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Quit or keep trading

  • #61
  • Feb 15, 2022 9:09am Feb 15, 2022 9:09am
Quoting MoneyZilla
{quote} dont sell in green candles, might be a priceless lesson for a good start?
if you mean "trend following" yes, in the short term it gives a small edge MOnkeyZ I am talking about my experience with live trading not just backtesting.
  • #62
  • Feb 15, 2022 10:24am Feb 15, 2022 10:24am
Quoting HeyYou
{quote} if you mean "trend following" yes, in the short term it gives a small edge MOnkeyZ I am talking about my experience with live trading not just backtesting.
i am live trading, too. very intensively. and my experience is quite different from yours... this is a dramatic improvement on the draw-down side of trading. no matter if it is a range or a trend...
Maadik Hugiis. IQ 69.
  • #63
  • Feb 15, 2022 12:12pm Feb 15, 2022 12:12pm
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Try to understand the market and instruments that you want to trade. Start from the A of the alphabet and keep going until you reach Z.

Let me give you some tips to start with.

A) If you are trading a currency, let's say USD it basically means you have to understand what affects the price of USD. How is the current state of American economy, and what is the relationship between the economy and the value of it's currency.

B) Try to make a detailed research about how the professionals trade. How do people become pro licensed traders, hedge fund and asset managers at JPMorgan, Goldman Sachs, Citibank, Deutsche Bank. How they are trained, educated and how they are working? They are trading based on what?

C) Trading is a business like any other and it's a very hard business. It's not a get rich quick thing. Trading is hard because in order to make money for decades consistently you need to understand economics, geopolitics, instrument classes and how do they behave because each currency have their differences etc.

If you have time , if you are very passionate, if you can think strategically and objectively you can make it in this business.
You have to have an IQ higher than 90 to interact with this user.
  • #64
  • Feb 15, 2022 12:25pm Feb 15, 2022 12:25pm
https://www.youtube.com/c/InstituteofTrading/videos

https://www.youtube.com/c/Trading180/videos

https://www.youtube.com/c/JAthens/videos

Inserted Video


Inserted Video


Inserted Video



Slide 1 (citibank.com.hk)

Forecasts | ING Think

https://www.bloomberg.com/canada


Take a break. Stop trading live money. Open up a demo account. Look at the following youtube channels I shared. All of them are based on fundamentals and technicals. Medium to long term analysis. Watch all of them, take your time, relax, give yourself a break, you need a timeout, you deserve a break. Watch all of those, research, and apply it on demo account first. The demo account amount should be the same as what you are ready to deposit, in a live account. So if you are willing to start with for example $5,000, pick that same amount for demo account for now. You got this, it will work, it takes time, some people learn faster, some people takes more time. That's ok, you will get it, you will make it.

Citibank and ING I shared they update forecasts every month. Watch for that, see where banks and financial institutions see the market going, and look at the fundamentals and look at the charts where you can buy or sell. Do not trade too many pairs for start, and do not add too many positions, start with 2 for example, as you get more successful you can start analyzing and adding more positions and more instruments. I hope this helps. Trade safe.
  • #65
  • Feb 15, 2022 10:31pm Feb 15, 2022 10:31pm
10 years still loosing.. wyd
i keep moving
  • #66
  • Edited 7:00pm Feb 16, 2022 12:07am | Edited 7:00pm
In my opinion I think it would be fair enough not to bombard newbies with "'approach'" towards trading but guide them towards self discovery so he knows what suits him best.

Technical, Fundamental, Sentimental approach/analysis are all good. Combining both Fundamentals & Technicals would be a massive boost.

Not different from asking someone to learn to become a scalper, swing or position trader. The trader should identify what trading style suits his personality.
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #67
  • Feb 16, 2022 5:30am Feb 16, 2022 5:30am
That's your course, a good one....That way, you'd lose only the money you could afford to lose, while having enough capital to learn how to be a better trader. But trade small, and trade less often.

KP

Quoting keepmoving
Thank guys with all the advice. I think i have the answer myself. I do not like to leave. I will deposit a small amount to learn to trade...That way i could keep learning and would not lost much money...
Do your homework, follow the footprints of smart money
  • #68
  • Feb 16, 2022 8:02am Feb 16, 2022 8:02am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Focus on the pips , and treat your demo account as real money .
  • #69
  • Feb 16, 2022 6:32pm Feb 16, 2022 6:32pm
Quoting mixedbags
{quote} {image} Look at this chart, tell me what do you see.
Buy... set SL, TP,.. then sleep again
  • #70
  • Feb 19, 2022 11:50am Feb 19, 2022 11:50am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Can you say you were trading. Where you just feeding the broker/market maker the whole while. This entire forum is doing just the same.

You're honest regarding your loss.

These people here day in day out are no different from you.

Fx is not what everyone thinks it is.
  • #71
  • Feb 19, 2022 2:06pm Feb 19, 2022 2:06pm
Quoting ryuryu
{quote} So to lose money first you need to spend a lot of hours watching bullshit on youtube? Is there another way to lose money?
YAOOOO This comment has me litterally in tearssss!! lmao. thank you for maikinh reading this thread worth it
  • #72
  • Feb 19, 2022 10:09pm Feb 19, 2022 10:09pm
Quoting pipibrasci
{quote} I guess you started "hitting home runs" in forex trading right from the go??? You never started from somewhere and instantly you created a trading account and started becoming profitable... You may share with us how you started your forex journey. You may have started 25yrs ago and not seem to remember how you began trading. Maybe on the trading floor as there were no youtube, Tumblr apps then. Its all bullshit now.
Yes but still thease videos is bullshit. I dont even open any but I know
  • #73
  • Feb 19, 2022 10:58pm Feb 19, 2022 10:58pm
Quoting ficibald
{quote} Yes but still thease videos is bullshit. I dont even open any but I know
GOOD!
Grit; Knowledge; Right Mindset; All you need to overcome. KIS!
  • #74
  • Feb 20, 2022 8:07am Feb 20, 2022 8:07am
Quoting Loftboy
{quote} LOSING, not LOOSING.
Attached Image (click to enlarge)
Click to Enlarge Name: IMG_20220220_180627.jpg Size: 166 KB
  • #75
  • Feb 20, 2022 8:31am Feb 20, 2022 8:31am
Quoting mixedbags
{quote} "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...
Can I ask what are thease lines?
  • #76
  • Feb 20, 2022 10:43am Feb 20, 2022 10:43am
Quoting Lodi
{quote} Buy... set SL, TP,.. then sleep again
Im seeing opposite but this is only my opinion
People don't plan to lose. They lose because they don't plan.
  • #77
  • Feb 20, 2022 10:46am Feb 20, 2022 10:46am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Hello keepmoving, hope you are well. Don't hesitate to give us info on your continued efforts. Many of us have been through a lot of the same obstacles. I share what someone already mentioned: the more you share, the more chances that someone will give you tips aligned with your present experience.

Above I read even more new great tips and I have held myself back from liking so many of them!

But I can imagine how someone can be confused, in regards to all the seemingly opposing or contradictory approaches. Don't let it get to you! Just keep in mind that this is a zero sum game and that the ways one can responsibly be successful are more numerous than one can imagine.

So I suggest you do not close your mind to any of the above suggestions, and just freely keep on exploring. The more you will be openminded through your hard work going through the charts with passion and curiosity, but with the strictest objectivity, the more doors should open.

I send my very best wishes to all, and special extra ones to the struggling
If I don't mention SL and/or TP = longer-term setup possibly in the works!
  • #78
  • Feb 20, 2022 11:44am Feb 20, 2022 11:44am
Quoting keepmoving
I have traded for 3 years. Sometime i gain, sometime loss. Some strategies worked and stopped working after few weeks. Now i loss about 9k usd and have no any working strategy. Should i keep trading or it is time to leave ?
Retail forex is a negative sum game for losers.

Your experience is exactly what has to be expected trading retail forex. Actually, surviving three years with only a loss of 9k is in my opinion already a major achievment, unless your overall trading capital was 9k. Most lose more and much faster.

What I know for sure is that if you continue to take leveraged trades based on a speculative decision regarding how price will move in the future you will never be succussful in a negative sum game like forex.

If you are smart you leave and dedicate your time to productive work - a real job.
Even a part time job at Mc Donalds will give you a far better return than retail forex over 5 years.
  • #79
  • Feb 21, 2022 2:49am Feb 21, 2022 2:49am
Get a job. You will be happier and have cash in your pocket to spend on things other than the crap peddled on FF.
every Saint has a past. Every Sinner has a Future
  • #80
  • Feb 21, 2022 3:16am Feb 21, 2022 3:16am
Quoting tommydoginti
{quote} I agree nowadays the Internet is the place to go to when learning a new thing like FX trading. But I would suggest a new trader should first only self-study the charts and markets and get an idea, maybe some patterns he observes, or time of the day when he is free and confident to trade. Starting with minimal guidance is sometimes the best way to learn IMO. I started 2 years ago without studying any materials about trading. In the past just buy/sell currencies for travel, sometimes buy currencies based on major psychological levels (where...
My checkmark would be

1st milestone: Learn the executions, platforms for trading (on demo). Study and develop at least one strategy, THROUOGHLY.
- Include all aspect of trading from determining a bias, entries, trading management to capital management. For me took 6 months.
- This stage is probably most intensive. Learning and testing. Also a demo or a small live account to train execution and experience the stress.

2nd milestone: Not to lose a cent (i.e. at BE or better) after a defined timeframe, 1 year, etc.
- If I couldn't achieve that, I would have just quit completely. The tuition of learning to trade is not money because it is the achievement of trading. it is time and effort as the most expensive opportunity cost. Also psychology. If cannot even able to protect your capital, then it is very strong signal that trading is not something you can learn after months.
- The most riduculous claim I have heard is new traders will blow their account to be successful (WTF). I don't see any new drivers, or pilots, finally learn their driving skills by crashing. Their success is not to crash and slowly accumulate experience and horn their skill along the way. losers for years do not miracally become successful by blowing accounts.
Or think about the path of doctors (or any professionals). They actually have no room to fail exams, interviews, etc. Their success is built on a streak of success with foundation of hard work, preparations, etc.

3rd milestone: Your choice.
- Get through 1st and 2nd milestone before even think about it. And TBH if you can get through 2nd milestone, you should already end up in profit, no matter how small it is.
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