Disliked{quote} It would have hurt if he had to pay taxes for the 7k at the end of the year and after that lost all of itIgnored
Thanks for the laugh mate, haha
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Disliked{quote} It would have hurt if he had to pay taxes for the 7k at the end of the year and after that lost all of itIgnored
DislikedJesus, well firstly and I'm sure this has been said but you cannot achieve: "And yes, after multiple 1k losses of accounts (luckily made), I was making outstanding results, thinking I was the market guru. No joke, I turned from 200 dollars to almost 7,000 dollars in 1 month. And lost it all in 1 day." Without MASSIVELY overtrading. You turned 200 into 7000 because you got lucky and were probably trading with at least 20% of your bankroll every single trade. You should be trading 0.01 lots until you're consistently making money. You're not special,...Ignored
I would next touch on your views on trading systems on the market:
"you find new methods and try to be that "special market guru" that after reading the forums, you will finally develop that "holy grail" that you are waiting for, and be the new hidden Warren Buffet."
In my own humble opinion, there is no holy grail in trading. There are no special sets and rules in trading. There are no super systems able to double your money everyday.
The Forex market is huge and so efficient that information is priced into the market almost instantly - Find the recent NFP figure release, and observe the price action.
What i am trying to say is, it is very hard to game the forex market.
That being said, can we make money in the FOREX market??
I say yes indeed, but like anything else, it is not easy. The markets are highly efficient in pricing in information, but the markets are also swayed by sentiments like greed and fear. Markets do price currencies away from their fundamentals at times and we can take advantage of this. Although it is certainly true it can stay that way for a long period of time.
Lastly, i think that you want concrete answers and solutions to your problem of dealing with your emotions currently.
It is proven exercising releases dopamine into your brain, a feel good drug which makes you feel happy. It can clear your emotions and your confusions. Wipe the canvas clean again. Sweat it out and do not think of trading.
Embark on a serious introspection of yourself. Are you really suited for trading?
Different people have different talents and abilities. Some people are more gifted in certain aspects than others. Just like some people are better at Math than others, some people are better at art and playing musical instruments. What i am trying to say is, do not do things which you are not born to do. I love music, i love singing, but i do not have the talent to turn it into a career.
Similarly, trading requires composure, being extremely prudent with your money and subordination of emotions in times of market turmoil, where one needs to digest information logically and quickly and come out with a decision - hold current position or liquidate position due to a change in fundamentals?
I believe one needs to be adaptable in the market and not be beholden to a rigid set of rules and systems. Monetary policies and economies change over time.
That explains my abhorring of terms like holy grail.
One's proclivity and inclination, habits and characteristics are molded from young and to change that requires time if changing it were possible.
Does your character fit into the world of trading?
Do not think of this as a 1 month, part time venture. Think of this as a full time career and commitment. Why? This will
I think there is a point made by someone in this thread mentioning that treat trading as a business. And that is a very good advice.
I remembered attending a trading seminar held by my domicile foreign exchange, the speaker was a pit trader and he pulled out a statistics from the newspaper that people who were successful were Polytechnic (Technical) students and not Junior Colleges(More academic) students. The take away was you needed entrepreneurial skills and instinct.
"For me making money is hard, that's pretty much the problem for me. Making again 7k, means 2 years of hard saving for me. It's not like I lost 7k, oh I learned, let me try again in 1 month."
" I thought about suiciding, seriously, what's the point of suffering? For me Forex was the alternative way of succeeding, since I love it, I love this business, I like looking at charts, and all this ambient of markets. But trying to recover all will take me years and it is very painful."
Trading is not the only way to succeed in life. Success is subjective, what are your measurements of success? A big mansion with a yacht, 4 exotic super cars and tons of women around you? Or a modest lifestyle with no qualms about paying your mortgage or rent and having a decent stream of income? Why is this important? Because it will affect your appetite for taking risks and your perspective of your risk and reward.
Lastly my advice to you in trading is:
Capital:
I think like all businesses, save a good amount of capital first. DO not trade forex with small accounts as the market is very volatile. Big swings can and will wipe out small accounts. Having a large sum of capital will also encourage you to be more prudent because you took a long time to save it - At least that is what a normal person would do.
Skills and experience
Find a sustainable style of trading and practice in demo FIRST.
It is true that demo is nowhere near trading live, i experienced it first hand, however one has to have a feel of the market and establish a set of good habits. Trading demo is a good way to ingrain those good qualities without losing your own capital.
Remember, at the end of the day, you have to develop your own skills and the holistic aspect of trading which can be profitable in the long run.
Lastly,
Perspective
People are being killed in terrorist attacks, displaced because of conflicts, facing weather crisis etc and you are thinking of killing yourself over losing 7000 dollars? That is just plain silly. Come on man. You can be better than that.
DislikedYou who have already lost everything and are looking for a way to get your money back, stay away from all the EA’s, indicators, softwares as Metatrader, Jigsaw, Sierra, Bookmap and all other. Understanding the options on the futures is the only thing that will help you efficiently. You ‘ll never find anything to help you on forex website. Finally, think about that: universal access to financial markets is a huge opportunity to get rip off millions of naive people! YOU JUST GIVE LIQUIDITY TO THE MARKET MAKERS VIA YOUR BOKER !Ignored
DislikedLet's debunk the "it's possible to make money with forex" myth A real job will make you money... forex will make you lose it.Ignored