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The struggles of a Forex trader

  • #1
  • First Post: Mar 3, 2018 4:16pm Mar 3, 2018 4:16pm
Hello everyone,
I would like to start a thread talking about the struggles of a forex trader. I would like to know how everyone is honestly doing out there . I would like to know what trading methods are making money and trading methods that are frustrating to trade at the moment.

Everyone has a different experience while trading the forex market and I would like to hear yours. Have you had a good experience so far in 2018 or are you finding it hard to find a winning trade?

As we start sharing our experiences we can start working on how we can improve our trading for 2018.

Trading can be a very lonely job. I think its important to share the good experiences along side the bad ones.

I look forward to hearing from you.
Know your edge and trade within it
  • #2
  • Mar 3, 2018 6:40pm Mar 3, 2018 6:40pm
The vast majority of retail FX gamblers are hopeless addicts and dreamers, therefore expecting honestly, from addicts permanently locked into their pattern of denial, is pointless.

Trading methods making money? You won’t find them on here sunbeam.

Quoting fxtrader29ca
Hello everyone, I would like to start a thread talking about the struggles of a forex trader. I would like to know how everyone is honestly doing out there..

I would like to know what trading methods are making money and trading methods that are frustrating to trade at the moment...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #3
  • Mar 3, 2018 7:48pm Mar 3, 2018 7:48pm
Quoting Spreadbetter
The vast majority of retail FX gamblers are hopeless addicts and dreamers, therefore expecting honestly, from addicts permanently locked into their pattern of denial, is pointless. Trading methods making money? You won’t find them on here sunbeam. {quote}
As much as I would like to condone the tone used. I'd have to agree with him.

Lurk on this forum long enough and you will realise that some things in the retail trading community will simply not die. The same questions will be asked, the same answers will be preached, the same(or a slight variation) strategies and principles will be taught, the same egos will still persist, the same mindset still exsists, the same mistakes will be made, the same ideologies will be defended, the same characters will be worshipped.

It is unfortunate as if one were to actually read through previous posts on ff and think critically, one would notice instantly that the mistakes are all the same, and can be easily avoided by learning from history.
But the greed and need of instant gratification of retail traders had led most to go down the same path as their predecessors.

And that is our fatal flaw. The thinking that we could take the same approach and expect different results.

If only us retail traders can take a step back, and assess the content generated on this forum critically. Not simply accepting anything and everything posted as fact. Maybe then will we have a chace to progress as a community. But I highly doubt that will happen anytime soon or at all. For there are certain forces so strong that it blinds us from the obvious.
I look for value wherever it can be found
  • #4
  • Mar 3, 2018 8:54pm Mar 3, 2018 8:54pm
Quoting Spreadbetter
The vast majority of retail FX gamblers are hopeless addicts and dreamers, therefore expecting honestly, from addicts permanently locked into their pattern of denial, is pointless. Trading methods making money? You won’t find them on here sunbeam. {quote}
Ofc there are plenty of trading methods that can make money here BUT all of them are not robust enough to sustain overall profit becos either it is a martingale method or a scalping method with a incredulous RRR that even if the winrate is 80% they will still lose money in the end. Almost all systems vendors depend on this type of methodology to sell their wares to lesser informed traders.
This is why there is always great polemical debates amongst traders as to whether forex traders can actually make money. Apparently and regrettably most trader are sold on this 'profitable' method but the more experienced and wiser ones will know otherwise.
I have personally not known or seen any traders here using the same method which I personally used which generates a win rate of greater than 65% with a minimum RRR of 2X.
I have to admit that I suffered the same delusion about 'profitable' systems but due to my business backgrounds and previous dealings with currency exchanges I was fortunate and quick to realise the fallacy and fragility of those methods and have since developed my own method based purely on PA within the respective currencies price structures modelled by my country CB. I have not looked back since.

Cheers
GS.
  • #5
  • Mar 3, 2018 9:12pm Mar 3, 2018 9:12pm
I was struggling as a forex trader until I realized and accepted that “trading is gambling” on a trade-by-trade basis ...
So I learned how to gamble “properly” by having a predefined risk/reward and references ..
Market is not random but unpredictable
  • #6
  • Mar 4, 2018 2:43am Mar 4, 2018 2:43am
hi im new here... just want to share how i set my trading strategy, i only use simple moving average 1 shift -26( its a chikou span or line chart) to look for snr , hi low , rbs sbr , on daily tf. if let say on daily chart its so much wave so i will go to weekly chart to find clear wave, i only mark sharp edges of sma1, or a broken sharp edges(breakout level or sbr rbs) i only set pending sell/buy limit order. and just let the price do its work.
  • #7
  • Mar 4, 2018 2:51am Mar 4, 2018 2:51am
here is the example
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  • #8
  • Mar 4, 2018 4:27am Mar 4, 2018 4:27am
If you think of trading as day-trading/scalping you will almost definitely lose. I suppose if you are coached one to one by a successful experienced day-trader you have a better chance but otherwise I'd give the isolated unsupported new day-trader less than a 5% chance of making a consistent profit.

If you follow long-term trends on daily charts you will probably win. Your chances will be increased by being able to short as well as go long, and by tracking a diverse range of markets including stock indices, forex and commodities. The usual risk management measures like using a stop-loss, risking a minor % of account capital per trade etc. etc. obviously apply.
  • #9
  • Mar 4, 2018 4:49am Mar 4, 2018 4:49am
Your anecdote is not data. There’s no data available proving that you’re more likely to “probably win” as a swing or position trader versus other methods, in fact the data proves completely the opposite.

You’re clumsily attempting to force your own recent experiences as data on here, because for a short, recent period, it’s worked for you.

As I tell all swing traders; “looks easy eh? Now get back to me when the trend turns, tell me how you swing trade that.”

Quoting tomorton
If you think of trading as day-trading/scalping you will almost definitely lose. I suppose if you are coached one to one by a successful experienced day-trader you have a better chance but otherwise I'd give the isolated unsupported new day-trader less than a 5% chance of making a consistent profit. If you follow long-term trends on daily charts you will probably win. Your chances will be increased by being able to short as well as go long, and by tracking a diverse range of markets including stock indices, forex and commodities. The...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #10
  • Mar 4, 2018 5:00am Mar 4, 2018 5:00am
Quoting Spreadbetter
Your anecdote is not data. There’s no data available proving that you’re more likely to “probably win” as a swing or position trader versus other methods, in fact the data proves completely the opposite. You’re clumsily attempting to force your own recent experiences as data on here, because for a short, recent period, it’s worked for you. As I tell all swing traders; “looks easy eh? Now get back to me when the trend turns, tell me how you swing trade that.” {quote}

I don't know if there's no data, I haven't looked for any. Maybe you can point to some that distinguishes between success rates for long-term traders as opposed to day-traders to support what you say?

Yes, I am happy to tell people what is working for me. Same as you are happy to tell people what's working for you. Why would we each not do that?
  • #11
  • Mar 4, 2018 6:50am Mar 4, 2018 6:50am
Quoting Spreadbetter
Your anecdote is not data. There’s no data available proving that you’re more likely to “probably win” as a swing or position trader versus other methods, in fact the data proves completely the opposite. You’re clumsily attempting to force your own recent experiences as data on here, because for a short, recent period, it’s worked for you. As I tell all swing traders; “looks easy eh? Now get back to me when the trend turns, tell me how you swing trade that.” {quote}

PS: I'm only doing what you have posted on this forum would be perhaps the only viable way to make money out of retail forex. Its clear you actually do understand trading and spreadbetting so even if you don't do what I do, I'm happy to carry on doing it.
  • #12
  • Mar 4, 2018 7:29am Mar 4, 2018 7:29am
I would like to thank everyone for sharing so far. Keep the responses coming in. My experience has been a time of success and a time of complete disaster. So far this year 2018 I have made money one week and gave it all back the next week. I need to be more consistent. I think my human nature might get in the way of that consistency. I have thought of finding a good robot to do my trading for me. In all my years of trading I have never really experimented with a robot before.

Sunday is here again. I am always excited to get started with another trading week. What methods are you guys going to be trading this week? This week I am going to be trading 1 hour inside bars in the direction of the daily open. I have a clear set of rules and I am going to stick with it throughout the week.

Thanks again for added to this conversation . I look forward to reading me posts so keep them coming in.
Happy trading this week.
Know your edge and trade within it
  • #13
  • Mar 4, 2018 7:34am Mar 4, 2018 7:34am
Quoting fxtrader29ca
I would like to thank everyone for sharing so far. Keep the responses coming in. My experience has been a time of success and a time of complete disaster. So far this year 2018 I have made money one week and gave it all back the next week. I need to be more consistent. I think my human nature might get in the way of that consistency. I have thought of finding a good robot to do my trading for me. In all my years of trading I have never really experimented with a robot before. Sunday is here again. I am always excited to get started with another...

I know next to nothing about day-trading. But if that's the system you use, why aren't you making money consistently?
  • #14
  • Mar 4, 2018 8:22am Mar 4, 2018 8:22am
Pretty much everything posted now and in the future on this thread will have been covered in an old thread of mine ' Trader's Academy ', but of course there is always room for more discussion, so good luck.

As far as I am concerned, there is only one way to improve one's trading results, and that is to determine what you are doing wrong, and then take concerted measures to fix it. The number one reason why traders lose is not having enough knowledge and experience of the markets - not enough mileage as it were. Unless a trader knows exactly what he or she is doing, with knowledge obtained over time through much trial and error, then consistent losses will inevitably occur.

The other reason lies with the traders themselves and are psychological. Unless one can learn to think like a trader, which is to only ever think about the next 20 trades or more as opposed to the next trade, and completely disassociate the last trade from the next, then one is also likely to lose. A combination of both of these above points is a cocktail for complete disaster, meaning loss after loss after loss. Most inexperienced traders fall into this category, hence the high failure rate. Learning how to trade for a living is the most difficult endeavor most of us will ever undergo in our lives, and those who underestimate this will ultimately fail.

There is masses written on this on the Trader's Academy thread, not just by myself, but by others, so in addition to this thread, some of you may be interested to take a look. I don't post there myself anymore as it ran its course, but it is there if anyone wishes to take a look.

There's no luck in trading, but I wish this thread well. As the thread starter said, trading is a lonely business, and it is always goo to see what fellow traders are thinking and to share experiences.
  • #15
  • Mar 4, 2018 9:09am Mar 4, 2018 9:09am
Quoting cat
Pretty much everything posted now and in the future on this thread will have been covered in an old thread of mine ' Trader's Academy ', but of course there is always room for more discussion...
Not trying to disagree, you made good points, but im sure there are traders whom are aware of the common pitfalls. But have yet to "be profitable".

In my opinion the problem stems not only from the trader, but from the community as well.
We hear people throwing out cliche phrases such as "risk 1-2% of your capital per trade" or "Cut your losers and let your winners ride" or "at least 1:1 risk reward ratio". Im sure not alot of people will question the logic behind such statements, if they did, Im sure they stop as soon as they recieve a superficial rationale. Without digging further, people just accept what is preached as though it is a universal law. And continue to throw these phrases at the next person. And the next person to the next. And so that is how common quotes with no intention of addressing anything more than the context it was used in turn into a "commandment".

With that said, I just hope that retail traders as a community will attempt to think critically. It is my humble opinion that being critical and curious will bring our trading to the next level.
I look for value wherever it can be found
  • #16
  • Mar 4, 2018 9:25am Mar 4, 2018 9:25am
Quoting fxtrader29ca
......My experience has been a time of success and a time of complete disaster. So far this year 2018 I have made money one week and gave it all back the next week. I need to be more consistent. I think my human nature might get in the way of that consistency..............
Hi fxtrader29ca,
You obviously do know something about trading, this quote and your strapline tells me that. You probably do know what you need to do to become more consistent, you just have to think more carefully about exactly how you are going to achieve it. I was just like that for a long time, winning then losing, not making any real net progress, simply because I couldn't nail down consistency.

What did it for me was to focus. Focus on just one technique. Focus on a very limited number of markets and just one timeframe. Focus on discipline, risk control and consistent execution. Focus on only taking the right trades for your method and focus on trading them well, regardless of whether each individual trade turns out a winner or loser. It's difficult, you are right, our human nature really does get in the way but you can overcome it if you really try and work at it.

Ask yourself: Did I stick to my rules? Did I do it well each and every time? Did I control risk really well 100% of the time? Be able to say yes to all those questions and you are 95% of the way there to achieving your missing consistency. And that is all you need if you already have some experience and an idea of a valid method that suits you. Best of luck!
  • #17
  • Mar 4, 2018 10:07am Mar 4, 2018 10:07am
What do you mean “finding a robot”? If I were in your position, I would stop trading now and pour all your efforts into learning how to use the basic language available on MetaTrader; MQL4.

https://www.metatrader4.com/en/autom...l4-programming

There’s separate forums on here to assist you, at a stroke, once you’re trading via E.A.s/code/algorithmically, any ridiculous excuses peddled, such as “poor psychology”, are then eradicated.


Quoting fxtrader29ca
I would like to thank everyone for sharing so far. Keep the responses coming in. My experience has been a time of success and a time of complete disaster. So far this year 2018 I have made money one week and gave it all back the next week. I need to be more consistent. I think my human nature might get in the way of that consistency. I have thought of finding a good robot to do my trading for me. In all my years of trading I have never really experimented with a robot before. Sunday is here again. I am always excited to get started with another...
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #18
  • Mar 4, 2018 11:51am Mar 4, 2018 11:51am
Quoting Spreadbetter
What do you mean “finding a robot”? If I were in your position, I would stop trading now and pour all your efforts into learning how to use the basic language available on MetaTrader; MQL4. https://www.metatrader4.com/en/autom...l4-programming There’s separate forums on here to assist you, at a stroke, once you’re trading via E.A.s/code/algorithmically, any ridiculous excuses peddled, such as “poor psychology”, are then eradicated. {quote}

Ridicolous excuses

we just want to lose, we don't want to win that's it.
  • #19
  • Mar 4, 2018 11:55am Mar 4, 2018 11:55am
Quoting synicz
{quote} Not trying to disagree, you made good points, but im sure there are traders whom are aware of the common pitfalls. But have yet to "be profitable". In my opinion the problem stems not only from the trader, but from the community as well. We hear people throwing out cliche phrases such as "risk 1-2% of your capital per trade" or "Cut your losers and let your winners ride" or "at least 1:1 risk reward ratio". Im sure not alot of people will question the logic behind such statements, if they did, Im sure they stop as soon as they recieve a...
cutting the losses short and letting profit run is a must if you're half serious.

yeah I do agree that risk per trade is not so relevant unless you trade for a living
  • #20
  • Mar 4, 2018 12:01pm Mar 4, 2018 12:01pm
There are a few things that can cause a trader to fail right at the outset: 1. Choosing an unprofitable method 2. Poor execution 3. The emotional connection to money.

So the question remains: Are there profitable trading methods out there that we can execute and have the confidence to trade?

Thanks again for all your thoughts and ideas.
Know your edge and trade within it
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