Very Scary!

Forex is sux.....all money that you make, you can loose it in couple of days. Forex is very inconsistent for me.
I do apply all those methods such bago, las vegas, kolachi etc.
Do not get me wrong, I did make money but then after next day I started loosing the money again.
Forex is not people like you avarage Joe's, it is profitible for banks, big corporations and such. Since I don't have that large amount of capital, forget it...too much risk, not for me.
For the beginers, do not quit your job ever. Keep continue what you doing, if you like to gamble and don't mind wasting thousands of your dollars then forex is for you.

Very sorry to hear your Forex experience didn't meet your expectation. Good things come to those who have patience and develop themselves and adapt to the Forex maket.

Ah the voice of a burnt trader ... I am sorry to hear your bad experience, best of luck in whatever you do next.

Sorry for your pain man. But this stuff is not for everybody...hence 95 % failure rate for newbes.


It can be done and by anybody - anybody who is prerpared to Want and Work!

All but one trader have gone through those same feelings. Forex is indeed scary. You need proper discipline to survive in this world long enough to get experienced and have a chance to get truly consistently profitable.

This sounds like a case of poor money management to me. You should look around on the site for threads about proper risk control and trading psychology.

Maybe you should take a break for a while and try paper trading again afterwards. Take special notice how different sizes in lots can yield very different results in the long run!

Btw Las Vegas sounds like a pretty dangerous method! LMAO!

Happy trading everyone!

i am not going to give up....by the way I've been playing demo only for a month, never played for real money yet. i just got dissapointed when i traded on friday and saturday, lost consecutive 3 times in a row. anyhow, thanks for your all nice comments. happy trading.

emotions have no place in this business, save them for your loved ones...

A

I understand what you mean, this game is not made easy for us for sure.

Its clear that behind this there is a big business and lots of money involved.

You can listen to all the so called 'veterans' here that tell you that they are rich, but I honestly dont believe that they are rich, unless they started this game with a big amount of money.

Now the simple point is this :

to make money in forex, you NEED to have money, you NEED to wait that the price comes to you, you must NOT RUN AFTER THE PRICE..

So, put your orders, small amounts (related to your capital of course) and go away from the computer.

Use hedge system instead of real stoploss (is not changing from economical point of view, but it is from the emotiional one).

If you use small amounts, you can wait, and the time is the BEST FRIEND you have in here.

dont go crazy after the price running from one point to an other.
Its always ranging , it will come back.


if you look in one of my last posts, i said that i was going short on pound (2 days ago) from 1.8864

well, it rised to 1.8895 before being now at 1,8820.

When it was 1.8895 for me was no problem.
Was a small trade (compared to my account size), relaxed, away from computer, with a hedge order after 1.8911.

If I must loose money, at least I dont want to loose time

@alten,

Try Mouteki and STICK with it!

I made more than 200+ pips today on short EURUSD, long USDCAD, short GBPUSD.

If I had started this earlier (on monday) I could have won another 100+ just on GBPUSD pre ISM upswing.

FX, Futures, Stocks...you will fail if you never do this single most important thing.

Risk Management. Know your risks and know that risks can always be limited...if you choose so. Greed does not pay. You might be successful today but all that money will be given back to the market for sure.

When your armed with a stick dun go fishing for whales.

Methods are only methods, it will only succeed once you have supremacy over it...

I dun trade Bago, neither do i trade Kolachi but i am still doing good with FX...glad you're not giving up bro!

If trading is so easy, everybody will be trading for a living. Unfortunately it is not for everybody. It is only for ppl who can control themselves (our greatest enemy is inside ourselves - greed and fear). It is the hardest one. Then come money management and disipline. Trading strategy is the last one, IMHO.

yep.. an easy solution to your problem.. stick with Mouteki.. forget other methods !!

NO do not only do the mouteki method...whilst it is good you should strive for all the knowlegde you can get...I am not saying jump from method to method, but aim to understand.

If you want to work on only one style- I would suggest the James 16 crew...from my limited knowledge what they teach in price action and that is key.

You got to want baby....there are no excuses

Tucco, I am inspired by your phrase "If I must loose money, at least I dont want to loose time " because I have seen my money coming back from -300 pips to +50pips in two weeks.

Altin2007...... u must test your systems so u have a belief in them.. all systems have their highs and lows.. all traders have bad days, bad weeks.. BUT this is not to say that a system doesn't work and a trader can't make money.... example.. at the end of August i had a drawdown in the region of 8%.. risking 0.66% per trading idea... then in Sept.. i made a 30% on my account risking 0.66% per trade.... if i had lack of faith in my systems i would have had a mental breakdown after my 8% drawdown.. moved to another system because i had heard it had done well over that period.. only to start trading it just before it goes through a drawdown...

Test test test test... then u will not be worried when a system has a bad patch as u know it is just part of the system behaviour.

Happy trading!!!!!

thanks AbgZuhaini.

All this crazy quick movements will drive you crazy if you dont understand that you must not run after the price.

yes, time is the best friend, always.

ofcourse you must always control also your positions, not leave open with no limit.

Good trade

I did lose 3 times in a row yesterday, but the thing is I kept my losses small, so I'm not worried because I know my system has a drawdown and it's just something you can't deny.

Since you've been in this business for a month, I encourage you working on the psychology sides besides the system. Once you master the psychology of trading, trading will be getting easier.

Btw, if you want to be a successful trader, I also want to encourage you to listen and write down what Jack Schwager said during the FXCM expo seminar last summer. Here is the website: www.fxcmexpo.com

Best wishes,

- SkYliNe -

3 consecutive losses and you're already shaken? in a demo account?

My friend, as encouraging as everyone here on the board is, your first post nailed this perfectly for yourself.

If you are as risk-averse as you sound like you are, you're in trouble. a good portion of this game is the head-game and if you're easily shaken after taking 3 consecutive losses, then trust me...Forex ISN'T for you.

I'd like to be encouraging, but honestly Forex IS NOT for everyone. It really isn't...it's for those of us who don't mind the risks involved. Forex will give you profits and then take some away...you MUST be prepared to expect draw-down while you're still learning the techniques of your system.

Frustration will be a common theme in your trading career, but as you've probably already seen, if you don't manage your head, you'll lose more than you have to.

If you don't have a big bank roll, that's fine...you have to absolutely be willing to lose every single penny that you put into Forex (notice, folks I didn't say lose every penny in a single account - many of use multiple accounts to help offset the risk of blowing our entire bank-roll in one account). It is a high-risk/high-reward vehicle. However, if you think less about the money you've put in and more about the money you're taking out, you'll do much better. Otherwise, trade a safer investment vehicle, like stocks or mutual funds or something. There's absolutely no reason for you to trade Forex if you don't think you can handle the risk.

DUDE.... I will tell you from experience that you will lose time after time you have to be persistent and learn from your mistakes constantly in order to succeed Ive been trading both live and demo for only 2 years now but ive learned alot...

For instance today alone I had like 2 losing trades in a row, but you know what they were small 15 pips and they were in line with my strat which has given me over 400 pips profit in the past 2 weeks alone, basically just following the trend and finding good SR levels to trade off.

Quiting after only using a demo and having a few losing trades is a joke... no offense.

guess what when u first start dont dump 5gs in ur account start small with like 200 bucks see if you can grow that to 1000 then higher, with swing trading strats which is what i use it can be done.

I started with 200 bucks which I put in my account last week, I already have close to 1000.. RISK MANAGEMENT IS KEY,, dont allow ur account to fall below the original amount of money you put in!!! replenish the account if need be. Dont give up after a few trades sit back and take some time to learn Forex is not easy... nothing worthwile is.

Friday and Sat? can trades be done on Sat?