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I won nothing after 3 years

  • #21
  • Nov 22, 2018 11:21am Nov 22, 2018 11:21am
Quoting SKLearn
{quote} Can you guide me to study materials and if ok, some example trades you took in the past to refer and study, please? Happy Thanksgiving. Thanks SK
Its a big topic but this will get you started
http://amzn.eu/0OMXLas
  • #22
  • Nov 23, 2018 2:37am Nov 23, 2018 2:37am
Quoting EcoTrader
{quote} Its a big topic but this will get you started http://amzn.eu/0OMXLas
Thank you
Determination + Persistence = Success
  • #23
  • Dec 16, 2018 12:26am Dec 16, 2018 12:26am
Winning percentage is very minor in Forex trading particularly consistent win. But I feel within 3 years there is a chance to ensure minimum profit ratio even there was regular practice with great learning.
  • #24
  • Apr 11, 2019 7:23am Apr 11, 2019 7:23am
I wouldn't say that you wasted all that 3 years. You have seen various type of situations and even if you do not earn anything significant you have real life experience for that matter. You need to take a rest for like few months from Forex and start again with fresh mind and new strategy using your old mistakes to avoid. I see you can be in despair, but that is not over.
  • #25
  • Apr 11, 2019 8:14am Apr 11, 2019 8:14am
Are you still engaging in trading?
  • #26
  • Apr 11, 2019 10:47pm Apr 11, 2019 10:47pm
Self-examination is good. Negative self-talk is not good. When that starts happening you need to back away and go do some mind numbing manual labor activity for a few days...paint a fence/deck, rake some leaves, etc. Think about trading but don't go near a screen.

One thing I did was ask myself what if everything I had learned was basically all wrong. So I went back to the basics. What if you have been doing the same thing where you really are not doing something as simple, but crucial, as support and resistance correctly? What if you are doing one thing right but then you jump around the different timeframes and its confusing you?

The biggest adjustment to get back on track for me was to go to higher timeframes. I actually fought it for about 2 years. I hate the thought of being a swing trader but it has been waaaay more effective for me. And it has forced me to do two things:

1. Really do technical analysis. Is this the correct trend and is my decision gonna be the right one?
2. Patience. I have to wait for the trade to unfold and watch it over 1 to 3 days to materialize. But it is satisfying.

Start with a Weekly chart and do some support and resistance areas. Red for resistance, green for support. Zoom out for best areas. Then look at the same but closest to where price is right now, keep it approximately 100 to 150 pips away in both directions. We will call this screen your worksheet. Now open another screen, same pair, but use the 4 hr timeframe.

Add the nearest support and resistance lines to that chart. Can you identify the trend? You should (if not, zoom out). Now draw a diagonal trend line along the candles in the direction of the trend. This is where pullbacks and reversals are gonna happen...when price crosses and close across the diagonal it is a reversal. Bounce off the diagonal its a pullback.

In either case, your support and resistance lines are now gonna come into play. Open a demo account and just practice this process. But keep 2 screens open. One for the big picture on the Weekly and one for trading on the slow and effective 4 hr.
Everything easy was hard at first
  • #27
  • Apr 12, 2019 2:08am Apr 12, 2019 2:08am
Quoting ricoludare
Hello, I am just 3 months old in forex. I demo-practised for two months before I went on real account for the last 1 month. I made profits and also losses but I want to be good like you guys. Please can anyone recommende a book, software I can read to assist. Please I would appreciate this. Thanks friends
Bookish knowledge by means of any trading book is not a big deal until having a regular practice on trading , i think just 3 months is not enough to kick off a live account , you should go through pips school 2-3 times including demo trading , minimum 6-8 months needed for that , its a complete package for beginners level.
  • #28
  • Apr 14, 2019 2:48am Apr 14, 2019 2:48am
Haven't you quit yet?
  • #29
  • Apr 20, 2019 1:55am Apr 20, 2019 1:55am
at least you won experience...
Open where needed. Close where feeded.
  • #30
  • Apr 21, 2019 9:57am Apr 21, 2019 9:57am
Quoting tunermw
I've been in forex trading for 3 years, and I have not won anything. I read about SR, trendlines, pullbacks, patterns, I tested several indicators and even then I can not consistency. So I think I need to review a lot and would like to know what strategy I should focus on to get better results: SR, priceaction, indicator? but not only that. I would like indications of materials that best teach this strategy.
Don't worry, me neither, after 10 years. But in the end, all hobbies do cost money.
  • #31
  • Apr 21, 2019 2:11pm Apr 21, 2019 2:11pm
Have you quit trading?
  • #32
  • Apr 21, 2019 2:11pm Apr 21, 2019 2:11pm
Quoting BataviaTrade
{quote} Don't worry, me neither, after 10 years. But in the end, all hobbies do cost money.
10 years! Oh my gosh ahah
  • #33
  • Apr 21, 2019 2:15pm Apr 21, 2019 2:15pm
Quoting mlawson71
I agree with EcoTrader. I am a technical trader and I don't like long-term trading at all. You can make a profit from all types of trading, you need a good strategy and to follow that strategy.
Is long-term trading the same as an investment?
  • #34
  • Apr 22, 2019 8:53am Apr 22, 2019 8:53am
Quoting LanaBanana
{quote} Is long-term trading the same as an investment?
Not necessarily. There are similarities, I suppose, but when you invest usually the trading is done by another person?
  • #35
  • Apr 22, 2019 11:10am Apr 22, 2019 11:10am
Quoting BataviaTrade
{quote} Don't worry, me neither, after 10 years. But in the end, all hobbies do cost money.
hehe, the quickest way to become a millionaire?
Start FOREX with two millions
Open where needed. Close where feeded.
  • #36
  • Apr 23, 2019 9:04am Apr 23, 2019 9:04am
That joke about trading never gets old!
  • #37
  • Apr 26, 2019 12:49am Apr 26, 2019 12:49am
Quoting LanaBanana
{quote} Is long-term trading the same as an investment?
Not at all; trading & investment is not same; the purpose is different as well as the retune.
  • #38
  • Apr 26, 2019 3:10am Apr 26, 2019 3:10am
Forex trading is not as hard as you are thinking. Same thing happened to us when we were new & had same kind of trouble. However, all you need to do is - stick in a single strategy rather than keep changing every few days.
  • #39
  • Apr 26, 2019 7:21am Apr 26, 2019 7:21am
Quoting Xarras
Forex trading is not as hard as you are thinking. Same thing happened to us when we were new & had same kind of trouble. However, all you need to do is - stick in a single strategy rather than keep changing every few days.
Yes, it’s important! But 1st of all, you need to make sure that, we are with a good trading strategy! According to my experience, only indicator based trading strategy is not enough here.
  • #40
  • Apr 26, 2019 9:16am Apr 26, 2019 9:16am
Quoting Adelhard
{quote} Yes, it’s important! But 1st of all, you need to make sure that, we are with a good trading strategy! According to my experience, only indicator based trading strategy is not enough here.
What advice would you give then?
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