I am going to give up this forex soon. | Forex Factory

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I am going to give up this forex soon.

  • #1
  • First Post: Mar 5, 2008 9:55am Mar 5, 2008 9:55am
Hi there,

Been a follower of this forexfactory and my god you guys are such a great giver so much so that I tried to copy and use most of your system and end up blur and broke.

I got into this trade because of a local course which I shouldn't mention. Next thing you know I buy something of the internet using pivots points by FXmentor. It is a great purchase unfortunately not for me. Me giving up soon, today EURUSD was such a wacko hitting both the estimated low and high which make me feel whack.

Good thing I am on demo but my wife with no prior experience can do better on the chart with resistance and support line then me with all this indicators and so much color, it makes me feel useless imagine 5 years down the road I have to depend on my wife to eat? Shucks

So today I shall report whatever decision I made based on my recent purchase of the FXmentor guide and book. Would appreciate if your seniors out there guide and criticise my work and report. Thanks again neal99 and Wicker your system kick ass but not mine.

David out
Forex Price Action Hacked - Price Action Rockstar
  • #2
  • Mar 5, 2008 10:51am Mar 5, 2008 10:51am
Many people tend to belive that forex is something you can learn like making shoes. First you do that and this and than you're done and made your money. WRONG! Forex is an art!
Second fault is that they think they can BUY success. Ohh if I buy this I'm going to be successful. Yeah that will work.


Just my 2 pips.
  • #3
  • Mar 5, 2008 10:52am Mar 5, 2008 10:52am
Quoting david_akc
Good thing I am on demo but my wife with no prior experience can do better on the chart <<< snipped>>> imagine 5 years down the road I have to depend on my wife to eat? Shucks
Nothing sexier than a woman w/ a good job
In trading, there is no bullshit. You either make money or you don't.
  • #4
  • Edited 11:30am Mar 5, 2008 11:10am | Edited 11:30am
David you sound as though your at about stage 3 in the initiation process. You probably started out hearing about this wonderful thing of mystery and riches on bloomberg or in some magazine advertisement. I would assume (i may be wrong but most successful traders spend months or years doing research before they jump in with a lot of money) you then did VERY little research on the subject and went to one of the Big ole faceless brokers with an overcomplicated dealing desk, and went to trading. You possibly took out a couple of demos, got your feelings hurt and then went on a 4alarm search for a super technical system (the perverbial holy grail) that would make you a good trader.

Sounds like you bought a few, Peter Bains has some great stuff btw, and found that they worked no better than what you were using before.

Well,, YA,, theres quite a bit to this forex thing.

It sounds as though your in the process of taking the next step though, which would be stop looking for trading systems and start looking at why you cannot seem to get a profitable trade in for any reason whatsoever.

Look at your wife,, you say she is doing well,, is she putting herself under any pressure?,, probably not, You on the other hand sound as though every time you go to hit the button your mentally making it a matter of eating or not eating in the near future.

There are some really good threads on FF about the role your state of mind as it applies to sucessful trading. I will try and find them or other members may already know where they are. This information at this point in your trading endevour would be more helpful than another system.

As far as systems go, if you have trained your mind to process and execute, you can be successful trading almost any system that provides even a slight edge on the markets. Im not the best trader here but im consistantly profitable, I only use a couple of indicators, those indicators do not make my trades though,,theres a lot of watching and listning that goes into each trade decision i make. The things i pay attention to in addition to the couple of indicators are not written down anywhere they are learned from watching countless hours of price action and listning to and reading news and economic reports.

There is no holy grail system, The holy grail IS in fact a mindset that for some is god given for others it can be learned. I would highly suggest you read Trading in the Zone my Mark Douglas if you have not doneso already,,

hope this helps
  • #5
  • Mar 5, 2008 12:30pm Mar 5, 2008 12:30pm
'I'm giving up' threads are the new black.
The breaking of a wave cannot explain the whole sea.
  • #6
  • Mar 5, 2008 2:32pm Mar 5, 2008 2:32pm
Giving up? If you want to become successful, you need to get such rubbish thoughts out of your head first.
Trade what you see, not what you think.
  • #7
  • Mar 5, 2008 2:34pm Mar 5, 2008 2:34pm
Quoting david_akc
Hi there,

Been a follower of this forexfactory and my god you guys are such a great giver so much so that I tried to copy and use most of your system and end up blur and broke.

I got into this trade because of a local course which I shouldn't mention. Next thing you know I buy something of the internet using pivots points by FXmentor. It is a great purchase unfortunately not for me. Me giving up soon, today EURUSD was such a wacko hitting both the estimated low and high which make me feel whack.

Good thing I am on demo but my wife with no prior experience can do better on the chart with resistance and support line then me with all this indicators and so much color, it makes me feel useless imagine 5 years down the road I have to depend on my wife to eat? Shucks

So today I shall report whatever decision I made based on my recent purchase of the FXmentor guide and book. Would appreciate if your seniors out there guide and criticise my work and report. Thanks again neal99 and Wicker your system kick ass but not mine.

David out
believe it.....

U win some u loss some....

U win U learn u loss u learn....

always accept loss in part off trading game
  • #8
  • Mar 5, 2008 2:44pm Mar 5, 2008 2:44pm
Quoting Craig
'I'm giving up' threads are the new black.
Well, I'm giving up reading these 'giving up threads'. Why? Because I never give up (usually) Well, maybe sometimes...

I can laugh about this now, but not so long ago I contemplated jumping off that 'traders bridge' back into a life of 9 to 5 subsistancy. Now I've managed to balance my trading life with the 9 to 5 routine and I have the best of both worlds.
Bottom line: you can do whatever you want. First you need to know what you really want.

Now go have some fun and put things in perspective.
  • #9
  • Mar 6, 2008 5:21am Mar 6, 2008 5:21am
Hi David, i totally understand what you feel at the moment, although much has already been said by all of these super guys above let me try to help you out a bit as well.

I am not very diff from you at the moment, i am a newbie too with a lot of loosing trades and a lot of prematureness around...unfortunatley i came in to this market with the same unrealistic thought in the bag..."Forex is easy and a way to riches" the latter is ofcoarse true, but it was this anticpation that forex is easy that almost killed me! I came around, logged on to babypips, read what a candle is got a broker did some demo and in less then a week of enetering the arena i was live! ofcoarse i lost a lot. then came the next phase where i pulled backk off that thought that forex is easy, gave some time to it, and i am doing only demo for the past 3 months now, and i am not even half the trader i would like to become. Just take that for a lesson!

Forex is gr8 business, and i just wonder why ppl (even me at the beginning) wonder that it's an easy magical thing...it's the secret to the riches! it's not!! when you start off an industry or a factory offline do you start to see profits of the very next day?? it can take several years, why do we have to feel any different for forex! just because you don't have to dress up into a three pice suit and head for your office 6 A.M or is it because you don't have that big ugly boss over your head always looking to lunge at you with a sharpened knife? these are all pretty lame excuses...

if you wanna be successful in life you gotta leave these stupid thoughts of "giving up" way behind you just as karmostaji said..

ever heard of the man who made the bulb, i forgot the scientist name, but he blew his lab up 200 times before he got his name down in the book of "greatest ever invesntions"

ever heard of the law of attraction! Nope?....check this out...

http://vids.myspace.com/index.cfm?fu...ideoid=3991473

ever heard the story...."The Richest Man In Babylon"...Nope...see the attatchment...


always remember the big fat truth of all humans that inhabit this earth:

We are divided into three groups (and that's not kids, adults and the oldies)...

1) who make it happen
2) who watch it happen
3) who wonder what happened...

just look around and see that there is no single person who will not follow under any of these catagories...

if you do get out of this bad patch and if any of us do touch your heart, you'll get right back into this...only this time with a more sensible approach and pumped up with determination...if you do i just request you one thing make sure you copy your thread starting post, print it and keep it somewhere tight...open it 5 years from now, and see how your smile welcomes these words...

I just wish and pray that you do get back and rock the stage!!!

Best Of Luck!

Regards,
Ghous
Attached File(s)
File Type: pdf Richest Man in Babylon - FREE classic ebook.pdf   460 KB | 718 downloads
I believe . . .
  • #10
  • Mar 6, 2008 5:43am Mar 6, 2008 5:43am
Quoting ghous
Hi David, i totally understand what you feel at the moment, although much has already been said by all of these super guys above let me try to help you out a bit as well.

I am not very diff from you at the moment, i am a newbie too with a lot of loosing trades and a lot of prematureness around...unfortunatley i came in to this market with the same unrealistic thought in the bag..."Forex is easy and a way to riches" the latter is ofcoarse true, but it was this anticpation that forex is easy that almost killed me! I came around, logged on to babypips, read what a candle is got a broker did some demo and in less then a week of enetering the arena i was live! ofcoarse i lost a lot. then came the next phase where i pulled backk off that thought that forex is easy, gave some time to it, and i am doing only demo for the past 3 months now, and i am not even half the trader i would like to become. Just take that for a lesson!

Forex is gr8 business, and i just wonder why ppl (even me at the beginning) wonder that it's an easy magical thing...it's the secret to the riches! it's not!! when you start off an industry or a factory offline do you start to see profits of the very next day?? it can take several years, why do we have to feel any different for forex! just because you don't have to dress up into a three pice suit and head for your office 6 A.M or is it because you don't have that big ugly boss over your head always looking to lunge at you with a sharpened knife? these are all pretty lame excuses...

if you wanna be successful in life you gotta leave these stupid thoughts of "giving up" way behind you just as karmostaji said..

ever heard of the man who made the bulb, i forgot the scientist name, but he blew his lab up 200 times before he got his name down in the book of "greatest ever invesntions"

ever heard of the law of attraction! Nope?....check this out...

http://vids.myspace.com/index.cfm?fu...ideoid=3991473

ever heard the story...."The Richest Man In Babylon"...Nope...see the attatchment...


always remember the big fat truth of all humans that inhabit this earth:

We are divided into three groups (and that's not kids, adults and the oldies)...

1) who make it happen
2) who watch it happen
3) who wonder what happened...

just look around and see that there is no single person who will not follow under any of these catagories...

if you do get out of this bad patch and if any of us do touch your heart, you'll get right back into this...only this time with a more sensible approach and pumped up with determination...if you do i just request you one thing make sure you copy your thread starting post, print it and keep it somewhere tight...open it 5 years from now, and see how your smile welcomes these words...

I just wish and pray that you do get back and rock the stage!!!

Best Of Luck!

Regards,
Ghous
Sound advice. Good post.
  • #11
  • Mar 6, 2008 6:00am Mar 6, 2008 6:00am
Hello David,
I will not want you to give up so soon, there is more to forex than just trading. The fact that you are not making profit even when trading demo does not matter, keep on with it, dont mind what your wife is making, and beside this is the time you need to get closer to your wife so she can teach you the tricks she is using. I am new in forex too, I still trade demo, and not doing badly, I was not happy with the progress I am making then, but I refuse to back out. Right now I am improving by the day because I refuse to let go. So please dont quit. You will make it, I can asure you that.
  • #12
  • Mar 6, 2008 7:51am Mar 6, 2008 7:51am
Hi David,

We've all been there, so don't beat yourself up. And, even after you become profitable, you will probably have months were you're ready to jump off a real bridge, not MM_M's "proverbial" bridge. Just have to hang in there. Also, the recent volatility has frustrated a lot of traders, including many good ones.

Conditions change, and a system that works pretty well now won't work later on.

You didn't say how long you've been at it, but, as mentioned, you won't just buy a course and start making money. Expect to take 2 years to become profitable, it takes many people 3 or more.

A system will not work for everyone, but a good trader can make money with any system, even a lousy one. Figure that out and you'll start to see what you're in for.

I only use S/R, trendlines, and only trade a few chart patterns. I just wait for those and otherwise don't trade. Why don't you study what your wife is doing and try that with her for awhile? That style may not be for you, but you will learn from it.

Nobody can tell you what combination will work for you. You just have to keep going until you find it, or give up, those are your choices.

Best,

Rob
  • #13
  • Mar 6, 2008 8:24am Mar 6, 2008 8:24am
There's nothing wrong in giving up. It's not logical to think that you will be successful at everything you come by.

Sometimes it takes a few failures to find your niche.
  • #14
  • Mar 6, 2008 10:12am Mar 6, 2008 10:12am
Quote
There's nothing wrong in giving up. It's not logical to think that you will be successful at everything you come by.

Sometimes it takes a few failures to find your niche.

yes that's one thing you need to ponder over, my journey in the online earning world began as a very pathetic netowork marketer, throwing away all the hard earned money in mlms and, i always thought when the big marketers being normal humnas can do it so can i...i ofcoarse was wrong, network marketing was'nt for me, it took me a few painful years and a couple hundred dollars to realize that.

But when it comes to forex i don't think this general conditon applies in the forex arena, anybody and everybody can do it, all you need is just a bit of time and determination to feel your way around...and most ppl should agree with me....i guess...
I believe . . .
  • #15
  • Mar 6, 2008 12:33pm Mar 6, 2008 12:33pm
Quoting ghous

But when it comes to forex i don't think this general conditon applies in the forex arena, anybody and everybody can do it, all you need is just a bit of time and determination to feel your way around...and most ppl should agree with me....i guess...
I agree almost anyone can do it.

These are required:

1. Infinite persistance.
2. Ability to recognize when you are wrong
3. Ability to correct your behavior
4. Ability to evaluate information

1 and 4 can be cultivated to a great degree. 2 and 3 cannot; There are a few people that do not have them and can never attain them.
  • #16
  • Mar 6, 2008 1:23pm Mar 6, 2008 1:23pm
I think it's time for davids statement now. ^^
  • #17
  • Mar 6, 2008 1:24pm Mar 6, 2008 1:24pm
With the attitude of a loser, that's exactly what you'll be. I hate to be blunt but its the truth. When I started out, I had a hell of a rough time, but I wouldn't give up and I'm still here and making a career out of trading. I know I can be something great and so that's what I'm going to do.

If you sincerely think you can't do it, then you can't. It's that simple. If you think you don't have the knowledge to do it successfully, then do something about it. That's all there is to it.
Don't wish for less problems, work to obtain more skill.
I dream, therefore I become.
  • #18
  • Mar 6, 2008 2:35pm Mar 6, 2008 2:35pm
Quote
Good thing I am on demo but my wife with no prior experience can do better on the chart with resistance and support line then me with all this indicators and so much color, it makes me feel useless imagine 5 years down the road I have to depend on my wife to eat? Shucks

That's because support and resistance is perhaps the most reliable thing out there. Why not ditch the indicators and other useless cruft and do what works?
  • #19
  • Mar 6, 2008 3:38pm Mar 6, 2008 3:38pm
Quoting Rabid
That's because support and resistance is perhaps the most reliable thing out there. Why not ditch the indicators and other useless cruft and do what works?
I'm Senator TJPLD and I approve this message.
  • #20
  • Mar 6, 2008 3:42pm Mar 6, 2008 3:42pm
Quoting Tjpld
I'm Senator TJPLD and I approve this message.
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