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Honestly frustrated with trading forex

  • #21
  • Sep 16, 2015 8:48pm Sep 16, 2015 8:48pm
Don't worry, comrade.

When you've lost all money in the account. It's time for you to sit back. Think about what happen. And think about what could you have done differently.

Think about what you expected from the action that make you blew your account.
Then if you might have done to have another effects.

I lost too. I blew up 18 times of mini account.

I need only one win.

Regain your strength. And act differently from the past to get the better result.
Holy grail, pls pm
  • #22
  • Sep 16, 2015 9:12pm Sep 16, 2015 9:12pm
Quoting SuperzTony
The forex market is just too unpredictable or am I just too undisciplined, as I lost my account once again.
It's a been a tough week this week and last week. I've had a few large losses myself!

Start on demo again mate. Practice on an ECN account.
Practice for a week and see how your results are. If you're still blowing your demo accounts, refer back to your trading journal (if you don't have one, now is the time to start one) and record all your trades down. If you lose, look back over your trading journal notes and try and understand why you took the trade, why the market moved against you and why you stayed in the losing trade.

PS: What timeframe are you trading?
  • #23
  • Sep 16, 2015 11:03pm Sep 16, 2015 11:03pm
Quoting JumpJack
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 -...
Some very good points here. Also I would add is have a soft daily target. For example 1% daily gain. And record your progress on an excel. Your goal is to gain 1% daily. Stops trading once you reach your daily goal. And have a max day loss %. For example 5%. Use the power of compounding, adjust your lot sizes accordingly once you are actually profitable. When you are on a losing streak, reduce your lot sizes.

Also look at what successful trades are/were trading. Oanda has a pretty good tool showing most successful trades in past 24 hours on its book:
http://fxtrade.oanda.co.uk/analysis/...ers-statistics
  • #24
  • Sep 16, 2015 11:17pm Sep 16, 2015 11:17pm
Quoting piptime
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.
Hey man,thanks for the advice, I am currently following forexia's advice and doing a demo account to test my trading strategy again. Think I need to take a break and reflect upon what I did on all my trades in the past.
  • #25
  • Sep 16, 2015 11:19pm Sep 16, 2015 11:19pm
Quoting Nabz
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.
Will take the advice of reducing the pairs I am trading. maybe following too many pairs at the same time is really bad for trading as you might lose out on some opportunities happened at the other pair while you looking at another one.
  • #26
  • Sep 16, 2015 11:33pm Sep 16, 2015 11:33pm
Please not FXCM.
Their leverage is fixed 100:1

I have been in your situation in fact I'm still losing in total, if your are newbie..that is normal.
Just keep trying and learn the candlesticks, most importantly don't stay looking at the chart for 24hours.
For beginner try with small amount.
  • #27
  • Sep 16, 2015 11:55pm Sep 16, 2015 11:55pm
Am I seeing this right:

GBP/USD Buy 1.5513 1.5498 13 hr ago -32.7% -15 pips

it's a 32% lost on 15 pips ?
  • #28
  • Sep 17, 2015 12:29am Sep 17, 2015 12:29am
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
Poor execution would not make you unprofitable unless you scalp. Poor execution can be product of broker scalping. When you and broker scalp against each other, broker would obviously have an upper hand since it has pricing power and interest in closing trades at least flat. Two of you would compete for little to no meat. For swing trades poor execution can only dent performance.

Certainly try another broker, but most likely explanation for your misery is found in you having no skill.
  • #29
  • Sep 17, 2015 1:52am Sep 17, 2015 1:52am
And for those of you who are re-evaluating or building a trading system ALREADY in codes, Ninja Trader provides a very good backtest facility called Strategy Analyzer that allows you to backtest your strategy for data that goes as far back as in the database. And the backtest is quite accurate and is very informative with detailed analysis of your trading performance. But you have to code the system in C# in Ninja Trader first which is not difficult to do. Ninja Trader has a good collection of widely used indicators that you can use.

Remember what my FF signature says. Good luck!
Make your losses in demo. Earn your profits live.
  • #30
  • Sep 17, 2015 2:29am Sep 17, 2015 2:29am
Quoting Forexia
{quote} 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
If you live in the UK, why would you trade Forex when you can do Spread Betting instead which is TAX FREE in England? Please correct me if I'm wrong, but I can't see any reason to trade Forex if you're UK based. DF Markets is a safe broker to get you started, I repeat.... tax free! What's not to like?
  • #31
  • Sep 17, 2015 3:28am Sep 17, 2015 3:28am
Quoting Mingary
Am I seeing this right: GBP/USD Buy 1.5513 1.5498 13 hr ago -32.7% -15 pips it's a 32% lost on 15 pips ?
Exactly what I meant by my post on the first page which everybody else seems to be totally missing. He had a gain of 1000% on 8 pips on September 11th. I don't care how good the strategy is, how good the broker is, how brilliant a trader someone thinks they are, to have those huge losses and gains on tiny amounts of pips will wipe anyone out in no time at all.
  • #32
  • Sep 17, 2015 3:43am Sep 17, 2015 3:43am
Quoting lastingwell
{quote}Exactly what I meant by my post on the first page which everybody else seems to be totally missing. He had a gain of 1000% on 8 pips on September 11th. I don't care how good the strategy is, how good the broker is, how brilliant a trader someone thinks they are, to have those huge losses and gains on tiny amounts of pips will wipe anyone out in no time at all.
That's WHY he's going back to the drawing board demo'ing right now.
Make your losses in demo. Earn your profits live.
  • #33
  • Sep 17, 2015 4:18am Sep 17, 2015 4:18am
my advice after seven years trying to short term trade forex: don't bother with this ... it's not worth the time and effort ... just one long and frustrating road which someone in my trading group now best descibes as 'degenerate gambling' ... we all washed out and it wasn't for lack of intellect I can assure you ...
in fact of the hundred of traders I have know over the years only a handfull are still working in this business (they are banktraders now even though they used to work for themselves at one time) all the rest cut their teeth trying to do this ... a lot of one year wonders in trading and a lot of bravado always there (even if they were losing)

Much better spend your time investing in classical stuff using fundamentals having tons of patience ... aiming for realistic returns of about 6 to 15% a year in the best case on average ...
  • #34
  • Sep 17, 2015 4:19am Sep 17, 2015 4:19am
I'm in the same situation, but not with this broker reason. I have a small real account but I'm afraid to use it. I am using the demo accounts 1.5 years. I blew a lot of them. I'm doing my homework, I am constantly working, reading threads at ff. Trade made simple, Udine's strategy, X-man etc. But I can not be successful. Also my english is sucks, but i am trying to learn. Please send me suggestions and you use a system that is successfull. Now I want to succeed in this system worked very well. But I do not know where to start again. I think I've lost my way. Excuse for my english.
  • #35
  • Sep 17, 2015 5:33am Sep 17, 2015 5:33am
Quoting Paqe
I'm in the same situation, but not with this broker reason. I have a small real account but I'm afraid to use it. I am using the demo accounts 1.5 years. I blew a lot of them. I'm doing my homework, I am constantly working, reading threads at ff. Trade made simple, Udine's strategy, X-man etc. But I can not be successful. Also my english is sucks, but i am trying to learn. Please send me suggestions and you use a system that is successfull. Now I want to succeed in this system worked very well. But I do not know where to start again. I think I've...
yes, this is a typical story ... I have seen this happen to several of my online friends over and over again ... each time setting their hope on finding some system that would get them out of their shit ... sometimes people had good results for months on end untill stuff suddenly stopped working ...
all this time we could have been working at a proper job and saving that additional income ... in the end that would have been a huge savings in time, money and effort ...

How do I approach things now ?
I now have 85% of my funds in multi-assetfunds that are actively managed worldwide, these tend to be low volatility and having low downside risk while still providing reasonable returns. Even in disaster years like 2001 and 2008 these kinda funds did quite reasonable considering the circumstances. I am up over 5% in these over the last year. I try to add money consistantly every month to my portfolio. I spread over seven funds since not one fund has the exact same strategy. Spreading your assets is about the only free lunch you got when it comes to investing. No individual stocks for me as these tend to lack visibility for me and even with 20 lines you risk is too big.
DNCA Invest Eurose Class A
Deutsche Invest I Multi Opportunities
DNCA Invest Evolutif Class B
Blackrock Global Funds Global Allocation A2
Flossbach von Storch - Multiple Opportunities
First Eagle Amundi International Fund Class AE-QD Shares
Franklin Global Fundamental Strategies EUR A ACC
I just entered a position of about 10% of my portfolio in Templeton Asian smaller companies. PE is about 11, long term expected growht of the shares is about 19, giving PEG-ratio of about 0.6.
I still think USA equities are not really cheap, Europe is reasonable and I am about to buy an DAX-ETF if we would see 9900 there again as a proxy for Europe for about 5% of my portfolio since I think stocks will be supported by QE here for the next coming nine months. I would sell those again if we would reach the old time highs of 12400.

For the record: I used to be a stockbroker for over 10 years, and traded options as a semi off-floor marketmaker for over five years mainly trying to arb the greeks (now that was a business: almost everyday I ended with a nice consistant profit ! not a gamble ... penny spreads and cancellations costs ruined that game for me ...)

all the talk about technical analysis is one big joke if you ask me now wich hardly can stand the test of any form of statistical testing ! although I admit some moving averages could help you to get out of a long term trending positions in some cases ...
  • #36
  • Sep 17, 2015 6:03am Sep 17, 2015 6:03am
Quoting Paqe
I'm in the same situation, but not with this broker reason. I have a small real account but I'm afraid to use it. I am using the demo accounts 1.5 years. I blew a lot of them. I'm doing my homework, I am constantly working, reading threads at ff. Trade made simple, Udine's strategy, X-man etc. But I can not be successful. Also my english is sucks, but i am trying to learn. Please send me suggestions and you use a system that is successfull. Now I want to succeed in this system worked very well. But I do not know where to start again. I think I've...
1) Do NOT blindly copy other people's trading system. You can read them and get some ideas from them but NEVER copy them. Not all published trading system works and/or works for you. You need to develop your own trading system because everybody trades differently with different style.

2) Study your trades CAREFULLY to see WHY they lose AND why they win. Do they lose because of your entry (too soon? too late?), your exit (too soon? too late?), not sticking with trading plan too much emotions, not knowing what to do because the situation is not covered in your trading plan, market situation changed and trading plan no longer applicable, risking too much in a trade, risking too little in the trade, trading during too volatile of market times or too quiet of market? The broker executing your trades too late or took out your stop-loss with a fake price that didn't exist (you need to look at multiple brokers to see this)? Or the broker widened the spread, the difference between bid and ask too much? If you profited from a trade, you also need to analyze them. WHY did you make money? Was it luck? Or was it because you traded according to your trading plan? Only when you find out what's wrong with your trading then you can find solutions to solve the problems. If you don't find the problems, then you won't be able to find solutions for them.

3) Once you find out the reason why you lost money AND why you made money then you can make adjustments accordingly. If you noticed it's the broker's problem, then you change the brokers. There ARE brokers that cheat and try to make the trade lose money so they can win because they are on the opposite side of the transaction. I don't know who's your broker and maybe your broker is the problem. If it's because you are risking too much or too little on each trade, then you need to look at how much you invested, the margin policy and try to decide your comfort zone in how much you are comfortable in losing and make changes accordingly. Thirdly, if it's the trading issue, then you need to study your trading plan more carefully and try to improve it to solve the problems that you noticed.

Trading CAN BE profitable! It takes time and patience but it IS doable!! Good luck!!
Make your losses in demo. Earn your profits live.
  • #37
  • Sep 17, 2015 6:22am Sep 17, 2015 6:22am
Quoting Forexia
{quote} Trading CAN BE profitable! It takes time and patience but it IS doable!! Good luck!!
I highly doubt if it can be done consistantly for a longer term without any big drawdowns ... a.k.a. anything resembling a business I have seen too much de facto proof of the contrary and those claiming to be profitable not wanting to show any proof of it (a trade explorer would be nice to back up your claims).. so yes I highly doubt it's worth the effort to take this up as a fulltime job ...
I have known some impressively intelligent people (phd-level) putting immense effort into this following similar advice to no avail ...
The only place I see some room left is most likely automated trading over several instruments using several different strategies ... but good luck with that ...
still leaves you with plenty of time to fund yourself by taking up a normal job in the meantime ...
  • #38
  • Sep 17, 2015 7:40am Sep 17, 2015 7:40am
IT happens with every trader...just keep on doing it...one day you'll learn how to do it..
When Scalpers win, I lose and Vice varsa...
  • #39
  • Edited 8:10am Sep 17, 2015 7:59am | Edited 8:10am
Quoting cvds16
{quote} I highly doubt if it can be done consistantly for a longer term without any big drawdowns ... a.k.a. anything resembling a business I have seen too much de facto proof of the contrary and those claiming to be profitable not wanting to show any proof of it (a trade explorer would be nice to back up your claims).. so yes I highly doubt it's worth the effort to take this up as a fulltime job ... I have known some impressively intelligent people (phd-level) putting immense effort into this following similar advice to no avail ... The only place...
No matter what your credentials, real or made up, all you are saying in your long posts is "it did not work out for YOU".

You could have said that in one simple sentence.
  • #40
  • Sep 17, 2015 8:09am Sep 17, 2015 8:09am
Quoting cvds16
I have known some impressively intelligent people (phd-level) putting immense effort into this following similar advice to no avail ...
Reminds me of this bit from the Sperandeo interview from New Market Wizards:

'One of the people I trained was a genius. He had a 188 IQ, and he was on "Jeopardy" once and answered every question correctly. That same person never made a dime in trading during five years...

... If intelligence were the key, there would be a lot more people making money trading.'
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