Some traders use demo account wrongly. Just because a broker can give you $10000 or $50000 then you go ahead to use that amount for practice, whereas you intend to go live one day with $1000, $500 or less. You're are not doing the right practice. It cannot work that way. Practice with the same amount with which you intend to go live. Just my tips
It's a very long way.
8 years are nothing.
I've done significantly more and spent 10.000s of hours infront of the screen to make it.
Literally day and night, to find what's really working, to perfect it and to get the mindset.
Garbage in. Garbage out.
It took you 8 years to learn this.
Watch this clip closely. It explains why noobs remain noobs.
What did you find that worked for you? Just a general synopsis would be great.
Whatever the game plan, constant practice rules
Make it simple.
Use the daily charts: when price is uptrending, be long: when it is downtrending, be short. Put a stop where price now says a trend reversal is the probable next print. Size your position so that if the stop is hit this represents only a small fraction of your account. When price stops going up, close your long: when price stops going down, close your short. When your unrealised gain reaches +25%, close everything and take a week off.
if you are feeding wrong info to your brain then unlimited numbers of years are also very less.... either learn it the correct way or wait for the BIGBANG.
[quote=neesh24..... Second part of this year I feel like anyone flipping a coin would have better results..... I'm hesitant to start a new system again, that would be starting a ground zero for the third time. I can't stop after this time investment. anyway more of an emotional vent than anything here.[/quote]
I can fully understand where you're at right now, I struggled for a long time and remember one day thinking that despite years of trading and researching I actually had no idea what I was doing and I couldn't buy a winning trade right now. However, this realisation made me accept that it meant I was doing something fundamentally wrong and I would have to start over with a new mindset.
Sadly, I can't tell you how you should change because I don't know you or your trading. But I can tell you this: Stop trading, take a break to clear your mind, accept what you have been doing is not right and will have to change. Yes, you are going to have to start over but it's not at ground zero; you have your accumulated experience to benefit from.
Ask yourself: what is it I'm doing wrong? Be brutally honest with yourself. When you understand that, start building a trading method & mindset from scratch again, this time though in the light of knowing what is the right way for you.
Once you've done that start demo trading or at minimal size and get a comfort level and rhythm going. It won't be completely right at your first attempt but it will be better. Take that, learn from it, improve it, keep up this process in ever-decreasing circles until you have something that is working comfortably for you. Then, and only then, only when you have the evidence you are trading correctly and profitably, start gradually building the position size. In trading the tortoise, not the hare, tends to be the winner in the end.
Hope that helps, good luck!
One thing I learned over the course of these (retail forex) years:
- Being exposed in the market as little time as possible.
- Taking advantage only a part of a move and having no problem in letting the other pips on the table.
The main problem is understanding the problem. You can't solve a problem you don't understand. Ask yourself this question. Are you trying to beat price or the market? The former is impossible, the latter very doable. Until you can answer this save your money.
That's two things, one of which is completely wrong anyway.
You have to obey the market religiously, that's the holy grail. Don't fight it, don't expect anything from it, just obey. Nobody knows more than the market, nobody. Quit trying.
but if this works for you...
90% of traders are losers. That’s what I read somewhere. Do you know what they look like? Well, I could send you a picture of me or you just walk over to the mirror. Somewhere they have to be, right? On FF there seem to be merely winner or at least they know the best way to be.
I am nearly at the same point like you, having lost a years-wage-size account. It still bugs me.... And it doesn’t seem a question of chartpatterns or indicators. I guess some people have it and others might just be lucky - or not so much.
But one thing strikes me in your post. You seem to be far to desperate TO MAKE MONEY with your trading.
Also you wrote „I can't stop after this time investment“. Well, that’s wrong. You might want to find a better reason.
Look at the whole thing as if it would be a trade… first you have to plan it (that means investment, timing, entry, exit). If you haven’t done that, don’t trade. TP is a nice part of it but not the most important one. And then…. don’t change your SL in good hope. (that’s valid for any business I guess). Believe me, I did it and lost big time…. and I know enough people who dump money into their businesses just to keep the dream of it alive.
By the way, the other 10% they need us to keep the equation up.
But if trading IS your thing, I am completely with macmarc and the others.
^ I think I read an article in from an Asia that said 96% of traders fail month to month. That leaves 4% of traders that are either breaking even or profiting.
If anyone knows what Article I'm talking about, please link it, I want to read it again.
OP, what was the strategy you really wanted to work but didn't, maybe we can give criticism.
Let it be that it's only 1% that win in the Forex business, you have to study and work to belong to the percentage. The great percentage should not scared anyone
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