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Are you in trouble as a trader?

  • #21
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  • Jan 4, 2017 9:04am Jan 4, 2017 9:04am
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  • #22
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  • Jan 4, 2017 9:23am Jan 4, 2017 9:23am
ok true story

around the time i first started trading in late 2006, my wife and I had a party with some relatives

during that party, my wife (of few months) made comments about how i lose money in forex just in jest..

but i took that comment to heart.

after the party she was asking why i'm so quiet (my usual response to being pissed). Then i told her why. during hte conversation, i got so mad, i took the remote and threw it at the TV. She got so scared that she ran into the bedroom. I guess I spooked her since we don't really know each other that well just living together few months.

And 10 years later, i can still count on one hand moments she made stupid comments about my trading, but now i'm more in control and don't overreact. So forex did and will continually impact my life. I take it very seriously to the point that i do get into fights aobut it with the wife.

ps.
She doesn't do as much commenting now that I have started to pay for her expenses with forex...in fact i even jokingly say that i want to quit forex, but she would object it very much...

women....
Working towards CME membership
  • #23
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  • Jan 4, 2017 9:31am Jan 4, 2017 9:31am
Quoting mrhigurashi
Money can always be made again, and money is not that hard to make at all. Its all up to what you are prepared to do and go through in pursuit of it.

"Money wound is not lethal"
LDFX Trading Ltd
  • #24
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  • Jan 4, 2017 10:45am Jan 4, 2017 10:45am
Not at all, the only trader that doesn't take proper knowledge and improve their skills, would be in trouble while trading with Forex.
  • #25
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  • Jan 4, 2017 11:37am Jan 4, 2017 11:37am
Trading requires the same organizational skills any business requires, skills many people don't have when they first go into trading. If a person is lazy, disorganized, erratic or reckless in any aspect of their lives, then they will probably make terrible traders. One thing a person cannot afford to be in trading is any of these. Traders have to be disciplined, methodical, calculating and in control, all the time...successful participation in the markets requires no less.

Anyone out there losing simply has to sit down and analytically work through, step by step, why this is so. It may boil down simply to not having enough knowledge and experience of price movement, or it may be something deeper, more psychological. Whatever reason it may be, the solutions are there, they just need to be identified and addressed, one by one. Failure to do this whilst carrying on trading will just lead to more losses and further frustration.

As the 19th Century German philosopher Friedrich Nietzsche once wrote, " Out of chaos comes order ", but you have to identify and remedy the chaos first.
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  • #26
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  • Jan 4, 2017 12:38pm Jan 4, 2017 12:38pm
If it were simple, it would be easy, the truth is that it is really rudimentary and it becomes very difficult. "for all"
Good trades
  • #27
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  • Jan 4, 2017 12:59pm Jan 4, 2017 12:59pm
Currently at the bottom ... been struggling for years. figure i probably do have a gambling problem but cannot see any scenario where i can "regain" my "standing" in life without trading forex. it's one of those things i would change if i could change an action from my past. anytime a discussion regarding "money" comes up within the family, it nearly causes me a panic attack and makes me focus more on forex [assuming i still have capital to trade with] in an attempt to recoup my losses [which will probably never happen].

as logically as I can look at my situation, it doesnt sit well with me to do nothing and try to "earn" enough money via my day job to pay off my debt and earn enough to support the family.

so there are people in the exact situation you mention here ... whether or not they speak up is a different story.
  • #28
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  • Jan 4, 2017 1:28pm Jan 4, 2017 1:28pm
Quoting kasper
Currently at the bottom ... been struggling for years. figure i probably do have a gambling problem but cannot see any scenario where i can "regain" my "standing" in life without trading forex. it's one of those things i would change if i could change an action from my past. anytime a discussion regarding "money" comes up within the family, it nearly causes me a panic attack and makes me focus more on forex [assuming i still have capital to trade with] in an attempt to recoup my losses [which will probably never happen]. as logically as I can look...
We're hearing you Kasper, and I for one feel for your predicament, really. You might want to let us know exactly what you consider the problem to be...you know, your strengths, weaknesses, that sort of thing, so that one of us might be able to offer some piece of advice or encouragement which may help you. You're not alone pal, just remember that, and in trading as well as in life, it is never too late to turn things around.
  • #29
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  • Jan 4, 2017 1:56pm Jan 4, 2017 1:56pm
Inserted Video


You know, sometimes in life a little bit of perspective does wonders. No matter how bad things may seem from time to time, as long as we have our health, our freedom, our loved ones and our friends, we really do have everything, it's just that the demands and pressures of this ridiculous rat race we all live in make it seem like we have to run faster and faster just to stay in the same place. Sometimes we need to step back, take a deep breath, look at what we've got, and just be thankful we have what we have. Amen.

I put this vid together a couple of years ago, don't really know why, perhaps just to celebrate life and remember those who were not as lucky as we are.
  • #30
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  • Jan 4, 2017 7:35pm Jan 4, 2017 7:35pm
Quoting cat
https://www.youtube.com/watch?v=TMEbPVvHTjE You know, sometimes in life a little bit of perspective does wonders. No matter how bad things may seem from time to time, as long as we have our health, our freedom, our loved ones and our friends, we really do have everything, it's just that the demands and pressures of this ridiculous rat race we all live in make it seem like we have to run faster and faster just to stay in the same place. Sometimes we need to step back, take a deep breath, look at what we've got, and just be thankful we...
 
I did share my story a couple of times. It is somewhere in the forum.  Left 2 times and here I am again. I agree for most it is a gambling problem.  I went to counselling when i was about to get a huge loan to go short on aussie after I failed many times to get the right time to do so. It finally went down hill but it was too late I was broke. 
 
I don't think long term positions make money through trading unless you buy an etf which at least does not kill you with interests and margin calls. Of course it only works if you don't enter at a point of no return  for example long eur before of trump win. 
 
My main issue nowadays is that I can see good short term trades which are the only ones really achievable if you practically use no leverage but I get scared and miss them. I was about to go long pm aussie before trump won and thank God I did not so that would have wiped out any gains 
 
My goal is to make 10 pips a day. Still cannot achieve that. I only believe in price action and supports and resistance.  All other indicators are Bulls hit too me. They all fail too often to be reliable. I studied many systems... all crap. 
 
So lost a lot and hear I am still alive but poorer 
  • #31
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  • Jan 4, 2017 7:38pm Jan 4, 2017 7:38pm
By the way I  opened threads to try to form an army of traders with the goal of trading successfully using the simple logic that many people think better thanow one. And if there is no consensus we don't enter a trade 
 
  • #32
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  • Edited 3:43am Jan 5, 2017 2:42am | Edited 3:43am
Quoting thewriter30
{quote} I did share my story a couple of times....... My goal is to make 10 pips a day. Still cannot achieve that. I only believe in price action and supports and resistance. All other indicators are Bulls hit too me. They all fail too often to be reliable. I studied many systems... all crap. So lost a lot and hear I am still alive but poorer
Thanks for your input thewriter30. It's difficult for me or anyone else I think to know what you're doing wrong from what you've written. I agree with your point about keeping time periods short, but really, 10 pips a day should be achievable provided you really zone in on the smaller time frames ( 10, 20 seconds ) using the bigger ones 1m and above, ie, 1m, 3m, 10., 30m, to give you your S&R and the overall intra-day picture. Aslo you say that all indicators are crap, that only S&R works, but you are failing to achieve 10 pips per day. What about trendlines, pivots, moving averages, fibonacci, candlestick formation...are these all crap do you think. Also, people think in terms of systems, but the markets don't like systems because they do their own thing, so any system that we do have cannot be too rigid, it has to be very flexible, more of an accumulation of knowledge in our own minds than a ' system', so that you recognize what you see when you see it and act accordingly.

Anyhow, I wish you luck, and don't give up unless you know you must, there is always a way, it is just a ? of finding it, and this process varies from individual to individual.

Also, if you see a good opportunity, don't get scared, go for it with a SL you can afford, otherwise, what's the point of trading if you're going to get scared all the time...you'd be better off getting a job as a gardener

Check out my ' Trader's Academy' thread, you might find stuff on there to help you.
  • #33
  • Quote
  • Jan 5, 2017 5:48am Jan 5, 2017 5:48am
Quoting thewriter30
{quote} I did share my story a couple of times. It is somewhere in the forum. Left 2 times and here I am again. I agree for most it is a gambling problem. I went to counselling when i was about to get a huge loan to go short on aussie after I failed many times to get the right time to do so. It finally went down hill but it was too late I was broke. I don't think long term positions make money through trading unless you buy an etf which at least does not kill you with interests and margin calls. Of course it only works if you don't enter...
Thewriter30, donīt think in pips.
Think in percentage and risk/reward.

Have a good 2017
"You may say I am a dreamer .... but I am not the only one."
  • #34
  • Quote
  • Jan 5, 2017 6:02am Jan 5, 2017 6:02am
Quoting thewriter30
By the way I  opened threads to try to form an army of traders with the goal of trading successfully using the simple logic that many people think better thanow one. And if there is no consensus we don't enter a trade   
Dear first of all don't target 10 pip it is difficult because of market noise but you're target should be 25% average pip of daily move then adjust your lot size accordingly.
Also indicator's are crap only moving average some reliable but not 100% .
Adopt a trading style and trade according to that.
No emotional trading.
Consistency is the key.
Better to test on demo for a week.
Cheers..
Trade fearless not careless...
  • #35
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  • Jan 5, 2017 6:23am Jan 5, 2017 6:23am
A quick word on moving averages, and I've written about this on my other threads so i'll be brief here. In my opinion they are the most underestimated tool that you can have, and when I hear someone say that they are lagging so cannot be relied upon, or they are only accurate some of the time, it is clear to me that this person does not know how to use them. As with all indicators, they only work in combination with others, by which I mean other moving averages and other indicators such as fibonacci, MACD, trend lines etc. You cannot hope to put one moving average on a single time frame and have it aid you trading, because this is not how they work. They work as a team, as all indicators do, so that not just one MA gives you a signal to trade, but a combination of them on the selected time frames in the correct sequence. Just buying or selling when A crosses B is next to useless because A & B may be in a position on a higher time frame to nullify this cross. I know it sounds complicated, and it is, but who said trading was simple? If it was, we'd all be millionaires. The markets are a puzzle which have to be solved, and they can be solved, but doing so takes a lot of time and diligence, and this must never be underestimated. Indicators are there to help you, not hinder you, but they have to be understood and used in the correct way.
  • #36
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  • Jan 5, 2017 6:37am Jan 5, 2017 6:37am
Trading is Gamble = Yes
Trading isn't Gamble= Yes
Traders only loose money = Yes
Trading makes money=yes

Whatever it is , I love to Trade . It's not possible to make anyone trader by saying few lines, it needs huge waste of time and money. So trade at your risk.

P.S:- Nice topic Cat.
Never Gamble Forex
  • #37
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  • Jan 5, 2017 7:22am Jan 5, 2017 7:22am
Forex is a really tough game
You are up against the brightest people, there is so much to know
Monthly flows, levels, bonds, geopolitical stuff, economic indicators, pivots, candlestick patterns
For me the easiest traders are where you have a large miss or a large beat on an economic indicator that Central Banks are really focused on.
Or where a head central banker or head of state says something that is at odds with their current position

For instance last month or it could have been November- Theresa May gave her first pro business Brexit speech. Cable up to that point had dropped the previous 5 day. So we had a head of state now supporting business and an oversold position on Cable. I think Cable rallied 350 pips over that week
In October we had poor Aussie employment figure. employment is the one thing that Lowe considers important. The Aussie had rallied up to a resistance level prior to the figures being released. I think it dropped 150 pips that day.

For me its really important to map out all of the various levels - support/resistance, previous days highs lows, opening of previous sessions, 4pm fixes, and daily pivots, 00 levels. This way I know where I am


my 2 cents
Hope that this helps
  • #38
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  • Jan 5, 2017 7:29am Jan 5, 2017 7:29am
Quoting Fader123
Forex is a really tough game You are up against the brightest people, there is so much to know Monthly flows, levels, bonds, geopolitical stuff, economic indicators, pivots, candlestick patterns For me the easiest traders are where you have a large miss or a large beat on an economic indicator that Central Banks are really focused on. Or where a head central banker or head of state says something that is at odds with their current position For instance last month or it could have been November- Theresa May gave her first pro business Brexit speech....

Forex isn't that tough...people just make it sound far more complex than it needs to be.

You aren't "up against" anyone. It's a market and you trade it.

FFS, get this BS out of your head. "It's a war!" "They're out to get you!" "You have to fight a tough battle against the banks!" What a load of nonsense.

You don't have to know monthly flows or levels or bonds or geopolitical stuff, or economic indicators or pivots or candlestick patterns. Don't make it sound so bloody complicated

As for your "2 cents" - No, this is the same sort of FUD that gets thrown around here all the time and I'd like to see a hell of a lot LESS of it.
  • #39
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  • Jan 5, 2017 7:44am Jan 5, 2017 7:44am
I'm in a little a trouble right now

So I got a 60 lot short opened in GBP/USD but the recent UK PMI service hit 17 month high. Should I close my order now to prevent further loss? If I do I lose about 100 dollars. Or is the news still not enough to break down trend and I should keep my order?
  • #40
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  • Jan 5, 2017 8:07am Jan 5, 2017 8:07am
[quote=Fader123;9406772]Forex is a really tough game You are up against the brightest people, there is so much to know Monthly flows, levels, bonds, geopolitical stuff, economic indicators, pivots, candlestick patterns For me the easiest traders are where you have a large miss or a large beat on an economic indicator that Central Banks are really focused on...... "

Very much appreciate your input Fader123, but that's nonsense. Everything you need to know to make money as a trader is on the screens in front of you if you know how to find it. The rest of it, bonds, what the banks are doing, geopolitics etc has no bearing on the decisions an intra-day retail trader ( which is what most of us are ) makes whatsoever, it is al noise and should be disregarded totally by traders like us who are out to capture between 20-100 pips or so on any given day. I've had two trades on Dax today, one long and the other short, 30 and 43 pips respectively. Do you think I was worried about how much brighter other traders are than me, bond yields or the Syrian ceasefire when I put on those trades? Of course not, I had technical signals to enter positions and I did so and that's all there was to it.

This is not to say we shouldn't keep abreast of what is happening in the world or be aware of what other relevant pairs or indecis are doing as part of the broader picture, but for trading decisions there is only one thing that matters, and that's what is happening on our charts.

Thanks for your 2 cents all the same, all input is appreciated as long as it's constructive.
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