8 Years Later - Still Not Winning

Interesting! Could you please elaborate more about the 7 wave, where I assume 3 waves are 1-2-3 legs. What are the features, properties and rules of the swings in question? 1. outer legs are breakouts and in between ranged? 2. 3 wave followed by smaller 3 wave to complete 7 wave?

Year, Month, week even day pivots help a lot.

Wonderful Neesh. Your human transparency, modesty and honesty with your daily struggles are very touching. Thank you.

When you read through my short profile, you see I am trading since more than ten, TEN, years and still no constant breakthrough... There are elements in my ego which still block me and are not transformed yet. Keep going strong. I am looking to co-trade with one or two on the London or NY open on skype. Ane interest to explore this possibility?

ok men, now get over it and start winning

study weekly pivots buddy you will realize the reality of ultimate trading experience

Not being funny but some people never make it. If after EIGHT years you are still making basic errors maybe its time to give up.

OR

Learn from the mistakes - have rules and stick to them regardless.

OR

don't.

Hope you do though.

Could we have more dunning kruger characters teaching the new traders , so these people remain here for 20 years or 30 more years?

yep, especially dont trade alone, trade together.

good one some ppl will just never get it..

10 years in after discovering that trading is my passion, getting an MSc in Finance, becoming a CFA chart holder and getting a job on the buy side, I somehow revisited forex factory and found this thread. I have to admit, some of the stuff written here is hilarious. What I have found out to be the truth is that:

1. The FX market is by far and away the toughest market to make money in consistently. Just because a few brokers (sharks) made it sound like it was easy to make money doesn't mean that it is. The FX market is unregulated and hence, you get these shenanigans.
2. Everyone can make money in the markets, you just have to know your niche, be good at it and master it. Forex isn't the only market out there! Look at stocks and futures and ETF's. They trend and mean revert too! The reasons why they do so is almost always clear!
3. You won't know your niche if you don't try other markets/strategies.
4. Some of the guys over here did like a million trades a year for 10 years without learning anything! In finance and unlike other fields, 10000 hours of deliberate practice doesn't equal success. If you are allocating energy into something that doesn't work, move on.
5. Technical analysis is the biggest pool for sunk costs. You won't ever become better by staring at a one minute chart for 5 years without knowing why prices move the way they do (fundamental analysis).
6. Forex forums like this one exist for the sharks mentioned in point 1. Just look at the adds everywhere.
7. If you want to learn how to make money, try to learn from the best. Not some dude who says he can make money on Forex Factory. My personal favourites are Warren Buffett (Value Investing), Bill Miller (Portfolio Management and Multi-Asset Investing), Howard Marks (Investment Philosophy). Jack Schwager Market Wizards books.
8. Demo or paper trading only works in the imaginary world. They say that there is no difference between theory and practice but in practice there is. Trade real money with the smallest amount that you are willing to lose. You won't ever become successful paper trading. Be brave and only bet what you are willing to lose.
9. There are no shortcuts, no magic formulas or a holy grail. The moment you identify what looks like a holy grail, you have to realize that it is temporary. Successful traders find holy grail(s) because they are equipped with knowledge and experience. If you don't have either, you won't succeed.
10. Professional fund managers don't need fancy Bloomberg Terminals, USD 500 a month charting tools or news feeds that cost USD 1000 a month. They can make money in any environment because they understand it. I know a fund manager who had an AUM of USD 500 million, and he relied on Google. In case you think I was bluffing, check out this guy called Warren Buffett, check whether he has a PC and check his net worth.

I wish you all the best.

Hope you have read and studied other things than what is posted on this site...
A lot of learning is a good approach because it leads to self-reliance... You determine what is worthwhile...
Of course there are so many ways to trade, and many can work. It largely depends on your style, available funds, preferences. One of the big difficulties of learning to trade is deciding what advice and systems to follow, and manual back-trading can be tedious. If you do a lot of learning, back-trading, and practice-trading, you'll make progress and decide more quickly what systems suck or don't suit you.

Myself, I have gone more from wanting to swing-trade Forex to making scalps or day-trades. Unexpected market movements sometimes occur which seem random because no small retail trader can immediately figure out the reason behind the move. I prefer monitoring a position over relying on a stop.

i always recommend twitter. you can follow excellent news feeds and other good traders in a single thread. its free and makes me money every week often with faster response times than premium services

Thank you. Absolutely 100% it can.

As per split_unit's comment, fundies are usefull to understand the trading context. Having a basic understanding of how central banks fixe rates and how they use inflation/growth/employement data is a good starting point. People often think that fundamental trading equals trading the news/econ releases which is wrong. Using fundamental in fx is about dressing the big picture and using this point of reference to take advantage of price anomalies. I used to work on the sell side and at my bank, when traders were way off on their market views and were asked what happened they would often say :"rsi was overbought". This was slang to basically say that their analysis was terrible, true story..

Now, im not saying that trading a mechanical system cant work, but it is my belief that being aware of the fundamental background adjusted to the right scope of analysis (timeframe) can turn a b/e system into a winning one. For someone who has failed for 8 years it might be the missing link. Just my 2 cents.

I been losing due to psychology, because the marketing trick was " all you need is a system".I was sold the idea , all you need is a system or a price action course.The system was to be operated without the human brain, the brain that can't accept losing/defeat.Psychology is not important, but the brain was going to execute the system with real losses/reall money losses, not fake demo money that meant nothing.Let me rob you of your money , in place of mr market and see your response towards me.

The price action is also lagging , based on historic candles, look at stochastics indicator, stochastic does the same job. After 15 years of listening to arguments about price action was king , the truth came out, stochastics is the price action indicator.Meanwhile the noob was robbed with price action courses.

The wise who thought they knew something and thought they were clever , taught noobs about price action , until they were taught about stochastics price action indicator used by pros. The did not have a clue , stochastic was already reading price action and price action is as lagging as the stochastics.Maybe the wise , who thought they knew, should have learnt " how to use a price action indicator".

They wasted their own lives and other people's lives on reinventing the wheel.

As far as the OP is concerned , he knows that the game is difficult, at least the way they are taught is impossible with fake education.The others who are advising the OP don't know , they know less than the OP.

This is essentially the blind leading the blind.Many humans will waste decades of other human's lives with the dunning Kruger effect.

So the sharks buy the baits prepared by shark factory.

stop placement is very key indeed. i personally love to break even and being wrong, the odd trade works

see fx game from a statistical point of view
that's the only way

good luck

The dude that said everyone is a potential "educator" here is right. I can spot some here trying to deceive people into misleading strategies and outright bullsh**.

If you don't have the knowledge to trade forex, put your money in a safer investment, like fixed income or even a mutual fund after some historical statistic overlook and fundamental analysis. Some of them can average at 25% a year (before taxes), which is very good.

I really do feel for you. I also learned my lesson the hard way, 1.5 years of losing money and trying so many different ways of trading, courses etc. I now follow 2 companies that provide recommendations for a small yearly fee for 1 company and a lifetime fee for the other and I have made good returns for the past 3 years straight. I chose 2 companies so if one has a bad run I hope the other makes up for it and it seems to work so far.

All I can say is my belief is that scalping does not work for me. The longer time frame trades (daily weekly) seem to have a longer term success. I only check my trades 1-2 times per day because all my T/P, S/L are all set and emailed to me.

As a previous post mentioned, take some time off and start again with a small account. I know everyone mentions risk management and it is so true. Risk management will save you. Expect to have bad weeks and even months, but look at the longer term.

Good luck.