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Should I quit trading forex? 219 replies

How many pips or % to quit? 17 replies

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Profitable traders: Would you quit trading for your career? 25 replies

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Quit or keep trading

  • #21
  • Feb 12, 2022 7:38am Feb 12, 2022 7:38am
Quoting portergw
Hi Mixedbags, That chart seems to be from Trading made simple (r) thread. I think what you should do is put a 100 or 200 ema on it and trade with the trend. Good luck.
beside adding 2 EMA as you suggested, what do you see from the chart?
  • #22
  • Feb 12, 2022 7:56am Feb 12, 2022 7:56am
Quoting mixedbags
{quote} {image} Look at this chart, tell me what do you see.
I see at the end of the chart is quite good point for a long order
  • #23
  • Feb 12, 2022 8:19am Feb 12, 2022 8:19am
Quoting keepmoving
{quote} I see at the end of the chart is quite good point for a long order
Repetitive patterns of doji trapped within the top channel and bottom channel.
That charts was posted by WickedDaddy. I think that is all you need.
  • #24
  • Feb 12, 2022 10:38am Feb 12, 2022 10:38am
If you face consistent losses from this market, you should change your strategy.
"Peter Lynch"
  • #25
  • Feb 12, 2022 12:48pm Feb 12, 2022 12:48pm
Quoting mixedbags
{quote} {image} Look at this chart, tell me what do you see.
All these strategies don't work, you will continue loosing your money. Have total commitment with price action, Buy the dip and sell the high. Always look for daily high/low break and correction to determine your entries, set fibonacci retracement as part of your correction. Thank me later pls
  • #26
  • Feb 12, 2022 12:52pm Feb 12, 2022 12:52pm
Quoting TonyHoney
{quote} All these strategies don't work, you will continue loosing your money. Have total commitment with price action, Buy the dip and sell the high. Always look for daily high/low break and correction to determine your entries, set fibonacci retracement as part of your correction. Thank me later pls
Less i forget, never USE higher timeframe for entry, never use 5min for entry, the best entry timeframe is 15mins. Bros. you will do well.
  • #27
  • Feb 12, 2022 12:53pm Feb 12, 2022 12:53pm
Quoting TonyHoney
{quote} Less i forget, never USE higher timeframe for entry, never use 5min for entry, the best entry timeframe is 15mins. Bros. you will do well.
Also, go and learn top-down analysis properly.
  • #28
  • Feb 12, 2022 12:56pm Feb 12, 2022 12:56pm
Some have spent 6 years before they start breaking even. I've listened to an interview of a trader that has blown 9 accounts before break even trading is reached.
To TimeTells point the answer to your question is for you to figure out.
Most traders that appear to be successful, they come up with their own strategies.. Like the Chef, chefs all use the same ingredients, each have their own way of cooking.
  • #29
  • Feb 12, 2022 3:53pm Feb 12, 2022 3:53pm
keep trading

in a bullish market only buy
in a bearish market only sell
dont force a trade, keep the discipline
and the mm will do the rest

cheers
Uncertainty of the market must be embraced and accepted.
  • #30
  • Feb 12, 2022 4:19pm Feb 12, 2022 4:19pm
Quoting TonyHoney
{quote} All these strategies don't work, you will continue loosing your money. Have total commitment with price action, Buy the dip and sell the high. Always look for daily high/low break and correction to determine your entries, set fibonacci retracement as part of your correction. Thank me later pls
"Buy the dip and sell the high. Always look for daily high/low break and correction to determine your entries, set fibonacci retracement as part of your correction."
Aren't this also a strategy?

To me trading is not based on time frame of the chart (W1, D1, H4,... M1) is it based on time (time of the day) and timing (when repetitive pattern occurred).
The chart posted by WickedDaddy is 1 of the many patterns that will repeat regardless of the time frame be it H4 or M1.

If I tell you my trades is based on the repetitive patterns of how the price interacts with the lines and TMA you might not believe me -
Attached Image (click to enlarge)
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price regardless of time frame has to oscillate, as it does so it will have some repetitive patterns
  • #31
  • Feb 12, 2022 6:17pm Feb 12, 2022 6:17pm
Quoting deafpostman
Some have spent 6 years before they start breaking even. I've listened to an interview of a trader that has blown 9 accounts before break even trading is reached. To TimeTells point the answer to your question is for you to figure out. Most traders that appear to be successful, they come up with their own strategies.. Like the Chef, chefs all use the same ingredients, each have their own way of cooking.

Well said deafpostman,

I 've got the prelims coming up soon on the UFC so I'll be quick (as if )

- - - -

I believe I knew the answer the OP really wanted to his end-of-original post question before I posted.

I was also interested to see how this thread panned out in time.


The OP responded that he didn’t want to trade DEMO

(His reason for that, was the classic ‘buzz’ that someone’s bodily-system receives just from “gambling” their money.
He was not interested in learning about Forex itself, while maybe first practicing on a Forex Market Simulator).


The OPs original post clearly stated that he has NO strategy,

And he asked SHOULD he keep on gambling (ie trading away in Forex).

I am certain all the follow up responses from well meaning traders was to help him with providing him a (new) STRATEGY or understanding.


Many who have been involved with forex though might understand that it is actually NOT the strategy itself, or lack of, that is the issue here with the OP
(or many new traders who stumble into this fantasyland of ours).

BUT the lack of understanding of our markets behaviour.
  • #32
  • Feb 12, 2022 6:26pm Feb 12, 2022 6:26pm
Let me try & explain as succinctly as I can (and succinct is not easy for me).

I’ll come back to the STRATEGIES for trading at the end.


The OP imho would be best to devote ALL his time & energy
(and with his bank balance ‘frozen’ for a short period)
to understanding the STRUCTURE of forex, or simply HOW forex “operates as an entity”,
not what strategy to utilise tomorrow.


Let me use the piano as an analogy.

The piano has 88 keys, and the pushing of those creates “music”
(or merely ‘sounds’ in the hands of an inexperienced musician, such as myself).

But there is a set number of 88 keys, and that is the (market) structure of the piano.


When pushing various keynotes, with ACCOMPLISHED SKILLS, then the music that comes from the piano can be wonderful jazz, rock n roll, classical (yep) etc.

These musical genres are maybe the ‘strategies’ of the keyboard
but they cannot take place without the actual piano
which is the structure behind the music coming from the piano.


The OP would be best served imo not to decide YET
whether he prefers jazz or classical music, (one strategy or another) for example,
and to STOP jumping from thread to thread trying to find THE strategy (template style)
that will allow him to profit from trading.


The WORST thing then that might happen to him
is that his NEW strategy turns a profit with its very first trade.
he might think the STRATEGY provided him the profit.

When it fact it will have been the Market Process or Structure
at the very exact TIME of his trade strategy being employed
that was the real hero.


I am not anti-strategy at ALL, but I am pro-market behaviour (structure, process whatever we call it).

So the Trade Simulator I posted a link to, would have given the OP the PIANO to practice on.

He could tickle all the ivories with as MANY strategies as he liked,
- before any real money was involved -
to see if he could ‘nut out’ why a particular strategy (OR many strategies) can be successful

if used WITHIN the confines of the real market structure-behaviour (ie the piano).


Wow, long post (I guess I knew it would be, sorry).


Here’s my final thoughts, and I do ruffle some feathers with it.

WHEN a trader understands the full market structure-behaviour (ie knows what the 88 piano keys all do)

then a trader can essentially trade with ANY STRATEGY OR TEMPLATE as they will always ‘in their mind’
be referring that STRATEGY right back to the CORE market behaviour that repeats itself daily.


So if the OP ever decides to download the Trading Simulator
he could then load up templates, one after the other,
and TEST out all 10,000 “thread strategies” on the Factory
until he finds one that fits & suits HIS trading personality.


Or else, he can continue to gamble away to his hearts content. His choice.
  • #33
  • Feb 12, 2022 6:42pm Feb 12, 2022 6:42pm
Quoting TimeTells
Let me try & explain as succinctly as I can (and succinct is not easy for me). I’ll come back to the STRATEGIES for trading at the end. The OP imho would be best to devote ALL his time & energy (and with his bank balance ‘frozen’ for a short period) to understanding the STRUCTURE of forex, or simply HOW forex “operates as an entity”, not what strategy to utilise tomorrow. Let me use the piano as an analogy. The piano has 88 keys, and the pushing of those creates “music” (or merely ‘sounds’ in the hands of an inexperienced musician, such as myself)....
best post of the week.

I like the piano analogy. You really need skills and lots of practice.

Enjoy this,

Inserted Video
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #34
  • Feb 12, 2022 7:07pm Feb 12, 2022 7:07pm
Quoting emmanuel7788
{quote}You really need skills and lots of practice.

Enjoy this,
https://youtu.be/82l3q15YfYQ

Cheers E,
beautiful piece of music
  • #35
  • Feb 12, 2022 7:14pm Feb 12, 2022 7:14pm
Quoting keepmoving
{quote} Very useful information about market cycles. Thank you. I need to learn more
hi @keepmoving

without any information of your current trading strategy the last 3 years, no one can help you on how to 'fine tune' your strategy.

most trading strategies are trend following which will probably fail when the market goes through a period of narrow range.

basically, I develop my trading systems based on three market types following Dr. Van Tharp' trading system development course which I paid money.

I kept it simple and have simple rules to define three market types :
1) Trending Market Type
2) Sideways Wide Range Market Type
3) Sideways Narrow Range Market Type

basically you will end up with one system per market type. some traders may have more than one system per market type based on different Money Management strategies for example to generate regular cash flow.

be system thinking not just on the trading methodology what is commonly the strategy , entries , exits, etc.

one of the system trading objective is to look at profits over a 3 years 36 months period as a cycle and not daily or weekly or monthly. this is to take away the short term pressure and stress when we are trading.

within a 36 months cycle, you can consider every 20 trading days as one cycle.
- what is the maximum drawdown you can accept in one 20 trading days cycle
- be realistic with your profit per 20 trading days cycle. 10% per cycle is good target to begin with., when you become good at trading you can achieve 10% on any average 10-15 days. then start a new cycle
- if you let your DD exceed say, 50% in on cycle it is near impossible to recover in the next 20 trading days. therefor keep DD to 10% and 15%.

lot more I can talk about and share when you ask.

are you committed to spend 3 to 5 hours every day for the next 2 to3 years and learn to become a better trader?

consider your last $9k loss as tuition fee. You trading journey hast started with one big step forward.

Take Care and Trade Well.
Honesty is a very expensive gift. You wont find it in cheap people.WBuffett
  • #36
  • Feb 13, 2022 2:59am Feb 13, 2022 2:59am
Quoting TimeTells
Let me use the piano as an analogy. The piano has 88 keys, and the pushing of those creates “music”
Great post!
Especially about piano. I have to add that there is math for music called solfeggio. Without knowledge about music math it is impossible to succeed.
Regarding to the strategies around. They all are bullshit. All data you have is OHCL. Only 4 data you have: open, close, high and low. It is just impossible to outperform big players drawing lines and placing fibos. You have to create your own approach. You must be 1 step ahead on the crowd.
They say: first determine the trend. But all you have is OHCL data. They say check high and low - but OHCL only again. They say let's calculate the candle size - OHCL! Forget about it. You can mix OCHL data as you wish. It is like to try to make a soup if you have only butter and water. Impossible.
I must repeat: there is nothing to "learn". There is no "market behavior". There are no risk reward ratio. There are no best TP/SL distance ratio.
Do the math! Math rule. With no math involved the chance to lose is not 99%, it is 100%.
Observer effect
  • #37
  • Feb 13, 2022 3:27am Feb 13, 2022 3:27am
a demo account does not arouse emotions but a small micro account does ;i felt the same way in the beginning ,i did not care about the demo but not the micro ;i practiced with the micro for a long time ,many small losses will wear you down and it is a question of patience and i was about to give up ,i took a long break ,also due to illness : with the heavy medication i could not think;
at some point I tried again with a clear head ;at the beginning 250 paid in were only 100 left ,for a long time I experienced a stagnant account ,gains and losses alternated ,what was I doing wrong ???? I had to learn to limit losses and collect profits, the market has no interest in the smas and how they are all called, they just run behind and show us no future !but the big ones know that and cash us very often there !!!
try to find a trading style that suits you, it is not easy,
as a small amteur it took me a long time to reach the profit zone, in the meantime the micro has become a standard; but there is never a guarantee that it remains so!
the market is constantly changing
I wish you good luck
don´t follow me,you will loose your moneyy
  • #38
  • Edited 4:15am Feb 13, 2022 3:35am | Edited 4:15am
Attached Image (click to enlarge)
Click to Enlarge Name: jUCOTLG.png Size: 52 KB

Just like the piano, it depends on who is playing it.
The above chart are filled with repetitive patterns it depends on who is looking at it.
That gives result -
Attached Image (click to enlarge)
Click to Enlarge Name: Wau3D00.png Size: 112 KB

one after another -
Attached Image (click to enlarge)
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no delta, no volume just TMA and lines regardless of time frame.
  • #39
  • Feb 13, 2022 6:17am Feb 13, 2022 6:17am
Quoting mixedbags
{image} Just like the piano, it depends on who is playing it. The above chart are filled with repetitive patterns it depends on who is looking at it. That gives result - {image} one after another - {image} no delta, no volume just TMA and lines regardless of time frame.
Looks like daily pivots and TMA. Taking reversal trades from red lines.
Without despair & distraught, focus on Patience to FRESH MOTiVES.
  • #40
  • Feb 13, 2022 6:53am Feb 13, 2022 6:53am
Quoting mixedbags
{image} Just like the piano, it depends on who is playing it. The above chart are filled with repetitive patterns it depends on who is looking at it. That gives result - {image} one after another - {image} no delta, no volume just TMA and lines regardless of time frame.
What firm is that? FTMO?
Risk Management is of utmost importance!
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