A Cry for help | Forex Factory

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A Cry for help

  • #1
  • First Post: Oct 6, 2023 8:07pm Oct 6, 2023 8:07pm
I've been trading since 2018 and never been profitable for more than a week, at this moment am at the lowest point of my life with thousands of debt , my sick mother am supporting my salary is not enough anymore am trying to cling to the last hope i have witch is trading..
This is me asking anybody who would care to help me and orient me to where find something that really works, a lot of information out there and an just lost, am not looking to get rich quick i just want to earn enough to survive and pay my debt
  • #2
  • Edited 5:04am Oct 7, 2023 4:48am | Edited 5:04am
Quoting pipslover27
I've been trading since 2018 and never been profitable for more than a week, at this moment am at the lowest point of my life with thousands of debt , my sick mother am supporting my salary is not enough anymore am trying to cling to the last hope i have witch is trading.. This is me asking anybody who would care to help me and orient me to where find something that really works, a lot of information out there and an just lost, am not looking to get rich quick i just want to earn enough to survive and pay my debt
I help you a bit.
1. Momentum trade is better for you. Momentum trading method has been wide used for many years for those momentum funds, which is well known, but, less talked in public.
2. Weekly chart is used for setting momentum direction: up swing or down swing.
3. Fundamental drivers are contained in weekly price movement.
4. SMA10 line (or others) can be used as a benchmark line. When price leave sma10 line, Momentum 10 swing is chased by the momentum 10 funds.
5. Then, you go down daily or H4 or H1 chart to do buy low or sell high with the setting swing direction. You can have a lot chance to beat faked market swing and go with big funds to win some pips. Trading is simple!

6. Price retrun to benchmark line is called mean reverse. Don't trade and stay side, due to lack momentum in price mvement.
Attached Image (click to enlarge)
Click to Enlarge Name: Momentum10Weekly 2023-10-07 204306.png Size: 49 KB
  • #3
  • Oct 7, 2023 9:31am Oct 7, 2023 9:31am
Quoting Jack168
{quote} I help you a bit. 1. Momentum trade is better for you. Momentum trading method has been wide used for many years for those momentum funds, which is well known, but, less talked in public. 2. Weekly chart is used for setting momentum direction: up swing or down swing. 3. Fundamental drivers are contained in weekly price movement. 4. SMA10 line (or others) can be used as a benchmark line. When price leave sma10 line, Momentum 10 swing is chased by the momentum 10 funds. 5. Then, you go down daily or H4 or H1 chart to do buy low or sell high...
Thank you so much for your help and taking the time to explain, ill look more into this momentum trading to understand better could you tell me please if theres somewhere where learn more about it ?
  • #4
  • Oct 7, 2023 12:58pm Oct 7, 2023 12:58pm
Quoting pipslover27
I've been trading
You have to change this to
Quoting pipslover27
I've been gambling
the rest is ok. Only this should be changed and then everything will become good.
Observer effect
  • #5
  • Oct 7, 2023 1:29pm Oct 7, 2023 1:29pm
I am sorry to hear about your current situation. The advice I will offer is almost certainly what you do not want to hear, but it is the truth. Give up trading now. Stop living in hope, you will only make things worse. Come to an arrangement you can afford with your creditors and start living again. I know this will be hard and seems impossible right now, but it is by far your best course of action. You have virtually nil chance of succeeding in the timescale you need, and the pressure will only build if you carry on and will contribute to more losses. I wish you well. Do the right thing and end this nightmare.
Trader with an Edge.
  • #6
  • Oct 7, 2023 1:42pm Oct 7, 2023 1:42pm
this is my 2cents :
Use the least loss limit for each of your trades.
  • #7
  • Oct 7, 2023 2:56pm Oct 7, 2023 2:56pm
1) Stop trading; withdraw all the funds from your trading accounts and put that in the bank;
2) Look at your financial situation and formulate a plan to become solvent. You need to pay off your debts. You may need to do things to trim expenses down to the bone. You may need to get a second job or additional sources of steady income. You may need to humble yourself & ask relatives or the government for help. See if you can pay back your debts on an installment basis. If you have any cash to set aside, forget about using it to trade & put it in short term CDs or bonds or a money market account.
3) Forget about trading until your financial situation improves. You can come back to it when you have disposable income. Trading is gambling and what you must realize is that any money you put into trading may eventually be completely lost. So make sure it is money you can afford to lose. Something like 1% of your income might be a good place to start, after you become solvent.
4) If you never made a profit in 5 years of trying, you might have to consider whether trading is for you. Or, you might want to try trading different instruments. If you have any spare time & you want to keep trying, do it with a papertrading account. If you can prove to yourself that you can make profits consistently using fake money, only then should you attempt to trade real money.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #8
  • Oct 8, 2023 3:15am Oct 8, 2023 3:15am
watching this video should be enough for the moment;-)

Inserted Video
trading is like dancing, don't think and just listen to the music!
  • #9
  • Oct 8, 2023 5:21am Oct 8, 2023 5:21am
Firstly, please STOP your trading activities for the time being.
I may not know you personally, but I have encountered many traders who have tried to transform themselves through trading. For instance, if you aspire to become a profitable trader, it's crucial to remain resolute in your trading decisions. However, it's puzzling that when offline, some traders struggle to make even simple decisions, such as choosing what to eat for lunch. You should work on cultivating and practicing certain personality traits consistently, whether you're actively trading or not. Try to adopt a positive trader mindset in your daily life, including situations like driving and interacting with people and so on(etc).
I genuinely hope for your success and wish you well.
  • #10
  • Oct 8, 2023 7:13pm Oct 8, 2023 7:13pm
Hi

You can only trade money you do not need.

For now, work on your finances.

Lower your standard of living to ensure you are able to pay bills and take care of your mother.

Focus more on this for now.

Work, get promoted, get paid more. Or have more than one job.

Sorry for how things csme to be. Trading is good for you if you have money to spare and not when you are in debt. Fix that first.

how i would do it.

1. I'd eat 2 x a day at most. 1 meal just milk 1 meal balanced diet.

2. Cut netflix and all streaming.

3. Look for cheaper aparment.

4. Find work - starbucks, mcdonals etc. And get promoted.

Save money, pay bills, support mom.

Once bills done, and money is made, then if i want to trade still, I will, or i can go other routes.

There are no secrets to making wealth. It is not easy, it is hard work.
Trading is gambling. So gamble responsibly.
  • #11
  • Oct 13, 2023 5:53am Oct 13, 2023 5:53am
Hi Mate,

My advice would be look for quality mentoring and education. Will make the world of difference. I have personally found this to be very helpful. Stay away from Youtube and anybody that is promising luxury cars as they are typically making money from their courses and not trading. The best mentors are about trading and helping you succeed and that's it.

Happy to share some good reputable training/mentors with you, just let me know.

Mark.
  • #12
  • Oct 13, 2023 9:22am Oct 13, 2023 9:22am
Hey Pal,

Are you backtesting? are you over leveraging my advice would be do more education and get quality mentors like my pal upstairs said, but more important find a system that works for you. And read lots of book.

Happy to share some books I've read, Let me know

Abe.
  • #13
  • Oct 16, 2023 1:05pm Oct 16, 2023 1:05pm
Quoting pipslover27
I've been trading since 2018 and never been profitable for more than a week, at this moment am at the lowest point of my life with thousands of debt , my sick mother am supporting my salary is not enough anymore am trying to cling to the last hope i have witch is trading.. This is me asking anybody who would care to help me and orient me to where find something that really works, a lot of information out there and an just lost, am not looking to get rich quick i just want to earn enough to survive and pay my debt
There's plenty of good advice in other comments.

My line of questioning would be as follows:

  1. Have you chosen a rules-based strategy? (Must be yes)
  2. Did you backtest it thoroughly? (Min. 100 backtested entries, but ideally lots more)
  3. How long did you trade it for? (At least 50 forward tested trades, ideally more)
  4. How impeccably did you trade including entry, trade management, and exit? (at least 80-90% execution success)

In my opinion having all these in place is the most straightforward path to the consistency and discipline that trading profitably requires. Unless I knew where in the process your trading ethic was breaking down I'd just be shooting in the dark with advice/suggestions.

Happy to give more guidance if you want to answer these q's.

  • #14
  • Oct 17, 2023 7:56am Oct 17, 2023 7:56am
I want to know why the trade order info is on the left of the chart window virtually invisible mostly, and not on the right where I have the gre4en arrow?
Seems a bit "stupid" to put it there where no one looks?
Can anyone try to give me a fix for this?
Attached Image (click to enlarge)
Click to Enlarge Name: Chart.png Size: 4 KB
  • #15
  • Oct 20, 2023 1:30pm Oct 20, 2023 1:30pm
hallo everyone.

How to find trading mentor ? I’m trading for 7 month still no progress. I think I need mentor to guide me.
  • #16
  • Oct 21, 2023 12:22am Oct 21, 2023 12:22am
Quoting Asif121
hallo everyone. How to find trading mentor ? I’m trading for 7 month still no progress. I think I need mentor to guide me.
Rules

1. Risk .5% of your capital always.
2. 1 trade a day
3. One model
4. Choose between a long or a short bias
5. Use monthly, weekly, daily for bias
6. Choose 4h or 1h for entry.

That's it.

You have been mentored.
Trading is gambling. So gamble responsibly.
  • #17
  • Oct 23, 2023 1:20am Oct 23, 2023 1:20am
Quoting Asif121
hallo everyone. How to find trading mentor ? I’m trading for 7 month still no progress. I think I need mentor to guide me.
It's unlikely you can find somebody who will teach you, because applying their skills on the market they can earn much more
  • #18
  • Nov 1, 2023 9:59am Nov 1, 2023 9:59am
Seems to be a kinda heartbreaking beg for a help, but, man, if you haven't broken down yet, then you are a strong guy.
Pay attention to risks, because, apparently you weren't able to manage them correctly if you got stuck in this mud;
Evade high volatility on the market and learn how to trade on the calm market when the price fluctuations are minimal;
Don't look at high-risk assets to get your money back and cover your debts quickly, it's better to restore step by step, gradually.
  • #19
  • Nov 2, 2023 7:13am Nov 2, 2023 7:13am
Quoting pizd0s
{quote} It's unlikely you can find somebody who will teach you, because applying their skills on the market they can earn much more
You can learn from others and adopt your own style.

You can always find someone who will teach, the hardest thing is to find him so you won't get scammed
  • #20
  • Nov 5, 2023 11:40am Nov 5, 2023 11:40am
Quoting pipslover27
I've been trading since 2018 and never been profitable for more than a week, at this moment am at the lowest point of my life with thousands of debt , my sick mother am supporting my salary is not enough anymore am trying to cling to the last hope i have witch is trading.. This is me asking anybody who would care to help me and orient me to where find something that really works, a lot of information out there and an just lost, am not looking to get rich quick i just want to earn enough to survive and pay my debt
If you are in debt then it is very foolish to trade/gamble with funds that could be used to reduce your debt and put food on the table. You may have to get more than one job but many people do, in order to reduce debt. You only trade with funds you can afford to lose. It is obvious you cannot afford to lose a penny. So work your way out of debt and reflect upon how you got into your debt in the first place and try to avoid doing so again in the future.
every Saint has a past. Every Sinner has a Future
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