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Honestly frustrated with trading forex

  • #1
  • First Post: Sep 16, 2015 11:07am Sep 16, 2015 11:07am
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
  • #2
  • Sep 16, 2015 11:45am Sep 16, 2015 11:45am
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
Assuming your Trading Explorer is real, you shouldn't have been trading with HotForex. It's one of the scam broker out there. They trade against you to profit from your losses. The market is unpredictable true and you might have not stuck with your plan 100% but it's MOSTLY because the broker was manipulating the price/trades to make you lose so they can win your money. So don't feel bad. We have ALL been there. 90% of us (including myself) started trading with a scam broker.

There have been a lot of discussion regarding this broker in the "Broker Discussion" section here on FF.

Hope you didn't lose much. You have no money left in your account anyway so there is nothing for you to withdraw. Close your account with them IMMEDIATELY and NEVER go back to them EVER AGAIN !!!

Go back to demo and make sure your trading system is really consistently profitable and start searching for a new broker.

Good luck!
Make your losses in demo. Earn your profits live.
  • #3
  • Sep 16, 2015 11:46am Sep 16, 2015 11:46am
which forex broker u recommend then? I been using hotforex for a while, din't know thse kind of things until you told me
  • #4
  • Sep 16, 2015 12:04pm Sep 16, 2015 12:04pm
Quoting SuperzTony
which forex broker u recommend then? I been using hotforex for a while, din't know thse kind of things until you told me
Seriously, their website with a whole bunch of big-chested chicks with naked legs around a guy in front of a sportscar didn't seem a bit suspicious to you? I mean when was the last time that you saw a serious financial institution with a bunch of bare-legged chicks on the front of their webpage? LOL Trading is a serious business. It's NOT something that you just pick up to do for fun so you obviously want to trade with a professional and serious at least broker.

Go with Interactive Brokers but mindful of their very crappy trading platform TWS or MB Trading. If you want better platform, go to either Pepperstone or IC Markets in Australia. Go for their cTrader ECN accounts that charges you commissions ONLY but you have to trade volume with these 2 Aussie brokers otherwise they will screw with you as well and their spread can widen as well but tolerable.

In terms of honesty, IB and MB Trading is better. In terms of platform, Pepperstone and IC Markets are better. If you want to trade with the two Aussie brokers, open your account through their introducing brokers. You can get commission rebates and lower startup balance even.

Bottom line: NEVER EVER trade with a broker that charges no commission but only spread UNLESS they openly declare that they hedge against your trades to neutralize the risk, examples: Oanda and FXCM (I would prefer Oanda). So if you absolutely wants to avoid paying commissions, go with either Oanda or FXCM.

But make sure FIRST that it's not your trading system that's the problem because if it's your trading system that's just not profitable, you will still lose even with those brokers.
Make your losses in demo. Earn your profits live.
  • #5
  • Edited 12:37pm Sep 16, 2015 12:22pm | Edited 12:37pm
Also I noticed that you have been having some difficulties with sticking to your trading plan. Don't worry this happens to ALL of us. It is VERY difficult to do when emotion is involved.

So what I would suggest you to do is:

1) Go back to Demo and THOROUGHLY test your trading system/strategy/plan to make sure it IS consistently profitable. You should backtest AND demo test in real time your trading system to make sure.

2) And then to get over the discipline problem, try to code your trading system in the platform and let the computer trade it for you. That way, your emotion will NEVER interfere with your trading and you won't have to worry as much with the discipline issue PROVIDED your trading system/strategy/plan is PROVEN in demo to be CONSISTENTLY profitable!! And if you are still losing money consistently, then it's your trading strategy/system that's the problem and you just have to keep tweaking it until you get it right.

Good luck!
Make your losses in demo. Earn your profits live.
  • #6
  • Sep 16, 2015 12:28pm Sep 16, 2015 12:28pm
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
I don't think it would matter who you traded with, if the Trade Explorer trades are correct and on September 11th you made 1,046% on 8.1 pips don't you think you could be trading just a tad too much risk???
  • #7
  • Sep 16, 2015 12:34pm Sep 16, 2015 12:34pm
Looking at your shouts it seems you are very undisciplined. I would go back to a demo account and trade your strategy only. Do not give into the market, make the market give into you my friend.
  • #8
  • Sep 16, 2015 12:35pm Sep 16, 2015 12:35pm
Oh and one more thing when you demo:

Demo with an actual balance that you will ACTUALLY be trading with. So if you will only be trading with $2000 when you go live, ask the broker to adjust the starting balance in the demo account to $2,000 NOT some outrageous amount that they always give you like $10K, $20K or $100K.

That way you can see realistically how much you are risking on each trade AND how it's impacting your trading profitability/losses and you can adjust accordingly.

Remember when you demo, you need to set up the demo to be EXACTLY the same as your real life trading to make sure your trading plan is TRULY profitable otherwise you are just cheating yourself.
Make your losses in demo. Earn your profits live.
  • #9
  • Sep 16, 2015 12:41pm Sep 16, 2015 12:41pm
Quoting Forexia
Oh and one more thing when you demo: Demo with an actual balance that you will ACTUALLY be trading with. So if you will only be trading with $2000 when you go live, ask the broker to adjust the starting balance in the demo account to $2,000 NOT some outrageous amount that they always give you like $10K, $20K or $100K. That way you can see realistically how much you are risking on each trade AND how it's impacting your trading profitability/losses and you can adjust accordingly. Remember when you demo, you need to set up the demo to be EXACTLY the...
This guy nailed it!
  • #10
  • Sep 16, 2015 1:00pm Sep 16, 2015 1:00pm
Just glanced at your trade list. From your recent trades, it reflects that you join the party late, i.e. GBPUSD that you went long was already overbought and 1.55 is historic resistance and support level. Based on that I went short 1.5515 for quick 10 pip scalp. One thing I noticed is that you are trading a lot of pairs. Its best to select a few and follow them closely. Always observe 1Hr, 4Hr, 1D and 1W chart of given pair before opening your position.
  • #11
  • Sep 16, 2015 1:11pm Sep 16, 2015 1:11pm
Quoting SuperzTony
which forex broker u recommend then? I been using hotforex for a while, din't know thse kind of things until you told me
Don't trade with money you cannot lose. I recommend fxpro.co.uk ctrader
ECN, UK FCA regulated

I have lost many accounts before I became profitable. I think one of your problem is you are getting used to losing already.
You need to go back to square one and really think this through of this is for you or not.
I have open history on myfxbook link on my profile. You can take a look and see how it different from your own trades.
Good luck!
  • #12
  • Sep 16, 2015 1:40pm Sep 16, 2015 1:40pm
Quoting forexleopard
{quote} Don't trade with money you cannot lose. I recommend fxpro.co.uk ctrader ECN, UK FCA regulated I have lost many accounts before I became profitable. I think one of your problem is you are getting used to losing already. You need to go back to square one and really think this through of this is for you or not. I have open history on myfxbook link on my profile. You can take a look and see how it different from your own trades. Good luck!
With fxpro, you have to ABSOLUTELY make sure to open the account with FxPro UK Limited. Only FxPro UK Limited is authorised and regulated by the FCA in UK.

They have another company called FxPro Financial Services Limited and FxPro Financisl Services Limited is authorised and regulated by the CySEC, a totally different regulator in Cyprus, NOT FCA in UK
Make your losses in demo. Earn your profits live.
  • #13
  • Sep 16, 2015 2:44pm Sep 16, 2015 2:44pm
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
its a lesson my dear friend. you can lose your money but do not lost the lesson.
we don't predict, we only ride
  • #14
  • Sep 16, 2015 5:45pm Sep 16, 2015 5:45pm
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
Hi Tony,

Sorry to hear it.

I agree with everything Forexia has said above.

Two questions ... (asked for their implications, in the hope they'll be helpful, more than for answers) ...

1. Do you know that your trading method/system has an edge? That's to say: do you have written results for 200+ consecutive trades on demo, from which you can work out both (a) the net profit and (b) the profit factor over those trades? (I'm not suggesting you should post them here, but the "correct answer" would be yes).

2. What's the maximum proportion of the funds in your account that you've ever lost in a single trade? (Again, I'm not suggesting that you should reply in public: it's a question just for yourself, but if the answer's more than 1% you should perhaps hear alarm-bells ringing, and if it's more than 2% you should perhaps be trading only on demo accounts until it's lower, and taking a minimum of a month off trading to read very carefully every word of any two of the three books listed just below?).

Van K Tharp: Trade Your Way to Financial Freedom

Tushar S. Chande: Beyond Technical Analysis

Michael Harris: Profitability and Systematic Trading
  • #15
  • Sep 16, 2015 5:50pm Sep 16, 2015 5:50pm
Quoting Xela
{quote} Hi Tony, Sorry to hear it. I agree with everything Forexia has said above. Two questions ... (asked for their implications, in the hope they'll be helpful, more than for answers) ... 1. Do you know that your trading method/system has an edge? That's to say: do you have written results for 200+ consecutive trades on demo, from which you can work out both (a) the net profit and (b) the profit factor over those trades? (I'm not suggesting you should post them here, but the "correct answer" would be yes). 2. What's the maximum proportion of...
A huge thumbs up for that post Xela.
  • #16
  • Sep 16, 2015 6:13pm Sep 16, 2015 6:13pm
Hi Tony, all the things other traders said are true. But my advice would be, since you are now probably going back to demo, try and trade without a trading plan first ( by this I mean don't just find a system on FF and try to copy it) start trading like you think it would be the best for you, and once you find something that more or less work for you and makes you comfortable, start and build your trading system around it, until you are comfortable with your system and you know how and why it works

Best regards and good luck
  • #17
  • Sep 16, 2015 7:34pm Sep 16, 2015 7:34pm
Quoting Forexia
2) And then to get over the discipline problem, try to code your trading system in the platform and let the computer trade it for you. That way, your emotion will NEVER interfere with your trading and you won't have to worry as much with the discipline issue PROVIDED your trading system/strategy/plan is PROVEN in demo to be CONSISTENTLY profitable!! And if you are still losing money consistently, then it's your trading strategy/system that's the problem and you just have to keep tweaking it until you get it right. Good luck!
This is the level everyone should aim for. I don't recommend auto-trading unless every single rule can be coded which is very difficult depending on the complexity of your method but the main structure should be coded. Don't trade outside of this signals that give you the edge. I bet none or very, very few has reached this level, regardless they are profitable or not. Trading should be stress free and not forced.

Quoting Xela
{quote}1. Do you know that your trading method/system has an edge? That's to say: do you have written results for 200+ consecutive trades on demo, from which you can work out both (a) the net profit and (b) the profit factor over those trades? (I'm not suggesting you should post them here, but the "correct answer" would be yes).

Knowing this info is not good enough, slightly better than rookies. You need more than this and I m not posting them here.

2. What's the maximum proportion of the funds in your account that...
Sounds logically correct but not exactly correct. Openly declaring 1% and 2% as alarm ringer works for you and your circumstance. Definitely does not work in every single situation, just calling that out.
  • #18
  • Edited Sep 17, 2015 1:54am Sep 16, 2015 7:44pm | Edited Sep 17, 2015 1:54am
Quoting skyway
{quote} This is the level everyone should aim for. I don't recommend auto-trading unless every single rule can be coded which is very difficult depending on the complexity of your method but the main structure should be coded. Don't trade outside of this signals that give you the edge. I bet none or very, very few has reached this level, regardless they are profitable or not. {quote} Sounds logically correct but not exactly correct. Openly declaring 1% and 2% as alarm ringer works for you and your circumstance. Definitely does not work in every...
The logic of Xela's statement lies in the need to not think...but know whether your system has a statistically valid edge. I am a lot less generous than Xela and would demand that the only way to quantify an edge statistically is to:
A) Have fully automated rules that ensure that exact observance to those rules is enforced. That way you can validate the system without falling into the trap of any associated human biases;
B) A system that has been comprehensively tested across as wide a variety of market conditions as possible which necessitates a very long backtest horizon possibly of 15+ years duration;
C) A system that has been tested and validated against a diverse range of instruments which also provides an indication of system robustness; and
D) A system that has been tested using walk-forward testing for perhaps 10 years which reduces the possibility of curve fitting.

Once these tests have been performed the logic of Xela's trade risk statement makes perfect sense. Trade risk on a diversified portfolio ideally is as low as possible to enable broad product diversification within capital constraints which is your ultimate risk management weapon and the method to manage volatility.
  • #19
  • Sep 16, 2015 7:49pm Sep 16, 2015 7:49pm
Quoting Copernicus
{quote} The logic of Xela's statement lies in the need to not think...but know whether your system has a statistically valid edge. I am a lot less generous than Xela and would demand that the only way to quantify an edge statistically is to: A) Have fully automated rules that ensure that exact observance to those rules is enforced. That way you can validate the system without falling into the trap of any associated human biases; B) A system that has been comprehensively tested across as wide a veriety of market conditions as possible which necessitates...
Your yardstick is more complete. Xela is a little above the rookie and that's what I said. It's not about generosity, it's about what's needed before any rationale conclusion can be extracted from it.
  • #20
  • Sep 16, 2015 8:43pm Sep 16, 2015 8:43pm
Supertony,
Super - just my two cents - your profile shows you joined FF this year. If that is so you are about 4 - 5 years too early to expect to be successful. Successful trading is like getting a masters degree. First years of university are laying the foundation, the last couple years are where you learn anything meaningful - to refine and develop a working and profitable plan. Most of what you read in the forums about trading including FF is all bull shit. Dont use robots to enter trades, only to close trades. Dont trade short time frames - trade one hour and up. Keep in mind world affairs as that is what moves the market. Dont trade the news - only after the news. Try to join a trend. Demo trade for about 3-4 years until you can grow your account 5 to 10% per month. Look for optimum trades a few times a week. Finally your profile says you are a student. My best advice is get a degree in something rewarding, i dont mean financially, but helping people such as a doctor, or helping save mother earth - she needs all the help she can get. And finally, quit trying to trade. I am an old fart, had several businesses, and this is the hardest thing i have ever tried to do because it just doesnt make since. Price goes up when it should go down. And like Forexia says, dont trade with brokers with leggy broads on their front page. You got to laugh. Who would take them serious?
Good luck out there, JJ
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