I thought I knew, but now I know | Forex Factory

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I thought I knew, but now I know

  • #1
  • First Post: Dec 14, 2019 1:51am Dec 14, 2019 1:51am
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise.

Trading starts at 2006. Nvr seem to pick up even until now.
Question is. Should I pay someone to teach me how to trade?

Can't let go. Has always been my candle. Now I was told to give it a break. Do something else.

Samuel Leach. Adam Khoo.

Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.
You're going to pay a price for every bloody thing you do and don't do
  • #2
  • Dec 14, 2019 11:28am Dec 14, 2019 11:28am
Hi newbietofx,

I have been in your situation before. If you like trading and you want to make it, keep trying! Look at my picture.

You have to figure out why it is not working yet. Did you have winning trades? If yes, look at them, analyze why they did work.

Do you have a system? or do you jump from strategy to strategy?

Think about money management and trade small size. I am sure you know how to trade!

I have realize that money managemetn is the most important part of trading. We'll make mistakes and wie'll have lossing trades, that's fine! If you feel you are having only lossing trades, stop, breath and get focuss again. Again, you know how to trade and you can make it. Feel that you know how to trade.

Share what you'r doing, you'll find support here. Good luck!
  • #3
  • Dec 14, 2019 2:11pm Dec 14, 2019 2:11pm
I personally don't think there's anything wrong with taking a break. I believe it can freshen the mind to new ideas. A stressed mind does not tend to give good ideas.
  • #4
  • Dec 14, 2019 4:42pm Dec 14, 2019 4:42pm
Quoting newbietofx
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise. Trading starts at 2006. Nvr seem to pick up even until now. Question is. Should I pay someone to teach me how to trade? Can't let go. Has always been my candle. Now I was told to give it a break. Do something else. Samuel Leach. Adam Khoo. Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.
Not sure if that was a typo 2006

That's a long time, there's no shame in stopping.

Spot fx is one of the hardest vehicles to make a living week in week out into the years.

Don't feel pressured by all these members posting there pip counts while keeping their lot size hidden. These guys are all throwing shitt on the wall to have it stick. They "got out with small loss" or they keep adding and holding while the mkt reverses hard. You don't hear from them and until they comeback saying there now trading CHF while their eur trade was swept under the rug; their cycle repeats. Those that trade longer term end up using bizarre martingale schemes that crush their account.

I see money management a lot here. If it were that easy..well you know, that's all ancillary. Still important, but not as pinnacle.

Edge

The term may be used around here but I can tell you none of these people have it. I occasionally distract myself and read some of these posts and amidst all the retirees gambling their nests away, the hacks, under capitalized dreamers, the bickering and a few seemingly genuine, trying learn but have no were to go - I've seen only one guy that has exemplified the definitive edge applicable to spot fx.

Not sure of those names you mentioned. If you've been taking spot seriously up to today, you should've found the edge by your own devices. One big thing that I don't see mentioned (unsurprisingly) here at all is being a good problem solver/trouble shooter. There's a lot of innate qualities that it takes.
  • #5
  • Dec 15, 2019 1:32pm Dec 15, 2019 1:32pm
Quoting newbietofx
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise. Trading starts at 2006. Nvr seem to pick up even until now. Question is. Should I pay someone to teach me how to trade? Can't let go. Has always been my candle. Now I was told to give it a break. Do something else. Samuel Leach. Adam Khoo. Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.

hey dude

i know the feeling...

i was very much like you i loved it so much but kept flushing money donw the toilet,, until i got some coaching/mentorship

now this was not an online course but a mentorship. Obviously you should only be seeking advice or mentorship of someone who can show u a track record and /or has worked in the industry at a professional level


This changed me but dont get give up but i would advise the mentorship route it changed me might do the same for you
  • #6
  • Dec 16, 2019 2:24am Dec 16, 2019 2:24am
All I can tell you is not to give up. Losing happens but you could always try to change the strategy, get some classes.
  • #7
  • Dec 16, 2019 6:11am Dec 16, 2019 6:11am
Indeed. One can’t master trading without practising. Learn from your mistakes. You can even try paper trading.
  • #8
  • Dec 16, 2019 6:11am Dec 16, 2019 6:11am
Quoting tim12
Indeed. One can’t master trading without practising. Learn from your mistakes. You can even try paper trading.

paper trading is not the solution you dont go through the emotions of live money
  • #9
  • Dec 16, 2019 6:14am Dec 16, 2019 6:14am
most people dont realise how much emotions play part of trading, no matter what anyone says its cannot be replicated unless you use live money.

You can have a perfect startegy but if you have no control over emotions and risk you will never be successful
  • #10
  • Dec 16, 2019 10:50pm Dec 16, 2019 10:50pm
Bro, give it a break. go do something else.

i give up/ take break to Fx 3 to 4 times. the longest is 1 year plus.

but every times i back to Fx, i learn something new and understand more about it.
  • #11
  • Dec 16, 2019 11:16pm Dec 16, 2019 11:16pm
Quoting allinazi
most people dont realise how much emotions play part of trading, no matter what anyone says its cannot be replicated unless you use live money. You can have a perfect startegy but if you have no control over emotions and risk you will never be successful
Wao. You are using ic market. Are they awesome?
You're going to pay a price for every bloody thing you do and don't do
  • #12
  • Dec 17, 2019 3:37am Dec 17, 2019 3:37am
Quoting newbietofx
{quote} Wao. You are using ic market. Are they awesome?
yea using ic markets for my personal and client accounts. For prop account its price markets but that data is not displayed here. But yea i have had no isses with ic markets.

who are you with?
  • #13
  • Dec 17, 2019 11:20am Dec 17, 2019 11:20am
Quoting allinazi
{quote} yea using ic markets for my personal and client accounts. For prop account its price markets but that data is not displayed here. But yea i have had no isses with ic markets. who are you with?
Use to be with ic market then they give me slippage. Now I'm with global prime but leverage sucks. Want to go back to ic market but reviews confirm my bias. Server freeze. Requotes experience?
You're going to pay a price for every bloody thing you do and don't do
  • #14
  • Dec 17, 2019 11:31am Dec 17, 2019 11:31am
Quoting newbietofx
{quote} Use to be with ic market then they give me slippage. Now I'm with global prime but leverage sucks. Want to go back to ic market but reviews confirm my bias. Server freeze. Requotes experience?

well yea I have odd freeze but rarely but again these things don’t overly matter to me the style I trade I’m not scalping or anything like that
  • #15
  • Dec 18, 2019 4:46am Dec 18, 2019 4:46am
Quoting newbietofx
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise. Trading starts at 2006. Nvr seem to pick up even until now. Question is. Should I pay someone to teach me how to trade? Can't let go. Has always been my candle. Now I was told to give it a break. Do something else. Samuel Leach. Adam Khoo. Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.
Could you please explain your last, already closed position? Instrument, entry, exit, the idea behind it?
That might help us understand where exactly you are
Always looking for the missing piece!
  • #16
  • Dec 18, 2019 6:49am Dec 18, 2019 6:49am
Quoting newbietofx
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise. Trading starts at 2006. Nvr seem to pick up even until now. Question is. Should I pay someone to teach me how to trade? Can't let go. Has always been my candle. Now I was told to give it a break. Do something else. Samuel Leach. Adam Khoo. Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.
Whilst teaching yourself is great and if you can do that then win win. But why not look into some sort of mentor ship or guidance from someone who has been successful?

Ps. Samuel Leach is a proven fraud - he trades using his own broker on a demo that is labelled as live on Myfxbook. Stay away.
  • #17
  • Dec 18, 2019 8:59am Dec 18, 2019 8:59am
People often question why a person who can trade profitably would find the need to charge others for teaching them when they could just profit off their own trading and avoid mentors like that. And on the other hand, mentors who offer their knowledge for free are doubted whether they are good enough at trading. It's a Catch 22 situation.
  • #18
  • Dec 18, 2019 10:35am Dec 18, 2019 10:35am
Quoting mlawson71
People often question why a person who can trade profitably would find the need to charge others for teaching them when they could just profit off their own trading and avoid mentors like that. And on the other hand, mentors who offer their knowledge for free are doubted whether they are good enough at trading. It's a Catch 22 situation.
I both agree and disagree. I offer a service to clients because whilst trading is profitable, Im not using it for an income but rather for an asset. As in, i reinvest and compound rather than touch it for capital gain.

The subscription service amongst other things allows me to both share knowledge but also provides me with a guaranteed monthly income.

Now yes there are traders out there that take advantage and do as you say because they are actually frauds and falsify claims of success etc. Thats why doing research is key.

Like what i was saying with Samuel Leach; he looks legit, has youtube etc with a big following, even has a myfxbook. but after digging around, the broker he uses for myfxbook is actually his own broker, and its easy to falsly show demo accounts as live accounts on mt4.

Its a tough industry to find a legit source of mentorship.
  • #19
  • Jan 2, 2020 9:43am Jan 2, 2020 9:43am
Quoting newbietofx
Hey. Stupid place to take advice. But I don't want to quit but my account says otherwise. Trading starts at 2006. Nvr seem to pick up even until now. Question is. Should I pay someone to teach me how to trade? Can't let go. Has always been my candle. Now I was told to give it a break. Do something else. Samuel Leach. Adam Khoo. Pls advice. Lol. Will be sad to leave trading. But I can't keep flushing money down.
It was 2016 or really 2006? It’s such a long-long time…..
  • #20
  • Last Post: Jan 12, 2020 12:20pm Jan 12, 2020 12:20pm
Find a mentor with a verified fxbook account 3 years or more actively trading with steady returns with a draw down under 20%.
Turn your wounds into wisdom
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