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Should I quit trading forex?

  • #161
  • Nov 11, 2017 6:25am Nov 11, 2017 6:25am
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
You need to ask yourself if you learned from the basics. Forexfactory is not the web to start, I would say. You need to backtest some strategies and indicators and then stay with the ones you're comfortable with- the ones that have high returns. MT4 already has what it takes for you to be profitable. Relying on robot or self made EA may put you in more frustration
Make all mistakes in demo and rain in pips in live account
  • #162
  • Nov 11, 2017 8:15am Nov 11, 2017 8:15am
Learn to trade PA dump the indicators and forex and trade the emini Nasdaq in the futures market
  • #163
  • Nov 11, 2017 8:39am Nov 11, 2017 8:39am
Fix what caused your horrible results first. Then go learn basic trading skills and techniques using a demo account for at least 6 months.

Trade safe and prosper.

KP

Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
Do your homework, follow the footprints of smart money
  • #164
  • Mar 16, 2018 5:50am Mar 16, 2018 5:50am
Hello,

I am not sure if this thread is still active but I have similar doubts about quitting.
I didn't lose much because I don't have much to invest, but I was really putting all my energy and time to learn how to trade. It's been almost 2 years now since I started trading. The problem is that as time pass I have better understanding on how price moves and that is all on Demo account...
The main thing that bothers me is the Capital required to make a living trading Fx.. To be realistic everything under 10k is not recommended if we consider proper risk management which shouldn't go above 1% per trade. Now how to get 10k is a big question I am thinking to go to the bank and take a loan which can be considered as a ludicrous for someone and it is obvious why.. FX is a highly risky business, one negative emotion and you wipe out your account... For most people Fx will remain only a dream or a nightmare it depends... I have hard time letting go this thing or should I even let it go
  • #165
  • Mar 16, 2018 7:10am Mar 16, 2018 7:10am
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
Yes
  • #166
  • Mar 16, 2018 7:41am Mar 16, 2018 7:41am
Quoting theodor87
Hello, I am not sure if this thread is still active but I have similar doubts about quitting. I didn't lose much because I don't have much to invest, but I was really putting all my energy and time to learn how to trade. It's been almost 2 years now since I started trading. The problem is that as time pass I have better understanding on how price moves and that is all on Demo account... The main thing that bothers me is the Capital required to make a living trading Fx.. To be realistic everything under 10k is not recommended if we consider proper...

You should quit, loan is not an option. It won't help you trade.
In your location about 40$k is minimum, if want trade full time and allmost "stress" free, trying to generate 30-40% profit per year.
If you quit, you have not lost battle, You have made good decision. Later in your life , you know much more, if start investing.
Sure you have learnt lot of yourself, it's not waste of time , your screen time.

If you get money from people who are ready invest your skills, its a different case.
  • #167
  • Mar 16, 2018 8:26am Mar 16, 2018 8:26am
Quoting kk100
{quote} You should quit, loan is not an option. It won't help you trade. In your location about 40$k is minimum, if want trade full time and allmost "stress" free, trying to generate 30-40% profit per year. If you quit, you have not lost battle, You have made good decision. Later in your life , you know much more, if start investing. Sure you have learnt lot of yourself, it's not waste of time , your screen time. If you get money from people who are ready invest your skills, its a different case.

That is true and thanks for the advice. I have definitely learned a lot about my self although for most it seemed like I was wasting time...
Now the hard part will be letting go, finding a regular job from 9-5 and being a slave. I guess there is no other choice at this moment of my life.
  • #168
  • Mar 16, 2018 8:32am Mar 16, 2018 8:32am
Wise decision, retail FX trading is simply gambling by any other name. The amount who make a living is incredibly small, and this side of the industry has peaked and is rapidly dying. It’ll be replaced more and more by algorithmic and copy trading and forms of more active, versus passive investment, hedge funds for the little people. More folk will be closely following the investment decisions of the real winners, but pay fees. No reason why they can’t enjoy 25% returns annually.

Quoting theodor87
{quote} That is true and thanks for the advice. I have definitely learned a lot about my self although for most it seemed like I was wasting time... Now the hard part will be letting go, finding a regular job from 9-5 and being a slave. I guess there is no other choice at this moment of my life.
"The meek shall inherit the earth.." Yeah right, good luck with that shit..
  • #169
  • Mar 16, 2018 9:20am Mar 16, 2018 9:20am
why the most are trading or try to trade, ofc one reason get rich
if god exist well not let everybody get rich indeed
if not the 5 % own almost everything on earth and someday maybe they will own the moon too wont let anybody get rich just by using their tools and taking their money

somebody should clean the stinks, ofc rich ppl cant do it

so you should quit if you want and can and ofc if you have something else to do

jk
  • #170
  • Mar 16, 2018 9:35am Mar 16, 2018 9:35am
If you quit... Atleast you wont lose anymore and you wont have to read or listen to the horrible advice from99.99 of the members. You have a perso n willing to share their system but not their tr That' ignore all members who have over 500 post and not one trade explorer. Thhese are the same guys asking people to have them manage their accounts
  • #171
  • Mar 16, 2018 1:33pm Mar 16, 2018 1:33pm
Quoting ronm7d
Dear Fellow Trader, I trade forex but a few account got Margin Call and I lost a lot of money( for me it's a lot ). I try few EA and the result also the same lost all the money . So i have a big doubt ,is that trading forex is good for me or not. Should I quit trading forex? Now i'm searching EA that could work 24 hours/day, with not big profit but consistent for long time,but i can't find that suitable. Anyone could give opinion ? thanks all
Let me make it easier for you. Yeah you should quit. Yup quit. "That's what you want to hear right?" You already know the answer before you even post. So you should do it bro. Good luck
  • #172
  • Mar 16, 2018 1:40pm Mar 16, 2018 1:40pm
Quoting theodor87
{quote} That is true and thanks for the advice. I have definitely learned a lot about my self although for most it seemed like I was wasting time... Now the hard part will be letting go, finding a regular job from 9-5 and being a slave. I guess there is no other choice at this moment of my life.
Letting go, is very important lesson of life.
  • #173
  • Edited 2:14pm Mar 16, 2018 1:58pm | Edited 2:14pm
Quoting maflip
{quote} Let me make it easier for you. Yeah you should quit. Yup quit. "That's what you want to hear right?" You already know the answer before you even post. So you should do it bro. Good luck
Whats wrong about his question, it has been one of best post in this year in forexfactory. many should ask same thing.
This is forum should be place where people help each other fellow retail traders (gamblers) . Not only for crappy trading entries, but all aspect and how it affects your life.

This is not hobby for someones, and those people who really want be full time traders, and one of most important thing is under funded, when your cant trade enviroment relax state of mind. which cant lead you succes day after day, and months.

People don't go poker game under funded or go and come back home without pants.
  • #174
  • Mar 16, 2018 1:58pm Mar 16, 2018 1:58pm
Quoting theodor87
{quote} That is true and thanks for the advice. I have definitely learned a lot about my self although for most it seemed like I was wasting time... Now the hard part will be letting go, finding a regular job from 9-5 and being a slave. I guess there is no other choice at this moment of my life.
No matter dear find a job 9.to five is okey and trade demo on 3 hours a day is enough..... Can you pic 20 pip. Or not.. If you r not then again search...... Save mony and put 100 bucks and divide it in 10 parts to trade.
GL.
Trade fearless not careless...
  • #175
  • Mar 17, 2018 6:16am Mar 17, 2018 6:16am
Quoting mohsinali
{quote} No matter dear find a job 9.to five is okey and trade demo on 3 hours a day is enough..... Can you pic 20 pip. Or not.. If you r not then again search...... Save mony and put 100 bucks and divide it in 10 parts to trade. GL.
I have already tried to trade with micro accounts it's not working for me I only get frustrated and blew up the entire account... do it big or dont do it at all IMO
  • #176
  • Mar 17, 2018 7:04am Mar 17, 2018 7:04am
Quoting theodor87
{quote} That is true and thanks for the advice. I have definitely learned a lot about my self although for most it seemed like I was wasting time... Now the hard part will be letting go, finding a regular job from 9-5 and being a slave. I guess there is no other choice at this moment of my life.
It's almost a necessity to have a 9-5 job at some stage of your life unless you were born with silver spoon in your mouth, so don't be too hard on yourself. Just imagine how much pressure you are putting on yourself when trying to go into full-time trading - especially when you are undercapitalized and don't have enough experience. That extra pressure will translate into very bad trading decisions. Trading is like a sport in a sense, you can have certain talent (i.e. right mental attitude / habits and personality traits) but it all boils down to extremely hard work and many years of experience - like both Messi or Ronaldo, might be extremely talented but they wouldn't be where they are without spending all their time on a football pitch since being little kids. At the same time there is a lot of football players who never made it even if trained very hard.

You don't need to let go, you just have to remember it will take you many years to get anywhere, like in any other profession, which is why all the get-rich-quick types blow up rather sooner than later. If you truly love trading it's very easy to continue, you still have another ~ 6 hours every day outside of your day job to focus on trading
  • #177
  • Mar 17, 2018 7:29am Mar 17, 2018 7:29am
Its kinda interesting with these kinds of threads poping up always with same results...
Problems why it happends.
Nr.1 ZERO money management.
Nr.2 Risking WAAAAAAY too much to get richer quicker...
Nr.3 No understanding where the real market is going, basically getting whipsawed around 24/7.
NR.4 ZERO rules with systems

Having proper rules, moneymanagement and atleast understanding the flow of market. YOU CAN DO THIS.
Just a pic, to maybe motivate some people to aim for something. And to show its bloody doable................GL
Attached Image (click to enlarge)
Click to Enlarge Name: canbedone.png Size: 44 KB
  • #178
  • Edited 5:38am Mar 18, 2018 5:21am | Edited 5:38am
Knowing "why you do, what you do and how you do it" will lead you to know what aspects of your trading that needs changing. Journaling if you do it correctly will give you the answers for bettering your trading skills.

No Vision No Victory No Guts No Glory No Plan No Money !
Joe DiNapoli
  • #179
  • Mar 22, 2018 10:46am Mar 22, 2018 10:46am
Most newbie traders do the same as you did. Running for EA or Strategies is very bad habit. Using other's EA or Strategies maens you do not have any idea what you are doing. You are depending on others. The problem is this is how forex is introduced to the newbies. If you don't know what you don't know, try to know what you don't know or quit.
  • #180
  • Mar 23, 2018 6:10am Mar 23, 2018 6:10am
Quoting AgusKurniaw
Most newbie traders do the same as you did. Running for EA or Strategies is very bad habit. Using other's EA or Strategies maens you do not have any idea what you are doing. You are depending on others. The problem is this is how forex is introduced to the newbies. If you don't know what you don't know, try to know what you don't know or quit.
I really agree with your opinion! Depending on others trading system is not any solution! Without having own trading skill, success is an illusion.
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