I plan to quit forex! | Page 54 | Forex Factory

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I plan to quit forex!

  • #1,061
  • Jul 28, 2017 6:57am Jul 28, 2017 6:57am
It's good to have the determination to do that. Trading is really very difficult to get good at. It is literally a money draining activity if you are not consistently profitable (though you can still demo or trade small)

Most 'rly bad' traders will only consider quitting when they reach the point where they have lost huge amount of money over years at end.

Even so... a lot of users/traders here will be uncomfortable with the topic that you brought up - some are still trying hard at trading. They will say things like it's possible to succeed with good strategy, risk management and stuffs everyone knows (because that is what they choose to believe - and it's that belief that keeps them continuing trading despite difficulties and setbacks). No one is right or wrong. It's just contrasting beliefs between a person who gave up and a trader who believe he will be able to find a way to succeed.
'For the market to work, it needs people who think that they can beat it.'
  • #1,062
  • Jul 28, 2017 7:51am Jul 28, 2017 7:51am
Your reply to the one who wants to quit is respected but not necessarily encouraging. Back in 2008/9, before any of us learned how to read a chart, 63 of us got lucky by going long the EURUSD and made quite a bit of money. But then the market turned and some lost even borrowed money. I am the only one that stayed on and over the last 6 years have lost (several hundred thousand) and also gained , while spending countless hours learning, writing out plans, revising them, listening to advice from the various self-proclaimed gurus, trying this and that, but holding to the belief that if others can do it, I can too. After all, studying to be a surgeon takes a lot of time, money and effort, but how many give up midstream?

it is not a mistake to try forex, or to stay with it. The mistake is that people trade real money before determining, in a practice account, that they have mastered a method that is 85% profitable, or better. They could do this for years, while continuing to learn, but greed and misinformation gets the best of them, as it did me too. Now I am gaining back what I lost and will eventually be entirely on the gain side, but it was not easy.
Also, you must enjoy it. for me, it is in my blood now, and I cannot imagine not trading. I have a trading setup in the US and another one in Europe and even place an occasional trade at a hotel or at the airport.

I hope to encourage you and others to take the correct attitude toward this discipline, and discipline it certainly is.
  • #1,063
  • Jul 28, 2017 3:30pm Jul 28, 2017 3:30pm
Quoting mlawson71
{quote} I don't completely agree, I think. What you are describing is driver error which can often be proven after an investigation. Bad luck would be for one's car to be randomly crushed by falling debris from a building or whatever scenery you're driving near. The same applies to trading - one's mistakes as a trader, be it lack of knowledge or lack of discipline, aren't bad luck, as they were preventable. A random spike in the price over which you had no control whatsoever would be bad luck. That's what I think, at least.
Thank you mla71. Nice reply you had
  • #1,064
  • Jul 28, 2017 4:32pm Jul 28, 2017 4:32pm
There is no force on earth known as luck, good or bad. That is superstition. If the market goes against you, as it often does, you stay in the market because you made provision to make small trades which, even though in the negative for a while, will eventually turn and make you whole again. If you have over traded, and now have to liquidate to avoid a margin call, you are reaping the consequences of prior decisions, not luck. You simply adjust your trading so that, no matter how bad things get, you have enough reserve margin so as not to take the loss, but wait it out till the price turns again. If you use multiple accounts, and small tickets, then you can let the encumbered account weather the crisis while you continue trading in the other accounts, provided that they have not also been compromised. It is really in your hands, whatever the market may do. Please think about this for a while.

I have not used a stop loss in over two years, and started making money after I made such a change. But account management is EVERYTHING.
  • #1,065
  • Jul 30, 2017 11:00am Jul 30, 2017 11:00am
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
Fx is one of the hardest market allround the globe. It will give you many tools, but you have to be very good in math of Money management to make money in longterm. For many of my friends, who quit forex is investing in stocks or indexes much more comfortable.

GL
My blog: forex-scalping.com | Exponencial money management is the key!
  • #1,066
  • Jul 30, 2017 1:16pm Jul 30, 2017 1:16pm
As I have mentioned before, there is no such thing as "luck". If you believe that luck is some kind of unidentified, vague force that works with you or against you, you have no business in any kind of financial enterprise, not even gambling. But if you can develop the attitude that, if others can do it, so can you, then you need to discipline yourself to work hard at learning. Feeling sorry for yourself and blaming the market is not an option that makes any sense.

Read everything that you can on Youtube, then read books on the subject, perhaps join a trading group that you can observe for a while, and make sure that you don't put a penny of real money at risk, until you have proven to yourself, in a practice account, that you do have a workable system that gives you more profits than losses. If you are not willing to pay the price (hard work in study and practice) then you should get out of forex and any other vehicle that requires risk-taking.
  • #1,067
  • Jul 30, 2017 3:04pm Jul 30, 2017 3:04pm
Quoting stelpm
As I have mentioned before, there is no such thing as "luck". If you believe that luck is some kind of unidentified, vague force that works with you or against you, you have no business in any kind of financial enterprise, not even gambling. But if you can develop the attitude that, if others can do it, so can you, then you need to discipline yourself to work hard at learning. Feeling sorry for yourself and blaming the market is not an option that makes any sense. Read everything that you can on Youtube, then read books on the subject, perhaps join...
Thank you. Nice post. I think join a trading group is really supportive for acquiring something new ideas and knowledge. But always have to focus to create a group by the senior traders who have real market principle.
  • #1,068
  • Jul 30, 2017 3:18pm Jul 30, 2017 3:18pm
I don't believe that it is quite as deep as you make it to be. What you want to accomplish is to get a good understanding of money management first, and then how to enter and exit at the correct times. There are many people on Youtube who have fashioned themselves as forex "gurus", but whose goal it is to get you to subscribe to their website and ultimately buy whatever they are selling, such as books, indicators, alerts, price data, expensive courses, expert advisors and the like. If I were advising a beginner I would steer him/her to the following:

1. www.babypips.com to get the basics
2. www.topdog trading.com to get some ideas on how to trade
3. A variety of YouTube articles on the use of indicators, moving average crossovers, the MACD, RSI, Fibonacci theory, Heiken-Ashi candle charts.

As you learn and practice (in your practice account only--No real money), you adjust everything you learn to your own trading style, until it all clicks into place and you have a working system. Then and only then........it does become quite easy and you can trust me on that.

If you want an idea of what I consider good money management I will be happy to share it with you.
  • #1,069
  • Jul 31, 2017 10:26am Jul 31, 2017 10:26am
We have all been there the struggles to find the system that finally gives us that steady profit.

I don't think you should give up on forex though. I believe you have been searching amiss. Loosing an account has more to do with risk management than strategy(although there are many crappy strategies out there). I will advice you to check this App out though. It reviews investment around the globe.

https://play.google.com/store/apps/d...nvestmentguide

Forex, signals EAs have already been reviewed. You can start your journey following profitable people still you can stand on your feet youself
  • #1,070
  • Aug 2, 2017 7:35am Aug 2, 2017 7:35am
Has anyone else here wanted to quit and actually quit Forex only to return to it at a later time because they realized they could've and should've given it another shot to learn? Were you more successful the second or even the third time around?
  • #1,071
  • Aug 2, 2017 2:25pm Aug 2, 2017 2:25pm
Quoting mlawson71
Has anyone else here wanted to quit and actually quit Forex only to return to it at a later time because they realized they could've and should've given it another shot to learn? Were you more successful the second or even the third time around?
Why Sir? You have a great idea to ensure good result by trading? if you have please share . I didn’t quit Fx but not profitable trader.
  • #1,072
  • Aug 2, 2017 2:50pm Aug 2, 2017 2:50pm
Quoting BenDunk
{quote} Why Sir? You have a great idea to ensure good result by trading? if you have please share . I didnt quit Fx but not profitable trader.
Please don’t mind, there is nobody who can make you profitable by providing successful trading tips. You have to learn this market place by passing a long time with great patience if you want to be profitable.
  • #1,073
  • Aug 2, 2017 3:28pm Aug 2, 2017 3:28pm
Not agree. As a newcomer you must follow a great mentor who is successful trader already. From my first day of trading I have been using Criss Capre . I always try to trade with his trading journal that I have learned. Even though, I am not successful trader but able to make profit with consistency.
  • #1,074
  • Aug 2, 2017 11:37pm Aug 2, 2017 11:37pm
Many of us have entered into the discussion about your lack of success and discouragement in forex. How about telling us what you are doing, in detail, and then maybe several people can pinpoint what you are doing wrong. For instance, how big is your account and what size tickets are you trading, relative to your account? What is your ratio of margin used versus available margin (left over) at any given time? What do you look for on a chart, that causes you to enter or exit? Are you using a Demand/Supply formula, a Support/Resistance formula, moving averages and their crossovers, expert advisors, other indicators, or do you just toss a coin and enter depending on how it lands, heads or tails? Just complaining about losing and wanting to get out does not give any of us any idea of what you are doing to cause your losses. The problem with following someone else's formula is that we are all tempted to improve on it according to our own perceptions, at which point the formula ceases to work and we wonder why.
  • #1,075
  • Aug 3, 2017 11:47am Aug 3, 2017 11:47am
Quoting BenDunk
{quote} Why Sir? You have a great idea to ensure good result by trading? if you have please share . I didnt quit Fx but not profitable trader.
I was just curious about shared experiences. I did quit Forex trading once, though briefly, and then I returned to trading, willing to learn and practice with new resolve. I did improve gradually, though I still have so much to learn.
  • #1,076
  • Aug 3, 2017 12:00pm Aug 3, 2017 12:00pm
This is addressed to the one who wants to quit forex. We have spent a lot of time discussing this with you and it is beginning to appear as though you simply want a group of people to feel sorry for you and to try to encourage you, and to offer you the Holy Grail solution.

Let's get down to simple facts. Describe to us how you have been trading, in detail, and we can then give you some practical solutions. This never ending huddle around your undefined problem, and feeling sorry for you is getting none of us anywhere. You are not being helped and we are wasting our time. One thing for certain! Forex is not for weak people, so determine who you are going to be and then let us know.
  • #1,077
  • Aug 3, 2017 2:22pm Aug 3, 2017 2:22pm
Quoting fxstaton
I have no luck in forex. Initial period I get profit, and few months all profits and capital are gone. I think I am not suitable in forex and will quit all and back to work
@fxstaton Sorry it had to be this way for you. Forex isn’t much about luck you see; else that would be demarcated as gambling. I’ve lost 100’s and 1000’s of Dollars myself, and always found a way to get back into the game. It’s about what strategy and tools work best befitting your goals.

I wish you the best of luck in your future endeavors.
  • #1,078
  • Aug 4, 2017 10:22am Aug 4, 2017 10:22am
Unfortunately, I was in the same position 3 years ago! Then I actually depended on the only technical trading tool! But, I now work on market context! Leaving Forex trading is not any solution, whatever, it's your personal decision, all the best!
  • #1,079
  • Aug 5, 2017 6:57am Aug 5, 2017 6:57am
Quoting JimmyChoo
Unfortunately, I was in the same position 3 years ago! Then I actually depended on the only technical trading tool! But, I now work on market context! Leaving Forex trading is not any solution, whatever, it's your personal decision, all the best!
Do you have any advice for people who are just beginning to learn about fundamental analysis? I am doing that now and I feel quite out of my depth.
  • #1,080
  • Oct 4, 2017 8:36pm Oct 4, 2017 8:36pm
poor guy.. oh my shit weight down
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