The forex is a world in miniature - it's a "human comedy" in the Balzac sense of this expression.
It has it's own heroes,saints, villains, gods and religion. Clearly, there is a similar path that each character goes through to attain the mystical status of the "forex trader at home"
As an observer and sometime participant, I am also one of the characters. To me, that is a fascinating paradox.
My apologies for the late reply. I have a real job that is very demanding.
That's fair. Glad to have you along for the ride!
The one thing you are lacking in your trade plan is consistency. Just because you hop all over the place and followed many methods/systems/gurus does not make you experienced. It makes you a sheep.
Have you ever tried to stick to a method and learn the ins and outs before jumping ship? There are professional traders who only rely on fundamentals, macd divergence, trendlines, support/resistance... The difference between them and you is that they have a consistent edge they can exploit because they know how to use it to their advantage.
It sounds like when one thing isn't working for you you're looking for the next best thing. After 10 years of trading how have you not stumbled across the idea of the holy grail?
Maybe you just aren't cut out to be a trader because you lack the discipline to stick to something more than a year.
Is it worth it...?
In my opinion, no.
- You have plenty of cash to play with
- You have plenty of time, like in no fulltime job. Unless you can use a good EA to generate $$ for you.
But honestly guys, if such an EA would exist, LOL...should I say more?
Can you make money?
Maybe, but I still need to see proof of that. And I have been on different fora.
Just looking at the number of strats, coming and fading away, or the number of people on fora like this, coming and fading away...
I don't think it's worth it.
Best way to make money? Having a job. 9-5 if possible. Working the best you can to keep your job.
And the remaining time? You spend with your family and friends. Not trying to find the holy grail or money printing strategy....
Just my opinion.
Only the ones who think dropping down time frames to catch the smaller moves end up stressed out and with blown up accounts. If you can't successfully trade a long term chart there is no chance in hell you are going to be good at trading a smaller time frame.
The thoughts of most newer traders are flawed from the beginning. In order to scalp the market you must make decisions at a rapid pace... on longer term you have the ability to think out your plan and trade it accordingly.
Just some figures: wether on lower or higher TF, the chance of reversal on a BB break or RSI extreme level is 50-55%
And I guess they have enough cash to work on higher TF and digest its bigger pip-moves.
I'm more and more convinced that TA doesn't work. FA might but requires extensive knowledge and time investment.
Anyways, I decided it's not for me. I will continue to invest, rather than trade.
Price doesn't reverse because of RSI or BB.. it reverses because of the simple laws of supply and demand.
everyone's entitled to his opinion but I don't agree. Demand/supply, support/resistance don't work.
They get broken or rebound equally often.
You can't just blindly trade every single level you run into... it's not that simple.
current supply and demand are already taken into account in the current price.
I can't predict future demand or supply.
Well, I can predict future demand for clean water will rise.
And then buy shares of water purification cies. But that's not trading, it's investing on the long term.
what is the objective,
most want to be a trader.this is shit
the objective is to make money.if one forgets about being a trader and focuses on making money it becomes somewhat a different equation
a young man /woman wants to be a doctor,only to realise its a shit life choice ,apart from some weird few who believe they are humane ,a few open a private practice in some fancy capital street and gain wealth and respect for much less time.they focussed on being a doctor,
a banker realised that the money was not in banking but the delusion of the mass,
If one is making money trading forex then obviously its worth all the money one makes and likewise if you are not then hell it is not. 99% of the losing traders will treat the money lost as investment costs hoping and trying to turn the tide around and if you are still losing money after 5-7 years then you are simply not cut out to be a trader and should seriously consider to call it quit. 60% will either turn to be a teacher dishing out all the theoretical hocus pocus or set up trading website/webinar to new aspiring traders hoping to recoup back some of the losses and the rests just lie low lick their wound and wondering why and where they had fail. Its just that simple.
Liked your post Diceman, if I can expand it a bit...
Wannabe traders should realize that trading is not different than life itself - the reason why some (or majority) of traders fail is the fact they don't treat trading same as life (or they treat both their fallacious trading and life the same, which is most usual). If for example, in life: you are prone to lying; making yourself look "bigger" to people (and yourself) than you actually are; prone to any kind of egoism - you will fail in both trading and life in general.
Let's be clear, lying, egoism and the rest of psychological defense mechanisms are there for a reason, which is to "protect" us from from negative mental perception which would probably make us want to cease to exist. ((Sorry for english sentence construction, not a native speaker, but I hope I stated my point).
To clarify this a bit further, I'll try to do it on my own example: I have been in financial markets for years blah blah blah, AND ONLY AFTER I stopped lying to others, NOT JUST REGARDING my trading , but IN ALL OTHER ASPECTS of life of which I were ashamed for some random reason - ONLY THEN HAVE I STARTED "successful trading" and somehow, all other aspects of my life fell into place...Successful trading is under quotation marks because it SHOULDN'T imply it's profitable trading - it should imply it's a correct way to trade.
End goal of trading is profitability of course - BUT MAIN GOAL OF TRADING is correct decisions. If decisions are correct, consistent (i.e. each or vast majority of trades one takes look the same, have similar SL size, similar TP etc) - profit will come in 100% of cases.
I will try to explain it on a chart example, although my technical analysis is my own subjective matter and I probably wont be able to write everything that goes on in my head about this particular example - it is a trade I took towards the end of thursday's daily candle close on GPB/YPY.
Hope all is explained well in the picture I described - and this is how my trading looks like in the last year or so. (TP from my entry here is at 175.00 cca) - didn't show it in picture, had no room to draw it but it's simple enough...
I believe that failure is the mother of success, so I trade in order to get experience. if for long time, it still loses, i would have tendency to lose faith in trading, which forces me to think again
For new bies. Do against u want... if u want buy then sell and if u want sell then buy but dont forget place stop....
Success secret for free ..
Is forex Trading Worth it? If so, why?
If it makes you money, yes.
If it looses you money, no.
If you do it for the love of it, then it makes you money.
If you do it because you want to be rich, it's usually hell.
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