat yourself up for not succeeding. i know futures, equities and options traders who are making a nice living that wouldnt touch forex with a ten foot pole.
you might find "your market" may not be forex.
but you'll also find that what you learned during your forex years wont have been a waste. many aspects, technical and fundamental are incredibly usefull in equities as well, infact most of the ideas you see here originated inthe equities markets.
my own story is that i was part of the 95% that doesnt last 6 months in this game.
that was 5 years ago.
i took a nice long break from trading alltogether for about 6 months, worked on other things, and found my way to equities. everything i learned in the process of killing my forex account came in handy with equities, and i'm happy that i can say that i've made a nice killing in that market. granted i did learn so much more, but i know the main source of my success is largely due to the experiences i had on forex.
18 months ago i came back to forex cos the whole worlds equities are diving big time, and by applying my equities lessons, my forex account is nice and healthy once again
nothing is ever wasted if you learn from the experience.
once final word of advice: take special note of the psychological advice everyones given so far. that is by far the most important aspect of any traders arsenal. its not a superduper secret system.
take a break
get your head on straight
and good luck.
so let me just add this:
after taking a break and digging deep inside yourself, perhaps it might be best to look at other markets for the time being. forex truely is the final frontier for any trader, so dont beat yourself up for not succeeding. i know futures, equities and options traders who are making a nice living that wouldnt touch forex with a ten foot pole.
you might find "your market" may not be forex.
but you'll also find that what you learned during your forex years wont have been a waste. many aspects, technical and fundamental are incredibly usefull in equities as well, infact most of the ideas you see here originated inthe equities markets.
my own story is that i was part of the 95% that doesnt last 6 months in this game.
that was 5 years ago.
i took a nice long break from trading alltogether for about 6 months, worked on other things, and found my way to equities. everything i learned in the process of killing my forex account came in handy with equities, and i'm happy that i can say that i've made a nice killing in that market. granted i did learn so much more, but i know the main source of my success is largely due to the experiences i had on forex.
18 months ago i came back to forex cos the whole worlds equities are diving big time, and by applying my equities lessons, my forex account is nice and healthy once again
nothing is ever wasted if you learn from the experience.
once final word of advice: take special note of the psychological advice everyones given so far. that is by far the most important aspect of any traders arsenal. its not a superduper secret system.
take a break
get your head on straight
and good luck.
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