I plan to quit forex!

I think more people who are profitable would show up in here if the community isn't so toxic. I tend to help as much as I can since I am having many profitable months (months only, not years sadly) but it is tough since they are not willing to learn and to listen.

Wow, 2019!! Nice to see you; I started (maybe) around 2011. And I struggled a lot in my 1st 2 years.

In my case it's been around five or six years now? So around 2013 - 2014. I have definitely improved but I feel like I still have so much to learn.

In order to have a trading edge you need to identify something in the market that repeats and use that to your advantage.

That's the gist of any trading strategy, I agree. Now, actually putting it into practice is not at all easy, unfortunately.

Started 2008 up until now and still not even closed in consisten.but theres no turning back for me.

Almost 10 years! Great; congratulations! By the why; I guess now you are working on multiple trading sectors trading pairs, isn’t?

It's always great to meet more people who have traded for that long, I wish you success!

Hello All,

While it is true that 95% of Forex traders fail, it is also true that about 95% of small businesses fail within the first 5 years. Well, Forex is a business. When just starting out, you are running a small business. The issue I find is people do not see Forex as a business. They see it as a get rich quick scheme. It is not.

I was working in telecom in 1998 when I first started reading about Forex. I joined a YahooGroup called Forex Fundamentals. Making a long story short, I was completely enamored with the thought of FX trading. After about a year of reading anything I could find on markets, foreign exchange, central banks etc, I thought I was ready and made my 1st $500 deposit into FXCM. Less than 3 months later I had less than $50 left. I was not ready. So I quit.

In December 2001, I was laid off. I tried to find a job for months with no luck. I mean I found some jobs but they did not pay anywhere near what I was making before. I know, I know, take what you can get. I was too proud. I know you can relate. After moving in with family, I decided to dedicate some time to investing. Once again I cross paths with Forex.

Living off of savings, I spent the next 18 months deciphering truth from fiction. I read some of the best trading books ever written such as Market Wizards, Reminiscences of a stock operator (my personal favorite) and Day Trading and Swing Trading the Currency Market: Technical and Fundamental Strategies to Profit from Market Moves. These books changed my mindset. I felt like I actually understood how the business of trading works. I know have a foundation I can work with in my growth as a trader. Kind of like graduating from college. Now I am ready! Oh wait....

Cash. I don't have any money. Damn it. Well , time to get a McJob. In 2003 I landed a job at a local grocery store. $7.25 an hour to start. Man what a pay cut. But I gotta do what I gotta do. My goal was to save at least $10,000 to start trading. Fast forward a year later and I was still working at the grocer. I had saved about $10000 (thanks to a pay increase and a promotion I was making $10.55 per hour now) and opened an account at Forex.com in 2004.

I continued to work at the grocer until late 2006. I was offered a promotion to middle management. What did that mean? It meant a larger salary but a 65-80 hour work week. At that point and time I had a 15% ROI year over year on my USD Major Based Forex Portfolio. I had been adding money each month to my trading account to bulk it up. I had to make a choice. Take the job I didn't like or quit and make a go of this trading thing.

I quit my last job in 2006 and have been trading Forex ever since. Full disclosure, I have multiple streams of income now but FX is the bulk of yearly income. I am always learning, adjusting and testing my trading method but more importantly my money management. I only withdraw 50% of my after tax profit every January. I let my account grow as much as the market will allow. I trade the Daily charts on End Of Day. Current Broker Oanda.

The point of all this is to say if you are trading Forex because you want to make money fast, you are in the wrong business. I am now on my 13th year of full time trading and 21 years since my journey began and I am still learning. I take losses all the time. Never more than 1.5% per trade but often a string of losses. I can remember 10 straight losses on more than one occasion. I was not doing anything wrong, the broker was not against me, it just is how it is. Win/loss ratio is useless, average pips made is useless. ROI is all that matters.

Forex is a business. Just like a restaurant or a gas station or any other business. People get sucked into FX thinking its cheap to start. Well, it is cheap to start. The problem is you need a lot more money over time just like other businesses you just don't have to borrow the money first. PLEASE DON'T BORROW MONEY TO TRADE FOREX. One wouldn't start a restaurant if they couldn't cook or fully understand the business would they? Risk all that money on something you where not confident in? Forex is no different.

Failing in a business will hit you like a truck. It can cost you hundreds of thousands of dollars and years of your life wasted and a ruined credit history. Failing in the Forex business is death by a thousands cuts. Small amounts of money lost over years and years. Not every business is for everyone. If you can't hack it, don't feel bad. It's just not your thing.

- Ric

<p class="MsoNormal">After a long time I back in this community , missed you guys , by the way , I was far from trading but didn't quit .&nbsp;</p>

I think unrealistic people is not suitable for Forex trading. Huge gain is not possible in rapid time. Look for Long run.....

making profit very rapid from Forex trading is almost impossible but within minimum time there is a chance to ensure minimum profit if there is regular learning including practicing.

How is this currently going for you?

He hasn't been visiting Forexfactory since 2017, maybe he's stopped trading.

Ah ok

Welcome back mate; are you a web developer? I’m asking because I see, you coded in your reply!

I have the same think to quit forex after a huge loss..

sometimes in forex it takes the overcome of alot of losses to get it to finally click. 5 years of persistence beats one year of ambition. stick at it don tplay with big amounts of money until youre consistent

Think where you can go if you hit bottom. Only was i going UP, so do not give up easily and invest time to learn and improve trading skills.
Invest only what you can afford to lose. This way you will not impact on your daily life and costs.

It is hard to lose your money but if you think it will be best for you if you quit, you should. Trading bring a lot of stress and Your health is most important.

If you ask sick person what is your biggest wish: He will say "Be healthy"

Really sorry to know! But to be honest, I guess your learning process was wrong & you tried your live too early before ensuring your trading skill.